STOCKFOCUS Top Picks: GULF Teams Up with GUNKUL, Investing 466.5 Million Baht for 50% Stakes in 12 Solar and Wind Farm Projects

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Summary · why it matters

Today's top picks are led by GULF, which newspapers report is making an aggressive move by joining forces with GUNKUL to invest 466.5 million baht for 50% stakes in 12 solar and wind farm projects with a combined generating capacity of 673.4 megawatts, with power supply set to begin in 2570, securing long-term revenue from fixed power purchase agreements. Solar Farm rates range from 2.1579 to 2.1679 baht per kilowatt-hour, Solar BESS at 2.8331 baht, and wind power at 3.1014 baht. Meanwhile, GUNKUL is bringing GULF in as a joint venture partner to strengthen liquidity and expand financial headroom, supporting investment opportunities under the PDP 2026 plan, while accelerating the expansion of its clean energy portfolio to 3,000 megawatts by 2573. On another front, EGCO has closed a deal to advance its clean energy game in the United States, acquiring 49% of Pinnacle IV, with a generating capacity of 339 megawatts from two operational wind and solar power plants, pushing its renewable energy portfolio up to 1,785 megawatts, or 26% of total generating capacity. Brokerages estimate the new projects will boost profits by 6 to 8% and give an average target price of 145.67 baht. As for AOT, it reports that Suvarnabhumi saw flights surge to 347,000 in 11 months, with passengers reaching 59.6 million, and is accelerating a 152 billion baht investment plan for a major upgrade of Suvarnabhumi, with 12 billion baht to drive the East Expansion to raise passenger capacity to 70 million per year, along with a 120 billion baht South Terminal plan and infrastructure including a fourth runway at another 20 billion baht. The average target price is 71.50 baht, with a high of 85.00 baht.

Impact on assets 4

Energy Transition & Power Demand▲ · 3 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

Suvarnabhumi flights surged to 347,000 and passengers to 59.6 million in 11 months, plus a 152 billion baht capacity upgrade plan.

Off-coverage companies 1

Project Pinnacle IV, LLCPrivate▲ Positive
Capitalrelevance

EGCO acquired 49% of Pinnacle IV, which operates 339 MW of wind and solar plants in the US.

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