CGS International Securities (Thailand) (CGSI) has revised its 2026-2028 earnings per share forecasts for KCE Electronics Public Company Limited (SET: KCE), raising them by 18-35% from previous estimates. The upward revision is supported by stronger-than-expected sales of printed circuit boards.
Additionally, the company is benefiting from higher margins, which are being driven by increased average selling prices and improved operating leverage as a result of higher capacity utilization.
However, CGSI maintains its ‘Hold’ recommendation for KCE, noting that the notable profit growth has largely been priced into the shares. The brokerage also highlights that the expansion of new production capacity carries operational execution risks and could potentially initiate another significant capital expenditure cycle.
