Stocks in Focus on September 3, 2020: GULF and TASCO

Stocks in Focus on September 3, 2020: GULF (KGI Securities TP at ฿39.50/share) and TASCO (Krungsri Securities TP at ฿31.00/share).

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on September 3, 2020.

 

KGI Securities has given an “Outperform” rating on Gulf Energy Development Public Company Limited (GULF) with a target price at ฿39.50/share.

KGI stated that GULF’s EGM already approved a capital increase that will be used for current projects in the pipeline and new acquisitions. Gross interest bearing debt/equity would decrease from 2.8x to 1.7x. The company has current equity MW of 2.7GW which would jump to 8.1GW in 2027 (+197%). Meanwhile, there are scheduled committed and tentative projects in the pipeline for both power plants and infrastructure.

KGI upgraded core earnings forecasts by 2.9% in 2020 and 7.8% in 2021 to reflect dividend from INTUCH and SPCG investment. In addition, KGI expected GULF to join with the BTS consortium on bidding for MRT Orange Line West.

 

Krungsri Securities (KSS) has given a “BUY” rating on Tipco Asphalt Public Company Limited (TASCO) with a target price at ฿31.00/share.

KSS stated that the severe flooding in China will boost demand for bitumen amid tight supply, and drive up bitumen prices. TASCO exports 40% of its bitumen to China.