The share price of Global Power Synergy Public Company Limited (GPSC) dropped ฿4.25/share or 5.41% to ฿74.25/share with a trading value of 3,851 million baht on Tuesday.
The drop in today’s session came after a sharp spike of 15.87% in yesterday’s session to close at ฿78.50/share in response to the announcement of the company’s report of the construction of an energy storage unit production plant in Thailand, produced with semi-solid technology since February 2020.
The project investment is approximately Baht 1,100 million, located at Map Ta Phut Industrial Estate, Rayong Province with the initial production capacity of 30 megawatts-hour. The energy storage unit production plant is expected to start regular production by the second quarter of 2021.
Bualuang Securities has given a “Speculative Buy” recommendation on GPSC with a target price at ฿80.00/share, stating that the potential strong earnings would remain solid amid the risk of a lockdown, while the company also has an upside to its long-term earnings as well.