Finansia Syrus Securities (FSS) recommends a ‘Buy’ rating for Gulf Development Public Company Limited (SET: GULF), setting a target price at THB 76.00 per share.
FSS notes the company’s second-quarter 2026 net profit of THB 12.4 billion exceeded its forecast by 14%, driven by dividend income from KBANK, increased electricity generation from IPPs, and the commencement of new renewable projects.
The brokerage anticipates continued strong performance in the second half of the year, supported by new production capacity and potential catalysts from upcoming Direct PPAs and the revised Power Development Plan (PDP) expected later this year.
Similarly, Maybank Securities (Thailand) also maintains a ‘Buy’ view on GULF, with a lower target price of THB 68.00 per share. The analyst highlights that the reported Q2 net profit, which included a significant THB 1.9 billion one-off gain from the sale of a hydroelectric project stake, was 18% higher than the Bloomberg consensus.
When excluding extraordinary items, core profit of THB 10.4 billion came in slightly below Maybank’s estimate due to higher-than-expected SG&A related to a one-time organizational restructuring expense.
Following these, Maybank points to ongoing benefits from rising IPP sales and growing renewable capacity but expects that the absence of dividend income from KBANK in the next quarter could temporarily weigh on core profit despite continued year-on-year growth momentum.
