The share price of Energy Absolute Public Company Limited (EA) rose ฿3.50/share or 5.96% to ฿62.25/share as of 11.09 local time in Thailand with a trading value of 1,808 million baht on Thursday. The highest share price up to this point was ฿62.75/share and the lowest was ฿61.75/share.
Yesterday, a source in the capital market revealed that EA expects the production of electric cars and pick-up trucks to reach 30,000 units in 2022. The production is expected to ramp up and reach 225,000 units in 2025, 725,000 units in 2030 and 1,350,000 units in 2035.
The increase in production will benefit the company, which is also the operator of battery factories and charging stations.
KGI Securities recommended “Speculative Buy” on EA with a consensus target price of ฿66.10/share, citing the information of 1.3 million units production in 2035, in line with the Thai government projection to go full EV within 2035. The government will support users with fundamentals and tax on the EV as well.
Meanwhile, EA’s revenue in 2021 will receive a boost from its subsidiary, NEX, which is expecting a delivery of an EV bus in the middle of this year.