On Thursday at 12:01 PM (Bangkok time), the share price of KCE Electronics Public Company Limited (SET: KCE) gained 5.62% or THB 2.50 to THB 47.00, with a trading value of THB 1.85 billion.
KCE reported a strong second-quarter performance for 2026, according to analyses from both Krungsri Securities (KSS) and Phillip Securities (Thailand). The company posted a net profit of THB 276 million, marking a year-on-year increase of 51% and an improvement of 18% from the previous quarter.
This result exceeded analyst and market expectations, with a significant portion attributed to foreign exchange gains resulting from the depreciation of the Thai baht during the period.
Revenue for the quarter reached THB 3.57 billion (or $110.4 million), showing solid growth both year-on-year and quarter-on-quarter (9% and 15%, respectively). The growth was driven primarily by rising demand for high-density interconnect printed circuit boards (HDI PCBs).
Gross margin improved to 18.9%, up from both the same period last year and the previous quarter, benefiting from increased revenue, higher contributions from value-added HDI products, cost controls, and in-house laminate production capabilities. Operating expenses were stable compared to last year, though they rose from the previous quarter, mainly because of higher employee costs.
Despite ongoing raw material cost pressures—especially for copper—KCE managed to maintain a competitive cost base. Looking ahead, both brokers note that KCE began raising product prices with customers from July 2026, which is expected to further support profit growth in the third quarter and through the second half of the year.
Krungsri projects that KCE’s earnings growth will remain robust, maintaining a full-year net profit forecast with 54% year-on-year growth and lifting the target price to THB 58.00, reaffirming a ‘Buy’ recommendation.
Phillip has also increased its full-year profit estimate, now seeing growth of nearly 49% year-on-year, and adjusted the target price upward to THB 48.00, retaining a ‘Gradual Buy’ stance.
