Gunkul Engineering Future Growth

Future criteria checks 3/6

Gunkul Engineering is forecast to grow earnings and revenue by 17.4% and 8.9% per annum respectively. EPS is expected to grow by 17.3% per annum. Return on equity is forecast to be 11.9% in 3 years.

Key information

17.4%

Earnings growth rate

17.3%

EPS growth rate

Renewable Energy earnings growth	18.6%
Revenue growth rate	8.9%
Future return on equity	11.9%
Analyst coverage	Low
Last updated	27 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

SET:GUNKUL - Analysts future estimates and past financials data (THB Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	10,138	1,947	2,714	3,282	3
12/31/2025	9,307	1,696	2,459	3,523	3
12/31/2024	8,291	1,504	-3,481	2,543	3
9/30/2024	8,480	1,246	1,375	2,095	N/A
6/30/2024	8,284	1,328	918	1,856	N/A
3/31/2024	7,645	1,318	-1,049	1,541	N/A
12/31/2023	6,720	1,474	-780	1,809	N/A
9/30/2023	6,582	1,559	-1,003	1,395	N/A
6/30/2023	6,578	2,636	-764	1,459	N/A
3/31/2023	6,595	2,963	1,001	1,678	N/A
12/31/2022	6,487	3,011	1,181	2,037	N/A
9/30/2022	7,115	3,329	1,813	2,907	N/A
6/30/2022	6,831	2,379	1,172	4,000	N/A
3/31/2022	6,942	2,124	2,081	5,094	N/A
12/31/2021	7,037	2,229	2,048	5,009	N/A
9/30/2021	7,146	3,414	-2,278	2,216	N/A
6/30/2021	7,171	3,826	-1,764	1,349	N/A
3/31/2021	6,839	3,582	-3,833	-577	N/A
12/31/2020	6,617	3,412	-2,894	611	N/A
9/30/2020	5,889	2,247	1,516	3,211	N/A
6/30/2020	5,934	2,204	2,236	3,524	N/A
3/31/2020	5,744	2,362	3,467	4,418	N/A
12/31/2019	5,581	2,147	2,871	3,573	N/A
9/30/2019	5,317	1,975	1,415	3,032	N/A
6/30/2019	5,112	1,732	661	2,389	N/A
3/31/2019	4,800	1,418	-1,932	2,122	N/A
12/31/2018	5,280	1,085	-5,181	1,122	N/A
9/30/2018	5,046	824	-5,468	890	N/A
6/30/2018	5,009	184	N/A	699	N/A
3/31/2018	5,286	171	N/A	593	N/A
12/31/2017	4,447	466	N/A	1,074	N/A
9/30/2017	4,507	517	N/A	468	N/A
6/30/2017	3,797	566	N/A	1,086	N/A
3/31/2017	3,172	630	N/A	1,213	N/A
12/31/2016	3,194	538	N/A	963	N/A
9/30/2016	2,763	562	N/A	1,480	N/A
6/30/2016	4,720	730	N/A	279	N/A
3/31/2016	5,076	730	N/A	-293	N/A
12/31/2015	4,470	685	N/A	40	N/A
9/30/2015	4,379	595	N/A	-393	N/A
6/30/2015	2,462	457	N/A	164	N/A
3/31/2015	2,076	387	N/A	550	N/A
12/31/2014	2,986	545	N/A	312	N/A
9/30/2014	2,856	603	N/A	204	N/A
6/30/2014	2,462	504	N/A	42	N/A
3/31/2014	2,285	413	N/A	288	N/A
12/31/2013	2,061	883	N/A	237	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GUNKUL's forecast earnings growth (17.4% per year) is above the savings rate (2%).

Earnings vs Market: GUNKUL's earnings (17.4% per year) are forecast to grow faster than the TH market (16.6% per year).

High Growth Earnings: GUNKUL's earnings are forecast to grow, but not significantly.

Revenue vs Market: GUNKUL's revenue (8.9% per year) is forecast to grow faster than the TH market (6.5% per year).

High Growth Revenue: GUNKUL's revenue (8.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GUNKUL's Return on Equity is forecast to be low in 3 years time (11.9%).

Gunkul Engineering Future Growth

Future criteria checks 3/6

Key information

Recent future growth updates

Price target increased by 13% to ฿4.25

Price target decreased by 9.4% to ฿3.72

Price target decreased by 15% to ฿4.10

Consensus revenue estimates fall by 12%

Price target decreased by 9.4% to ฿5.28

Price target decreased to ฿5.83

Recent updates

Price target increased by 13% to ฿4.25

Gunkul Engineering Public Company Limited (SET:GUNKUL) acquired remaining 49% stake in Gunkul Chubu Powergen Company Limited from JERA Co., Inc.

