GULF Continues to Rally in Anticipation of Booking ฿600Mn from INTUCH’s Dividend Payment
GULF Continues to Rally in Anticipation of Booking ฿600Mn from INTUCH’s Dividend Payment.
GULF Continues to Rally in Anticipation of Booking ฿600Mn from INTUCH’s Dividend Payment.
5 ม.ค. 2564

The share price of Gulf Energy Development Public Company Limited (GULF) rose ฿1.75/share or 4.93% to ฿37.25/share as of 10:18 local time in Thailand on Tuesday in response to the anticipation of booking 600 million baht from INTUCH’s 2H dividend payment after topping the stake in INTUCH to nearly 15%.
GULF’s share price continued to rally after a gain of ฿1.25/share or 3.65% yesterday as investors proceeding to pick up the share after the company announced the additional acquisition in Intouch Holdings Public Company Limited (INTUCH), topping its stake to 14.39%.
 
In December, GULF announced that the company acquired 40% of ordinary shares in PTT Natural Gas Distribution Company Limited (PTT NGD) from International Power S.A. with a total investment value of USD 90 million or approximately THB 2,700 million and entered into a Share Purchase Agreement and proceeded with the transfer of shares on December 23, 2020.
As such, the shareholding in PTT NGD after the share purchase comprises PTT Public Company Limited (PTT) holding 58%, GULF holding 40% and CPB Equity Company Limited holding 2%. GULF will be able to recognize the operating results immediately after the transfer of the said shares.
 
LH Securities expected the 1,855MW IPP-Gulf SRC project, which is set to complete its construction in 2021, the 160MW DIPWP project in Oman and the combined 122MW wind farm project in Vietnam to boost GULF’s profit in 2021, along with the contribution from Borkum offshore wind farm.
The analyst also assessed that if the process of LNG shipper to be used as a fuel for electricity production, which GULF has already acquired the license from the Energy Regulatory Commission (ERC) to import 300,000 tonnes per year of liquefied natural gas, is able to start this year, it will reduce natural gas cost continually, thus recommending “BUY” at a target price of ฿39.00/share.
 