Thai Electronic Sector Not On Investors Radar: Maybank
Thai Electronic Sector Not On Investors Radar: Maybank
In FY25E, the house said it expects that DELTA's growth from AI products (from Delta Thailand's own R&D) will be offset by a decline in GPM (high-base in FY24E caused by inventory revaluation gains) and the Global Minimum Tax impact (bringing DELTA's average effective tax rate to 7-15%, up from its average of 3% between FY19-23). Currently, we expect DELTA's FY24E/25E core earnings at THB22b (+26% YoY)/THB20b (-9% YoY).
Maybank IB which met institutional funds in Malaysia last week said the investors were NEUTRAL on the Thai electronic sector due to the lackluster outlook and unattractive valuations in the sector. However, it noted that some maintained a vested interest in Delta Electronics while most showed cautious interest in Cal-comp Electronics.
上週在馬來西亞與機構基金會面的Maybank Ib表示，由於東南亞電子板塊的前景不佳和估值不具吸引力，投資者對泰國電子板塊持中立態度。然而，它指出一些投資者仍對臺達電子保持投資興趣，而大多數人對加科電子錶現出謹慎興趣。
CCET likely on investor radars going forward
There was plenty of interest in CCET due to it being a new major player in the sector and for its potential inclusion in the SET50 index. However, investors had concerns regarding i) valuation and remaining potential upside after its share price rise of 284% YTD, ii) impact to GPM in FY25E from increased D&A expense from new factories, and iii) likelihood of longterm sustained demand in the HDD and printing space.
CCEt可能會引起投資者的關注。
由於CCEt是該板塊的新主要參與者，以及潛在納入SET50指數的可能性，投資者對此表現出濃厚興趣。然而，投資者對以下問題表示擔憂：i) 估值和其股價上漲284%後仍然的潛在上漲空間，ii) 新工廠帶來的折舊和攤銷費用對FY25E毛利率的影響，以及iii) HDD和打印領域長期持續需求的可能性。
Headwinds for DELTA heading into 2025
The key talking points with investors on DELTA were centered around its i) high valuations, ii) timeline of AI-related products, especially the highly anticipated AI liquid-cooling solutions, and iii) potential exclusion from the SET50 caused by the cash balance. Investors who were still holding onto DELTA were mainly doing it to track the SET50 index, but have already reduced their positions due to its high valuation and slowing growth outlook.
DELTA在2025年面臨的逆風。
與投資者關於DELTA的關鍵討論點集中在：i) 高估值，ii) 與人工智能相關產品的時間表，尤其是備受期待的人工智能液冷解決方案，和iii) 由於現金餘額導致的SET50指數潛在排除。仍持有DELTA的投資者主要是爲了跟蹤SET50指數，但由於其高估值和增長前景放緩，已經減少了持倉。
In FY25E, the house said it expects that DELTA's growth from AI products (from Delta Thailand's own R&D) will be offset by a decline in GPM (high-base in FY24E caused by inventory revaluation gains) and the Global Minimum Tax impact (bringing DELTA's average effective tax rate to 7-15%, up from its average of 3% between FY19-23). Currently, we expect DELTA's FY24E/25E core earnings at THB22b (+26% YoY)/THB20b (-9% YoY).
在FY25E，研究所表示預計DELTA的人工智能產品（來自Delta Thailand自有研發）的增長將被毛利率的下降所抵消（FY24E中的高基數由庫存重估收益造成）以及全球最低稅收影響（將DELTA的平均有效稅率提高至7-15%，高於其在FY19-23之間的平均水平3%）。目前，我們預計DELTA的FY24E/25E核心收益爲220億泰銖（同比增長26%）/200億泰銖（同比下降9%）。
KCE and HANA barely a blip on investment radars
KCE and HANA were barely mentioned as most investors are aware of weak outlooks for FY25E, with only a few seeing valuations as potentially attractive. Maybank IB believes there is downside risk to HANA's earnings between FY24-28E due to weaker-than-expected overall demand and continued losses in PMS Korea.
KCE和HANA幾乎沒有引起投資者的關注。
KCE和HANA幾乎沒有被提及，因爲大多數投資者意識到FY25E的前景疲軟，只有少數人認爲估值可能具有吸引力。Maybank Ib認爲，由於整體需求低於預期以及PMS韓國持續虧損，HANA在FY24-28E期間的盈利面臨下行風險。
譯文內容由第三人軟體翻譯。
