Price Target Changed • Jul 16
Price target increased by 8.9% to ฿49.00 Up from ฿45.00, the current price target is an average from 13 analysts. New target price is 5.8% below last closing price of ฿52.00. Stock is up 66% over the past year. The company is forecast to post earnings per share of ฿2.09 for next year compared to ฿2.27 last year. Duyuru • Jun 11
Global Power Synergy Public Company Limited to Report Q2, 2026 Results on Aug 07, 2026 Global Power Synergy Public Company Limited announced that they will report Q2, 2026 results on Aug 07, 2026 Reported Earnings • May 11
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.61 (up from ฿0.40 in 1Q 2025). Revenue: ฿16.9b (down 22% from 1Q 2025). Net income: ฿1.72b (up 51% from 1Q 2025). Profit margin: 10% (up from 5.2% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to stay flat 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 increased by 40% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿34.25, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿46.61 per share. New Risk • Mar 02
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 6.2% 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: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Buy Or Sell Opportunity • Mar 02
Now 21% undervalued Over the last 90 days, the stock has risen 7.8% to ฿38.00. The fair value is estimated to be ฿48.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to decline by 3.2% per annum. Earnings are forecast to grow by 3.3% per annum over the same time period. Duyuru • Feb 27
Global Power Synergy Public Company Limited Announces Term Expiration of Somchai Meesen as Independent Director and Member of Audit Committee, Chairman of the Corporate Governance and Sustainability Committee, Expire Date Is 01 April 2026 Global Power Synergy Public Company Limited announced term expiration of SOMCHAI MEESEN as INDEPENDENT DIRECTOR and member of AUDIT COMMITTEE, Chairman of the Corporate Governance and Sustainability Committee. Expire Date is 01 April 2026. New Risk • Feb 15
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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 Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿2.27 (up from ฿1.44 in FY 2024). Revenue: ฿84.9b (down 6.7% from FY 2024). Net income: ฿6.40b (up 57% from FY 2024). Profit margin: 7.5% (up from 4.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 10%. Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 13
Dividend of ฿0.95 announced Shareholders will receive a dividend of ฿0.95. Ex-date: 25th February 2026 Payment date: 22nd April 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 12
Global Power Synergy Public Company Limited, Annual General Meeting, Apr 01, 2026 Global Power Synergy Public Company Limited, Annual General Meeting, Apr 01, 2026, at 13:00 SE Asia Standard Time. Buy Or Sell Opportunity • Jan 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ฿35.50. The fair value is estimated to be ฿44.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 8.7% in 2 years. Earnings are forecast to grow by 6.6% in the next 2 years. Buy Or Sell Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ฿34.75. The fair value is estimated to be ฿43.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 8.0% in 2 years. Earnings are forecast to grow by 7.1% in the next 2 years. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.62 (up from ฿0.27 in 3Q 2024). Revenue: ฿21.9b (up 3.1% from 3Q 2024). Net income: ฿1.74b (up 126% from 3Q 2024). Profit margin: 7.9% (up from 3.6% in 3Q 2024). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Revenue is forecast to decline by 5.0% 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 increased by 40% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 28
First half dividend increased to ฿0.50 Dividend of ฿0.50 is 11% higher than last year. Ex-date: 8th September 2025 Payment date: 24th September 2025 Dividend yield will be 2.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.72 (up from ฿0.51 in 2Q 2024). Revenue: ฿22.8b (down 6.0% from 2Q 2024). Net income: ฿2.02b (up 41% from 2Q 2024). Profit margin: 8.8% (up from 5.9% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.2%. Revenue is expected to decline by 5.0% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Duyuru • May 29
