บทวิเคราะห์ (Research)

GUNKUL announced the divestment of a 50% stake in 9 solar farm projects (totaling 460.8MW) under Gunkul One Energy 2 (GOE2) and Gunkul Solar Powergen (GSPG) to Gulf Renewable Energy (GULF RE), a subsidiary of Gulf Energy Development (GULF), for THB704m, implying a valuation of THB3m per MW, which we view as reasonable. We expect GUNKUL to book only a modest gain in 2Q25 from this transaction. Maintain BUY and a SoTP TP of THB2.5, based on 12x P/E for EPC, 10x P/E for trading, DCF for power, and zero value for cannabis. We believe market overlooked upsides on GUNKUL’s secured new capacity of renewable projects, which we value at THB1.5 out of our TP of THB2.5, indicating that upsides from GUNKUL’s current share price of THB1.65 to our TP will be for the 834MW renewable projects.