Equity Analysis /

Thailand: EV - Fantastic 3Q22; NEX to lead 4Q22

  • Excellent 3Q22 results

  • NEX to lead 4Q22

  • TAO BIN continues to fly high

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
18 November 2022

Firms in EV space had a great 3Q22, driven by auto sales growth and supported by new businesses. 4Q22 may be seasonally low for traditional auto-parts firms, but NEX—our top pick—will grow massively, as its EV bus factory will mark its first full operational quarter. 

Excellent 3Q22 results

The four stocks we cover in EV space reported aggregate core earnings of Bt921m, up by 95% YoY and 48% QoQ. NEX posted a 3Q22 net profit of Bt8m, a turnaround from losses of Bt20m for 3Q21 and Bt59m for 2Q22, as the firm delivered its first batch of EV buses. AH’s core number was Bt426m, up by 236% YoY and 52% QoQ, led by heavier order flows among major customers, new models, new showrooms, and Malaysia’s tax exemption scheme.