Global Power Synergy Public Company Limited Appoints Theeraj Athanavanich as Director and Member of Corporate Governance and Sustainability Committee, Effective June 1, 2025 Global Power Synergy Public Company Limited in its board's resolution on May 27, 0225 announced the appointment of Theeraj Athanavanich as Director. Position in company: Member of the Corporate Governance and Sustainability Committee. Effective Date: 01-Jun-2025. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.40 (up from ฿0.31 in 1Q 2024). Revenue: ฿21.8b (down 9.4% from 1Q 2024). Net income: ฿1.14b (up 32% from 1Q 2024). Profit margin: 5.2% (up from 3.6% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to decline by 5.3% 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 increased by 9% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿28.75, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 57% over the past three years. Duyuru • Apr 11
Global Power Synergy Public Company Limited Appoints Mr. Chansak Chuenchom as President, Effective from April 16, 2025 Global Power Synergy Public Company Limited approved appointment of Mr. Chansak Chuenchom to be the President of the Company. This appointment will be effective from April 16, 2025 onwards. Duyuru • Feb 27
Levanta Renewables (Thailand) Co., Limited agreed to acquire 40% stake in Thai Solar Renewable Co. Ltd from Global Power Synergy Public Company Limited (SET:GPSC). Levanta Renewables (Thailand) Co., Limited agreed to acquire 40% stake in Thai Solar Renewable Co. Ltd from Global Power Synergy Public Company Limited (SET:GPSC) on February 26, 2025. A cash consideration will be paid by Levanta Renewables (Thailand) Co., Limited. As part of consideration, an undisclosed value is paid towards common equity of Thai Solar Renewable Co. Ltd. Upon the completion of the Thai Solar Renewable Co. Ltd share disposal transaction, Thai Solar Renewable Co. Ltd shall cease to be a joint venture of Global Power Synergy Public Company Limited, and Global Power Synergy Public Company Limited shall no longer hold any shares in Thai Solar Renewable Co. Ltd.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by acquirer board and consummation of due diligence investigation. The expected completion of the transaction is June 30, 2025. Declared Dividend • Feb 19
Final dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 3rd March 2025 Payment date: 23rd April 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 17
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 6.4% 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: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Price Target Changed • Feb 07
Price target decreased by 7.0% to ฿46.03 Down from ฿49.50, the current price target is an average from 16 analysts. New target price is 69% above last closing price of ฿27.25. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.31 last year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿26.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿51.47 per share. Buy Or Sell Opportunity • Dec 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.2% to ฿44.25. The fair value is estimated to be ฿55.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to decline by 2.1% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿92.2b to ฿95.1b. EPS estimate fell from ฿1.66 to ฿1.43 per share. Net income forecast to grow 58% next year vs 23% growth forecast for Renewable Energy industry in Thailand. Consensus price target of ฿53.23 unchanged from last update. Share price was steady at ฿41.00 over the past week. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.27 (down from ฿0.63 in 3Q 2023). Revenue: ฿21.3b (flat on 3Q 2023). Net income: ฿770.1m (down 57% from 3Q 2023). Profit margin: 3.6% (down from 8.4% in 3Q 2023). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Duyuru • Oct 10
Global Power Synergy Public Company Limited Announces Resignation of M.L. Peekthong Thongyai, as Director Global Power Synergy Public Company Limited informed that M.L. Peekthong Thongyai, Director has resigned from the directorship of the Company due to his other business engagement. The resignation will be effective from October 10, 2024 onwards. Duyuru • Sep 24
Global Power Synergy Public Company Limited Appoints Prachaphat Vatchanaratna as Chairman of the Audit Committee Global Power Synergy Public Company Limited announced that the Board of Directors Meeting No.11/2024 held on September 24, 2024 has appointed Gen. Prachaphat Vatchanaratna (Independent Director) as the Chairman of the Audit Committee with effect from September 24, 2024 onwards. Duyuru • Aug 30
