Energy Absolute’s Share Hit Record High, Analyst Rates “BUY” with Target Price of THB90

The share price of Energy Absolute Public Company Limited (SET: EA) rose THB5.25/share or 6.65% to THB84.25/share as of 11.20 hrs. local time in Thailand, with a trading value of THB1,651 million, marking the company’s all-time high since joining the SET Index.

Maybank Kim Eng Securities (Thailand) (MBKET) has given a “BUY” recommendation on EA with a target price at ฿90.00/share.

MBKET stated that EA’s business is moving forward to the EV mega trend with a new revenue contribution from EV Bus, which is well-supported by the government sector. The Ultra Fast Charge technology is a perfect fit with the company’s business plan. MBKET expected production capacity for EV Bus will be completely full in four years, according to the government’s plan. The revenue from EV Bus will compensate for lower revenue from electricity.