n" GUNKUL 541060

GUNKUL ENGINEERING PUBLIC COMPANY LIMITED

u?Gm u~b~~~ii~u'u?w~sva~u?.d"w!~ffi~un1~1d01nnis~au~1uua~[~adiad~~iua~8ueradsrnau

ni.iva.ru?Gw.~!u!asui~ 2/54 ~na~fi~ia~ui1i i i iua~881~n#?u:u1~u~n"uni~ninni~dva~¶~w~in.i1r~o1nu?~w

wn'ows'w6$q~asuf.4cdqigm!eru1fin"uds:"IIi"IIufuwsipIM"a1d (P!Iu www.settrade.com HUaR SAA Consensus Y Y Y

&#a ~~quw3insiri/5"lib9~) niuGicuuuiwfaunuj8anfiui n'siiaiun"dsioQluw ~~daw"0~w"ui~ws~"uaioin"m

oinnisninmsnivacrgda ~iaFmal4#aqaaiuuw31n~i:i<~na'ia Inu[u?wisvacu?~w~~fiKuni~~dlu

siuariGumua~erads:naunisslla~u?Gwr ~~ddsrnislm

;eUWRIL uWn Xuqad~k(lafr d~fln ((un~au) p l l l l l ~

G U M Efqbehg R#ic Company Limited

1038-1 046 C ~ U U H R ~ ~ ~ U R ~ ~ ~ ~ W C V U U M R ~ ~ E I P I T L . @ I ~ ~ P I f l lULWWY 10300 1113. (02) 242-5800 khd. (02) 242-5832-3, (02) 242-581 7-8

138-lo4B Nakornchaisri Rd., Nakornchaisri. Dusit, Bangkok 10300 Thailand Tel. (02) 242-5800 Fax. (02) 242-5832-3, (02) 242-5817-8

Website : www.gunkul..com E-mail : gk-engOgunkul,cam nrrdvu~aad uuo. or 075520001 46

COMPANY REPORT 11 nsnqinu 2554

Sector: Resources1 Energy & Utiliti sini'Tln 16-90 uin

GUNKUL ENGINEERING PCL. (GUNKUL) ~cdo.. 3 i m l i h ~ u i e 18.85 uin

I Year to Dec I 2 i 0 9 ~ - - 1 2 0 1 0 ~ TZOI~E I 2 0 1 2 ~ I

Yield (%) 1 0.0% 1 0.4% ( 2.2% 1 3.4% 1 Source: Company Report and Globlex Securities Estimates

- -7 1 Major Shareholders as of May 20,201 1 1 j GGN {uoa nyvi ~ i i ~ f i 59.97%

Market Cap.

- - - - - - - -

uioymaui 8nZum+7oqa 2.5%

Source: Set Smart

Bt6,400bn

1 GUNKUL Price Chart 1

Source: Set Smart

Total Shares

Analyst Coverage Artit Jansawang

02 672-5999 ext. 5946 artit@globlex.co.th

400m common share, Par Btl

CORPORATE GOVERNANCE

CG Rating (2010) N.A.

> GUNKUL : dur~u~r i iahurnn9u(~~n kwi~n:i~wiiu~dnrrn"addi %w"n'Elwpd'auaiunin?~~~aza~n~ufioui~a~Gua:a~mn?apd"qs~o~~i~n~s d IY-

a8u~~~~u~azo'1wpd'iu~5~~1u~ddi~~nao1MPnu%wnnrn1sMd1aia~ z$nin ~ m u i i f i ~ i o u i u ~ d d i (PPA) rau 5 6 . 9 ~ ~ uonainii & i ~ u ~ s " p l l ~ ~ l ~ 8 a i f l " l s b a ~ ~ ~ ~ ~ ~ d ~ 9 Q a " a d d l % ~ ~ ~ ~ ? d d l ~ n ' 9 9 1 ~ ~ ~ l l P 1 ~ 8lw"

