External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Air Link Communication / Equity Bottom-Up

<ul><li>Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of Rs15.75), up 31% YoY. 4QFY26 EPS stood at Rs6.53, up 36% YoY and 4x QoQ.</li><li>Net sales clocked in at Rs21.4bn, taking full year revenue to Rs89.77bn, down 14% YoY, owing to a decline in mobile phone sales during the year. On a sequential basis, revenue growth was driven by the commencement of Hisense sales in 4QFY26.</li><li>We maintain our BUY stance on AIRLINK. The company is currently trading at an FY26A PE of 7.9x.</li></ul>

Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of Rs15.75), up 31% YoY. 4QFY26 EPS stood at Rs6.53, up 36% YoY and 4x QoQ.Net sales clocked in at Rs21.4bn, taking full year revenue to Rs89.77bn, down 14% YoY, owing to a decline in mobile phone sales during the year. On a sequential basis, revenue growth was driven by the commencement of Hisense sales in 4QFY26.We maintain our BUY stance on AIRLINK. The company is currently trading at an FY26A PE of 7.9x.

Air Link Communication (AIRLINK) - 4QFY26 EPS at Rs6.53, up 36% YoY and 4x QoQ

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>3Q25 core profit beat on lower SG&amp;A and tax expenses.</li><li>With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.</li><li>We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.</li></ul>

3Q25 core profit beat on lower SG&amp;A and tax expenses.With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.

AMATA CORPORATION Plc. (AMATA): 3Q25 Beat On Lower-Than-Expected Expenses

<ul><li>While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.</li><li>We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).</li><li>Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.</li></ul>

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

China

Hisense Home Appliances Group Co. Ltd. is a global manufacturer of home appliances, specializing in the research, development, manufacturing, marketing, and after-sales service of refrigerators, air conditioners, washing machines, and kitchen appliances. The company also produces molds and commercial cold chain products. It was founded in 1984 and is headquartered in Foshan, China.

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Hisense Home Appliances (921 HK)

Air Link Communication (AIRLINK) - 4QFY26 EPS at Rs6.53, up 36% YoY and 4x QoQ

Air Link Communication (AIRLINK) announced its FY26 financial results today, where the company reported consolidated earnings of Rs6.2bn (EPS of...

Topline Securities

AMATA CORPORATION Plc. (AMATA): 3Q25 Beat On Lower-Than-Expected Expenses

We maintain Outperform with 2026E FV of Bt20.00, based on 11.7% required return. We see solid fundamentals, with 31% upside, and very limited...

Krungthai XSpring

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast. We maintain Outperform with 2026E FV...

Krungthai XSpring

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