Board Change • May 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. COO of High Voltage Equipment & Director Chaloemdan Roonpraphan was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 16
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿9.89b to ฿11.2b. EPS estimate increased from ฿0.205 to ฿0.22 per share. Net income forecast to grow 7.8% next year vs 6.9% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿3.01 to ฿3.67. Share price rose 7.4% to ฿3.50 over the past week. Buy Or Sell Opportunity • May 15
Now 21% undervalued Over the last 90 days, the stock has risen 58% to ฿3.50. The fair value is estimated to be ฿4.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 8.2%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.05 (vs ฿0.043 in 1Q 2025) First quarter 2026 results: EPS: ฿0.05 (up from ฿0.043 in 1Q 2025). Revenue: ฿2.58b (up 49% from 1Q 2025). Net income: ฿455.8m (up 24% from 1Q 2025). Profit margin: 18% (down from 21% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • May 11
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 22nd May 2026 Payment date: 8th June 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.7% over the next 3 years. However, it would need to fall by 38% to increase the payout ratio to a potentially unsustainable range. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.82, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.42 per share. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 29% over the past three years. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (86% net debt to equity). Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Mar 03
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.21 (up from ฿0.19 in FY 2024). Revenue: ฿8.47b (up 1.1% from FY 2024). Net income: ฿1.77b (up 6.5% from FY 2024). Profit margin: 21% (up from 20% in FY 2024). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 18% per year. Tillkännagivande • Mar 02
Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 22, 2026 Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 22, 2026, at 09:30 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 41% over the past three years. Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 11 December 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (8.1%). In line with average of industry peers (4.4%). Reported Earnings • Nov 19
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: ฿0.053 (up from ฿0.044 in 3Q 2024). Revenue: ฿1.66b (down 12% from 3Q 2024). Net income: ฿457.1m (up 21% from 3Q 2024). Profit margin: 28% (up from 20% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 29% per year. Major Estimate Revision • Nov 16
Consensus revenue estimates decrease by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ฿8.83b to ฿7.38b. EPS estimate unchanged from ฿0.18 per share at last update. Renewable Energy industry in Thailand expected to see average net income growth of 5.5% next year. Consensus price target of ฿2.79 unchanged from last update. Share price was steady at ฿1.85 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ฿0.06 (up from ฿0.054 in 2Q 2024). Revenue: ฿2.00b (down 12% from 2Q 2024). Net income: ฿484.5m (up 4.9% from 2Q 2024). Profit margin: 24% (up from 20% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 30% per year. Board Change • Jul 01
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Visit Sukarasep was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Jun 27
Price target decreased by 11% to ฿2.64 Down from ฿2.96, the current price target is an average from 5 analysts. New target price is 74% above last closing price of ฿1.52. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿0.17 for next year compared to ฿0.19 last year. Tillkännagivande • Jun 26
Gunkul Engineering Public Company Limited Announces Board Changes, Effective from June 23, 2025 Gunkul Engineering Public Company Limited announced the appointment of Mr. Chaisiri Wattanachannarong as director, effective from June 23, 2025 and resignation of Chaloempon Sricharoen as director, effective from June 23, 2025. Terminate Reason: Resigned from position /the company due to time
constraints. Upcoming Dividend • May 21
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 13 June 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 9.6%. Within top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (5.5%). Tillkännagivande • May 17
Gunkul Engineering Public Company Limited Approves Interim Dividend for the Period Ended 31 March 2025, Payable on 13 June 2025 Gunkul Engineering Public Company Limited announced that the Board of Directors, at its Meeting No. 3/2025 held on 14 May 2025, resolved to approve the payment of an interim dividend from retained earnings for the period ended 31 March 2025. The interim dividend shall be paid at the rate of THB 0.08 per share to eligible holders of ordinary shares with voting rights, after deduction of the treasury shares totaling 280,920,000 shares, resulting in a total of 8,601,610,974 shares entitled to receive the dividend. The aggregate amount of the interim dividend shall not exceed THB 690,000,000.00. The dividend will be subject to withholding tax at the rate of 10%, or THB 0.008 per share, resulting in a net dividend of THB 0.072 per share payable to shareholders after tax deduction. The Record Date for determining the shareholders entitled to receive the dividend is 29 May 2025, the Ex-Dividend Date (XD) is 28 May 2025, and the dividend payment date is scheduled for 13 June 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.035 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (up from ฿0.035 in 1Q 2024). Revenue: ฿2.10b (down 16% from 1Q 2024). Net income: ฿367.0m (up 23% from 1Q 2024). Profit margin: 18% (up from 12% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Board Change • Apr 25
