reports
- Jonathan Koh
REITs - Data Centre REITs: No Let-up In Innovation To Advance AI
Highlights • Advances in agentic AI are expected to fuel proliferation of AI applications and surge in AI inference workload. Data centre capacity is projected to almost triple to 219GW by 2030, of which 156GW or 71% caters to AI workload. • The impending listing of OpenAI and Anthropic would intensify attention on data centre REITs. NTTDCR (Target: US$1.42) offers the highest FY27 DPU yield of 8.6%. KDCREIT (Target: S$2.82) has a resilient Singapore-centric portfolio and is well supported by sp...
- Benjaphol Suthwanish
SCG Packaging (SCGP TB) - 1Q26 Earnings To Be Resilient ‒ Net Profit ...
Company Update | SCG Packaging (SCGP TB/BUY/Bt20.80/Target: Bt26.00) We expect SCGP’s 1Q26 net profit to remain flat qoq, despite the absence of significant extra gains. This stability is supported by higher selling prices and an improved gross margin. Our 1Q26 net profit estimate accounts for 23% of the full-year 2026 forecast. Looking ahead to 2Q26, we anticipate net profit to decline qoq due to the low season in Thailand, but to still grow yoy. However, Thailand’s economic stimulus measures c...
- Tanapon Cholkadidamrongkul
CP ALL (CPALL TB) - Reaching A New Historical Hig
Company Update | CP ALL (CPALL TB/BUY/Bt47.25/Target: Bt62.00) We expect CPALL’s 1Q26 core earnings to come in at Bt8.0b, up 6.0% yoy and 10.3% qoq to reach a new historical high. CPALL is expected to be the only grocery retailer under our coverage to deliver positive earnings growth in 1Q26. Maintain BUY with a target price of Bt62.00.
- Kitpon Praipaisarnkit
AP (Thailand) (AP TB) - 1Q26 Presales Declines Slightly, Accounting Fo...
Company Update | AP (Thailand) (AP TB/BUY/Bt8.50/Target: Bt10.80) We maintain a positive view on AP’s earnings outlook, continuing to favour the company as it is a market leader. We believe AP is pursuing a more aggressive strategy than its peers, which should help preserve market share and support profit growth amid industry consolidation. In addition, we expect an attractive dividend yield of 5-6% (single payment) to help underpin the share price. AP will go XD on 6 May 26 for a dividend of Bt...
- Tanapon Cholkadidamrongkul
Beverage - Pricing Key To Market Differentiation For Highly Substituta...
Sector Initiate Coverage | Beverage The beverage sector’s 1H26 earnings are expected to drop yoy, mainly dragged by CBG. While we anticipate a potential sales recovery in 2H26, we are also monitoring international developments and domestic market share dynamics. Rising energy and raw material costs will pressure margins. In the short term, we prefer OSP for its higher gross margin buffer and lower domestic market share pressure. Initiate coverage on OSP with BUY and on CBG with HOLD. We are MARK...
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
Thailand Daily - Friday, April 10, 2026
Top Stories Sector Initiate Coverage | Beverage The beverage sector’s 1H26 earnings are expected to drop yoy, mainly dragged by CBG. While we anticipate a potential sales recovery in 2H26, we are also monitoring international developments and domestic market share dynamics. Rising energy and raw material costs will pressure margins. In the short term, we prefer OSP for its higher gross margin buffer and lower domestic market share pressure. Initiate coverage on OSP with BUY and on CBG with HOLD...
- Ken Lee
China Automobile Weekly: 4Q25 Results Review And 2026 Outlook.
In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through, c) OEMs are launching new techs, and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Minth and Ganfeng Lithium.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Singapore Research Team
Singapore Daily: Friday, April 10, 2026
Top Stories Strategy | Monthly Market Radar Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures. Marke...
