In today’s briefing:
- YTL Power: Transformation
- Uncovered Thai Stocks: ETC (2Q26)
YTL Power: Transformation
- YTL Power International (YTLP MK) has moved from a utility company to an AI value chain that commands higher valuation.
- It partners with NVIDIA Corp (NVDA US)to build data centers in Johor area.
- It also acts as foreign currency accumulator, as it borrows in MYR and receive revenue in both GBP (GBPUSD CURNCY) and SGD (USDSGD CURNCY) .
Uncovered Thai Stocks: ETC (2Q26)
- The tightness of the operation is very good based on the cash conversion cycle
- The company is very good at generating consistently positive operating cash flow
- The efficiency is very good when looking at the growth in sales relative to the growth in assets
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