Gulf Development PCL | Asia Pacific: Research Tactical Idea

Research evidence excerpt

Gulf Development PCL | Asia Pacific: Research Tactical Idea

Idea

July 30, 2026 06:11 AM GMT

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

Equity Analyst

Research Tactical Idea Mayank.Maheshwari@morganstanley.com +65 6834-6719

Ryan M Heng

Ryan.Heng@morganstanley.com +65 6834-6465

We believe the share price will rise in absolute terms over the next 45 days.

Vivek Rajamani

Thailand saw US$25bn in datacenter approvals in 2Q26 and Gulf Development will Vivek.Rajamani@morganstanley.com +65 6834-6740

be a key player to power the DCs. Also higher datacenter investments are set to Morgan Stanley India Company Private Limited+

increase the need to build more power IPPs and direct-to-DC power supplies, Hinal Choudhary

supporting multiples as the rate of change for power consumption and power Research Associate

Hinal.Choudhary@morganstanley.com +91 22 6118-2044

spreads for GULF improve as we expect a quarter of its profits to be driven by

Pranitha Shetty

Powering AI in future. Tiered power pricing has increased locally in Thailand. Near- Research Associate

term triggers include higher merchant power sales margins, stronger earnings from Pranitha.Shetty@morganstanley.com +91 22 6118-3022

US power plant operations and startup of new renewable capacity. Currently

trading at 24x 2028e P/E reflective of Gulf's earnings visibility, we expect 11+% EPS

CAGR to drive outperformance from here. See our note More Power to AI; Top

Pick

Gulf Development PCL (GULF.BK, GULF TB)

We estimate that there is about an 80%+ (or "highly likely") probability for the

Top Pick

scenario.

ASEAN Utilities and Infrastructure | Thailand

Estimated probabilities are illustrative and assigned subjectively based on our Stock Rating Overweight