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    GPSC   TH6488010005

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

(GPSC)
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Global Power Synergy : Thai GPSC shares jump after $453 million investment in India solar firm

07/14/2021 | 01:55am EDT

BANGKOK (Reuters) - Thai electricity firm Global Renewable Synergy Company Pcl (GPSC) saw its shares climb over 4% on Wednesday after it announced a purchase of 41.6% of India's Avaada Energy for 14.8 billion baht ($453.29 million).

The renewable energy investment sent GPSC's shares up 4.36% in morning trading against a 0.4% decline on the benchmark index at 0500 GMT.

GPSC said the move increases its renewable energy capacity to 2,145 megawatts (MW) or 32% of the total capacity of 6,613 MW.

GPSC, a unit of state-owned energy giant PTT Pcl, considers India as a focus country for renewable energy expansion.

"The investment in this platform aligns with the company's growth strategy in the renewable energy business," GPSC chief executive Worawat Pitayasiri said in a statement.

Avaada has solar power capacity of 1,392 MW with another 2,352 MW under construction, which will begin commercial operations by 2022.

"This is a positive surprise," said Finansia Syrus Securities analyst, Suwat Sinsadok, adding that the acquisition cost was reasonable.

The deal comes days after another PTT unit, PTT Global Chemical Pcl, announced a $4.75 billion acquisition of German coating resins maker Allnex.

($1 = 32.6500 baht)

(Reporting by Chayut Setboonsarng; Editing by Ed Davies, Martin Petty)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED -0.32% 77.5 End-of-day quote.5.08%
PTT PUBLIC COMPANY LIMITED -1.89% 39 End-of-day quote.-8.24%
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Financials
Sales 2021 77 281 M 2 321 M 2 321 M
Net income 2021 8 492 M 255 M 255 M
Net Debt 2021 90 934 M 2 732 M 2 732 M
P/E ratio 2021 25,5x
Yield 2021 2,10%
Capitalization 219 B 6 560 M 6 564 M
EV / Sales 2021 4,00x
EV / Sales 2022 4,06x
Nbr of Employees -
Free-Float 22,0%
Chart GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED
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Global Power Synergy Public Company Limited Technical Analysis Chart | GPSC | TH6488010005 | MarketScreener
Technical analysis trends GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 77,50 THB
Average target price 90,29 THB
Spread / Average Target 16,5%
EPS Revisions
Managers and Directors
Worawat Pitayasiri President, CEO, Co-Secretary & Executive Director
Thitipong Jurapornsiridee Chief Financial Officer
Pailin Chuchottaworn Chairman
Laksanapreecha Krutkuntode Senior Vice President-New Technology
Pajongwit Pongsivapai Chief Operating Officer