On Wednesday at 11:21 AM (Bangkok time), the share price of Gunkul Engineering Public Company Limited (SET: GUNKUL) rose by 2.00% or THB 0.10 to THB 5.10, with a trading value of THB 80.30 million.
Land and Houses Securities (LHS) expects GUNKUL to maintain a high profit level in 3Q26, achieving year-over-year growth. Although there may be a slight quarter-on-quarter decline due to seasonal factors, the company continues to benefit from the gradual recognition of revenue from engineering, procurement, and construction contracts, as well as from the sales of electrical equipment. Currently, GUNKUL holds a backlog of approximately THB 4.3–4.5 billion.
Looking ahead to the medium term, additional support for profit growth is expected from new power plant projects, investments in floating solar projects in the Philippines, and rising demand for electrical systems driven by data center investments. There are also emerging opportunities from Thailand’s Power Development Plan 2026, direct power purchase agreements (Direct PPA), and ongoing energy transition policies.
LHS maintains a ‘Buy’ recommendation on GUNKUL, with a target price of THB 5.90 per share. This corresponds to a projected price-to-earnings ratio of 26.8 times for fiscal year 2026.
