Analysts at Yuanta Securities Thailand forecast that GUNKUL will post a normalised profit of 500 million baht in the second quarter of 2026, up 16.7 percent from the previous quarter and up 4.4 percent from the same period a year earlier. This would mark the highest quarterly profit in seven quarters, supported by EPC project deliveries and trading business for power plant customers and EGAT, despite one wind project losing its adder tariff and a high profit base last year. Currently, the EPC and trading backlog stands at 3 to 4 billion baht, and in the third quarter of 2026 there are projects with a high win probability awaiting results worth another 7 to 8 billion baht. Meanwhile, the power plant business will be boosted by the high season for wind energy in the second half of 2026, leading to an expectation that profit in the third and fourth quarters of 2026 will stay above 500 million baht per quarter. GUNKUL's share price has already risen 166 percent from the start of the year to date, but with current earnings still strong and valuation not yet high compared with the sector average of nearly 30 times, together with an expected annual dividend yield of around 3 percent, the recommendation remains buy with a target price of 8.70 baht.
Gunkul Engineering Public Company LimitedAnalyst forecasts record quarterly profit and reiterates buy with higher target price.