Gulf Development (TGUD) Stock Overview

Generates and sells electricity and steam to public and private clients in Thailand and internationally. More details

TGUD fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	5/6
Financial Health	2/6
Dividends	1/6

Rewards

Price-To-Earnings ratio (9.7x) is below the SG market (13.5x)

Earnings grew by 370% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 32% per year for the next 3 years

Interest payments are not well covered by earnings

Large one-off items impacting financial results

TGUD Community Fair Values

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Gulf Development Public Company Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for Gulf Development
Historical stock prices
Current Share Price	฿2.18
52 Week High	฿2.58
52 Week Low	฿1.51
Beta	0
1 Month Change	-10.29%
3 Month Change	22.47%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	42.48%

Recent updates

Shareholder Returns

	TGUD	SG Renewable Energy	SG Market
7D	0%	-1.3%	-1.0%
1Y	n/a	8.2%	22.9%

Return vs Industry: Insufficient data to determine how TGUD performed against the SG Renewable Energy industry.

Return vs Market: Insufficient data to determine how TGUD performed against the SG Market.

Price Volatility

Is TGUD's price volatile compared to industry and market?
TGUD volatility
TGUD Average Weekly Movement	7.7%
Renewable Energy Industry Average Movement	5.6%
Market Average Movement	5.6%
10% most volatile stocks in SG Market	13.0%
10% least volatile stocks in SG Market	2.6%

Stable Share Price: TGUD has not had significant price volatility in the past 3 months compared to the SG market.

Volatility Over Time: Insufficient data to determine TGUD's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2007	n/a	Sarath Ratanavadi	www.gulf.co.th

Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments. It generates electricity through gas-fired, solar, biomass hydroelectric, waste-to-energy, and wind power projects under independent power producers and small power producers.

Gulf Development Public Company Limited Fundamentals Summary

How do Gulf Development's earnings and revenue compare to its market cap?
TGUD fundamental statistics
Market cap	S$32.44b
Earnings (TTM)	S$3.36b
Revenue (TTM)	S$5.10b

9.7x

P/E Ratio

6.4x

P/S Ratio

Is TGUD overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
TGUD income statement (TTM)
Revenue	฿129.67b
Cost of Revenue	฿103.71b
Gross Profit	฿25.96b
Other Expenses	-฿59.43b
Earnings	฿85.39b

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	5.72
Gross Margin	20.02%
Net Profit Margin	65.85%
Debt/Equity Ratio	99.0%

How did TGUD perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

23%

Payout Ratio

Does TGUD pay a reliable dividends?

See TGUD dividend history and benchmarks

When do you need to buy TGUD by to receive an upcoming dividend?
Gulf Development dividend dates
Ex Dividend Date	Mar 03 2026
Dividend Pay Date	May 13 2026
Days until Ex dividend	22 days
Days until Dividend pay date	49 days

Does TGUD pay a reliable dividends?

See TGUD dividend history and benchmarks

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/03/24 19:53
End of Day Share Price	2026/03/24 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Gulf Development Public Company Limited is covered by 26 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Narumon Ekasamut	BofA Global Research
Kijapat Wongmetta	Bualuang Securities PCL
Suppata Srisuk	Bualuang Securities PCL

Gulf Development Public Company LimitedSGX:TGUD Stock Report