GUNKUL Introduces New CEO, Outlines Growth Strategy at Analyst Meeting—Brokerages Set Target Price at THB 3.51-5, Citing Over 100% Upside; 85% of PPAs Unaffected by Ft Adjustment
GUNKUL Engineering Public Company Limited, Thailand’s second-largest integrated renewable energy company, hosted an Analyst Meeting to introduce its new CEO, Naruchon Dhumrongpiyawut, and present its business strategy for 2025. The company reaffirmed its vision of becoming Asia’s most recognized partner in green energy and infrastructure, with a strong presence at the event from leading brokerage firms. The meeting was held at GUNKUL’s headquarters on the 44th floor of One City Center (OCC).
GUNKUL’s Growth Strategy & Key Business Drivers
GUNKUL’s executive team, including Sopacha Dhumrongpiyawut, Executive Chairman, and Thitiphong Techarattanayuenyong, CFO, emphasized the company’s commitment to sustainable and systematic growth. The company has adopted the "Equation of Progress" strategy, aiming for a 10-15% annual revenue growth, with a cumulative three-year revenue target exceeding THB 35 billion. The plan focuses on expanding its three core businesses while leveraging opportunities in emerging industries within the New S-Curve.
Currently, GUNKUL operates a total of 1,479 MW of renewable energy capacity, with an additional 832 MW under development. Notably, 85% of its Power Purchase Agreements (PPAs) feature fixed electricity rates, ensuring minimal impact from fluctuating fuel tariff (Ft) adjustments. The company also holds a backlog worth approximately THB 4 billion, reinforcing its growth potential.
Positive Analyst Outlook & Expansion Opportunities
Industry analysts at the meeting expressed a positive outlook on GUNKUL’s growth trajectory, particularly in its renewable power generation and EPC (engineering, procurement, and construction) business. The company’s 832 MW of newly secured projects from the Electricity Generating Authority of Thailand (EGAT) bidding round is expected to drive further expansion. Analysts anticipate that GUNKUL will form strategic partnerships to develop these projects, strengthening its position in regional power markets.
Additionally, while Adder subsidies for solar projects have expired, the company retains wind power projects under joint ventures that will remain operational until 2027. Moving forward, GUNKUL is set to offset subsidy expirations by bringing new power plants online, further solidifying its long-term growth potential.
Beyond power generation, GUNKUL is well-positioned to capitalize on rising electricity demand, particularly in its EPC business, which includes power plant construction, substations, and telecom infrastructure for government projects. The company is also exploring private Power Purchase Agreements (PPAs) to supply renewable energy to data centers, a sector experiencing strong investment momentum.
Stock Target Price & Investment Upside
Brokerage firms have set a target price range of THB 3.51 to 5 per share, reflecting an upside potential of over 100%. With its diversified business model, strong pipeline, and expansion into high-growth markets, GUNKUL remains well-positioned to deliver sustainable returns for investors.
