EA Jumps 5% in Anticipation of EV-Supported Measures from Thai Cabinet Today
EA rose 5.32% to ฿99.00/share as the market expected the EV Boards to propose measures to promote EVs at the cabinet meeting today.
The share price of Energy Absolute Public Company Limited (SET: EA) rose ฿5.00/share or 5.32% to ฿99.00/share on in the morning session on December 28, 2021, prior to the cabinet meeting today afternoon as the market expected the National Motor Vehicle Policy Committee to propose measures to promote EVs at the meeting.
Mr. Suwat Sinsadok, Managing Director of FSS International Investment Advisory (FSSIA), through “Kaohoon Jor Talad Program” on December 15, 2021, stated that Thai stocks that are in the process of transformation are worth focusing more than reopening stocks while picking Energy Absolute Public Company Limited (SET: EA) and Nex Point Public Company Limited (SET: NEX) as two of the stocks that are in the radar of investors.
FSSIA’s MD stated that transformation stocks are rare in the Thai stock market and local institutions and foreign investors are focusing on these stocks, especially EA as a big-cap stock and NEX as a focus of smaller funds or hedge funds, seeing significant surge in trading value as of late.
Mr. Sinsadok elaborated that EA and NEX are on the same approach as international companies that are flourishing from the EV business as investors see potential performance in the future along with support from the government sector.
In addition, Mr. Sinsadok set the 2022E target price for EA at Bt122 per share and for NEX at Bt25 per share, saying the latter should be achievable by 1Q21.