Tensions in the Middle East have dominated global headlines this week, sparking volatility across energy markets and influencing investor sentiment worldwide. Amid the evolving conflict, the aftermath has sent energy prices higher and driven renewed interest in defensive and infrastructure-linked stocks.
In this context, Gulf Development Public Company Limited (SET: GULF) has emerged as a resilient choice for Thai and international investors, with analysts highlighting its strengths despite rising geopolitical risks.
Finansia Syrus Securities (FSS) gives a ‘Buy’ rating on GULF, setting a target price of THB 67.50 per share, viewing the company as one of the stocks with limited downside from the ongoing U.S.-Iran tensions despite higher energy prices.
This is primarily due to GULF’s business model, as the majority of its power plants operate under Independent Power Producer (IPP) contracts, allowing cost pass-through mechanisms that help buffer against rising energy costs. Moreover, GULF benefits significantly from its profit-sharing arrangement with Advanced Info Service (ADVANC), which continues to provide a strong secondary source of earnings.
In the short term, FSS expects GULF’s first-quarter 2026 earnings to remain robust, fueled by new solar power capacity that began commercial operations at the end of 2025. At the same time, profits from ADVANC are projected to stay solid.
Additionally, FSS forecasts a 28% year-on-year growth in GULF’s net profit for 2026. Should geopolitical tensions ease, the brokerage believes GULF would be a key target for further inflows from foreign investors.
Similarly, Krungsri Securities (KSS) is upbeat on GULF, issuing a 2026 target price of THB 70 per share. The analyst highlights that ease in Middle East tensions is a positive catalyst for GULF, both in alleviating power generation cost pressures and supporting a stronger Thai baht.
Krungsri notes that GULF’s stock price has already fallen 11.7% from its most recent peak on 26 February 2026, creating room for a potential strong rebound. This optimism is underscored by expectations for accelerated investments in infrastructure technology, supported by GULF’s robust capital base and financial readiness.