Global Power Synergy Public Company Limited Announce CFO Changes Global Power Synergy Public Company Limited announced Termination of Thitipong Jurapornsiridee as Chief Financial Officer, effective 30 September 2024 and appointed Panporn Sasananan as CFO effective from 1 October 2024. Declared Dividend • Aug 29
First half dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 9th September 2024 Payment date: 24th September 2024 Dividend yield will be 2.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 20
Global Power Synergy Public Company Limited Announces Resignation of Board Members Global Power Synergy Public Company Limited announced that Miss Pannalin Mahawongtikul, Director and Mr. Noppadol Pinsupa, Director, Chairman of the Risk Management Committee and Member of the Nomination and Remuneration Committee have resigned from the directorship of the Company due to their other business engagement. The resignation will be effective from August 20, 2024 onwards. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.51 (vs ฿0.11 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.51 (up from ฿0.11 in 2Q 2023). Revenue: ฿24.3b (up 4.7% from 2Q 2023). Net income: ฿1.43b (up 362% from 2Q 2023). Profit margin: 5.9% (up from 1.3% in 2Q 2023). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 3.0%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Duyuru • May 29
Global Power Synergy Public Company Limited Appoints Toasaporn Boonyapipat as Director and Member of the Risk Management Committee, Effective from June 1, 2024 Global Power Synergy Public Company Limited announced the material resolutions of the Board of Directors convened on May 27, 2024 as:1. To appoint Mr. Toasaporn Boonyapipat as company's Director in replacement with Mr. Kongkrapan Intarajang, the resigning director, effective from June 1, 2024 onwards. and t appoint Mr. Toasaporn Boonyapipat as a member of the Risk Management Committee, effective from June 1, 2024 onwards. Duyuru • May 15
Global Power Synergy Public Company Limited Announces the Resignation of Kongkrapan Intarajang as Director and Member of the Risk Management Committee Global Power Synergy Public Company Limited announced that Mr. Kongkrapan Intarajang, Director and Member of the Risk Management Committee has resigned from the directorship of the Company due to his other business engagement. The resignation will be effective from May 13, 2024 onwards. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.40 in 1Q 2023) First quarter 2024 results: EPS: ฿0.31 (down from ฿0.40 in 1Q 2023). Revenue: ฿24.1b (down 14% from 1Q 2023). Net income: ฿864.0m (down 23% from 1Q 2023). Profit margin: 3.6% (down from 4.0% in 1Q 2023). Revenue is forecast to stay flat 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 49% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Duyuru • Apr 06
Global Power Synergy Public Company Limited Approves Board Changes Global Power Synergy Public Company Limited at its AGM held on April 3, 2024, approved the appointment of Professor Dr. Supot Teachavorasinskun as Independent Director (To replace Mr. Pailin Chuchottaworn) and Mr. Sarawut Kaewtathip as Independent Director (To replace Mr. Pakorn Apaphant). Duyuru • Apr 05
Global Power Synergy Public Company Limited Approves Dividend for the Second Half Ended December 31, 2023, Payable on April 23, 2024 Global Power Synergy Public Company Limited at its AGM held on April 3, 2024, approved a dividend payment from the operating results of the Company and its subsidiaries for the year 2023 at THB 0.74 per share, totaling THB 2,086,599,731.58 or approximately 56% of the net profit of consolidated financial statements. After the deduction of the interim dividend for the first half of 2023 operating results at THB 0.30 per share, totaling THB 845,918,810.10; the Company will pay the remaining dividend for the second half of 2023 (July 1, 2023-December 31, 2023) performances at THB 0.44 per share, totaling THB 1,240,680,921.48 which will be paid from the unappropriated retained earnings, whereby, shareholders are subjected to withholding tax of 10% but shall be entitled to a tax credit for the received dividend in accordance with Section 47 bis of the Revenue Code of Thailand which the dividend of THB 0.44 per share, paid from the retained earnings with 20% Corporate Income Tax, can be credited at 20/80 of the dividend. GPSC will pay the dividend to the shareholders whose names appear on the date to determine the shareholders who are entitled to receive the dividend payment (Record Date) on February 27, 2024, and the dividend payment of THB 0.44 per share will be paid on April 23, 2024. Moreover, GPSC's president and chief executive officer shall be authorized to change dividend payment date if there is incident that might have an impact to such proposed dividend payment date, e.g., an announcement of additional public holidays by the government. Duyuru • Apr 03
