Financials Global Power Synergy

Equities

GPSC

TH6488010005

Independent Power Producers

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
50.25 ^THB	+0.50%		+1.52%	+3.61%

May. 08	Global Power Synergy Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 03	Global Power Synergy Public Company Limited Announces Board Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	241,792	207,955	250,251	205,840	136,757	141,691	-	-
Enterprise Value (EV) ¹	328,076	292,561	346,090	319,725	136,757	266,019	252,707	242,580
P/E ratio	38.1 x	27.7 x	34.1 x	228 x	37 x	27.6 x	21.4 x	19.8 x
Yield	1.52%	2.03%	1.69%	-	-	2.03%	2.66%	2.83%
Capitalization / Revenue	3.63 x	2.99 x	3.34 x	1.66 x	-	1.5 x	1.58 x	1.67 x
EV / Revenue	4.93 x	4.2 x	4.62 x	2.58 x	-	2.82 x	2.81 x	2.86 x
EV / EBITDA	20 x	14.7 x	19.9 x	31.5 x	8.22 x	13.8 x	12.5 x	12.3 x
EV / FCF	23 x	19 x	29.5 x	-170 x	-	14.9 x	15.6 x	14.4 x
FCF Yield	4.35%	5.27%	3.39%	-0.59%	-	6.73%	6.4%	6.96%
Price to Book	2.4 x	2.02 x	2.31 x	1.96 x	-	1.25 x	1.23 x	1.18 x
Nbr of stocks (in thousands)	2,819,729	2,819,729	2,819,729	2,819,729	2,819,729	2,819,729	-	-
Reference price ²	85.75	73.75	88.75	73.00	48.50	50.25	50.25	50.25
Announcement Date	2/12/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	66,562	69,578	74,874	123,685	-	94,171	89,899	84,918
EBITDA ¹	16,443	19,885	17,407	10,164	16,645	19,249	20,168	19,752
EBIT ¹	9,315	11,178	8,175	1,051	7,336	8,071	9,683	10,391
Operating Margin	14%	16.07%	10.92%	0.85%	-	8.57%	10.77%	12.24%
Earnings before Tax (EBT) ¹	5,411	8,559	7,496	1,081	5,316	6,939	8,054	8,506
Net income ¹	4,061	7,508	7,319	891.4	3,694	5,182	6,720	7,041
Net margin	6.1%	10.79%	9.77%	0.72%	-	5.5%	7.48%	8.29%
EPS ²	2.250	2.660	2.600	0.3200	1.310	1.822	2.353	2.532
Free Cash Flow ¹	14,281	15,417	11,737	-1,879	-	17,902	16,177	16,887
FCF margin	21.45%	22.16%	15.68%	-1.52%	-	19.01%	17.99%	19.89%
FCF Conversion (EBITDA)	86.85%	77.53%	67.43%	-	-	93%	80.21%	85.5%
FCF Conversion (Net income)	351.67%	205.34%	160.37%	-	-	345.48%	240.73%	239.84%
Dividend per Share ²	1.300	1.500	1.500	-	-	1.022	1.334	1.424
Announcement Date	2/12/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	36,446	34,858	22,019	27,261	27,719	33,866	34,839	27,905	23,035	21,044	-	23,773	25,238	27,257	26,248	21,047	23,917
EBITDA	10,169	10,234	2,574	2,517	4,239	2,688	1,634	4,369	3,478	5,487	3,310	4,923	-	-	-	-	-
EBIT ¹	5,997	5,643	262.6	281	1,946	397.9	-658.9	2,163	1,121	3,101	969.2	2,267	2,473	2,936	2,307	2,306	2,620
Operating Margin	16.45%	16.19%	1.19%	1.03%	7.02%	1.17%	-1.89%	7.75%	4.87%	14.73%	-	9.54%	9.8%	10.77%	8.79%	10.96%	10.96%
Earnings before Tax (EBT)	4,483	5,226	-81,520	343.6	-	242.5	-365.8	1,424	283.7	2,607	1,001	1,195	-	-	-	-	-
Net income	3,476	4,276	1,168	313.2	683.8	330.9	-436.4	1,118	309.3	1,790	477.8	864	-	-	-	-	-
Net margin	9.54%	12.27%	5.31%	1.15%	2.47%	0.98%	-1.25%	4.01%	1.34%	8.5%	-	3.63%	-	-	-	-	-
EPS ²	1.230	1.520	0.4200	0.1100	0.2400	0.1200	-0.1500	-	0.1100	0.6300	0.1700	0.3100	0.5468	0.7108	0.4557	0.3861	0.6437
Dividend per Share ²	-	-	1.000	-	-	-	-	-	-	-	-	-	-	-	1.029	-	-
Announcement Date	8/6/20	8/6/21	2/11/22	5/6/22	8/8/22	11/9/22	2/10/23	5/8/23	8/9/23	11/6/23	2/9/24	5/8/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	86,284	84,606	95,839	113,885	-	124,328	111,016	100,889
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.248 x	4.255 x	5.506 x	11.21 x	-	6.459 x	5.505 x	5.108 x
Free Cash Flow ¹	14,281	15,417	11,737	-1,879	-	17,902	16,177	16,887
ROE (net income / shareholders' equity)	5.76%	7.37%	6.93%	0.84%	-	5.08%	5.95%	6.17%
ROA (Net income/ Total Assets)	2.57%	2.95%	2.78%	0.32%	-	2.07%	2.53%	2.65%
Assets ¹	158,228	254,340	263,514	279,802	-	250,523	265,945	265,724
Book Value Per Share ²	35.80	36.50	38.40	37.20	-	40.10	40.80	42.60
Cash Flow per Share ²	9.630	7.390	5.710	1.220	-	3.460	6.150	7.300
Capex ¹	3,073	5,440	4,372	5,317	-	8,100	15,322	6,892
Capex / Sales	4.62%	7.82%	5.84%	4.3%	-	8.6%	17.04%	8.12%
Announcement Date	2/12/20	2/11/21	2/11/22	2/10/23	2/9/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Global Power Synergy

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

50.25 THB

Average target price

57.44 THB

Spread / Average Target

+14.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
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GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.	+20.04%	3.83B
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Fossil Fuel IPPs