Equity Analysis /

Thailand: EV - EV space starts building momentum

  • Growth across EV space in 3Q22

  • NEX and AH are our top picks

  • Ready for the next step

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
8 November 2022

Since we initiated coverage of EV space, NEX gained 13% at its high (FORTH rose by 8%, SAT by 6%, and AH by 5%). We think the recent stock price falls open a buying opportunity. Our top picks are NEX (turnaround story) and AH (fast profit growth profile).

Growth across EV space in 3Q22

NEX delivered its first 100 buses in Sep, so we expect a Bt25m core profit for 3Q22, a turnaround from losses of Bt20m for 3Q21 and Bt59m for 2Q22. Our core earnings estimate for FORTH is Bt199m, up by 32% YoY and 4% QoQ. The expected YoY and QoQ growth was driven by TAO BIN building out. The YoY growth is supported by the EMS power supply biz’s Bt2bn powerboard order from a US EV maker.