Global Power Synergy Public Company Limited Announces Board Changes Global Power Synergy Public Company Limited informed the Board of Directors to appoint Professor Dr. Supot Teachavorasinskun as Chairman of the Board, effective from April 3, 2024 onwards. Mrs. Nicha Hiranburana Thuvatham appointed as a member of the Audit Committee and member of the Corporate Governance and Sustainability Committee. Mr. Tibordee Wattanakul appointed as a member of the Corporate Governance and Sustainability Committee. Mr. Worawat Pitayasiri appointed as a member of the Risk Management Committee. The audit committee is consisted of: Chairman of the audit committee Mr. Chalermphol Pensoot, Member of the audit committee Mrs. Nicha Hiranburana Thuvatham, Member of the audit committee Mr. Somchai Meesen, Member of the audit committee Gen. Prachaphat Vatchanaratana. Upcoming Dividend • Feb 16
Upcoming dividend of ฿0.44 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 23 April 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (2.2%). Declared Dividend • Feb 11
Final dividend increased to ฿0.44 Dividend of ฿0.44 is 47% higher than last year. Ex-date: 23rd February 2024 Payment date: 23rd April 2024 Dividend yield will be 1.5%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 61%. Cash payout ratio: 11%. Reported Earnings • Feb 10
Full year 2023 earnings released: EPS: ฿1.31 (vs ฿0.32 in FY 2022) Full year 2023 results: EPS: ฿1.31 (up from ฿0.32 in FY 2022). Revenue: ฿92.3b (down 26% from FY 2022). Net income: ฿3.69b (up 314% from FY 2022). Profit margin: 4.0% (up from 0.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Duyuru • Feb 10
Global Power Synergy Public Company Limited, Annual General Meeting, Apr 03, 2024 Global Power Synergy Public Company Limited, Annual General Meeting, Apr 03, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the operating results of GPSC for the year 2023 and to approve the audited financial statements for the year ended December 31, 2023; to approve the allocation of profit, the dividend payment, and the allocation of legal reserve for the year of 2023; to approve the appointment of GPSC’s auditor and the determination of the audit fee for the year 2024; to Consider and Approve Debentures Issuance Plan; to approve GPSC’s director remuneration for the year 2024; and to discuss other matters. New Risk • Jan 26
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 6.4% 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: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. New Risk • Dec 01
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 6.1% 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: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿103.6b to ฿96.0b. EPS estimate also fell from ฿1.56 per share to ฿1.36 per share. Net income forecast to grow 81% next year vs 13% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿61.67 to ฿55.88. Share price was steady at ฿43.75 over the past week. New Risk • Nov 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 89% 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 (1.4x net interest cover). Minor Risk Large one-off items impacting financial results. Price Target Changed • Nov 07
Price target decreased by 9.4% to ฿55.88 Down from ฿61.67, the current price target is an average from 12 analysts. New target price is 35% above last closing price of ฿41.25. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿1.50 for next year compared to ฿0.32 last year. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿0.63 (up from ฿0.12 in 3Q 2022). Revenue: ฿21.0b (down 38% from 3Q 2022). Net income: ฿1.79b (up 441% from 3Q 2022). Profit margin: 8.5% (up from 1.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 8.9%. Revenue is expected to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Duyuru • Oct 17