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Visit Sukarasep was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 03
Price target decreased by 10% to ฿3.49 Down from ฿3.89, the current price target is an average from 4 analysts. New target price is 106% above last closing price of ฿1.69. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿0.17 for next year compared to ฿0.19 last year. Reported Earnings • Mar 01
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿0.19 (up from ฿0.17 in FY 2023). Revenue: ฿9.59b (up 43% from FY 2023). Net income: ฿1.66b (up 13% from FY 2023). Profit margin: 17% (down from 22% in FY 2023). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jan 14
Price target decreased by 8.5% to ฿3.89 Down from ฿4.25, the current price target is an average from 4 analysts. New target price is 94% above last closing price of ฿2.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.17 last year. Price Target Changed • Nov 27
Price target increased by 13% to ฿4.25 Up from ฿3.76, the current price target is an average from 3 analysts. New target price is 83% above last closing price of ฿2.32. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.17 last year. Tillkännagivande • Nov 22
Gunkul Engineering Public Company Limited (SET:GUNKUL) acquired remaining 49% stake in Gunkul Chubu Powergen Company Limited from JERA Co., Inc. Gunkul Engineering Public Company Limited (SET:GUNKUL) acquired remaining 49% stake in Gunkul Chubu Powergen Company Limited from JERA Co., Inc. on November 20, 2024. A cash consideration will be paid by Gunkul Engineering Public Company Limited.
Gunkul Engineering Public Company Limited (SET:GUNKUL) completed the acquisition of 49% stake in Gunkul Chubu Powergen Company Limited from JERA Co., Inc. on November 20, 2024. New Risk • Nov 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.68, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 37% over the past three years. Upcoming Dividend • Aug 13
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 05 September 2024. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 7.4%. Within top quartile of Thai dividend payers (7.0%). Higher than average of industry peers (3.0%). Price Target Changed • Aug 07
Price target decreased by 9.4% to ฿3.72 Down from ฿4.10, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ฿2.10. Stock is down 36% over the past year. The company is forecast to post earnings per share of ฿0.17 for next year compared to ฿0.17 last year. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.051 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05. Revenue: ฿2.35b (up 44% from 2Q 2023). Net income: ฿461.9m (up 2.2% from 2Q 2023). Profit margin: 20% (down from 28% in 2Q 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Renewable Energy industry in Thailand. Tillkännagivande • Aug 06
Gunkul Engineering Public Company Limited Announces Cash Dividend for the Period from January 01, 2024, to June 30, 2024, Payable on September 05, 2024 Gunkul Engineering Public Company Limited announced cash dividend of THB 0.08 per share for the period from January 01, 2024, to June 30, 2024. Record date for the right to receive dividends is August 21, 2024. Ex-dividend date is August 20, 2024. Payment date is September 05, 2024. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿2.04, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 54% over the past three years. New Risk • May 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.051 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (down from ฿0.051 in 1Q 2023). Revenue: ฿2.66b (up 70% from 1Q 2023). Net income: ฿299.6m (down 34% from 1Q 2023). Profit margin: 11% (down from 29% in 1Q 2023). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Price Target Changed • May 02
Price target decreased by 15% to ฿4.10 Down from ฿4.82, the current price target is an average from 3 analysts. New target price is 59% above last closing price of ฿2.58. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.19 for next year compared to ฿0.17 last year. Major Estimate Revision • Mar 20
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿7.38b to ฿6.49b. EPS estimate fell from ฿0.18 to ฿0.17 per share. Net income forecast to grow 8.8% next year vs 26% growth forecast for Renewable Energy industry in Thailand. Consensus price target of ฿4.80 unchanged from last update. Share price rose 3.6% to ฿2.88 over the past week. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.17 (vs ฿0.34 in FY 2022) Full year 2023 results: EPS: ฿0.17 (down from ฿0.34 in FY 2022). Revenue: ฿7.74b (up 19% from FY 2022). Net income: ฿1.47b (down 51% from FY 2022). Profit margin: 19% (down from 46% in FY 2022). Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.06 per share at 4.5% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.2%). New Risk • Nov 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 24% Last year net profit margin: 47% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (24% net profit margin). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.17 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.05 (down from ฿0.17 in 3Q 2022). Revenue: ฿2.41b (up 34% from 3Q 2022). Net income: ฿461.9m (down 70% from 3Q 2022). Profit margin: 19% (down from 86% in 3Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Tillkännagivande • Nov 09
