Equity Analysis /
Thailand

Thailand: EV - Growth sustainable through 2023

  • NEX will lead 4Q22

  • Growth across our coverage in 2023

  • AH is building business in Thailand and abroad

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
6 December 2022

4Q22 will be slow, due to a heavy public holiday schedule, but NEX—our top pick—will grow massively, as its EV factory will mark its first full operating quarter.  In 2023, all the EV stocks under coverage will mark strong growth.

NEX will lead 4Q22

Our NEX 4Q22 core earnings forecast is Bt455m, a turnaround from a core loss of Bt10m for 4Q21 and up steeply from a profit of Bt8m for 3Q22, as the factory will operate for the entire quarter. For AH, we expect a Bt312m core profit, up 109% YoY but down 27% QoQ. The assumed YoY growth is due to new orders, new models, and the global auto industry recovery. Because the fourth-quarter is seasonally low and electricity costs are higher, we expect some QoQ slippage.