บทวิเคราะห์ (Research)

EGCO : Steering through near-term challenges The tone was positive at the analyst briefing yesterday. Yunlin project is progressing faster than planned; they will complete installation of all turbine generators by September and COD would be in 4Q this year. The new PPA for QPL will be concluded in 4Q24. EGCO remains undervalued relative to peers but that is justified given expected lower returns from new projects which could reduce dividend yield to below 6% starting 2025. Trading Buy with Bt108 TP.