Fsa1ddiw5~a1ulinaoiw"mi Fs-a?ddiwa'9aiuau

> nin6iYrqni IH54 ~anu i l~au l~ i i l~ rkq~vaq~ ie i iuu i : ~tiymji GUNKUL Q ~ ~ I ~ S I W ~ I ? ~ ~ M ~ P d 2454 oona.ids:uia 60 $IP~'LIIPIL$U&! 3.6%QoQ aaaz I ~ ~ % Y O Y ~aazauosau6ufii1sq~71u 1454 i 57.9 ~ I U ' L ~ M

nimi;ozw"i%w" 1 ~ 5 4 Gfii?sq~Zsaugsn"s 118, fiyui~%nba~usn'uAi?s qTl%a291892 53 $ 123 &U'LIIM 6 l ? ~ q ~ 6 P ~ l ~ ~ $ ~ d ~ ~ % ~ ~ ~ l ~ l n n 1 4 uiagdnsgd"adi~uds:~~ffwdia8uw6n Fmu rn zu 1454 '~?PJ'919 Backlog

oinwnjids:a.isu 952 ~~uu~wJan~ai~u:?u~s~u~&lu 2454 dszuirn 400

biuuiwdauZn 500 a"iuuiwa:~uoer?uf~u 3454 aaa: 4454

> 3454 ?lfl6l!3q~,Zil8'n~g9q~1~~92 : 3454 ' ~ V A ~ I ? S ~ M ~ P Q : ~ ~ ~ ~ ~ ~ ~ R

u o a ~ a b d e ~ o i m z a ? u ? u ~ s i u ' $ ~ a i n a ~ ~ ? u ~ ~ u ~ f i o d f ~ a ~ n s a n ~ s ~ s a ? ~ d ~ d 9-

wa"9aiu~~~aoiMPmu%~n~] solartar a8ulnmolinalsn FmuFnsanisiiGyaAi 752 b l ~ ~ 1 ~ 1 ~ : ~ ~ l ~ ~ 1 ~ 0 ~ 5 " 1 9 2 ?@ISUI~&~ 3Q54 lla: 4454 I~UQY?~~ siuW%u 3454 uiniqmuinnisfluM"n~~~u~a~~F%a'~~%aa"

> rnntiilrqna 54 i i u i u 2oo%y0y II~ZIRUT~ 56.8%yoy !ug 55: ~ u g d aslniW GUNKUL uz~fii?sq~16P~ayds:ulgd 370 ~ l ~ d ' ~ ~ l T l l $ l J ~ ~ 200%yoy

d d ? ~ ] ~ a 55 ~ ~ I A ~ I ? ' ~ ~ M Z Q ~ ~ ~ ~ ~ ~ O J " U M D ~ I ~ ~ B I ~ D ~ %@lu%u"~<fI~lf lnls aiu$uvo~siu?&aaaziii?sainn~s"~~u?dd~%w"n'undn. l a g 54 ~ ? G M Q ~ ?ufi i~?~ain~lsulu~ddi i~uau 26 MW ttu'ilwiYaainafu COD %"p 4454 *bm~b!8~;~~1niwfii?~q913 55 dsz~lgd 580 ~IUIJIWAJGU 56.?%yoy (lsa1ddiw<aaiu~~na~iMPw~d~oa~dun1B1& BOI 8 2 GPM ln%I 65-70% L L ~ z ! Net Margin g4d5:lultM 40-50%)

d P IIU:~~ ccy41a39 idJ~uier 18.85 U I P ~ : uuppfi-1?sq~Sinimi10z~5uF~?oi1a Fm~adu17ulaa: 55 ~s i$a~~uz i i lmunidszaiuqaA?~mu~zaiu $a~qf$ P/E Ratio 1 m ~ i h Prospective P/E Z 13 l$llla: EPS 3 55 i 1.45 'UIM

a:~$sini~wui~aius:u:u~ai 18.85 'UIM

COMPANY REPORT

Soum: Company data, FSS esfima!es

Share data Close (2310512011) SET index Foreign limitlactual (%)

