บทวิเคราะห์ (Research)

We have slightly positive view on 2Q24 normalized profit of THB 462 million (+21% y-y, +46% q-q). The y-y and q-q growth was driven by i) strong revenue from the EPC & Trading business and ii) improved share of profit from wind power plants after the El-Niño effect subsided. 1H24 profit accounts for 48% of our FY24F estimate. For 3Q24F outlook, we expect continued y-y and q-q growth due to high backlog levels. In the medium to long term, new power plants are scheduled to begin commercial operations from 26F onwards (652 MW solar, 180 MW wind). There may be additional catalysts in 4Q24F from the new 3,668 MW renewable energy selection round, where GUNKUL has high potential to secure PPAs. We maintain our "Buy" recommendation with a target price of THB 3.66 for 24F. The company has announced a dividend of THB 0.08 per share, representing a 4% dividend yield, with an XD date of August 20