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Thailand’s Gulf Development, led by billionaire Sarath Ratanavadi, debuted on the stock exchange on April 3 after merging Gulf Energy Development and Intouch Holdings Pcl. The new entity opened with a market valuation of 736 billion baht (approximately US$21.4 billion), reflecting a 13% drop from the pre-merger value. Despite economic challenges, including a 36% US tariff and the impact of a 7.7-magnitude earthquake in Myanmar, the stock rose 1% in early trading. The merger combines power, infrastructure, and LNG operations with telecom assets, positioning the company for growth in sectors like AI and data centers.
Morgan Stanley highlights Gulf Energy Development Public Company Limited (GULF) as a key player in Southeast Asia's energy sector, targeting a 20% CAGR from 2024 to 2027 across various sectors, including power generation and AI. With plans to nearly double its electricity generation capacity by 2030, GULF is well-positioned to meet rising energy demand amid global energy security concerns. The company, rated 'Overweight' by Morgan Stanley with a target price of THB 69 per share, is expected to leverage its strong financial position and strategic partnerships for continued growth.
Gulf Energy Development Public Company Limited
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Thailand's Gulf Development launches on stock market with 21.4 billion valuation
Thai Baht
Advanced Info Service PCL
Gulf Energy Development Public Company Limited
Intouch Holdings PCL
THA
MMR
Sarath Ratanavadi
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09:18 03.04.2025
Gulf Energy Positioned for Growth in Southeast Asia's Energy Sector
05:13 26.03.2025
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