Energy generation: approx. 70%
Infrastructure projects: approx. 20%
Renewable energies: approx. 10%

TOP 3 markets:
Thailand: approx. 60%
Vietnam: approx. 25%
Philippines: approx. 15%

Gulf Development Public Company Limited generates the majority of its revenues from energy generation, with traditional power plants and renewable energies playing a significant role. Infrastructure projects, especially in the field of energy transmission and distribution, also contribute significantly to revenue.

Thailand is the company's main market, followed by Vietnam and the Philippines, which have gained importance in recent years through strategic investments and partnerships.

Production Sites: Thailand

Gulf Development Public Company Limited, known as GULF, is a leading energy company in Thailand. The company mainly operates power plants for electricity generation and has its production sites predominantly in Thailand. GULF is heavily involved in the development and operation of gas and coal power plants as well as renewable energy projects.

Through strategic partnerships and investments, GULF has continuously expanded its capacities in the region to meet the increasing energy demand.

Strategic Growth Goals:

• Expansion of Renewable Energies: 50% of the portfolio by 2030
• International Expansion: Target markets in Southeast Asia and Europe
• Technological Innovation: Investments in digital infrastructure and Smart Grids

Gulf Development Public Company Limited pursues a strategy that strongly focuses on expanding renewable energies. The company plans to source half of its energy portfolio from renewable sources by 2030. This reflects the global trend of reducing fossil fuels and promoting sustainable energy sources.

In addition, GULF aims for international expansion, particularly in emerging markets in Southeast Asia and established markets in Europe. This expansion is intended to be supported by strategic partnerships and acquisitions.

Another focus is on technological innovation. GULF is investing in digital infrastructure projects and the development of Smart Grids to increase efficiency and unlock new business opportunities. These investments are intended to secure the company's competitiveness in a rapidly evolving energy market.

Main raw materials: Natural gas, coal
Countries of origin: Qatar, Indonesia, Australia

Gulf Development Public Company Limited is a significant player in the energy sector, especially in the field of power generation. The company mainly imports natural gas and coal, which are needed for the operation of its power plants.

Natural gas is primarily imported from Qatar, one of the world's largest exporters of liquefied natural gas (LNG). Coal is mainly sourced from Indonesia and Australia, as these countries have large coal reserves and are located near Thailand, which reduces transportation costs.

These raw materials are crucial for energy production and the strategic positioning of Gulf Development in the Thai energy market.

Market share: 25% (2024, estimated)
EBITDA margin: 35% (2023)
Return on capital employed (ROCE): 12% (2023)

Gulf Development Public Company Limited (SET:GULF) has a significant competitive advantage due to its strong market position in the energy sector, especially in the Southeast Asia region. With an estimated market share of 25% in 2024, the company demonstrates a solid presence strengthened by strategic investments and partnerships.

The EBITDA margin of 35% in 2023 indicates an efficient cost structure and strong pricing power, enabling the company to operate profitably. This margin is above the industry average, suggesting a sustainable competitive advantage.

Additionally, the Return on Capital Employed (ROCE) of 12% in 2023 shows that Gulf Development is able to effectively utilize its capital resources to create value for shareholders. This metric is an indicator of the company's ability to achieve above-average returns compared to its competitors.

Overall, Gulf Development benefits from a strong market position, efficient cost structure, and effective capital utilization, collectively representing a robust competitive advantage.

Institutional Investor Share: approximately 60% (2025, estimate based on historical trends)

Insider Buys/Sells: No significant transactions in the last quarter (2025, estimate)

The institutional investor share in Gulf Development Public Company Limited is estimated to be around 60%. This is typical for large publicly traded companies, as institutional investors such as pension funds, investment funds, and insurance companies often hold significant stakes.

There were no significant insider transactions in the last quarter, indicating that the management and other insiders are currently not making significant changes to their holdings. This could be a sign of stability and confidence in the current corporate strategy.

Market share of Gulf Development Public Company Limited (GULF): 18% (estimated for 2025)

Main competitors and their market shares:

1. Electricity Generating Public Company Limited (EGCO): 20%
2. Ratch Group Public Company Limited (RATCH): 15%
3. Banpu Power Public Company Limited (BPP): 12%
4. B.Grimm Power Public Company Limited (BGRIM): 10%
5. Global Power Synergy Public Company Limited (GPSC): 8%

Moat of Gulf Development:

Gulf Development Public Company Limited has a significant moat, primarily supported by its extensive infrastructure and strategic partnerships. The company benefits from long-term power purchase agreements that secure stable revenues. Additionally, GULF has strengthened its market position through investments in renewable energies and international expansion.

Compared to competitors, EGCO has a similar moat as it also has diversified energy generation and a strong international presence. RATCH and BPP have focused heavily on renewable energies, giving them an advantage in this area.

Overall, GULF has a solid moat, but the differences with competitors are not extremely pronounced. Competition remains intense, and the ability to differentiate through innovation and strategic alliances will be crucial for future market positioning.

Revenue Growth: 18% (2024)
Profit Growth: 14% (2024)
Market Share in the Energy Sector: 10% (2024)

Gulf Development Public Company Limited recorded a revenue growth of 18% in 2024, attributed to successful expansion and diversification of its energy projects. The company has expanded its market share in the energy sector to 10%, indicating a strong market position.

The profit growth of 14% in 2024 shows that the company is not only able to increase its revenue but also improve its profitability. These positive financial figures suggest that Gulf Development is pursuing a solid growth strategy.

Furthermore, the company has invested in renewable energies, which is considered forward-looking in the industry. These strategic investments could lead to stable and sustainable business development in the long term. Therefore, Gulf Development's stock could be an attractive investment opportunity for investors looking for long-term growth in the energy sector.

Dividend Yield: 2.5% (2024) Dividend History: Steady payout over the last 5 years

Gulf Development Public Company Limited has consistently distributed dividends to its shareholders in recent years. The dividend yield was last around 2.5%, which is competitive compared to other companies in the energy sector.

The reliability of dividend payments is supported by the company's stable financial performance. GULF has shown solid revenue and profit growth in recent years, indicating a sustainable dividend policy. Analysts believe that the company will continue to be able to pay dividends at a similar level in the future, provided there are no significant market changes.