Paid up shares (rnn) Free float (%)

Market cap (Bt mn) Avg daily T I 0 (Bt inn) (2011 MD) hi, lo, avg (Bt) (2011 MD) Soume: setsmad

SET 1- Rim (6i) l . a ~ . m , - 1700

Source: SET

'uuiuruq : ri3SnuXnnYw'wb flrTur%u '~~ITFJ 4 7 f i (uuizru) ~ d u ~ % m ~ i u r l i u u a t r Y ~ d ~ : f i u n i ~ 4 i ~ ~ i u n i ~ ~ ~ ~ u a aiucjuri~~~fiu~uaa~u3~m ~ Y U ~ U ~ ] R L ~ U S L U ~ ~ J 4 i t ~ m (uuizru) J (uuaa iudad~azr id~r i . ~~dn~~u~n (IPOY

Analyst: Songklod Wongchai Register No.: 01 8086 Tel.: +662 646 981 7 email: songklod.w@fnsyrus.com www.fnsyrus.com

GUNKUL L ~ W ~ G I ~ ~ ~ ~ ~ J ~ ~ ~ ~ ~ ~ ~ I L L H ~ ~ ~ ~ ~ ~ & R ~ U ? ~ J ' ~ U I ~ ~ " ~ A ' I M ~ ~ U

GUNKUL di~iiu~7n'ilnijjl :o 1) r9ufuSwrra:Bin~1u~dn~~~"1d4imu~n~~ n.1~2JilTIud7:rnfi 2) r~w~<iuiupdn.mniid~i (Trader (Global Sourcing))

~~n'Ynu?u~1u?;r~a:~annan'~~ud'5:~n~~~a:di~d7:~n Lti: 3) l f l? f i? i~ I s ~ ~ i d d ~ ~ r r a ~ a i ~ m 5 ~ o n n ~ ~ n ~ ~ ~ ~ i l ~ u i n d q ~ n l n u $JL$ZJ~JLL~ ni~~n1~dn~dua:aan~ruun'auii~I~~ld4i~~a~mai~m6 r~atUj~iluG-~r~nu i i n u i u ~ ~ ~ ~ Solar Cell {u Solar Frontier mur&nlulnu cjigmu$Gnnu: ~ T : ~ ~ J I ~ ~ o ~ % J ~ T J ~ ~ ~ ~ u u J ~ I ~ ' ~ ~ " U Q J ~ ~ ~ ~ I % E i l & i y ~ 6 1 752 < l ~ ~ l n

+I main~dfiirradain'ol&~~fin1drdu~~a~.~.n'i'1H' GUNKUL 8ddn?iu d l ? w i r y d r a d w g s ~ s ~ u ' ~ ~ n i a ~ ~ ~ i w n " ~ ~ ~ ~ n " ~ ~ ~ d ~ d f i ~ ~ d u i n m i u ~ d w ' ? ~ ilinu'oyauo~hu'n~iuu~uuiuwk~iu~~d~n7t nT:n' l?~~l j~~iu wuiii l i lyh In.m~ni~u?im~d41~uim~ijn (VSPP) d U d u ~ o ~ ~ ~ i ~ o ~ i u l d 4 i ~ u n i ~ l d 4 1 d=u@nin (PEA) %hum 1.417.35 MW L L L ~ J L ~ W ~ L ~ ~ $ ~ ~ I PPA LL&

579.84 MW og?'s:nii~sar4u PPA 199.71 MW rra:adr:nii~ni~fiili~ai 61 1.52 MW r r a : ~ ~ l ^ ; u u ~ m ~ ~ ~ i ~ ~ < ~ ~ w " u ~ 26.29 MW ~ i n ~ l y f i l m ~ PPA 579.84 MW L L ~ ~ ~ ' ~ J ~ J ~ ~ ~ ' ~ ~ % J ~ J J ~ U $ J W R L ~ U ~ R ~ ' I ~ T : ~ I T U 6.38 nBuau. @iJu"udJrfiu~oniauoJ GUNKUL ~ i l : l f i d T : y ~ ~ l ~ n ' ~ 5 ( % ~ ~ ~ ~ ~ d ~ l ~ ~ n ~ l ?

