GULF acquired additional shares in INTUCH to ramp up its total position to nearly 15%, expecting to book another 600 million baht from INTUCH’s 2H dividend payment into its 2Q21 financial statement. The analyst recommended “BUY” at ฿39.00/share.
As of now, Gulf Energy Development Public Company Limited (GULF) is holding 461,548,943 shares or equivalent to 14.39% of the total issued and paid-up shares in Intouch Holdings Public Company Limited (INTUCH), up from 10%.
Bloomberg Consensus estimated INTUCH to offer a dividend payment at ฿2.48/share (฿1.15/share for the interim payment and ฿1.33/share for the 2H20 payment), therefore, GULF would book approx. 613 million baht form INTUCH’s dividend payment. The ex-dividend date would be in February 2021, while the payment date is expected in April 2021.
LH Securities expected the 1,855MW IPP-Gulf SRC project, which is set to complete its construction in 2021, the 160MW DIPWP project in Oman and the combined 122MW wind farm project in Vietnam to boost GULF’s profit in 2021, along with the contribution from Borkum offshore wind farm.
Analyst also assessed that if the process of LNG shipper to be used as a fuel for electricity production, which GULF has already acquired the license from the Energy Regulatory Commission (ERC) to import 300,000 tonnes per year of liquefied natural gas, is able to start this year, it will reduce natural gas cost continually, thus recommending “BUY” at a target price of ฿39.00/share.