Company Summary
GULF GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED
Resources/Energy & Utilities
SET50 / SETCLMV / SETTHSI
CG Report:   
 
  Data as of 21 Jan 2022  
Price (B.) 52 Week High/Low P/E (X) P/BV (X) Paid-up (MB.) Market Cap (MB.) EV (MB.) EBITDA (MB.) EV/EBITDA
50.00 52.75 / 31.00 90.66 6.58 11,733.15 586,657.50 831,709.67 12,917.26 46.00
News
Date/Time Subject
17 Jan 2022 17:00   Execution of the Memorandum of Understanding to establish a digital asset exchange in Thailand
16 Dec 2021 17:53   Notification of the establishment of Gulf MP1 Company Limited to operate solar energy business
16 Dec 2021 17:53   Notification of the establishment of Gulf Innova Company Limited to operate digital business
15 Dec 2021 13:20   Notification of the judgement of Supreme Administrative Court's ruling on the Company's bidding for the 5,300 megawatts Independent Power Producer (IPP) Projects
26 Nov 2021 12:30   Execution of the Memorandum of Understanding to jointly study and invest in a power business in Samut Sakhon Industrial Estate
more

Company Profile
Address 87 M Thai Tower 11th floor All Seasons Place, Wireless Road, Lumpini, Pathumwan Bangkok 10330
Telephone 0-2080-4499
Fax 0-2080-4455
URL www.gulf.co.th
  Annual Report 2020
Establish Date 08/2011 Listed Date 06/12/2017
IPO Price (Baht) 45.00 @Par5.00 Baht
IPO Financial Advisory
  • KASIKORN SECURITIES PUBLIC COMPANY LIMITED
  • BUALUANG SECURITIES PUBLIC COMPANY LIMITED
  • THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
  • Par 1.00 Baht
    Last Par Change Old 5.00 : New 1.00 @ 16/04/2020

    Business
    Holding company that invests in a portfolio of conventional and renewable power generation and distribution businesses, as well as natural gas supply and distribution, infrastructure development projects, and other related businesses.

    Free Float 08 Mar 2021 06 Mar 2020
    % /Shareholders
    26.23% 48,132 26.71% 13,631
    Foreign Shareholders 36.89% (As of 21/01/2022) Foreign Limit 49.00%
    NVDR Shareholders  3.57% (As of 21/01/2022)
    5 Yr Price Performance (Adjusted Price)
    Price Performance (Adjusted Price) Compare to Stock (%) Compare to Sector (%) Compare to Market (%)
    5 Days -0.50 -0.33 0.70
    20 Days 15.61 10.15 13.47
    60 Days 17.65 15.71 16.98
    120 Days 48.15 32.38 38.12
    YTD 9.29 7.27 9.61
    P/E (X) 90.66 16.46 20.74
    P/BV (X) 6.58 1.63 1.78
    Turnover Ratio (%) 0.32 0.54 1.44

    Top 10 Major Shareholders(@14 May 2021) Share %
    1. นาย สารัชถ์ รัตนาวะดี 4,171,077,797 35.55
    2. UBS AG SINGAPORE BRANCH 1,473,809,119 12.56
    3. GULF CAPITAL HOLDINGS LIMITED 1,160,431,363 9.89
    4. GULF INVESTMENT AND TRADING PTE. LTD. 877,250,502 7.48
    5. บริษัท กัลฟ์ โฮลดิ้ง (ประเทศไทย) จำกัด 551,729,877 4.70
    6. BANK OF SINGAPORE LIMITED-THB SEG AC 364,710,545 3.11
    7. บริษัท Thai NVDR Company Limited 329,932,699 2.81
    8. บริษัท SINO-THAI ENGINEERING & CONSTRUCTION PUBLIC COMPANY LIMITED 220,000,000 1.88
    9. BANGKOK BANK PUBLIC COMPANY LIMITED 148,539,022 1.27
    10. ASIAN DEVELOPMENT BANK-SNA CUSTODY 144,000,000 1.23