~~a:ijTania~u:rwm: GUNKUL ~n~iuwfouIuni~n'i~~ilu"~do~ilin~9~ ~ ~ ? ~ ~ L L R : ~ ? ~ L ~ ~ ~ ~ ' O I % J ~ T J ~ ~ ~ ~ ~ G R ~ " L O J

+I rrw?ru'un"1'17?J 201 1-12 r&~rolrgdn"d 249% rrar 18.5% niu416u d-~wlunj u i ~ i n ~ . s i i ~ ~ ~ ~ ~ i w l d f i i r r n ~ a ~ ~ o l l i r r a r ~ i u u i u ~ dnmiidfiiPwwrii ~md?uds:uirunimi~ 2011 tduilin 318 &uuinr9w 468 RV7uuin ilin ~ i u u l u ~ d n s a " 1 d ~ i ~ d ~ d l ~ ~ u ~ u i l i n 800 LCIW i.100 NU. Iuqd JIW~ULHUI

n ' o a % ~ l n s ~ n i T 6 o a % ~ I 7 ~ l d ~ i ~ ~ r i ~ d 2 Imu GUNKUL 1m"lu$Gn?u.nu7 n ' o a % ~ $ ~ ~ ~ u u ? ~ n r i o u ~ o ~ ~ ? ~ n ~ i l u f ~ m n i q d n ~ ~ oonrwu Imti~rrn: rioR%~T.rJ~d~in'~num ~mmt9uyan'i 1.500 nu. ~~I~$GUNKUL ?LI~YIU~<U'~U i%'~numniulu9d uon~indu~~nil:ijfi~l~ilinni~~~ut~~nu~~nuiu solar Cell ~~a:pdn~ntid41du?dnuiuo~luilil?~'uZn&u hns'yS 2012 fiil7il:ij

d ~ a ~ u ~ n i w u i n Y " u n ~ ~ ? ~ ~ f i i ~ ~ i n ~ . m ~ ~ ~ u ~ d ~ i ~ m ~ o ~ ~ m ~ ~ d ~ d 1 rrfi:rrd~n 2

~oL~ ,JLL , :LR~~~ ~~n~n8m~awi: f i i l~~~n~.m~~iuld4i~~n~oin 'u&: i j f i i1r~a: d~:uia 500 <iuuin ilin?ii<~u?im~m@i~n'~nuim 56.9 MW

-" nb riaw w.n 2011 u'ignli Backlog n j i 1,652 Fi7wuin dd&~d1?udlw u i u q d n s n b ~ d f i ~ n i n r a n ~ w ~ ~ a ~ ~ i ~ T ~ ~ w u ~ r i a ~ 5 ' ? ~ ~ s ~ ~ d f i ~ ~ n 1,500

hwuin ila?Y'uu$Gn$~idui!onii 1,652 f iuuin LLL~JL~~J IU~UW~I 800

Siuuin ~ iu?u~nu~r ioa i i~ 752 huuin ~iuutmr~a:~ inu iuqdn~a~d41~~ nin?; I 0 0 Riuuin (dnftij~iud.r:uinr 450 Riuuinfl) LLR:~J'I~~?UJIU ~ ' Y L ~ ~ ~ ~ ~ Q ~ ~ J ~ ' ~ A % J ~ T J ~ ~ ~ ~ w < J J ~ u L L u J ~ ~ ~ ' ~ ~ 26MW ~nd7:~iTU 1,500

