Gulf Energy Development Public Company Limited (GULF-R.BK) stock analysis

In our weekly check, Gulf Energy Development Public Company Limited is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 15 pass, warnings: 2, red flags: 8.

About Gulf Energy Development Public Company Limited

Gulf Energy Development Public Company Limited is an Utilities company (Independent Power Producers), listed on SET as GULF-R.BK.

What our checks show for GULF-R.BK

Red flags

• Net debt is 12.3x a year of EBITDA (debt/equity 1.35). That limits room in a downturn and raises refinancing risk.
• Operating profit covers interest only 1.8 times: a weak year could make the payments hard.
• The gross margin fell by 7.6 points, to 19.9%: costs are rising faster than prices.
• Analysts expect revenue to shrink about 13.8% a year.
• The stock has fallen as much as 83% from a peak. Would you have held through that?
• Beta 1.84: the stock usually moves more than the market, both up and down.
• The share count grew by 27.3% in 2 years: each shareholder owns a smaller slice.
• Return on capital (ROCE) is only 3.3%.

Warning signs

• Analysts expect earnings per share to shrink about 4.4% a year.
• The dividend takes 97% of profit: little cushion if profit falls.

Strengths

• The net margin rose by 10.3 points over 5 years, to 26.5%.
• Analysts expect the net margin to improve by 7.8 points from today's 26.5%.
• Earnings per share grew 37.5% a year over the last 3 years.
• Net profit grew 48.9% a year over the last 3 years.
• The company keeps 26.5% of its revenue as net profit.
• Free cash flow is 14.8% of revenue: cash for dividends, buybacks or growth.

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Questions

What grade does Gulf Energy Development Public Company Limited (GULF-R.BK) have?

In our weekly check, Gulf Energy Development Public Company Limited is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 15 pass, warnings: 2, red flags: 8. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of GULF-R.BK stock?

This week's biggest flags for Gulf Energy Development Public Company Limited: High debt, Weak interest cover, Gross margin falling. In total 10 of 25 checks show a warning or a red flag.

What does Gulf Energy Development Public Company Limited do?

Gulf Energy Development Public Company Limited is an Utilities company (Independent Power Producers), listed on SET as GULF-R.BK.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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