Global Power Synergy Public Company Limited Appoints Gen. Prachaphat Vatchanaratna as Member of the Audit Committee Global Power Synergy Public Company Limited announced that the board of directors Meeting held on October 16,2023 has appointed Gen. Prachaphat Vatchanaratna (Independent Director) as a member of the audit committee with effective from October 16, 2023 onwards. Gen. Prachaphat Vatchanaratna: Independent Director /Member of the Corporate Governance and Sustainability Committee/Member of the Audit Committee. Gen. Santipong Thampiya: Independent Director /Chairman of the Nomination and Remuneration Committee /Member of the Risk Management Committee. Mrs. Nicha Hiranburana Thuvatham: Independent Director /Member of the Corporate Governance and Sustainability Committee /Member of the Audit Committee. Mr. Chalermphol Pensoot: Independent Director /Chairman of the Audit Committee. Mr. Somchai Meesen: Independent Director /Chairman of the Corporate Governance and Sustainability Committee /Member of the Audit Committee. Mr. Noppadol Pinsupa: Director /Chairman of the Risk Management Committee /Member of the Nomination and Remuneration Committee. Mr. Wuttikorn Stithit: Director /Member of the Nomination and Remuneration Committee. Mr. Kongkrapan Intarajang: Director /Member of the Risk Management Committee. Mr. Worawat Pitayasiri: Director /Member of the Risk Management Committee /President and Chief Executive Officer /Secretary to the Board. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿1.83 to ฿1.62 per share. Revenue forecast steady at ฿102.7b. Net income forecast to grow 294% next year vs 14% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿69.29 to ฿67.03. Share price was steady at ฿43.75 over the past week. Duyuru • Sep 27
Global Power Synergy Public Company Limited Announces Resignation of Pantip Sripimol as Director and Member of the Corporate Governance and Sustainability Committee, Effective October 1, 2023 Global Power Synergy Public Company Limited announced that Mrs. Pantip Sripimol, Director and Member of the Corporate Governance and Sustainability Committee has resigned fromthe directorship of the Company due to her other business engagement. The resignation will be effective from October 1, 2023 onwards. Upcoming Dividend • Aug 30
Upcoming dividend of ฿0.30 per share at 1.1% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 20 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (1.8%). Duyuru • Aug 23
Global Power Synergy Public Company Limited Announces Interim Dividend, Payable on September 20, 2023 Global Power Synergy Public Company Limited announced Interim Dividend of THB 0.30. Payable on September 20, 2023. Ex-dividend date is September 6, 2023. Record date for the right to receive dividends is September 6, 2023. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.11 (down from ฿0.24 in 2Q 2022). Revenue: ฿23.0b (down 21% from 2Q 2022). Net income: ฿309.3m (down 55% from 2Q 2022). Profit margin: 1.3% (down from 2.3% in 2Q 2022). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 82%. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ฿0.40 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.40 (up from ฿0.11 in 1Q 2022). Revenue: ฿28.2b (up 3.5% from 1Q 2022). Net income: ฿1.12b (up 257% from 1Q 2022). Profit margin: 4.0% (up from 1.1% in 1Q 2022). Revenue is expected to decline by 3.7% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 17
Upcoming dividend of ฿0.30 per share at 0.7% yield Eligible shareholders must have bought the stock before 24 February 2023. Payment date: 19 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (1.6%). Duyuru • Jan 25
Global Power Synergy Public Company Limited Announces Board Changes Global Power Synergy Public Company Limited announced that the Board of Directors meeting convened on January 24, 2023 as follows: to appoint Mr. Bandhit Thamprajamchit as GPSC's Director in replacement with Mr. Jeerawat Pattanasomsit, the resigning director, with effective from February 1, 2023 onwards. To appoint Sub-Committee Members as follows: Mr. Wuttikorn Stithit appointed as a member of the Nomination and Remuneration Committee. Gen. Santipong Thampiya appointed as a member of the Risk Management Committee. The appointment are effective from January 25, 2023 onwards. Duyuru • Dec 27
Global Power Synergy Public Company Limited Announces Resignation of Pakorn Apaphant as Director Global Power Synergy Public Company Limited announced that Mr. Pakorn Apaphant, Independent Director and Member of the Risk Management Committee has resigned from the directorship of the Company effective from December 26, 2022 onwards. Major Estimate Revision • Dec 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿105.6b to ฿108.8b. EPS estimate fell from ฿0.93 to ฿0.82 per share. Net income forecast to grow 105% next year vs 11% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿76.11. Share price rose 4.3% to ฿73.00 over the past week. Duyuru • Nov 23