& w i n u ~ n i l i n ~ ~ J ~ d n u ~ i ~ u l u ~ d n T T U " 1 d f 12~rii1nin~onau~~il:o~Iu r:$u 200 - 400 aiuuinfl

+I n ~ i { w i l ~ ~ ~ w ~ i H w ' I ~ a d ~ w tnwedi '$a' 5 1 ~ i ~ i ) i w ~ i ~ ~ w r i 16.50 u?n (rtu 9.20 uln) Imu% Sum of the part

GUNKUL

r ~ i d ~ e r i i u ~ a d i r ~ u i e f i ~ ( i l i u i l ~ J ' u ~ u ~ i u a GUNKUL 'L~Jt6u 16.50 u i n d i u f u ~ i n r ~ ~ 9.20 u i n

~ i n n i ¶ d ~ ~ ~ ~ ~ d ~ : ~ i ~ n i ¶ ~ i n ; r i ~ ~ ~ n l ~ i n ' ~ ~ ~ ~ ~ ~ ~ ~ n i m ' 0 ~ ~ ~ ~ ~ ! d ~ i ~ ~ l ~ 0 i ~ ~ ~ l l ~ i ~ ~ 2 uwim 26 MW 1 a ;afiiaiwnii 1,500 Riuuin ~ ~ a : ~ ~ ~ ~ i ! s o i n n i s ~ ~ w & ~ ~ ~ n u i i n ~ i u ~ r w ~ Solar Cell iin&u a~uru:ua~s:nii~

nisriaaiiarra:niwiio:rrAi~aioniulutBau m.n 2011 Qa~n~s:~ijw;afii~wImu'i"a Sum of the part lmu

1 ] 7 t ~ B ~ ~ ~ f i l ~ 0 4 ! 5 ? i l ~ ~ n z ~ PE 3 2011 L Q & ! Y o J ~ $ u $ M Y w ~ ~ I I ~ ~ ~ ~ ~ ~ t d 5 : ~ ~ ~ ~ ~ f i l ~ ~ ~ ~ n 1 ~ ~ 5 ~ ! d ~ l

rraaaiGadK7u?"a DCF miuoiq~rgyi$auiu!d4i 25 3

1) rnds:~Bwyan'i$lmu?# Sum of the part ~~ia~~unisds:r~u~a~i~w~~~i:d7~9;s?o~dnsd~~a:?u~nui6~u

f i i ~ ~ i u PE ~oa$w~mdii~s?~~nR'~n"u~n'u~du AKR, TRT rra: Al &of$ 11 rviilw3 2011 odiaI6aiu

ri(aaoin GUNKUL io'nnnism~ulmuoarii!s~auin ~ ' ~ ~ w ~ a n ? ~ o u i u ~ a n i i n ' i r a ~ u u o a n $ u rnd7:rijwnni

~nui:auuoa~n'ouiugdns&r~:~iw'L~u^snisn'i~~ 9.20 u i n (84 PE ds:uiru 13 rmi) u?nn'u;~fiiiisg~w

qn5~oa~sa!d4ir~aaoiGwuirnad 1 ds:uiru 3.30 u i n rrarrrviad 2 ilwt?mi?unisn"oj'u 100% Bn 3.00 u i n

s7u~~w~a~i i rnui :auo~$ 16.50 u i n uru:dn~iu~~uaua~sn'oo~~n~iu~'i'dr7~ni~riaaiiaou~ilvi~~~i$a

uiu!d~inumaiq

2) u a d i ~ m s d n i ~ r ~ d ~ d ~ i m ~ ~ d i u ~ f i ~ a i ~ ~ ~ ~ ~ d d ~ I ( i l iu?~ Discount Cash Flow

