Gunkul FY EPS 0.21 baht

Gunkul FY EPS 0.21 baht

Gunkul Engineering Reports FY 2025 Earnings Per Share of 0.21 Baht
Gunkul Engineering Public Company Limited (SET: GUNKUL) reported earnings per share (EPS) of 0.21 baht for the fiscal year ending December 2025, according to trailing twelve-month (TTM) financial data. This figure reflects the company's performance across its four core segments: renewable energy generation, electrical equipment manufacturing, construction services, and maintenance operations.

Financial Performance Overview
For the TTM period ending September 30, 2025, Gunkul generated revenue of ฿7.03 billion, with a gross profit margin of 35.01% and a net profit margin of 25.99%. Total earnings reached ฿1.83 billion, driven by operations in Thailand, Japan, and Vietnam. The company's debt-to-equity ratio remains elevated at 94.0%, highlighting ongoing leverage concerns.

Recent Earnings and Guidance
The latest quarterly earnings, reported on September 30, 2025, showed EPS in line with analyst expectations despite mixed revenue performance. Analysts forecast annual earnings growth of 7.66% over the next three years, though this remains below the company's historical five-year earnings growth rate of 46.8%.

Valuation and Market Performance
Gunkul's stock trades at a price-to-earnings (P/E) ratio of 11.7x and a price-to-sales (P/S) ratio of 3.0x. The share price closed at ฿2.48 as of February 27, 2026, reflecting a 45.88% total return over the past year— outperforming both the Thai renewable energy sector (25.4%) and broader Thai market (28.0%). However, the stock has declined 37.37% over three years, indicating long-term volatility.

Key Developments and Risks
Recent corporate actions include board changes effective June 23, 2025, and the acquisition of a remaining 49% stake in Gunkul Chubu Powergen from JERA Co., Inc.. Despite these moves, risks persist, including high debt levels and an unstable dividend history. The company omitted dividends for the 2023 fiscal year and has since reinstated payouts, with a recent interim dividend of 0.04 baht per share announced for November 2025.

Conclusion
Gunkul's FY 2025 EPS of 0.21 baht underscores mixed performance amid strategic investments and debt management challenges. While near-term earnings growth appears stable, investors should monitor leverage ratios and dividend sustainability as key risks.

(https://simplywall.st/stocks/th/utilities/set-gunkul/gunkul-engineering-shares): Simplywall.st, Gunkul Engineering (SET: GUNKUL) – Stock Analysis, March 1, 2026.