    Management Position
    1. Mr. VISET CHOOPIBAN CHAIRMAN OF THE BOARD OF DIRECTORS / INDEPENDENT DIRECTOR
    2. Mr. SARATH RATANAVADI CHIEF EXECUTIVE OFFICER / VICE CHAIRMAN
    3. Mrs. PORNTIPA CHINVETKITVANIT PRESIDENT / DIRECTOR
    4. Mr. BOONCHAI THIRATI DIRECTOR
    5. Miss YUPAPIN WANGVIWAT DIRECTOR
    6. Mrs. CHOTIKUL SOOKPIROMKASEM DIRECTOR
    7. Mr. KASEM SNIDVONGS NA AYUDHYA INDEPENDENT DIRECTOR / CHAIRMAN OF THE AUDIT COMMITTEE
    8. Mr. SANTI BOONPRAKUB INDEPENDENT DIRECTOR
    9. Mrs. RAWEPORN KUHIRUN INDEPENDENT DIRECTOR / AUDIT COMMITTEE
    10. Mr. SOMMAI PHASEE INDEPENDENT DIRECTOR / AUDIT COMMITTEE
    Accumulated: Turnover Ratio, Value Trade/Day
    Statistics YTD
    21 Jan 2022
    2021
    30 Dec 2021
    2020
    30 Dec 2020
    Listed share (M.) 11,733.15  11,733.15  11,733.15 
    Market Cap (MB.) 586,657.50  536,791.61  401,860.39 
    Price (B./share) 50.00  45.75  34.25 
    BVPS (B./Share) 7.60  7.60  4.98 
    P/BV (X) 6.58  6.02  6.88 
    P/E (X) 90.66  82.95  120.22 
    Turnover Ratio (%) 5.93  56.39  84.55 
    Value Trade/Day (MB.) 2,448.93  1,046.13  1,568.21 
    Beta 0.92  1.00  1.08 
     
    Rate of Return YTD  2021  2020 
    Price Change (%) 9.29  33.58  4.34 
    Dividend Yield (%) 0.76  0.83  0.69 
    Payout Ratio 0.69  0.69  0.83 
    Dividend Policy No less than 30% of the Company?s separate net profit, after deducting tax, legal reserve and other obligations under financing agreements (with additional conditions)

    Dividend
    Operation Period Dividend/Share Unit Payment Date Type
    01 Jan 2020 - 31 Dec 2020 0.38 Baht 28 Apr 2021 Cash
    01 Jan 2019 - 31 Dec 2019 1.30 Baht 28 Apr 2020 Cash
    01 Jan 2018 - 31 Dec 2018 1.20 Baht 21 May 2019 Cash
     
