Bualuang Securities wrote in its analysis that Tesla’s Q1 2026 results were a mixed bag — stronger-than-expected earnings paired with slightly disappointing revenue. Revenue came in at $22.39 billion, up 16% year-on-year but below market consensus. Net profit rose 17% YoY to $477 million, with EPS of $0.41 beating estimates, suggesting solid profit quality even as top-line growth shows early signs of deceleration.
The standout metric was the automotive gross margin (excluding credits) at 19.2% — the best level in a year — reflecting improved cost discipline and lower input costs. Deliveries grew only about 6% YoY, meaning growth was driven more by average selling price improvements and cost control than by volume expansion.
Free cash flow turned positive and beat fears, though analysts caution this partly reflects delayed capital expenditure rather than structural improvement. Tesla has raised its full-year 2026 capex plan to over $25 billion (from ~$20 billion), stepping up investment in AI, compute, Robotaxi, and Optimus — creating meaningful cash flow pressure ahead.
Bualuang maintains a Neutral stance on TSLA01, a Depositary Receipt (DR) in the Thai stock market. Near-term sentiment may get a boost from the earnings beat, but upside is seen as capped by surging capex commitments. Medium-to-long-term prospects hinge on the commercial success of AI and robotics ventures, which remain in early stages. Technically, the DR is still constrained below the THB 38.00 resistance zone after testing support near THB 32.00 earlier this month.
