Elite Material (2383 TT): Raising the bar

CSIWM takes the same view as CLSA Research. According to the CLSA Research report titled "Raising the bar" dated 28 Oct 2026, Elite Material delivered a strong 3Q26 earnings beat, with record-high GPM of 37.7%, driven by pricing gains and a richer high-end CCL mix. CLSA expects further margin expansion in 4Q26 on another round of price hikes and increasing M7+ contribution. More importantly, the company's extended capacity roadmap through 2030, backed by strong customer demand and LTAs, reinforces CLSA's confidence in its multi-year growth visibility. 3Q26 GPM reached a record-high 37.7%, beating consensus, with M7+ grade CCL accounting for 65-70% of sales (vs 60-65% in 2Q26);