Initiation of Coverage: Underappreciated upside potential

Research evidence excerpt

Initiation of Coverage: Underappreciated upside potential

Global Research

16 July 2026ab

Initiation of Coverage

EquitiesGlobal Power Synergy Public Company

Underappreciated upside potential Thailand

Electric Utilities

12-month rating Buy

Initiate with Buy Prior : No Rating

We initiate coverage on GPSC, the flagship power and utilities company of the PTT 12m price target Bt60.00

Group and one of Thailand's largest integrated power producers, with a Buy rating and Prior :

a DCF-based PT of Bt60.0/share. We believe GPSC is an underappreciated beneficiary of

Price (15 Jul 2026) Bt49.50

Thailand's next power investment cycle. We think its PTT affiliation, strong balance

sheet, competitive funding profile, and exposure to both renewable and conventional RIC: GPSC.BK BBG: GPSC TB

power generation position it well to participate in future renewable procurement, IPP Trading data and key metrics

replacement opportunities and data-centre-related growth under PDP 2026. With

52-wk range Bt49.50-30.00

valuation multiples trading well below historical cycle peaks, we see attractive upside

Market cap. Bt140b/US$4.16b

potential as visibility on PDP rollout, PPA bidding and data-centre developments

Shares o/s 2,820m (ORD)

improves.

Free float 25%

New stage of power investment cycle Avg. daily volume ('000) 10,243

We believe the upcoming PDP 2026 (see APAC Focus: On the cusp of a new power Avg. daily value (m) Bt425.7

cycle), Thailand's long-term power-investment roadmap, could provide the foundation Common s/h equity (12/26E) Bt106b

for Thailand's next major power investment cycle. Historically, new PDP approvals have P/BV (12/26E) 1.3x

preceded major procurement rounds, and we expect PDP 2026 to be no different. We Net debt to EBITDA (12/26E) 4.7x