NEX and EA Edge Higher as Demand for EVs in Thailand Is on the Rise

FSS International Investment Advisory (FSSIA) expects EA and NEX to outperform the market as demand for electric vehicles in Thailand is on the rise. 

In early Monday trading of 4 April, the share price of Energy Absolute Public Company Limited (SET: EA) rose THB2.75/share or 2.81% to THB100.50/share, with a trading value of THB1,559 million.

The share price of Nex Point Public Company Limited (SET: NEX) rose THB0.80/share or 4.21% to THB19.80/share, with a trading value of THB251 million.

FSSIA said that EA and NEX will establish themselves as the leaders in Thailand’s electric vehicle (EV) market. Thus, these two equities are likely to outperform the market this year, owing to their continued profit growth outlook through 2024, and EA and NEX are among the first to enter EV market. Moreover, EV is steadily gaining popularity especially e-bus and e-truck.

FSSIA recommends “BUY” on EA with a target price of THB122.00 and on NEX with a target price of THB26.00.