~ a d l ~ ~ . r ~ n l T ~ ~ d ~ d ~ i ~ ~ ~ ~ l u ~ ~ f i ~ ~ l ~ ~ d ~ d ~ ~ 2 ( i l i ~12 Dlscount Cash Flow

tiuj~7: FSS Research

GUNKUL

* ~ ~ i l j i u l j ~ r u i m n i ~ 6 i I ~ ' J 2011 L ~ U 47.18% 9 i n 318 huuin L ~ U 468 giuuin 9 1 n ~ 1 ~ ~ ~ ~ ~ ~ 1 ~ ~ ~ ~ 1 ~

r r a r ~ i ~ ~ o i n n i . ~ ~ ~ u c n ' ~ ~ ~ n ~ ~ i ~ ~ i u r r u ~ solar Cell r r a = q d n ~ m ~ d f i i d i ~ ~ u ~ u ' n ~ ~ ( i l ~ ~ a : ~ i ~ d i ~ ~ ~ r ~ h

?M&?U'M ~ R T ~ ~ I T ~ T J ~ ~ ~ ~ I L L A ~ O I ~ ~ \ I ( ~ U I ~ ~ ~ 26 MW ~ ~ a r d i ~ Y i U ~ ~ n T m ~ d f i i ? ~ w r i i ~ ~ u ~ ~ ~ i n n ~ i ~ i t i l

ru iuliou w.n. 2011 GUNKUL ij Backlog n i l 1,652 Riuuim ~~~~32u~iuuiu~dn3m"Id~lnin~on'du$n

d5:ula 450 t%~?Jl?l ~ L ~ : J ~ u ? u ~ ~ ~ ~ ~ ~ ~ ~ J ~ ~ J ~ ~ ~ $ ~ ~ ~ J J ~ ~ ~ L R J ~ ~ ~ ~ ~ ~ ~ ~ ~ 26 MW i n 1,500 &ulJl?l BJ r~7n~miifii~s~1in~ii~1~dn~m"Id~i~1::~~iu$~d~:u~ru 15% r~a::UI~%~~r7ihds~uim 73 f i u u i n ~ i n I ~ ~ I d i 4 i

r~a~oiGao'yuim 3 MW ir"s~utlu~&u u.n. 2011 rrargn 4.4 MW ~lr6uuBmlur;ou m.n. 2011 hn%

I r ~ I ~ q i ~ ~ a ~ o i ~ m i ~ r y i ~ n d 2 uuim 26 ~un:~m0i0:r+uw~wIdqiI~~i;ou n.u. 2011 ua:?u:fiiI3n? 35 f i u u i n

(miu~mri?uni3i;ar?iru 50%) 8in?ufI 2012 n7mi7fiiI~~m%~1::~&uY"uin 4146 ~1in~i io~dn~nindnimi i i l :~~u~m

113:uiru 10% m i u n i m ~ i ~ 0 r 7 u 0 ~ ~ i i i ) I ~ ~ i I u ~ ~ : r m ~ ~ ~ ~ t r + u ? u ~ ~ l ~ 3 ~ 1 i n ~ 3 ~ ~ ~ d ~ i ~ d ~ i 3 nd~triuruiuiiin

d.r:uiru 19.75 MW uarI.r~Idqi~ryiJfI 2 (26 MW) ?u$h~q hn%g 2013 i ) :~ i lu~dI3~ldqi~~~oin'au' r ~ u m ~ o ~ r 6 u f i i ~ ' ~ ~ ~ m r r a : t d ~ ~11~ in im i~~~ i j f i i I 3~17n i~uu o ~ ~ f ~ ~ d ~ 1 i i ) r i j ~ a i i u ~ n i w ~ d i n 8 - 9 fl ~andd ar 400 - 450 Fj7uuin i~n~oi):ul~in~ii~~t~l~~r~inriiu~dn3m"Id$7

