บทวิเคราะห์ (Research)

TH Airports of Thailand (AOT.BK/AOT TB)*: FY2Q25F earnings preview: Strong quarter We expect AOT to report a FY2Q25F (January-March 2025) net profit of Bt5.94bn (+2.7% YoY, +11.1% QoQ), accounting for 28.5% of our full-year forecast of Bt20.8bn (+8.5% YoY). Based on our FY2Q25F earnings forecast, AOT’s FY1H25F net profit should account for 54.2% of our full-year projection. AOT is now trading at 26.1x PE for 2025F, which is significantly lower than the averages of 40.2x in 2019 and 53.7x in 2024. Hence, we upgrade AOT to Outperform, from Neutral, with an unchanged 2025F DCF-based target price of Bt50.00 (WACC 9%; TG 1%). TH Electronics Sector: US tariffs to disrupt demand; server demand expected to be more resilient KGI Taiwan anticipates US tariffs to cause early pull-in demand, boosting IT hardware sales MoM in March. However, uncertainty over the tariff policies may weaken demand in the US. KGI Taiwan revised down its assumption on 2025F global shipments across all applications (PCs, notebook, smartphones, and servers). Global server shipments are expected to face minimal impact as i) shipments from Mexico to the US still enjoy zero tariffs under USMCA, and ii) lower price sensitivity. Thailand’s electronics companies have exposure related to the US in range of 10-30% of total sales and may be hurt by weak demand in the US. Delta Electronics (Thailand) (DELTA.BK/DELTA TB)* is expected to face limited/minimal impact as around 30% of its revenues are related to data centers sales. We rate the Electronics sector Neutral without any top picks. Given the flipflopping on tariffs, we recommend investors stay on the sideline.