- Philip Wong
Duopharma Biotech (DBB MK) - Resilient Supply Chain
Resilient Supply Chain Highlights Limited exposure to Middle East export markets, with overall export growth expected to be driven by the Philippines and Singapore. Supply chain remains resilient despite geopolitical uncertainties; cost pressures are confined to paracetamol API, which are mitigated by healthy inventory buffers. Maintain BUY and target price of RM1.62. Duopharma Biotech (Duopharma) offers highly visible defensive earnings and bargain valuations.
- Malaysia Research Team
Malaysia Daily - Friday, April 10, 2026
Top Stories Malaysia Gems Corporate Highlights | Duopharma Biotech (DBB MK/BUY/RM1.32/Target: RM1.62) Duopharma has limited exposure to Middle East export markets, with overall export growth expected to be driven by the Philippines and Singapore. Its supply chain remains resilient despite geopolitical uncertainties; cost pressures are confined to paracetamol API, which are mitigated by healthy inventory buffers. Maintain BUY and target price of RM1.62. Duopharma offers highly visible defensive e...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Ken Lee
- Kitpon Praipaisarnkit
- Philip Wong
- Posmarito Pakpahan
- Singapore Research Team
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Friday, April 10, 2026
Greater China Sector Update | Automobile In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through; c) OEMs are launching new techs; and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Min...
FR FIRST INDUSTRIAL REALTY TRUST INC.
AES AES CORPORATION
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
AKRA PT AKR CORPORINDO TBK
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
AP AP THAILAND
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
CBG CARABAO GROUP
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
CPALL TB CP ALL
OSP OSOTSPA PUBLIC CO. LTD.
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
FRKN FRENCKEN GROUP LTD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PAN SP PAN-UNITED CORPORATION (PAN SP)
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Adrian Loh Tzum Yung
- Singapore Research Team
Strategy : Monthly Market Radar
Singapore equities fell 2.2% in March to 4,885.45 amid escalating Middle East tensions and rising oil prices. Volatility increased as retail investors stayed active, favouring industrial and tech stocks. Corporate catalysts included Oiltek’s major contract win, CLAR’s capital raising and UI Boustead REIT’s SGX debut. Markets remained cautious, with heightened geopolitical risks amplifying concerns over supply disruptions and oil-price pressures.
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Joyce Chu
- Ken Lee
Greater China Daily: Friday, April 10, 2026
Top Stories Sector Update | Automobile In 4Q25, the upstream segments (battery and battery materials) outperformed the mid-stream (auto parts) and downstream (auto OEMs) segments. China’s auto sector profits should have bottomed in 1Q26 and will likely recover along with PV sales from 2Q26 as: a) the front-loading effect is fading, b) local subsidies are coming through, c) OEMs are launching new techs, and d) overseas sales remain buoyant. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely, Minth an...
- Posmarito Pakpahan
AKR Corporindo (AKRA IJ) - Utilities Revenue Inflecting Into A Recurri...
Company Update | AKR Corporindo (AKRA IJ/BUY/Rp1,390/Target: Rp1,600) AKRA delivered solid 2025 results, with net profit growing 11% yoy to Rp2.5t, supported by resilient trading, strong land sales, and a ramp-up in utilities income. The earnings mix is shifting, with utilities emerging as a key recurring driver, while trading remains a stable cash generator. Looking ahead, growth will be driven by tenant ramp-up at JIIPE, land monetisation, and a steady trading segment. Maintain BUY with a Rp1,...
- Maskun Ramli
- Posmarito Pakpahan
Indonesia Daily - Friday, April 10, 2026
Company Update | AKR Corporindo (AKRA IJ/BUY/Rp1,390/Target: Rp1,600) AKRA delivered solid 2025 results, with net profit growing 11% yoy to Rp2.5t, supported by resilient trading, strong land sales, and a ramp-up in utilities income. The earnings mix is shifting, with utilities emerging as a key recurring driver, while trading remains a stable cash generator. Looking ahead, growth will be driven by tenant ramp-up at JIIPE, land monetisation, and a steady trading segment. Maintain BUY with a Rp1,...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2026
Greater China Strategy | Alpha Picks: April Conviction Calls Chinese equities consolidated further in March amid outbreak of hostilities in the Middle East, with the HSI and MSCI China Index declining 6.9% mom and 7.5% mom respectively. We expect markets to stay volatile in April, though oversold rebounds are possible. We continue to focus on names with stronger fundamentals and remain buyers of tech names, adding Li Ning and Zijin Mining to our BUY list while taking profits on Ganfeng Lithium a...
