บทวิเคราะห์ (Research)

GPSC announced that the SCOD for its 250MW Energy Recovery Unit (ERU), part of the Clean Fuel Project (CFP), will be delayed to 1Q29, from the initial plan of 2025. The postponement leads us to cut our earnings forecasts by 9-12% from 2026 onward. We revise the target price to Bt42.00, from Bt45.00, reflecting the delayed revenue recognition and ongoing investor concerns. We maintain a Neutral. There is a lack of immediate catalysts and we believe the poor 4Q24F outlook, rising bond yields and weak US$/THB could dim investor sentiment