“We believe THMY can fill up its new capacity via additional orders from existing hyperscaler clients,” Tradeview said, noting a boom in capital expenditure on data centres and hardware to power artificial intelligence workloads.

In terms of valuations, the target price of 56 sen values THMY at nearly 32 times its forward earnings, in line with industry peers, which Tradeview said is justified given its multi-fold expansion in production capacity and “strategic edge” from global trade diversification.