AS7 ANTA SPORTS PRODUCTS LTD.
FR FIRST INDUSTRIAL REALTY TRUST INC.
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
02331 LI NING COMPANY LIMITED
TOP THAI OIL PUBLIC CO. LTD.
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
INKP PT INDAH KIAT PULP & PAPER TBK
3816 MISC BHD
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION LIMITED
GLOBAL SIAM GLOBAL HOUSE PCL
AKRN ACRON
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
RATCH RATCH GROUP PUBLIC CO. LTD.
FUTU FUTU HOLDINGS ADS
PROP PROPNEX LTD
0606923D CHINA DUTY FREE GROUP CO LTD
RSTON RIVERSTONE HOLDINGS LTD
CRC CENTRAL RETAIL CORP
FEH FOOD EMPIRE HOLDINGS LTD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
2269 WUXI BIOLOGICS (CAYMAN) INC.
HLA HONG LEONG ASIA LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
09888 BAIDU INC
GOTO GOTO GOJEK TOKOPEDIA
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
KOPI MK ORIENTAL KOPI HOLDINGS BHD
BRMS IJ BUMI RESOURCES MINERALS
HRUM HARUM ENERGY TBK PT
NTTDCR SP NTT DC REIT
DEWA IJ DARMA HENWA (DEWA IJ)
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
HUAGL HUATIONG GLOBAL (HUAGL SP)
- Damon Shen
- Jieqi Liu
LINK REIT (823 HK): Disposal of non-core Singapore retail assets at ga...
Highlights On 8 Apr 26, Link REIT agreed to sell Swing By @ Thomson Plaza in Singapore for S$250m, implying a 45% profit margin on acquisition cost of S$172.5m and a premium to its latest book value. This deal leads to balance sheet enhancement and buyback potential, and also marks the start of LINK REIT’s capital recycling cycle. Maintain BUY with an unchanged target price of HK$42.60.
- Thanawat Thangchadakorn
Aeon Thana Sinsap (Thailand) (AEONTS TB) - Preventing Three Consectut...
Company Update | Aeon Thana Sinsap (Thailand) (AEONTS TB/HOLD/Bt89.00/Target: Bt100.00) We came away from AEONTS’ analyst meeting with a neutral view. Management will tighten credit policy to preserve good asset quality in FY27. However, AEONTS intends to prevent three consecutive years of loan contraction by setting a double-digit loan growth target in FY27. The company set some buffers for the uncertainties from Middle East tensions, but we might see additional provisioning in FY27. Maintain H...
- Tanapon Cholkadidamrongkul
Thai Union Group (TU TB) - 1Q26 Results Preview: Earnings To Increase ...
Company Update | Thai Union Group (TU TB/HOLD/Bt11.70/Target: Bt12.80) We expect TU to report a core profit at Bt804m, up 27% yoy, but down 13% qoq. Looking ahead, we remain cautious on the ambient business due to potential cost pressures. We expect price adjustments in the ambient segment to be insufficient to fully offset rising costs and could negatively impact volumes. Maintain HOLD, with a lower target price of Bt12.80.
- Kitpon Praipaisarnkit
Delta (Thailand) (DELTA TB) - 1Q26 Remains A Softer Season; Liquid Coo...
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt284.00/Target: Bt280.00) We expect DELTA to report a 1Q26 net profit of Bt7.55b (+38% yoy, +4% qoq). 1Q is typically a softer quarter due to the long holiday period. We revised up our 2026-2028 earnings forecasts by 3%/6%/8% driven by stronger liquid cooling contribution in 2H26 and strong demand visibility in power supply over 2026-2028. Hence, we maintain HOLD with a higher target price of Bt280. DELTA’s valuation already reflects strong funda...
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