บทวิเคราะห์ (Research)

EPG posted a 2QFY25/26 (Jul to Sep-25) net profit (NP) of THB315m (+18% q-q, +142% y-y), which was 18% above the BBG consensus and in line with our estimate, due to a strong revenue from its US Aeroflex. Revenue rose to THB3.46b, up 3.1% q-q but down 4.5% y-y on lower Aeroklas revenues. We maintain BUY and a TP of THB4.3. We see EPG as one of Thailand’s best plays on global, particularly U.S., AI growth super-cycle that we project to last at least until 2030. Thanks to EPG’s production base and its state-of-the-art EPDM insulator, the demand for advanced cooling systems requires higher-performance insulators without rooms to compromise for the competing lower-performance insulator types.