GULF Tests a New High, Setting to Break Resistance Level at ฿114.50/Share

The share price of Gulf Energy Public Company Limited (GULF) has risen for 4 consecutive days. Today, June 13, 2019, GULF had reached another all-time high at ฿113.0/share before edging lower to close at 1018.50/share with a trading value of THB 1.73 billion.

Nomura Securities pointed out that an increase of GULF might due to slightly positive progress toward Map Ta Phut Industrial Port Development Phase 3 Project which the Cabinet approved the resolution of the joint venture and negotiated the draft contract.

An income from LNG tank management will be added to the revenue after negotiating for the certainty of National’s Gas Plan in the second half of the year which the government might wait for a certain plan before signing a long term contract.

Additionally, the return of an investment totaling THB14,298 million in Map Ta Phut Industrial Port Development Phase 3 Project (section 1-2), which GULF invested 70%, added THB 4.70/share of upside to GULF’s target price.

ASL Securities recommended “Hold” or “Short-term Buy” GULF and set a support line at THB 107.50/105 and while setting a resistance line at THB 111/114.50.