1. Thailand Stocks

  2. •

    Utilities

  3. •

    Regulated Electric
Global Power Synergy Public Company Limited

Global Power Synergy Public Company Limited

GPSC.BK
Global Power Synergy Public Company LimitedTH flagStock Exchange of Thailand
48.00
THB
- -
- -
135.35BMarket Cap
Global Power Synergy Public Company Limited
GPSC.BK
(Stock Exchange of Thailand)

Recent

price

48.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
15.28
18.72
14.75
12.35
11.91
16.61
36.94
24.68
26.56
43.88
32.31
32.19
30.12
30.74
Revenue per Share
0.68
1.25
1.25
1.61
1.89
2.24
2.25
2.66
2.6
0.32
1.31
1.44
2.27
1.74
Basic EPS, GAAP
0.71
1.1
-1.27
-0.04
0.04
1.93
7.87
6.1
4.16
-0.74
5.66
6.88
6.67
7.12
Free Cash Flow per Basic Share
- -
0.09
0.73
0.94
1.02
1.25
1.46
1.3
1.5
1.2
0.6
0.89
0.95
0.89
Dividend per Share
12.74
17.92
17.77
16.75
17.53
20.55
25.23
17.19
18.19
17.29
18.05
18.42
19.44
18.98
Book Value per Share
14.47
20.44
23.95
22.72
23.69
26.73
15.54
11.27
14.24
13.91
15.38
16.3
16.04
17.05
Tangible Book Value per Share
1,682
1,269
1,529
1,682
1,682
1,498
1,802
2,819
2,819
2,819
2,819
2,819
2,819
2,836
Basic Weighted Avg Shares
25,703
23,755
22,543
20,771
20,025
24,880
66,562
69,578
74,874
123,685
91,079
90,730
84,916
87,169
Sales/Revenue/Turnover
6.5
7.07
7.11
12.11
13.62
14.65
14
16.07
10.92
0.85
8.09
9.76
10.94
9.89
Operating Margin (%)
991
1,043
1,082
1,266
1,351
1,802
7,079
8,706
9,232
9,113
9,609
9,756
9,387
9,754
Depreciation Expense
1,148
1,581
1,906
2,700
3,175
3,359
4,061
7,508
7,319
891
3,694
4,062
6,399
4,929
Net Income, GAAP
0.14
1.71
4.55
4.66
7.14
5.88
3.96
10.47
13.2
- -
9.88
5.92
7.67
5.47
Effective Tax Rate (%)
4.47
6.65
8.45
13
15.85
13.5
6.1
10.79
9.77
0.72
4.06
4.48
7.54
5.65
Profit Margin (%)
6,436
2,943
11,764
7,470
5,830
7,437
2,171
21,391
22,454
20,102
3,564
26,653
18,013
20,689
Working Capital
10,384
11,197
13,394
14,295
14,817
16,465
79,356
95,041
102,996
119,155
103,363
121,260
100,240
110,031
LT Debt
24,361
26,018
37,128
38,754
40,374
42,349
110,176
111,867
117,748
116,361
118,739
119,142
116,436
120,547
Total Equity
- -
4.33
3.36
4.48
4.56
5.91
6.48
4.6
3.16
- -
2.65
3.3
3.52
3.19
Return on Invested Capital (%)
- -
5.66
5.67
6.47
7.13
6.76
5.41
5.76
5.63
- -
3.42
4.06
4.9
4.29
Return on Capital (%)
- -
7.16
7.64
9.76
11.01
11.15
10.65
15.99
14.68
1.78
7.42
7.9
11.99
9.32
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
12,234
11,045
9,949
LT Borrowings
117,888
110,947
106,735
LT Finance Leases
3,372
3,272
3,296
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,820
2,820
2,820
Market Capitalization
107,614
75,820
82,940

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
49,779
44,107
40,898
Cash, Cash Equivalents & STI
605
20,969
17,552
Accounts Receivable, Net
11,754
12,120
12,436
Inventories
7,733
7,612
7,247
Total Current Liabilities
23,126
21,503
20,209
Payables & Accruals
10,372
8,549
9,064
ST Debt
12,234
11,045
9,949
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
17.93%
0.84%
-2.27%
Free Cash Flow
358.4%
-199.76%
-3.11%
Net Income, GAAP
46.24%
58.31%
57.52%
Sales/Revenue/Turnover
22.45%
7.93%
-6.41%
Total Cash Common Dividend
13.89%
0.09%
6.74%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
23,958
24,077
21,112
22,168
90,730
2025
21,414
22,476
19,465
- -
84,916
2026
16,640
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.31
0.51
0.27
- -
1.44
2025
0.4
0.72
- -
- -
2.27
2026
0.61
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.44
0.44
- -
0.89
2025
- -
0.45
- -
- -
0.95
2026
- -
- -
- -
- -
- -
Similar Companies
Zhejiang Fuchunjiang Environmental Thermoelectric Co.,LTD. (002479.SZ)
Public Joint-Stock Company TNS energo Nizhny Novgorod (NNSB.ME)
Public Joint-stock Company "TNS energo Voronezh" (VRSB.ME)
Rezil Inc. (176A.T)
Energisa Mato Grosso - Distribuidora de Energia Sa (ENMT3.SA)
The Connecticut Light and Power Company (CNLTL)
Business
Global Power Synergy Public Company Limited (GPSC.BK), the power flagship of PTT Group founded in 2013 and headquartered in Bangkok, Thailand, engages primarily in the production and distribution of electricity, steam, industrial water, chilled water, and public utilities to industrial, government, and commercial customers; it generates power through combined cycle, cogeneration, thermal plants with 4,524 megawatts capacity, renewable sources including solar, wind, hydropower totaling 6,300 megawatts committed equity capacity, alongside steam at 3,294 tons per hour, industrial water at 7,472 cubic meters per hour, chilled water at 15,400 refrigeration tons, and energy storage systems with 64 megawatt-hours; the company operates through segments of Independent Power Producer, Small Power Producer, and others, with investments in domestic and overseas power, utilities, and related businesses such as distributed generation, district cooling, energy management services, batteries, and decarbonization solutions, primarily serving Thailand while pursuing international expansion in renewables. GPSC maintains total committed equity capacity of 12,582 megawatts in electricity production and advances its 4S strategy encompassing core business strengthening, green energy scale-up via solar and wind, new growth curves in renewable integration and batteries, and customer-centric shifts; recent developments include subsidiaries securing four ground-mounted solar projects totaling 192.88 megawatts contracted capacity under Thailand's FiT 2022-2030 program in December 2024, a July 2025 restructuring where its unit Global Renewable Synergy acquired 50% of Global Renewable Power from PTT Global Management for THB 1.275 billion to consolidate 100% ownership and boost renewable efficiency, a September 2025 share purchase agreement to acquire an additional 9.38% stake in Ratchaburi Power Company Limited for THB 470 million elevating its holding to 24.38%, and a May 2025 divestment by a unit of a 3% stake in India's Avaada Energy to optimize project management and returns in a 20,558-megawatt committed capacity portfolio.