New minor risk - Earnings quality

Investor sentiment improves as stock rises 16%

Upcoming dividend of ฿0.08 per share

Price target decreased by 9.4% to ฿3.72

Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.051 in 2Q 2023)

Gunkul Engineering Public Company Limited Announces Cash Dividend for the Period from January 01, 2024, to June 30, 2024, Payable on September 05, 2024

Investor sentiment deteriorates as stock falls 18%

New minor risk - Earnings quality

First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.051 in 1Q 2023)

Price target decreased by 15% to ฿4.10

Gunkul Engineering Public Company Limited Approves Omission of Dividend for the Year Ended 31 December 2023

Consensus revenue estimates fall by 12%

Full year 2023 earnings released: EPS: ฿0.17 (vs ฿0.34 in FY 2022)

Upcoming dividend of ฿0.06 per share at 4.5% yield

New minor risk - Profit margin trend

Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.17 in 3Q 2022)

Gunkul Engineering Public Company Limited Announces Cash Dividend for Operating Period from 01 January 2023 to 30 September 2023, Payable on 06 December 2023

New major risk - Revenue and earnings growth

Gunkul Engineering Public Company Limited (SET:GUNKUL) announces an Equity Buyback for 380,000,000 shares, for THB 1,120 million.

Second quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.088 in 2Q 2022)

Gunkul Engineering Public Company Limited Approves Management Changes

Price target decreased by 9.4% to ฿5.28

First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.057 in 1Q 2022)

Upcoming dividend of ฿0.06 per share at 3.0% yield

Investor sentiment deteriorates as stock falls 16%

Price target decreased to ฿5.83

Upcoming dividend of ฿0.06 per share

Less than half of directors are independent

Gunkul Engineering Public Company Limited Announces Interim Cash Dividend for the Nine-Month Performance from January 1, 2022 to September 30, 2022, Payable on December 8, 2022

Second quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.06 in 2Q 2021)

Gunkul Engineering Public Company Limited Announces Resignation of Kris Chantanotoke as an Independent Director

Price target decreased to ฿6.52

Price target decreased to ฿6.53

Consensus EPS estimates fall by 22%

First quarter 2022 earnings: EPS exceeds analyst expectations

Upcoming dividend of ฿0.12 per share

Price target increased to ฿7.30

Less than half of directors are independent

Price target increased to ฿7.30

Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 27, 2022

Gunkul Engineering Public Company Limited Announces Cash Dividend for the Year Ended December 31, 2021, Payable on Within May 23, 2022

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Consensus EPS estimates fall by 14%

Investor sentiment improved over the past week

Gunkul Engineering Public Company Limited (SET:GUNKUL) agreed to acquire remaining 51.01521% stake in BMP Solar Co., Ltd from BMP Energy Public Company Limited, Weerawat Cholavanich, Rungrat Prapasirikul, and Chairat Wuthicharoenpuri for THB 0.5 million.

Gunkul Engineering Public Company Limited (SET:GUNKUL) agreed to acquire an additional 25% stake in Gunkul Infinite Group Company Limited from Infinite Property Group Company Limited for approximately THB 120 million.

Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.11 in 3Q 2020)

Upcoming dividend of ฿0.06 per share

Second quarter 2021 earnings released: EPS ฿0.061 (vs ฿0.032 in 2Q 2020)

Investor sentiment improved over the past week

First quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.05 in 1Q 2020)

Consensus revenue estimates increase to ฿10.5b

Consensus forecasts updated

Gunkul Engineering Public Company Limited Approves Cash Dividend for the Year Ended December 31, 2020, Payable Within May 24, 2021

Price target increased to ฿3.73

Upcoming dividend of ฿0.18 per share

Investor sentiment improved over the past week

Gunkul Engineering Public Company Limited Announces Executive Changes

Full year 2020 earnings released: EPS ฿0.39 (vs ฿0.24 in FY 2019)

New 90-day high: ฿2.72

Revenue and earnings beat expectations

Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 28, 2021

Analysts update estimates

New 90-day high: ฿2.66

Gunkul Engineering Public Company Limited Announces Board Appointments

New 90-day high: ฿2.56

Gunkul Engineering Public Company Limited (SET:GUNKUL) acquired Doan Son Thuy Investment JSC for THB 1.3 billion.