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Investing.com - JPMorgan has upgraded Global Power Synergy PCL (BKK:GPSC) from Neutral to Overweight and raised its price target to THB41.00 from THB33.00, citing improving earnings prospects.
The upgrade follows GPSC’s second-quarter 2025 headline earnings of THB2.0 billion, representing a 77% increase quarter-over-quarter and 41% year-over-year, driven by resilient SPP margins and foreign exchange gains.
JPMorgan notes that GPSC shares have underperformed the SET Index by 17% over the past year due to unfavorable government policies, high gas costs, and soft contribution from key power plants.
The investment bank now expects an inflection in earnings revisions as SPP margins expand with lower gas costs, which should offset the approximately 1% tariff cut scheduled for September-December 2025.
JPMorgan has raised its fiscal year 2025/26/27 earnings estimates by approximately 14% on average, based on wider SPP margins and lower SG&A and interest expenses, while also anticipating stronger third-quarter 2025 results due to seasonally higher hydro earnings.
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