Global Power Synergy Public Company Limited Announces Management Changes Global Power Synergy Public Company Limited's Board of Directors convened on November 22, 2022 as approved the appointment the directors in replacement of the resigned directors as follows: To appoint M.L. Peekthong Thongyai in replacement of Mr. Atikom Terbsiri, To appoint Miss Pannalin Mahawongtikul in replacement of Mr. Wirat Uanarumit. The appointment is effective from December 1, 2022 onwards. The Company, therefore, would like to inform the list of the Board of Directors and Sub-Committee members of the Company as of December 1, 2022 as follows: Mr. Pailin Chuchottaworn, Independent Director /Chairman of the Board. Mr. Kurujit Nakornthap, Independent Director /Chairman of the Corporate Governance, and Sustainability Committee /Member of the Audit Committee, Gen. Santipong Thampiya, Independent Director /Chairman of the Nomination and Remuneration Committe. Mrs. Nicha Hiranburana Thuvatham Independent Director /Member of the Corporate Governance and Sustainability Committee, Mr. Chalermphol Pensoot, Independent Director /Chairman of Audit Committee, Mr. Somchai Meesen Independent Director /Member of the Corporate Governance and Sustainability Committee /Member of the Audit Committee, Mr. Pakorn Apaphant Independent Director /Member of the Risk Management Committee, M . Noppadol Pinsupa Director /Chairman of the Risk Management Committee /M.L. Peekthong Thongyai Director, Mr. Wuttikorn Stithit Director. Mr. Kongkrapan Intarajang Director /Member of the Risk Management Committee. Mr. Lavaron Sangsnit Director /Member of the Corporate Governance and Sustainability Committee. Miss Pannalin Mahawongtikul Director. Mr. Worawat Pitayasiri Director /Member of the Risk Management Committee /President and Chief Executive Officer /Secretary to the Board. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿96.6b to ฿105.6b. EPS estimate fell from ฿1.51 to ฿1.02 per share. Net income forecast to grow 123% next year vs 20% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿73.96. Share price was steady at ฿66.50 over the past week. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Santipong Thampiya was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.12 (down from ฿0.66 in 3Q 2021). Net income: ฿330.9m (down 82% from 3Q 2021). Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Thailand. Duyuru • Sep 28
Global Power Synergy Public Company Limited Announces Board Resignations, Effective September 30, 2022 Onwards Global Power Synergy Public Company Limited announced that Mr. Atikom Terbsiri, Director and Member of the Nomination and Remuneration Committee and Mr. Wirat Uanarumit, Director and Member of the Risk Management Committee has resigned from the directorship of the Company effective from September 30, 2022 onwards. Upcoming Dividend • Aug 31
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 21 September 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (1.8%). Duyuru • Aug 24
Global Power Synergy Public Company Limited Announces Interim Cash Dividend, Payable on 21 September 2022 Global Power Synergy Public Company Limited announced interim Cash dividend of THB 0.20 per share, THB 10.00 par value. Scheduled dates are as follows: Ex-dividend date 07 September 2022, Record date 08 September 2022 and Payment date 21 September 2022. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.24 (down from ฿0.82 in 2Q 2021). Revenue: ฿27.7b (up 52% from 2Q 2021). Net income: ฿683.8m (down 70% from 2Q 2021). Profit margin: 2.5% (down from 13% in 2Q 2021). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the next year, revenue is forecast to stay flat compared to a 31% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿92.3b to ฿97.4b. EPS estimate fell from ฿1.75 to ฿1.54 per share. Net income forecast to shrink 16% next year vs 30% growth forecast for Renewable Energy industry in Thailand . Consensus price target broadly unchanged at ฿75.14. Share price rose 2.9% to ฿71.25 over the past week. Major Estimate Revision • Jul 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿87.5b to ฿90.2b. EPS estimate fell from ฿2.09 to ฿1.83 per share. Net income forecast to shrink 0.4% next year vs 30% growth forecast for Renewable Energy industry in Thailand . Consensus price target broadly unchanged at ฿75.36. Share price was steady at ฿67.00 over the past week. Duyuru • Jun 29
