Gulf Energy, TH8319010Z06

FSSIA raised Gulf Energy stock target from THB 76.00 to THB 89.50

Published on 10/14/2026 at 00:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 23.8 percent to THB 50.29 billion in second-quarter 2026. Gulf Energy stock was THB 60.75 on October 12, 2026, versus THB 39.75 low.

Target raised for energy expansion

FSSIA retained its Buy rating while lifting the target from THB 76.00 to THB 89.50 on October 1, 2026.
Second-quarter 2026 revenue rose 23.8 percent to THB 50.29 billion.
Gulf Energy stock was last at THB 60.75 on SET on October 12, 2026.
Marketscreener lists November 18, 2026 as the third-quarter 2026 earnings date.

Gulf Energy, TH8319010Z06, Illustration mit AI erstellt.

FSSIA raised its target for Gulf Energy stock from THB 76.00 to THB 89.50 in a report dated October 1, 2026, while retaining a Buy rating, according to KAOHOON INTERNATIONAL. The higher valuation rests on Gulf's expansion in renewable power and digital infrastructure.

Waste project reaches operations

Gulf Development, the company's official name, began commercial operation of the Chiang Mai municipal waste-to-energy project on October 1, 2026, according to KAOHOON INTERNATIONAL. The plant has 8.00 megawatts of contracted capacity, 9.50 megawatts of installed capacity and a 20-year power purchase agreement with the Provincial Electricity Authority.

Second-quarter growth sets the base

Gulf reported THB 50.29 billion of revenue in the second quarter of 2026, up 23.80 percent year over year, while EBITDA reached THB 19.00 billion, up 41.40 percent, according to Quartr. Six-month consolidated revenue was THB 82.12 billion, compared with THB 38.52 billion a year earlier.

What supports the higher target?

FSSIA said Gulf could benefit from Thailand's Power Development Plan 2026 and estimated that a potential 4.00 gigawatt renewable award could add THB 10.00 per share to its valuation. The broker also cited Gulf's purchase of 50.00 percent stakes in solar and wind projects with 339.50 megawatts of attributable capacity, as reported by KAOHOON INTERNATIONAL.

Three project milestones

On February 10, 2026, Gulf secured THB 60.00 billion for renewable energy projects with 939.00 megawatts of contracted generation capacity, according to 6ix. On September 28, 2026, the company announced the acquisition of 50.00 percent interests in 12 solar and wind farms, according to Gulf Development. The October 1, 2026 start of the 8.00 megawatt waste-to-energy plant is the latest of the three milestones.

Next reporting date

Marketscreener lists November 18, 2026 as the date for Gulf's third-quarter 2026 earnings release. That date gives investors a defined checkpoint for testing whether the project pipeline is translating into additional operating profit.

Stock price and valuation

The latest available SET quote was THB 60.75 on October 12, 2026 at 4:36 p.m. ICT. The price stood within the THB 39.75 to THB 68.50 52-week range, while market capitalization was THB 907.6 billion on that date.