Reported Earnings • May 08
First quarter 2026 earnings released: EPS: ฿0.61 (vs ฿0.46 in 1Q 2025) First quarter 2026 results: EPS: ฿0.61 (up from ฿0.46 in 1Q 2025). Revenue: ฿37.6b (up 22% from 1Q 2025). Net income: ฿9.12b (up 69% from 1Q 2025). Profit margin: 24% (up from 18% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Feb 19
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿6.35 (up from ฿1.55 in FY 2024). Revenue: ฿129.7b (up 7.3% from FY 2024). Net income: ฿89.8b (up 394% from FY 2024). Profit margin: 69% (up from 15% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.6%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿58.50, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. 공시 • Jan 08
Gulf Energy Development Public Company Limited Announces Resignation of Krisada Chinavicharana as Independent Director and Chairman of the Audit Committee, Effective January 6, 2026 Gulf Energy Development Public Company Limited announced that Mr. Krisada Chinavicharana resigned from his positions as Independent Director and Chairman of the Audit Committee due to other business engagements. The resignation was part of a change in director/executive roles, with the term expiring by rotation. Mr. Krisada Chinavicharana's roles as Independent Director and Chairman of the Audit Committee were affected, with his term expiring on January 6, 2026. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ฿0.49 (vs ฿0.51 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.49. Revenue: ฿29.0b (down 4.6% from 3Q 2024). Net income: ฿7.27b (up 21% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Major Estimate Revision • Aug 17
Consensus EPS estimates increase by 225% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿130.4b to ฿133.5b. EPS estimate increased from ฿1.74 to ฿5.64 per share. Net income forecast to shrink 29% next year vs 4.9% growth forecast for Renewable Energy industry in Thailand . Consensus price target up from ฿59.88 to ฿61.12. Share price was steady at ฿47.00 over the past week. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿4.28 (up from ฿0.40 in 2Q 2024). Revenue: ฿38.5b (up 22% from 2Q 2024). Net income: ฿63.9b (up ฿59.1b from 2Q 2024). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Renewable Energy industry in Thailand. 공시 • Aug 05
Gulf Development Public Company Limited to Report Q2, 2025 Results on Aug 08, 2025 Gulf Development Public Company Limited announced that they will report Q2, 2025 results on Aug 08, 2025 Reported Earnings • May 13
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.46 (up from ฿0.30 in 1Q 2024). Revenue: ฿30.8b (down 2.6% from 1Q 2024). Net income: ฿5.39b (up 54% from 1Q 2024). Profit margin: 18% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Director Somprasong Boonyachai was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding).