ASEAN Tech Hardware Thailand marketing feedback: look past the near-term noise to build long-term positions

研报英文原文证据摘录

ASEAN Tech Hardware Thailand marketing feedback: look past the near-term noise to build long-term positions

J P M O R G A N Asia Pacific Equity Research

11 June 2026

ASEAN Tech Hardware

Thailand marketing feedback: look past the near-term

noise to build long-term positions

During our recent Thailand marketing, discussions started with the recent sell off ASEAN Tech Hardware / Technology

ACin tech where we see more intention to accumulate. We remain positive on ASEAN Samuel Tan

tech exposure, where the situation remains underpinned by tight supply and (60-3) 2718 0781

lengthening demand visibility (stretching to 12 months). Among Thailand names, samuel.tan@jpmorgan.com

we like Delta (OW) for its prolonged DC power relevance, and we now highlight JPMorganX) Securities (Malaysia) Sdn. Bhd. (18146-

HANA (OW) as our pivotal second pick, given its breakthrough with AI customers Technology

that provides significant optionality compared to domestic peers.

Gokul Hariharan

• DELTA’s datacenter relevance to expand via power density and BBUs, (852) 2800-8564

while parent-co’s near-term softness is strictly supply-driven. gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Conversations have shifted from valuation concerns to seeking the next Morgan Broking (Hong Kong) Limited

structural catalyst, stemming from higher per-rack component intensity and Thailand Research

power rack adoption. A key near-term concern is the negative read-through Kae Pornpunnarath, CFA

from parent-co’s soft April and May print, but our engagement corroborates (66-2) 684-2679

that this friction is purely supply-driven (specifically infrastructure readiness kae.pornpunnarath@jpmorgan.com

and component shortages) rather than a demand cliff.