On June 4, the share price of Gulf Development Public Company Limited (SET: GULF) at the time of 10:22 a.m. was at THB 67.50, a THB 3 or 4.65% increase with a total trading value of THB 2,805.28 million, becoming the fourth listed-companies in the Thai stock market with market capitalization above THB 1 trillion.
The surge was propelled by strong foreign investor interest, reflected through Non-Voting Depository Receipt (NVDR) accounts with a net buy of over THB 2,728 million and a cumulative net buy of more than THB 6,620 million since the start of the year.
Previously on June 2, the share price of GULF closed at THB 64.50, marking a 4.03% increase with total trading value exceeding THB 10.61 billion.
GULF has joined DELTA (THB 4.4 trillion), ADVANC (THB 1.08 trillion), PTT (THB 1.04 trillion) as the fourth largest company by market cap in the Stock Exchange of Thailand as of June 4, 2026.
This momentum coincides with renewed foreign capital inflows into Thailand, with GULF’s diverse potential in energy, infrastructure, and digital business—particularly data centers—piquing investor interest.
Yupapin Wangviwat, CFO of GULF, shared that the company’s recent roadshow in Hong Kong received overwhelmingly positive feedback from institutional and major investors who expressed confidence in GULF’s growth prospects and long-term funding capabilities.
According to Kasikorn Securities, recent easing of concerns following the MSCI index review has shifted investor focus back to company fundamentals. GULF’s weighting in the FTSE Russell index is set to increase by over $100 million on June 19, attracting both active and passive fund inflows.
Investor enthusiasm centers on GULF’s expansion into data centers and digital infrastructure, driven by rising AI and cloud computing demand. The securities firm believed these developments, alongside FTSE index adjustments and effective fundraising, will continue to lift GULF’s stock in the latter half of the year.
Bualuang Securities highlighted progress on GULF’s 2,000-megawatt data center project in Bangna, anticipated to provide significant long-term growth. The project, targeted at major global tech companies, could add THB 20 billion in annual profit and potentially increase the share price by THB 20-30, with total investment estimated at THB 80 billion.
Further upside comes from GULF’s prospects in Thailand’s evolving Power Development Plan (PDP 2026) and potential expansion in renewable energy, supported by future government initiatives such as Direct Power Purchase Agreements and grid upgrades. GULF’s own data centers are expected to be major consumers under these new agreements, further driving sustainable growth.
Koraphat Vorachet, Division Head of Research at Krungsri Securities, noted that GULF’s strength in developing AI infrastructure positions it at the core of Thailand’s future technological growth, underpinning its stock momentum.
