GULF shares rose 2.02% to 63.00 baht after management clarified that the dispute with THCOM over the delivery of assets under the satellite concession contract is actually worth only about 300 million baht, not the 1.2-1.3 billion baht reported in the news. They also confirmed that all liability lies with THCOM, not GULF, and that the dispute will go to arbitration rather than court proceedings. Meanwhile, Kasikorn Securities research noted that the potential financial impact has been reduced from about 1.3 billion baht, or 1.15 baht per share, to only about 300 million baht, or 0.27 baht per share, and maintained a Neutral recommendation on THCOM with a target price of 12.47 baht.
Gulf Energy Development Public Company LimitedDispute liability clarified as THCOM's, reducing potential financial impact to ~300 million baht.
Thaicom Public Company LimitedDispute liability confirmed on THCOM, potential impact reduced but still negative.