Gunkul Engineering Public Company Limited Announces Cash Dividend for Operating Period from 01 January 2023 to 30 September 2023, Payable on 06 December 2023 Gunkul Engineering Public Company Limited announced Cash dividend for Operating period from 01 January 2023 to 30 September 2023, payment (baht per share) 0.06. Payment date is 06 December 2023. Ex-dividend date 22 November 2023. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Tillkännagivande • Nov 03
Gunkul Engineering Public Company Limited (SET:GUNKUL) announces an Equity Buyback for 380,000,000 shares, for THB 1,120 million. Gunkul Engineering Public Company Limited (SET:GUNKUL) announces a share repurchase program. Under the program, the company will repurchase up to 380,000,000 shares for a total of THB 1,120 million. The repurchase price will not exceed the average closing price of 5 days, prior to each repurchase date plus 15% of such average closing price. The purpose of the program is to maximize benefit from the company’s excess liquidity management, to increase the chance of a return rate and to signal strong financial position of the company. The program will be valid till May 15, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.088 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.05 (down from ฿0.088 in 2Q 2022). Revenue: ฿1.81b (up 10.0% from 2Q 2022). Net income: ฿451.7m (down 42% from 2Q 2022). Profit margin: 25% (down from 47% in 2Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 05
Gunkul Engineering Public Company Limited Approves Management Changes Gunkul Engineering Public Company Limited at its board meeting held on August 3, 2023 approved appointment of Miss Somchint Pilouk as the Company Director (Independent Director), in replacement of Mr. Kris Chantanotoke, the Company Director who resigned on 29th July 2022, which the new director will hold a position for the remaining term of the resigned director and appointed Miss Somchint Pilouk as the member of the Audit Committee. The appointment is effective from 3rd August 2023 onwards. The audit committee is consisted of Chairman of the audit committee Dr. Chongrak Rarueysong, Member of the audit committee Assoc Prof. Dr. Panarat Panmanee, Member of the audit committee Mr. Tarakorn Angpubate and Member of the audit committee Dr. Somchint Pilouk and Secretary of the audit committee Mr. Tanetsiri Farkmitr. Price Target Changed • Jun 23
Price target decreased by 9.4% to ฿5.28 Down from ฿5.83, the current price target is an average from 3 analysts. New target price is 69% above last closing price of ฿3.12. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿0.19 for next year compared to ฿0.34 last year. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.057 in 1Q 2022) First quarter 2023 results: EPS: ฿0.05 (down from ฿0.057 in 1Q 2022). Revenue: ฿1.90b (up 31% from 1Q 2022). Net income: ฿455.8m (down 9.4% from 1Q 2022). Profit margin: 24% (down from 35% in 1Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.06 per share at 3.0% yield Eligible shareholders must have bought the stock before 26 April 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿4.14, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Renewable Energy industry in Thailand. Total returns to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.56 per share. Price Target Changed • Dec 16
Price target decreased to ฿5.83 Down from ฿6.33, the current price target is an average from 3 analysts. New target price is 14% above last closing price of ฿5.10. The company is forecast to post earnings per share of ฿0.25 for next year compared to ฿0.25 last year. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (1.7%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Tarnchaiyan Srisuwan was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Nov 11
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 Gunkul Engineering Public Company Limited resolved in the meeting No. 11/2565 (2022) held on November 10, 2022 to approve the payment of interim dividends for the nine-month performance from January 1, 2022 to September 30, 2022, to pay a cash dividend at the rate of THB 0.06 per share to ordinary shareholders, totaling cash dividend not over THB 535,000,000.00. All dividends will be subject to withholding tax at the rate of 10% or THB 0.006 per share from the money that the shareholders will receive this dividend. The net dividend that the shareholders will receive after withholding tax will be equal to THB 0.054 per share. The Record Date specifies the list of shareholders that entitled to receive dividend is on November 25, 2022. The date of exclude dividend (XD) is on November 24, 2022 and the cash dividend payment date is scheduled on December 8, 2022. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.06 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.09 (up from ฿0.06 in 2Q 2021). Revenue: ฿2.38b (up 35% from 2Q 2021). Net income: ฿778.3m (up 49% from 2Q 2021). Profit margin: 33% (up from 30% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 47%, compared to a 31% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Aug 02
