On Monday at 11:47 AM (Bangkok time), the share price of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) declined by 0.87% or THB 3.00 to THB 340.00, with a trading value of THB 3.29 billion.
Hana Microelectronics Public Company Limited (SET: HANA) dropped by 4.86% or THB 1.75 to THB 34.25, with a trading value of THB 498.14 million.
KCE Electronics Public Company Limited (SET: KCE) fell by 2.04% or THB 0.75 to THB 36.00, with a trading value of THB 630.18 million.
Cal-Comp Electronics (Thailand) Public Company Limited (SET: CCET) lost 3.74% or THB 0.35 to THB 9.00, with a trading value of THB 418.25 million.
Shares of Thai electronics companies experienced a significant decline, pressured by external factors and heightened volatility across the Asian capital markets, with investors becoming more cautious toward AI-related sectors. Sentiment was further dampened by geopolitical concerns stemming from escalating tensions in the Middle East, which consequently drove up oil prices and strengthened the US dollar.
Of particular note, South Korea’s KOSPI Index, which has a substantial weighting in chipmakers and semiconductor firms, dropped sharply by around 8%, triggering a temporary 20-minute trading halt. The index has plummeted by nearly 17% from its recent all-time high achieved just the previous week.
According to TISCO Securities, the brokerage downgraded its outlook on the Thai electronics sector to ‘Underperform,’ pointing out that first-quarter 2026 earnings highlighted significant divergences among companies, with combined core profits reaching THB 9 billion—an increase of 67% year-on-year and 21% quarter-on-quarter.
TISCO expects second-quarter earnings in 2026 to grow both annually and sequentially, supported by the ongoing industry recovery cycle and improved profit margins. This outlook is consistent with forecasts from the World Semiconductor Trade Statistics (WSTS), which projects the global semiconductor market will expand by 90% to USD 1.5 trillion in 2026, up from USD 975 billion previously, driven mainly by memory and logic segments.
However, with Thai electronics stock prices having surged 105% year-to-date—outstripping gains in the SOX Index (a capitalization-weighted index comprising the 30 largest U.S.-traded companies), which rose 83%.
The brokerage reiterates a ‘Sell’ rating on KCE, with a fair value estimate of THB 33.50 per share. KCE is still regarded as a solid performer within the industry, but profit-per-share growth potential beyond 2027 appears limited due to continued low capacity utilization and restricted opportunities for further cost reduction. While margin tailwinds from potential declines in copper prices may emerge in the third quarter of 2026, the current share price has likely already priced in much of this anticipated benefit.
DELTA is downgraded to ‘Sell,’ with its fair value reduced to THB 305.00 per share. TISCO cited valuation concerns, noting that although DELTA is a high-quality business, it currently trades at a 2026–2027 price-to-earnings ratio of 110–80x, compared to 40–61x for leading global peers.
As for HANA, while the company could benefit from AI-related momentum, its share price has already surged 103% in the past three months—well ahead of tangible profit realization from the AI business. As such, TISCO maintained a ‘Hold’ rating, raising its fair value estimate to THB 34.50 per share, while awaiting further operational clarity.
TISCO highlighted the potential for HANA to achieve the highest growth should end-customer qualification for its Phononics division be completed by June’s end, and if its AI PCB project begins ramping up production in the fourth quarter of 2026.
Recovery from core business operations, including its Jiaxing IC plant and Ayutthaya facility, should help mitigate downside risks. Nevertheless, a primary risk remains the outcome of the Phononics qualification, with the recent share price rally already reflecting strong AI-driven expectations.
