Thai Stanley Electric Public Company Limited manufactures and sells automotive bulbs, lighting equipment, molds and dies, and product designs in Thailand and internationally. The company offers head and rear combinations, tail, turn signal, and high mount stop lamps. It also exports its products. Thai Stanley Electric Public Company Limited was incorporated in 1980 and is headquartered in Pathum Thani, Thailand.
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Electrification & Mobility▲
Government Plans to Raise Import Taxes on EVs, Impacting MGC-ASAP Stocks, Benefiting KGEN
The government is considering restructuring excise tax rates for electric vehicles, with a plan to impose higher taxes on imported EVs that lack a manufacturing base in Thailand. Meanwhile, operators that set up factories and use domestic production networks will receive greater benefits. The proposal is expected to be submitted to the cabinet within September. Analysts from Yuanta Securities Thailand noted that this issue negatively affects MGC and ASAP stocks, which import EVs for sale, but is positive for KGEN, as it has a production base in Thailand and directly holds shares in domestic factories. Parts manufacturers have proposed increasing the tax differential between imported and domestically produced EVs to at least 30 to 50 percent, up from the current roughly 8 percent. This would enhance the advantage of domestically produced vehicles and encourage EV makers to use local supply chains more, benefiting Thai parts makers such as AH, SAT, STANLY, and EPG. SAT is highlighted as a top pick with a buy recommendation and a target price of 18.80 baht per share.
STANLY expects second-half recovery, buoyed by government measures and exports
Thai Stanley Electric, or STANLY, expects its performance to recover in the second half of fiscal year 2027, supported by the government's 400 billion baht economic stimulus package and a vehicle scrappage scheme that could boost domestic car purchases, as well as a recovery in export markets if geopolitical tensions ease. The company maintains its annual revenue growth target of 5 to 10 percent, with cash on hand of about 10 billion baht and no interest-bearing debt. For the first quarter of fiscal 2027, the company posted a profit of 361.65 million baht and total revenue of 2.67 billion baht, a slight decline but still satisfactory amid an economic slowdown and higher raw material costs. The second quarter is expected to be the year's trough, before a gradual recovery from the third quarter onward, driven by new model launches from customers and the development of dies and molds, which are core products generating strong revenue.
Yuanta advises defensive stance on auto stocks, picks SAT as top pick, expects 10% yield
Yuanta Securities recommends a defensive strategy for auto stocks, selecting SAT as the standout pick with an expected dividend yield of 10% at the current price. The research team notes that the Federation of Thai Industries reported June vehicle production at 120,391 units, down 8% year-on-year, with production for exports falling 20%, while domestic sales rose 17% driven by battery electric vehicles. The production target for 2026 has been revised down to 1.45 million units, a 3% decline from the previous year. The research team expects combined normalized profit for AH, SAT, and STANLY in the second quarter of 2026 to total 633 million baht, down 35% quarter-on-quarter but flat year-on-year. Although revenue is projected to drop 7% in line with a 10% decline in vehicle production, cost reductions are helping to support a recovery in profit margins. The outlook for the second half of 2026 anticipates a recovery from a low base and new model launches, with the group's 2026 profit forecast at 3.578 billion baht, up 6% year-on-year. However, risks remain from heavy reliance on internal combustion engine vehicles. The research team maintains an underweight rating on the auto parts sector, as the recovery is constrained by global economic uncertainty, energy cost risks, and the structural transition from internal combustion engines to electric vehicles, from which Thai parts makers are still seeing limited benefits.
STANLY first-quarter profit slows amid sluggish auto industry
Thai Stanley Electric Public Company Limited, or STANLY, reported a net profit of 362 million baht for the first quarter of its fiscal year 2569/2570, down 2% from the same period last year and down 19% from the previous quarter. This was close to the research team's estimate of 364 million baht but about 5% below market expectations. Excluding a foreign exchange gain of 23 million baht, core profit was 338 million baht, down 11% year-on-year and 24% quarter-on-quarter, reflecting pressure from the still-sluggish automotive industry. Sales revenue was 2.65 billion baht, down 9% year-on-year and 10% quarter-on-quarter, as major customer Honda cut production and orders amid intense competition from Chinese electric vehicles, coupled with the low season having fewer working days. Despite the revenue decline, the company maintained a solid gross margin of 22.9%, up from 20.9% a year earlier, thanks to improved production efficiency and strict cost control. The research team estimates that first-quarter net profit accounts for about 18% of the full-year profit forecast of 1.97 billion baht, which is expected to grow only 2% from last year. It maintains a Neutral recommendation with a target price of 230 baht, viewing the stock as still suitable for dividend-focused investors, while an earnings recovery still hinges on a broader rebound in the automotive industry.
Four Chinese giants set to invest 70 billion baht in Thailand, boosting industrial estates, automotive, parts, and energy stocks
Asia Plus Securities research reports that four major Chinese technology and automotive companies are preparing to expand investments in Thailand worth a combined 70 billion baht this year, focusing on two future industries: AI and data center technology, where Innolight Technology and Eoptolink Technology will expand production bases for optical transceivers to support AI and cloud data center growth, and the electric vehicle industry, where Xiaomi Corporation is considering setting up an EV production base and research and development center in Thailand, while Changan Automobile is moving ahead with expanding production capacity from 100,000 to 200,000 units per year by 2030, along with establishing a regional headquarters and an EV R&D center. Stocks expected to benefit include industrial estate groups such as AMATA, WHA, ROJNA, and PIN; automotive groups such as AH, SAT, and STANLY; parts groups such as HANA, DELTA, KCE, and SMT; and energy groups such as GULF.
Chinese capital of 70 billion baht set to invest in Thailand in EV and AI data centers
Four major technology and automotive companies from China are preparing to expand their investments in Thailand, totaling 70 billion baht within this year, focusing on the electric vehicle industry and AI and data center technology, according to a report by Asia Plus Securities. In the EV sector, Xiaomi Corporation is considering expanding its EV production base and establishing a research and development center in Thailand, while Changan Automobile is moving forward with expanding production capacity from 100,000 to 200,000 units per year by 2030, along with setting up a regional headquarters and an EV R&D center. In the AI and data center group, Innolight Technology is preparing to build a third factory in Saraburi province to expand production of optical modules, and Eoptolink Technology is preparing to expand production capacity at its factories in Chonburi and Rayong. Stocks expected to benefit include industrial estate groups such as Amata, WHA, Rojana, and Pin, automotive groups such as AAPICO Hitech, Somboon Advance Technology, and Stanley Electric, component groups such as Hana Microelectronics, Delta Electronics, KCE Electronics, and Stars Microelectronics, and energy groups such as Gulf Energy Development.