    Auditor
    (Effective Until 31/12/2021)
    MR. WAIYAWAT KORSAMARNCHAIYAKIJ/KPMG PHOOMCHAI AUDIT LIMITED
    MR. NATTHAPHONG TANTICHATTANON/KPMG PHOOMCHAI AUDIT LIMITED
    MS. SOPHIT PROMPOL/KPMG PHOOMCHAI AUDIT LIMITED
    F/S Year ended 31/12
    Latest Type of Report Unqualified opinion
    Financial Data
    Statement of Financial Position (MB.) 9M/2021 
    (01/01/21 
    -30/09/21) 
    9M/2020 
    (01/01/20 
    -30/09/20) 
    2020 
    (01/01/20 
    -31/12/20) 
    2019 
    (01/01/19 
    -31/12/19) 
    2018 
    (01/01/18 
    -31/12/18) 
    Accounting Type Consolidate Consolidate Consolidate Consolidate Consolidate
    Cash And Cash Equivalents 20,982.13 18,850.88 15,902.24 14,389.80 16,698.46
    A/R Net 9,338.61 6,621.68 6,336.88 5,205.16 3,516.09
    Inventories 1,057.60 247.36 331.02 156.88 49.69
    Current Assets 36,755.27 30,602.42 30,354.37 22,416.88 25,865.55
    PP&E Net 133,306.81 123,730.57 129,718.34 80,960.73 67,664.24
    Non-Current Assets 318,432.46 191,379.35 215,226.14 111,860.67 97,803.10
    Total Assets 355,187.73 221,981.77 245,580.51 134,277.54 123,668.66
    OD 8,427.03 5,000.00 11,500.00 68.00 880.00
    A/P Net 11,985.52 4,369.49 9,550.16 5,096.76 7,184.28
    Current portion of LT 8,172.98 5,762.95 6,786.72 2,821.24 8,444.28
    Current Liabilities 29,602.33 16,567.77 29,642.63 9,808.95 18,408.29
    Non-Current Liabilities 226,201.82 139,708.78 143,858.06 75,428.65 60,472.12
    Total Liabilities 255,804.15 156,276.55 173,500.69 85,237.60 78,880.41
    Authorized Capital 11,733.15 11,733.15 11,733.15 10,666.50 10,666.50
    Paid-Up Capital 11,733.15 11,733.15 11,733.15 10,666.50 10,666.50
    Premium (Discount) on Share Capital 51,822.14 51,822.14 51,822.14 20,889.30 20,889.30
    Retained Earnings (Deficit) 8,013.72 6,124.45 7,967.85 6,488.09 4,172.72
    Treasury Stock - - - - -
    Shares Of The Company Held By Subsidiaries - - - - -
    Other Components Of Equity 17,584.42 -11,235.76 -7,496.00 383.22 808.43
     - Surplus (Deficits) 1,173.51 1,173.51 1,173.51 1,173.51 808.43
    Shareholders' Equity 89,153.43 58,443.98 64,027.15 38,427.11 36,536.94
    Minority Interest 10,230.14 7,261.24 8,052.67 10,612.84 8,251.30
    more
    Statement of Comprehensive Income (MB.) 9M/2021 
    (01/01/21 
    -30/09/21) 
    9M/2020 
    (01/01/20 
    -30/09/20) 
    2020 
    (01/01/20 
    -31/12/20) 
    2019 
    (01/01/19 
    -31/12/19) 
    2018 
    (01/01/18 
    -31/12/18) 
    Accounting Type Consolidate Consolidate Consolidate Consolidate Consolidate
    Revenue From Operations 32,180.01 23,517.68 32,827.13 30,039.67 17,181.12
    Other Income 4.23 18.31 19.86 14.27 9.43
    Total Revenues 34,665.84 24,040.17 33,370.44 30,343.36 17,479.01
    Costs 23,497.94 17,759.36 23,702.24 22,791.05 12,680.75
    Selling And Administrative Expenses 1,604.96 1,201.56 2,079.91 1,713.10 1,489.59
    Total Cost And Expenses 25,102.91 18,960.93 25,782.15 24,504.15 14,170.35
    EBITDA 12,917.26 8,184.17 13,347.99 12,482.05 7,450.54
    Depre. & Amor. 3,716.98 2,210.55 3,431.38 2,433.92 1,391.66
    EBIT 9,200.27 5,973.62 9,916.60 10,048.13 6,058.89
    Net Profit : Owners Of The Parent 4,626.87 2,437.94 4,282.11 4,886.56 3,028.13
    EPS (B.) 0.39 0.23 0.39 2.29 1.42
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    Statement of Cash Flow (MB.) 9M/2021 
    (01/01/21 
    -30/09/21) 
    9M/2020 
    (01/01/20 
    -30/09/20) 
    2020 
    (01/01/20 
    -31/12/20) 
    2019 
    (01/01/19 
    -31/12/19) 
    2018 
    (01/01/18 
    -31/12/18) 
    Accounting Type Consolidate Consolidate Consolidate Consolidate Consolidate
    Operating Cash Flow 10,104.44 6,652.19 10,578.78 8,048.44 2,401.68
    Investing Cash Flow -69,744.03 -53,580.83 -70,410.16 -12,572.65 -16,143.82
    Financing Cash Flow 64,706.06 51,388.33 63,100.59 2,220.54 10,218.25
    Net Cash Flow 5,066.47 4,459.69 3,269.20 -2,303.67 -3,523.89
    more
    Annualized: ROE, ROA
    Ratios 9M/2021  9M/2020  2020  2019 
    Current Ratio (X) 1.24 1.85 1.02 2.29
    ROE (%) 8.77 6.95 8.36 13.04
    ROA (%) 4.55 4.66 5.22 7.79
    D/E (X) 2.57 2.38 2.41 1.74
    Total Asset Turnover (X) 0.15 0.18 0.18 0.24
    Gross Profit Margin (%) 26.98 24.49 27.80 24.13
    EBIT Margin (%) 26.54 24.85 29.72 33.11
    Net Profit Margin (%) 15.30 14.18 18.41 23.62

    Information only PP, PO, XR and XD
    Capital Movement (Last 3 Year)
    Date CA Type Changed paid up share Paid up share Par
    18 Sep 2020 XR 1,066,649,998 11,733,149,998 1.00

    Growth Rate (%) 9M/2021  9M/2020  2020  2019 
    Sales Growth 36.83 6.72 9.28 74.84
    COGs Growth 32.31 6.26 4.00 79.73
    Total Revenue Growth 44.20 7.85 9.98 73.60
    Total Expense Growth 32.39 5.94 5.22 72.93
    Net Profit Growth 89.79 -38.77 -12.37 61.37

    Annualized
    Cash Cycle 9M/2021  9M/2020  2020  2019 
    A/R Turnover (Times) 5.69 5.18 5.69 6.89
    Avg. Collection Period (Days) 64.17 70.45 64.17 52.98
    Inventory Turnover (Times) 45.12 124.62 97.16 220.66
    Avg. Inventory Period (Days) 8.09 2.93 3.76 1.65
    A/P Turnover (Times) 4.17 5.43 3.24 3.71
    Avg. Payment Period (Days) 87.63 67.17 112.78 98.34
    Cash Cycle (Days) -15.38 6.20 -44.85 -43.70


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    Other Securities
    Securities Name -

    Remark - Calculated from adjusted price
      - Presented and calculated from the consolidated statement and displayed as cumulative quarterly statement by fiscal year (Company statement will be presented and calculated incase consolidated statement is not available.)
      - The information is quarterly updated within 7 business days after the new financial statement is submitted.
      -
     
    Information on the financial statements is presented according to the information that the listed companies submit on that period. The investors should study additional information from the companies' financial statements since some companies may restate the comparing financial statements on the latest financial statements.
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