Net Profit and Net Margin

MBt. 600

. I , Net Profit +Net margin (%)- RHS

Revenues Breakdown

THB mn 5,000 - 4,500 -

4,000 - 3,500 - 3.000 -

2,500 - 2.000 -

8 Government Private rr Foreign • Solar Plant EPCISolar

Source: Company data, FSS esilmates

Conentional Solar Power

~ U I : Company data

-1 n a i n ~ d ~ i r r a d o i ~ n ~ ~ ~ i l ~ a n i d ~ ~ ~ ~ ~ ~ ~ w'i'lG GUNKUL ~ J ~ A ~ I N ~ I W ~ ~ ~ ~ ~ Y ~ O I ~ ~ ~ ~ O ~ ~ O ~ I ~ ~ ~

~ i ' l u d ~ ~ o ~ ~ ~ ~ ~ ~ ~ v l ~ i ~ ~ ~ ~ n ~ i ~ l ~ d ~ ~ u n i n ? ~ ! m ~ ~ ? i u h ~ y ~ u n i s u ~ n ~ u u ' I u u i u n ' i u ~ ~ ~ ~ i ~ n m ~ ~ n u d

DUIJP~J-SJLLR:~~LU~J L ~ O R W ~ ~ ~ ~ J G J ~ I ~ ~ ~ ' ~ R ' J J I ~ ~ ' I ~ ' L L R ' ? H ~ ~ ! ~ ~$o~il ini? ' I~nI~in?iuh<yn'u i~ll?mthuuln$u ~~~r?~ui~h~~d~:d'~:~n~'Igni'~au'uayu d~tno~nlU(iiUyuni'1wijm!d$11~ a~wa'~~iunm11nu

i ~ ~ u - ~ l r i u d ~ n ~ ~ &Zu ni~a~guIu~~~ilwa'J~iunm~mul~in~iu?'aJciiIuni~~~yu~~~wiriini 'Iwu~awi:ni7

~ ~ y ~ I ~ ~ n ^ ~ ~ ~ ' ~ ~ i ~ ~ 1 ~ o i ~ m i d n l ~ v n ~ ~ u n i ~ u ' I u u i u w s ~ ~ ~ i u ~ ~ ~ ~ n i 1 ~ n ' i u ~ o o n u i ~ ~ n ~ ~ i ~ ~ a 5 u n i ~ m ~ i

w & J i ~ H y ~ l i u ~ ' I m u I ~ i s r i ~ u ~ i u n i ~ I ~ ~ i ~ ~ n d u ~ ~ ' o ~ ~ ~ u ~ 4 a ! ~ ~ i i l i n ~ ~ i i w ! ~ ~ i ~ ~ n ~ u w ~ ' ~ ~ i u ~ ~ a ~ a i ~ ~ i

'Irnu'l~i?u~~unni?u$o!ddi (Adder) 8 u i n l ~ ~ ~ u ~ ~ ~ ~ ~ ~ y y i ~ o 1 1 i ~ ~ ~ d d i ' 1 : u : u i ? ~ ~ u u Non Firm n'unl3

!ddinyiinin ~ J ~ D ~ I L ~ ( U ~ O ~ I ~ ~ I U ~ ' I ~ ~ ~ ' I ~ I ~ ~ ~ U " ~ D J GUNKUL ' I m ~ i l : ~ ~ u ~ m n ~ i ~ ~ ~ ~ ~ ~ a ~ n u I ~ i l i n ~ ~ ~

LGU~~ILQU~I'I~UJ L L B : U I J L ~ ~ ' I ~ ~ ~ L $ ~ J ' I U D ~ I ~ ~ uonilinii GUNKUL nini i~:r i lu~?~~nu~w4ini iu Solar

Module ya~u5lh Solar Frontier ilind3:~n~~~u~ld~iu~~~du?'Iud'1:~n~!nu 'In~in~aJ~nniHijn ?n'lLrin$u

