What have been priced in to TP RM4.50?
CLSA estimate 350M Revenue, 89M net profit & 13 cent EPS for FY 31-Mar-23.
The estimated revenue breakdown as above figure.
CLSA assumes HDD & Semi segment is stagnant. 300M Revenue from EV & ES from these contribution:-
- 4 Battery formation line from Customer T
- 6 ECU lines from Customer Z which will be recognized over next 3 years
- 2 additional regenerative braking line
What have not been priced in?
- JV with APCS Thailand -- Energy Absolute -- Electrolyte filler and EV battery assembly lines. CLSA estimate an additional RM560m per line upside from the Thai JV.
- Supply electrolyte filler line to Customer T, which potentially carries 3x the ASP (vs current RM50m per battery pack line). Electrolyte filling refers to the process of filling a lithium ion battery with electrolyte liquid, allowing electrical current to flow between the anode and the cathode.
- More than 4 battery formation line to Customer T and its Battery Supplier (P / L / C). Customer T might ramp up its production to produce more car to met its order.
- Energy Storage project from Customer T. PxxxxPack & MxxxPack. The group has also been engaged for its energy storage business. Details are still scarce at the moment and management said it will share more about it at a future date. The North American EV maker has a large-scale energy storage solution that helps stabilise grids and prevent power outages, eliminating the need for gas peaker plants. Each unit can store >3MWh of energy, which is equivalent to powering an average of 3.6k homes for one hour.
