บทวิเคราะห์ (Research)

GULF has now become one of Thailand’s largest conglomerates with a THB0.6+tr market cap, thanks to its merger with INTUCH to acquire stakes in ADVANC and THCOM. With a well-diversified and integrated business portfolio, we project GULF’s net profit growth of 13.9% CAGR in 2024-27, boosted by 1) capacity growth of power and infrastructure projects; 2) organic growth of telecommunication and satellite projects under ADVANC and THCOM; and 3) a new venture of data center We think GULF’s business portfolio and entrepreneur-driven management will propel net profit growth from both existing assets (power, telecom, infrastructure) and new S-curve ventures (data center, LNG terminal, satellites). We initiated with BUY and a SoTP TP of THB50. GULF stands as one of potential Magnificent stocks in SET, having strengths in innovations, business portfolio to ride on global industry growths, and entrepreneur leadership – three pillars of growth companies in today’s fast changing environments.