Somboon Advance Technology Public Company Limited

Electrification & Mobility▲2

Yuanta picks SAT as top auto parts stock, poised to benefit from government's plan to raise EV import taxes

The government is considering restructuring the excise tax for electric vehicles, with a plan to impose higher tax rates on imported EVs that have no production base in Thailand. Meanwhile, manufacturers that set up factories and use domestic production networks will receive more benefits. The proposal is expected to be submitted to the cabinet meeting by September 2026. Auto parts manufacturers have proposed increasing the tax differential between imported EVs and domestically produced EVs to at least 30 to 50 percent, up from the current gap of about 8 percent. Yuanta Securities Thailand views this as a positive factor for auto parts stocks, especially SAT, which is the top pick in the sector, and maintains a buy recommendation with a target price of 18.80 baht per share.

SAT.BK ▲

Electrification & Mobility ▲

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Electrification & Mobility▲

Yuanta advises defensive stance on auto stocks, picks SAT as top pick, expects 10% yield

Yuanta Securities recommends a defensive strategy for auto stocks, selecting SAT as the standout pick with an expected dividend yield of 10% at the current price. The research team notes that the Federation of Thai Industries reported June vehicle production at 120,391 units, down 8% year-on-year, with production for exports falling 20%, while domestic sales rose 17% driven by battery electric vehicles. The production target for 2026 has been revised down to 1.45 million units, a 3% decline from the previous year. The research team expects combined normalized profit for AH, SAT, and STANLY in the second quarter of 2026 to total 633 million baht, down 35% quarter-on-quarter but flat year-on-year. Although revenue is projected to drop 7% in line with a 10% decline in vehicle production, cost reductions are helping to support a recovery in profit margins. The outlook for the second half of 2026 anticipates a recovery from a low base and new model launches, with the group's 2026 profit forecast at 3.578 billion baht, up 6% year-on-year. However, risks remain from heavy reliance on internal combustion engine vehicles. The research team maintains an underweight rating on the auto parts sector, as the recovery is constrained by global economic uncertainty, energy cost risks, and the structural transition from internal combustion engines to electric vehicles, from which Thai parts makers are still seeing limited benefits.

SAT.BK ▲AH.BK ▼STANLY.BK ▼

Electrification & Mobility

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SAT.BK▼

Asia Plus says new US tariff measures to pressure Thai exports in second half

Asia Plus Securities' research unit says new US tariff measures under Section 301, one of the risks to Thai exports in the second half of the year, will slow exports because Thailand faces a 12.5% levy, higher than some ASEAN peers like the Philippines and Malaysia, potentially reducing competitiveness. Thailand also runs a growing surplus with the US, and markets must watch for surplus-production tariffs the US has yet to announce, which will pressure the Thai economy's export sector. Product groups hit by the 12.5% tariff include pet food, processed food, and beverages, covering stocks such as AAI, ITC, PLUS, TU, and COCOCO, as well as electronics, including HANA, DELTA, KCE, and CCET. Major Thai goods exempted from the 12.5% tariff are oil, gas, and fertiliser, which the US imports heavily, easing pressure on refinery and oil stocks like PTT, PTTEP, TOP, IRPC, and BCP, and goods already under Section 232, such as automobiles, steel, aluminium, and copper, which eases pressure on processed steel and steel pipe stocks like PAP, TMT, and SAM, and auto parts stocks like AH and SAT. The Commerce Ministry reported that Thai exports in June 2026 grew 20.8% year-on-year, above the market forecast of 15.2%, while imports rose 50.3%, above the 35.8% forecast, resulting in a trade deficit of 6.565 billion US dollars. Standout products included pet food, up 22.3%, expanding for a tenth straight month; rubber, up 12.5%, returning to growth for the first time in 14 months; and processed chicken, up 6.1%, expanding for a seventh consecutive month.

AAI.BK ▼COCOCO.BK ▼DELTA.BK ▼HANA.BK ▼IRPC.BK ▲ITC.BK ▼+12

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Artificial Intelligence▲

Four Chinese giants set to invest 70 billion baht in Thailand, boosting industrial estates, automotive, parts, and energy stocks

Asia Plus Securities research reports that four major Chinese technology and automotive companies are preparing to expand investments in Thailand worth a combined 70 billion baht this year, focusing on two future industries: AI and data center technology, where Innolight Technology and Eoptolink Technology will expand production bases for optical transceivers to support AI and cloud data center growth, and the electric vehicle industry, where Xiaomi Corporation is considering setting up an EV production base and research and development center in Thailand, while Changan Automobile is moving ahead with expanding production capacity from 100,000 to 200,000 units per year by 2030, along with establishing a regional headquarters and an EV R&D center. Stocks expected to benefit include industrial estate groups such as AMATA, WHA, ROJNA, and PIN; automotive groups such as AH, SAT, and STANLY; parts groups such as HANA, DELTA, KCE, and SMT; and energy groups such as GULF.

000625.CS ▲1810.HK ▲300502.CS ▲AMATA.BK ▲WHA.BK ▲DELTA.BK ▲+8

Artificial Intelligence ▲Electrification & Mobility ▲Cloud & Digital Infrastructure ▲

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Artificial Intelligence▲

Chinese capital of 70 billion baht set to invest in Thailand in EV and AI data centers

Four major technology and automotive companies from China are preparing to expand their investments in Thailand, totaling 70 billion baht within this year, focusing on the electric vehicle industry and AI and data center technology, according to a report by Asia Plus Securities. In the EV sector, Xiaomi Corporation is considering expanding its EV production base and establishing a research and development center in Thailand, while Changan Automobile is moving forward with expanding production capacity from 100,000 to 200,000 units per year by 2030, along with setting up a regional headquarters and an EV R&D center. In the AI and data center group, Innolight Technology is preparing to build a third factory in Saraburi province to expand production of optical modules, and Eoptolink Technology is preparing to expand production capacity at its factories in Chonburi and Rayong. Stocks expected to benefit include industrial estate groups such as Amata, WHA, Rojana, and Pin, automotive groups such as AAPICO Hitech, Somboon Advance Technology, and Stanley Electric, component groups such as Hana Microelectronics, Delta Electronics, KCE Electronics, and Stars Microelectronics, and energy groups such as Gulf Energy Development.

300502.CS ▲AMATA.BK ▲PIN.BK ▲ROJNA.BK ▲WHA.BK ▲000625.CS ▲+9

Electrification & Mobility ▲Artificial Intelligence ▲Energy Transition & Power Demand ▲

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