Asia Leaders Conference 2026 Takeaways: TECO (1504.TW): Modular Data Center in expansion, driving deployment and efficiency

We hosted TECO (1504.TW, not covered) management at our Asia Leaders Conference 2026 (Aug 31-Sep 2) in Hong Kong. Management is positive on their data center business, which includes construction services, products (e.g. transformer, busway, AC motor controls, etc.), and modular data center (MDC). Management remains positive on data center demand in Southeast Asia, highlighting a major CSP client's 1GW (5-year) plan in Thailand and Malaysia, and potential in Indonesia in the future. The data center business focuses on Southeast Asia, where a major customer announced a 1GW data center in Malaysia and a 1GW data center in Thailand, with potential new data center in Indonesia;