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    GPSC   TH6488010005

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

(GPSC)
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Thai Oil shares fall on financing plans for $1.2 billion Indonesia acquisition

07/30/2021 | 03:41am EDT

BANGKOK (Reuters) - Share prices for Thai Oil Pcl dropped on Friday after the Thailand oil refiner announced plans to offer new shares and sell stakes in a subsidiary to finance a $1.2 billion investment in Indonesia's Chandra Asri Petrochemical TBK PT.

Shares in Thai Oil fell 10% in Friday's morning trading session at 05:00 GMT along a 1% decline in the benchmark index.

"In recapitalisation, there will be an equity offering of 10 billion baht ($304.04 million)," the company's Executive Vice President of Finance Wanida Boonpiraks told reporters on Friday.

Thai Oil would also sell stakes in electricity firm Global Power Synergy Pcl for 20 billion baht to parent firm, PTT Pcl, she said.

PTT already owns about a third of GPSC, and Thai Oil holds 20.78% of shares in GPSC.

The purchase for 15.38% of Chandra Asri would initially be financed by 18-month bridge loans from banks and PTT.

The announcement marks another in a series of major investments by units of Thailand's state-owned oil and gas giant, PTT Group.

Earlier this month, PTT Global Chemical Pcl agreed to buy German coating resins maker Allnex for 4 billion euros ($4.75 billion). GPSC has invested nearly $1 billion in renewable projects across India and Taiwan.

The investment in Chandra Asri would expand Thai Oil's position of a refiner to petrochemicals.

"It's a jump start," said company president Wirat Uanarumit, who added that it would have taken the company eight years to build its own olefin petrochemicals supply chain.

($1 = 32.8900 baht)

(Reporting by Chayut Setboonsarng; Editing by James Pearson)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED 0.00% 78 End-of-day quote.5.76%
PT. CHANDRA ASRI PETROCHEMICAL TBK -0.69% 7200 End-of-day quote.-20.66%
PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED 0.83% 60.5 End-of-day quote.3.42%
PTT PUBLIC COMPANY LIMITED 1.27% 40 End-of-day quote.-5.88%
THAI OIL PUBLIC COMPANY LIMITED 1.01% 50 End-of-day quote.-3.85%
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Financials
Sales 2021 77 342 M 2 318 M 2 318 M
Net income 2021 8 388 M 251 M 251 M
Net Debt 2021 90 934 M 2 725 M 2 725 M
P/E ratio 2021 26,0x
Yield 2021 2,08%
Capitalization 220 B 6 589 M 6 591 M
EV / Sales 2021 4,02x
EV / Sales 2022 4,08x
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 78,00 THB
Average target price 90,14 THB
Spread / Average Target 15,6%
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