CIMB said SET’s ability to expand from standalone components into complete 11 kV electrical packages, including neutral earthing resistors, high-voltage switchgears and related engineering, procurement and construction works, could increase its share of project value.

The research house noted SET trades at 10.7 times CY27F earnings, a 37.4% discount to peers’ weighted average of 17.2 times, despite its niche certification-led capabilities and net cash position