Global Power Synergy Public Company Limited Announces Resignation of Jeerawat Pattanasomsit as Director, Effective from July 1, 2022 Onwards Global Power Synergy Public Company Limited announced that Jeerawat Pattanasomsit, Director has resigned from the directorship of the Company effective from July 1, 2022 onwards. Upcoming Dividend • Feb 17
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 24 February 2022. Payment date: 20 April 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 13
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿2.60 (down from ฿2.66 in FY 2020). Revenue: ฿78.1b (up 11% from FY 2020). Net income: ฿7.32b (down 2.5% from FY 2020). Profit margin: 9.4% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.3%. Over the next year, revenue is forecast to stay flat compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS ฿0.66 (vs ฿0.91 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿18.4b (up 8.9% from 3Q 2020). Net income: ฿1.87b (down 27% from 3Q 2020). Profit margin: 10% (down from 15% 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 8% per year whereas the company’s share price has increased by 12% per year. Executive Departure • Oct 10
Non-Executive Director Wittawat Svasti-Xuto has left the company On the 1st of October, Wittawat Svasti-Xuto's tenure as Non-Executive Director ended after 3.0 years in the role. As of June 2021, Wittawat still personally held 57.03k shares (฿4.2m worth at the time). A total of 7 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 22 September 2021. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (1.7%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ฿0.82 (vs ฿0.67 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿18.8b (up 1.3% from 2Q 2020). Net income: ฿2.30b (up 21% from 2Q 2020). Profit margin: 12% (up from 10% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ฿0.70 (vs ฿0.56 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿17.0b (down 8.1% from 1Q 2020). Net income: ฿1.97b (up 25% from 1Q 2020). Profit margin: 12% (up from 8.5% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Executive Departure • Apr 03
Non-Executive Independent Director has left the company On the 2nd of April, Bandhit Thamprajamchit's tenure as Non-Executive Independent Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Bandhit's name. A total of 3 executives have left over the last 12 months. Executive Departure • Apr 03
Independent Director has left the company On the 2nd of April, Payungsak Chartsutipol's tenure as Independent Director ended after 6.4 years in the role. We don't have any record of a personal shareholding under Payungsak's name. A total of 3 executives have left over the last 12 months. Duyuru • Mar 04
Global Power Synergy Public Company Limited, Annual General Meeting, Apr 02, 2021 Global Power Synergy Public Company Limited, Annual General Meeting, Apr 02, 2021, at 07:00 Coordinated Universal Time. Location: Bangkok Convention Center, 5th Floor, Central Plaza Ladphrao 1693 Phaholyothin Road, Chatuchak Sub-District, Chatuchak District Bangkok Thailand Agenda: To acknowledge the operating results of GPSC for the year 2020 and to approve the audited financial statements for the year ended December 31, 2020; to approve the allocation of profit as a legal reserve and the dividend payment from the operating results of GPSC for the year 2020; to approve GPSC's director remuneration for the year 2021; to approve the appointment of GPSC' s auditor and the determination of the audit fee for the year 2021; to elect GPSC's new directors in replacement of those who are due to retire by rotation; and to consider other matters. Upcoming Dividend • Feb 24
Upcoming Dividend of ฿1.00 Per Share Will be paid on the 21st of April to those who are registered shareholders by the 3rd of March. The trailing yield of 1.7% is below the top quartile of Thai dividend payers (6.2%), but is in line with industry peers (1.8%). Analyst Estimate Surprise Post Earnings • Feb 17
Revenue behind estimates Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 7.7%, compared to a 22% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS ฿2.66 (vs ฿2.25 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿70.5b (up 4.7% from FY 2019). Net income: ฿7.51b (up 85% from FY 2019). Profit margin: 11% (up from 6.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Jan 13
New 90-day high: ฿85.75 The company is up 53% from its price of ฿56.00 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿72.10 per share.