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Gunkul Engineering

Strategist's top pick BUY

Gunkul Engineering Plc (GUNKUL)

GUNKUL is planning to establish an LED producer and distributor subsidiary. We are expecting GUNKUL to book revenue of ~Bt80mn from its gas power plant in Myanmar in 2Q (started up in late 2013). This could be upside for our 2014 forecast. Currently GUNKUL is studying an appropriate wind propeller for its 60MW wind energy plant (1st phase). We are expecting the plant to start producing electricity in 3Q15.

Current market price offers more than 30% upside to SCBS's target price at Bt18.

Technical View

Technical resistances at 14.60/16.30 and support at 13.30/12.50. If the stock price breaks previous high at 13.80, the uptrend will continue.


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