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Shares in battery makers soar after 1m EVs targeted by 2025

Shares in battery makers soar after 1m EVs targeted by 2025

THURSDAY, March 25, 2021
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The price of electric vehicle (EV) battery manufacturer stocks skyrocketed on Thursday after the National Electric Vehicle Policy Committee set a target of more than 1 million EVs on the roads by 2025.

In the morning session, the price of Energy Absolute (EA) shares rose by 6.38 per cent to Bt62.75 per share, Global Power Synergy (GPSC) rose by 3.70 per cent to Bt77.00, Banpu rose by 1.65 per cent to Bt12.30 and Banpu Power (BPP) rose by 3.68 per cent to Bt19.70.

A research analyst at Asia Plus Securities said shares in EV battery makers were buoyed by the committee’s target of 1,055,000 EVs by 2025 because the manufacturers can generate more profit thanks to government support.

He said GPSC shares at Bt82 were good value as the price had potential to rise further based on the company's fundamentals.

"Even if GPSC's battery business doesn’t generate significant profit in the short term, the company's power plant business can generate sustainable profits in the long term," he said.

He added that investors can speculate for short-term profit from EA at a fair value of Bt54 per share, Banpu at Bt10.50, BPP at Bt16, and BCPG at Bt13.