Energy Absolute: Absolutely Negative Energy
Energy Absolute Public Company Limited (EA)’s negative headlines have gradually emerged since the beginning of the year. First, the Adder, which is fixed revenue per KWh from the Thai government, is expiring and the electric bus delivery has been below expectations. EA’s stock price has consistently underperformed the market in the past year, leading to market talk that insiders have sold the shares (EXHIBIT 1). Mr. Somphote Ahunai, the former CEO, subsequently admitted to the force sell of a small portion of his stake. The most negative news came on 12-July when Thailand’s Securities Exchange...