sideKrungsri Securities Stated in the analysis, suggesting "buy" shares of Global Power Synergy Public Company Limited (GPSC) with a target price of 78 baht / shares. Reduced bond yields will encourage the market to return to interested stocks and stock dividends. Secure again Especially in the power plant sector, which the GPSC view is interesting, because Valuation is not expensive when compared with the increase in profits from the consolidation of shares and the results of GLOW Energy since Quarter 4/62
IRA Securities Recommend to "buy" GPSC shares. Expect the net profit for the year to increase by 23% to be at 4,482 million baht. The capital increase process is nearing the end of the XR increase on 3 September 2019, which is set to increase the capital by 56 baht per share. Existing shares per 0.8819 new shares during 30 Sep-4 Oct 2019, with this capital increase combined with bank loans. In order to acquire the business of GLOW, worth around 1.35 billion baht and will delist GLOW shares from listed companies
The growth of year 62 and 63 is expected from the operation (1) 64.7 MW deep water project (GPSC 40%) (2) 1,285 MW Xayaburi project (GPSC 25%) (3) CUP4 project size 45 MW and CUP3. The 15 MW extension and (4) NNEG expansion of 18 MW in total will increase GPSC capacity to 4,766 MW at the end of year 63.
For the year 65, the production capacity is expected to increase from the power generating unit to Thai Oil Public Company Limited (TOP), with a capacity of 250 MW and resulting in a total capacity of GPSC at 5,026 MW, with future growth expected in line with the group. PTT and electricity sales to various projects in the EEC and Map Ta Phut areas
The business that is expected to be S-curve for GPSC is the battery business. Energy Storage (ESS) and Energy Solution Provider, with a net profit of 3,644 million baht in 2019, an increase of 8.5% with an estimated target price of 76 baht
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