Bualuang Securities is currently spotlighting six Thai Depositary Receipts (DRs) spanning four sectors: AI semiconductors, AI software, EV batteries, and video streaming. Here is a breakdown of each holding and what analysts are watching.
AI Semiconductors — The Core of the Watchlist
Three of the six DRs fall under the AI semiconductor theme, reflecting continued analyst confidence in the global AI infrastructure buildout.
NVDA01 (NVIDIA) stands out with projected EPS growth of 74.9% in 2026, yet trades at only 22.0x forward earnings — a meaningful discount to its five-year average P/E of 37.3x. The fundamental thesis is straightforward: demand for AI chips remains firmly underpinned by accelerating capital expenditure from major Hyperscalers. Technically, however, the price is trending sideways without a clear directional signal, making it a “watch closely” situation rather than an immediate buy.
ASML01 (ASML Holding) is the pick-and-shovel play in this cohort. As memory manufacturers ramp up production capacity to meet AI-driven demand, ASML — the dominant supplier of EUV lithography machines — benefits directly. EPS growth of 19.4% is expected in 2026. The stock currently trades at 40.6x earnings, above its 5-year average of 33.3x, but analysts note the price is recovering and approaching a target level of 40.00 THB.
MICRON01 (Micron Technology) is the most compelling valuation story on the list, with projected EPS growth of an extraordinary 327.8% in 2026. Trading at just 12.5x forward earnings against a 5-year average of 21.7x, it screens as significantly undervalued relative to its own history. Critically, Micron is reporting earnings today, March 18, making this a high-attention name. The bullish case rests on sustained Memory demand extending well into 2027. The technical setup suggests accumulation at 8.35 THB, with the next meaningful resistance level at 9.80 THB.
AI Software — Google’s Monetisation Story Clarifies
GOOGL01 (Alphabet/Google) is the lone AI software name on the watchlist. While EPS growth of 7.4% is modest compared to the semiconductor names, the key narrative is the improving return on capital from GenAI investments. As Google Search integrates AI features and Google Cloud Platform (GCP) scales, analysts see the economics of GenAI becoming increasingly legible. The stock trades at 26.3x forward earnings, slightly above its 5-year average of 20.1x, and is already above the 50-day EMA at 29.00 THB — a position has been entered per the investment plan.
EV Battery — CATL’s Surprise Margin Expansion
CATL01 (Contemporary Amperex Technology) brings a different flavour to the watchlist. Beyond its core EV battery business, CATL has been expanding aggressively into Energy Storage Systems (ESS) for Data Centers — a high-margin segment that has helped push gross margins to a record 57% year-on-year. With 23.7% EPS growth expected and a current P/E of 29.5x (below its 5-year average of 32.8x), the valuation looks reasonable. Analysts are, however, exercising patience — waiting for a price pullback before adding further exposure.
Video Streaming — Bilibili Crosses into Profitability
BILIBILI01 (Bilibili) rounds out the list as the highest-risk, highest-narrative name. China’s leading youth video platform finally turned profitable for the first time in 2025, a long-awaited milestone that validates its advertising and membership monetisation model. The 5-year average P/E of 36.4x against a current P/E of 26.6x suggests the market has not fully priced in the profitability inflection. The stock is holding above the key 3.96 THB level, and a position has already been initiated.
