More Power to Al; Top Pick

Research evidence excerpt

More Power to Al; Top Pick

Idea

July 28, 2026 12:00 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MGulf Development PCL | Asia Pacific Mayank Maheshwari

Equity Analyst

More Power to AI; Top Pick Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

What’s Changed Ryan.Heng@morganstanley.com +65 6834-6465

Vivek Rajamani

Gulf Development PCL (GULF.BK) From To Equity Analyst

Price Target Bt76.00 Bt85.00 Vivek.Rajamani@morganstanley.com +65 6834-6740

Top Pick Added - GULF.BK

The rate of change thesis looks very attractive – we're more

bullish. The US shale revolution is coming to Asia. US

hyperscalers need more AI power infrastructure in Asia,

Gulf Development PCL (GULF.BK, GULF TB)

especially with pushback domestically. Tiered power pricing has Top Pick

increased locally in Thailand. Deleverage is on the way. ASEAN Utilities and Infrastructure | Thailand

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target Bt85.00

The $5bn in new investments by 2030 can lead to 12% ROCE, outperforming Up/downside to price target (%) 30

Shr price, close (Jul 27, 2026) Bt65.25

global peers by 200bps as Gulf expands its TAM in powering AI ecosystems. 52-Week Range Bt68.50-39.75

Sh out, dil, curr (mn) 14,940

Energy security helps de-risk future cashflows from merchant power, which Mkt cap, curr (mn) Bt974,824

makes up one-fifth of power generation capacity including LNG trading spreads. EV, curr (mn) Bt865,560

Avg daily trading value (mn) Bt2,131

1GW of data center infrastructure by 2030 implies that a quarter of earnings will Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

come from powering and widening AI adoption in Thailand and the US. EPS (Bt)** 1.96 2.39 2.67 2.78

Prior EPS (Bt)** - 2.12 2.20 2.26

EPS (Bt)§ 1.85 2.33 2.59 2.85