Gunkul Engineering Public Company Limited Announces Resignation of Kris Chantanotoke as an Independent Director Gunkul Engineering Public Company Limited announced that the board of directors has acknowledged the resignation of Mr. Kris Chantanotoke from his position as an Independent Director of the board because of his other increasing missions, resulting in insufficient time to perform the above positions. The resignation will be effective from July 29, 2022 onwards. The board of directors is under the process of finding a qualified person for the abovementioned vacancy and will disclose its resolution on the matter to the Stock Exchange of Thailand subsequently. Price Target Changed • Jul 27
Price target decreased to ฿6.52 Down from ฿7.07, the current price target is an average from 5 analysts. New target price is 21% above last closing price of ฿5.40. Stock is up 13% over the past year. The company is forecast to post earnings per share of ฿0.28 for next year compared to ฿0.25 last year. Price Target Changed • Jun 27
Price target decreased to ฿6.53 Down from ฿7.07, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ฿5.55. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿0.28 for next year compared to ฿0.25 last year. Major Estimate Revision • Jun 17
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿11.8b to ฿10.9b. EPS estimate also fell from ฿0.36 per share to ฿0.28 per share. Net income forecast to grow 58% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿7.53 to ฿7.07. Share price fell 10% to ฿5.35 over the past week. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.057 (down from ฿0.069 in 1Q 2021). Revenue: ฿1.45b (down 6.2% from 1Q 2021). Net income: ฿503.3m (down 17% from 1Q 2021). Profit margin: 35% (down from 39% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Over the next year, revenue is forecast to grow 74%, compared to a 26% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.7%). Price Target Changed • Apr 27
Price target increased to ฿7.30 Up from ฿6.75, the current price target is an average from 3 analysts. New target price is 27% above last closing price of ฿5.75. Stock is up 41% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.25 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Kris Chantanotoke was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 17
Price target increased to ฿7.30 Up from ฿6.75, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿6.05. Stock is up 63% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.25 last year. Tillkännagivande • Feb 25
Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 27, 2022 Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 27, 2022, at 13:00 SE Asia Standard Time. Location: Grand Ballroom, 3rd Floor, The Emerald Hotel, 99/1 Ratchadapisek Road, Dindaeng, Dindaeng, Bangkok Thailand Agenda: To consider and approve the minutes of 2021 the annual general meeting of shareholders; to consider and acknowledge the 2021 annual performance report; to consider and approve the financial statements year ended 31st December 2021; to consider and approve the determination of criteria for the dividend payment from the company's performance for the year 2020; and to discuss other matters. Tillkännagivande • Feb 24
Gunkul Engineering Public Company Limited Announces Cash Dividend for the Year Ended December 31, 2021, Payable on Within May 23, 2022 Gunkul Engineering Public Company Limited announced cash dividend payment at the rate of THB 0.12 per share by not exceeding THB 1,068,000,000 for the year ended December 31, 2021. The Record Date specifies the list of shareholders entitled to receive dividend (Record Date) is on 6th May 2022. The date of exclude dividend (XD) is 5th May 2022 and the cash dividend payment date is set within 23rd May 2022. Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.25 (down from ฿0.39 in FY 2020). Revenue: ฿9.77b (up 48% from FY 2020). Net income: ฿2.23b (down 35% from FY 2020). Profit margin: 23% (down from 52% in FY 2020). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 16%. Over the next year, revenue is forecast to grow 24%, compared to a 34% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 32% per year. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿9.96b to ฿9.60b. EPS estimate also fell from ฿0.25 per share to ฿0.22 per share. Net income forecast to shrink 12% next year vs 26% growth forecast for Renewable Energy industry in Thailand . Consensus price target up from ฿5.80 to ฿6.70. Share price rose 2.2% to ฿7.05 over the past week. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 20% share price gain to ฿6.90, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Renewable Energy industry in Thailand. Total returns to shareholders of 199% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿10.88 per share. Tillkännagivande • Dec 22
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 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 on December 17, 2021. BMP Solar Co., Ltd had a revenue of THB 15.813 million, total assets of THB 491.999 million, and shareholders equity of THB 167.051 million in period ended September 30, 2021. Gunkul Engineering Public Company Limited has approved the transaction, and is expected to be closed in January 2022. Tillkännagivande • Dec 21
