King Slide Works is the leading global maker of the precision slide rails that let servers and networking equipment slide in and out of data centre racks, and it has become a key supplier to the heaviest AI server racks, where the rails must carry much more weight and meet tight tolerances. It combines very high margins and returns on capital with a net cash balance sheet and long-standing family management, and the rails are a small cost item that customers are reluctant to switch once designs are qualified. With data centre spending still accelerating, demand for its highest-value rails is growing faster than the wider server market. The main weakness is price: the shares trade at a high multiple, so results must keep beating expectations.