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Gulf Energy Development PCL: Beat!

  • New record core earnings!
  • GULF reported a 1Q21 net profit of Bt1,632m
  • Revenue increased by 15% YoY but dipped 3% QoQ

The recent share price dip (tied to GULF announcing plans to make a tender offer for INTUCH) opens an opportunity to BUY at a discount. Should GULF’s tender offer be successful, INTUCH would contribute huge cashflows and profits and make for a more diverse revenue base. There are many other opportunities for GULF in infrastructure (power, transport, and telecoms). Moreover, Vietnam should publish its PDP8 soon; we expect it to generate positive sentiment toward GULF, due to the potential for new investments. BUY!

New record core earnings!

GULF reported a 1Q21 net profit of Bt1,632m, a YoY turnaround but down 11% QoQ. NPAT was 21% ahead of our estimate (higher equity earnings and lighter SG&A expenses than assumed). Stripping out FX losses, core earnings would be Bt2,336m, up by 153% YoY and 88% QoQ—a new record. The core number beat our estimate by 14% (higher equity earnings and lighter SG&A expenses than assumed).


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