GULF Still Hot: Brokerages Highlight Data Center and AI to Boost Revenue

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Brokerages indicate that GULF remains a top stock, given its market leadership and growth advantages, particularly in data center and AI application businesses, which will generate recurring revenue with high margins. Analysts from Innovest X Securities maintain an OUTPERFORM rating with a target price of 78 baht, noting that the new PDP2026 plan is expected to double electricity demand, supported by data centers and EVs. Although wind, waste, and biomass energy face limitations, gas-fired power plants remain important and offer an IRR of 17-20%. GULF aims to secure most of its capacity from the first round of gas projects, totaling 2,800 MW, and is interested in investing in solar with BESS. Meanwhile, Direct PPA will open the way to sell electricity directly to data centers. GULF is also developing data centers through GULF EDGE, targeting 1.5-2 GW of capacity in the EEC to accommodate hyperscalers with long-term leases of 10-20 years.

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