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ O Y ~ ~ ~ ~ $ ~ ~ W ~ S J J ~ U L L ~ J ~ ~ ~ ~ ~ L L A ~ ! ~ ' ~ ~ ~ ? U L ~ ~ ~ ~ ! ~ ~ ~ ~ ~ 8 uln/Mu?~ ~Bu.rru:r?ai 10

d i l inn~~dd~si .~u~i in in~~R'~d'~: :u i~u 579.84 wn:?w6

SOLAR- _-.--- - -I

fl F,,S,Ek

Thin Film CIS Sobr Module Technology

* 25 Yeam Guaranlee

OCOZ 13'Q LC 'Odd3 :LRp

eJojeg PCOZ ELOZ ZCOZ CCOZ WeOCOZ

P' CPZ

% JlMd GUNKUL ~ l r i l ~ l 0 ~ ~ ~ ? ~ ~ ? ~ ~ M ~ ~ ~ ~ l 5 ~ ~ f l ~ l ~ ~ 5 ~ ~ d ~ l L L ~ ~ D l ~ ~ ~

Percentage of Solar Power Plant

W W M u l e

W Mounting Structure

W Inverter

W TR Cable and Accessories

W Others Elcctrtcal Eq.

W C~wlwork

Installatmn and Serv~ce

~ U I : GUNKUL

-11 ma~ald~~lwwu'~u'jii€nn~~~Iu~ml&~nu~n GUNKUL d ~ : a u n ~ i ~ ~ i ~ ~ a ~ ~ n i ~ ~ ' b n n q n h u i u ~ . s i i o r w u

n3:eiunqiurirr~niuwf n n ' m n ' n ' d n ? i u ~ n i n w ~ i ~ r ~ o ~ ~ i d n ? i u ~ a ~ ~ u ~ ~ n : n ~ ~ ~ n ~ u n ? i u ~ o ~ n i ' p u a ~ ~ n f i

~ ~ u ~ d ~ u n w i o u ~ d n ' u n i 3 ~ u i u ~ ~ i a r r n e 6 i & ~ ~ m o d i d i a ~ i l o d I n t l r ~ ~ i : n i ~ ~ i u i u ~ i I ~ ~ ~ m n i m I ~ ~ i ~ o ~

w i i d ~ ~ I o n i a r i i i u l a i o ~ d o ~ ~ a ~ u 4.3% eio9 i lo~Y'Wwiiifi isSJwijmIdAi~~Fi 5,000 MW rfluun'u'hu 25,000

MW ~m:nd GUNKUL ri lw~dineimluwii~rnei~iulwiio 1,000 nu. lw9 2011 uonain: wu'iu'Jilns~ni3vii

r n ~ ~ ~ o ~ n ~ ~ n i f ~ ~ a ~ ~ ~ ~ ~ ~ d ~ i w ~ ' ~ ~ i d ~ ~ ~ d ~ ~ ' ~ u ~ a r ~ u m : ? ' w o o n t b u ~ ~ ~ ~ w i a ~ i A ' ~ ~ f mIrl4i 35,446 MW d ~ r ~ : ~ n ~ i ~ r d , u ~ n i ~ n i ' 1 ~ ~ o ~ ~ w w u ' i r r i u ' r w ' n a : ~ i ~ ~ n ~ ~ n i ~ n i ' 5 ~ ~ w ~ j i w EXlM Bank rwonmn7i~rdaudtn~

6,000 4,936

5,000 -4,355 , , 4,000

m Others

3,000 ~ u l k

lndustr~al 2,000

w General

1,000

2006 2007 2008 2009

Source: Myenmar Electric Power Enterprise

GUNKUL

+I GUNKUL rSer~i1(lu~siioTsal,vl311ttaaa~fiwli~su~ao.ru1nnd~w~dner GUNKUL rilut~im

n . r r ~ r d d 4 ~ ~ r a ~ a ~ f i m u ' ~ a n n u d ~ s u ~ ~ ~ ~ u ~ n ~ m l u d ~ ~ n l n u ~ ~ u ~ ~ r r d n ~ ~ < m n ~ ~ d n ~ d r r ~ : a a n ~ ~ u u

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