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. 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 on December 17, 2021. As part of the transaction, Gunkul Engineering will acquire 785,000 shares. Post completion, Gunkul Engineering will hold 3,139,997 shares representing 99.99% stake, Somboon Aueatchasai, Phongsakorn Damnoen and Janpon Ngamaroonchote will hold 1 shares each in Gunkul Infinite Group. The consideration will be sourced from working capital. As of September 30, 2021, Gunkul Infinite Group reported total assets of THB 1.25 billion and Shareholders’ Equity of TNB 395.6 million. Phongsakorn Damnoen, Naruechon Dhumrongpiyawut and Janpon Ngamaroonchote will be the part of board of committees of Gunkul Infinite Group following completion. The transaction is approved by the Board of Directors of Gunkul Engineering. The transaction will be completed within January 2022. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.11 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿2.67b (up 74% from 3Q 2020). Net income: ฿589.2m (down 41% from 3Q 2020). Profit margin: 22% (down from 65% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 09 September 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.061 (vs ฿0.032 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿2.64b (up 85% from 2Q 2020). Net income: ฿523.7m (up 88% from 2Q 2020). Profit margin: 20% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 17% share price gain to ฿4.88, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Renewable Energy industry in Thailand. Total returns to shareholders of 131% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.98 per share. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.05 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿2.32b (up 75% from 1Q 2020). Net income: ฿608.6m (up 39% from 1Q 2020). Profit margin: 26% (down from 33% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 07
Consensus revenue estimates increase to ฿10.5b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿8.81b to ฿10.5b. EPS estimate increased from ฿0.23 to ฿0.24 per share. Net income forecast to shrink 35% next year vs 26% growth forecast for Renewable Energy industry in Thailand . Consensus price target of ฿4.15 unchanged from last update. Share price fell 5.7% to ฿3.96 over the past week. Major Estimate Revision • Apr 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿7.97b to ฿8.81b. EPS estimate unchanged from ฿0.23 at last update. Renewable Energy industry in Thailand expected to see average net income growth of 26% next year. Consensus price target of ฿3.73 unchanged from last update. Share price rose 8.2% to ฿4.20 over the past week. Tillkännagivande • Apr 29
Gunkul Engineering Public Company Limited Approves Cash Dividend for the Year Ended December 31, 2020, Payable Within May 24, 2021 Gunkul Engineering Public Company Limited at its annual general meeting held on April 28, 2021, approved to pay cash dividend at the rate of THB 0.182 per share, totaling cash dividend not over THB 1,600,000,000.00 for the year ended December 31, 2020. The record date specifies the list of shareholders that entitled to receive dividend (record date) is on May 7, 2021. The date of exclude dividend (XD) is May 6, 2021 and the cash dividend payment date is set within May 24, 2021. Price Target Changed • Apr 29
Price target increased to ฿3.73 Up from ฿3.25, the current price target is an average from 3 analysts. New target price is 9.8% below last closing price of ฿4.14. Stock is up 57% over the past year. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 24 May 2021. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 20% share price gain to ฿3.40, the stock trades at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 7.3x. Average P/E is 20x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 23%. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.39 (vs ฿0.24 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿10.7b (up 92% from FY 2019). Net income: ฿3.41b (up 59% from FY 2019). Profit margin: 32% (down from 39% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day high: ฿2.72 The company is up 10.0% from its price of ฿2.48 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.16 per share. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 7.3%. Over the next year, revenue is expected to shrink by 26% compared to a 20% growth forecast for the Renewable Energy industry in Thailand. Tillkännagivande • Feb 25
Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 28, 2021 Gunkul Engineering Public Company Limited, Annual General Meeting, Apr 28, 2021, at 02:00 Coordinated Universal Time. Location: Grand Ballroom, 3nd Floor, The Emerald Hotel, 99/1 Ratchadapisek Road, Dindaeng Bangkok Thailand Agenda: To consider and approve the Minutes of 2020 the Annual General Meeting of Shareholders; to consider and acknowledge 2020 Annual Performance Report; to consider and approve the Financial Statements year ended 31 December 2020; to consider and approve the determination of criteria for the dividend payment from the Company's performance for the year 2020; to consider and approve of the allocation of comprehensive profits from the Company performance for the year ended 31 December 2020 and dividend payment (if any); to consider and approve Annual Appointment of Director and election of new director according to new structure (if any); to consider and approve the determination of remuneration for the Board of Directors and sub-committees for the year 2021; to consider and approve 2021 Appointment of Auditor and Determination of Remuneration; and to consider any other businesses (If any).