On Monday at 11:04 AM (Bangkok time), the share price of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) surged 3.95% or THB 7.00 to THB 184.00, with a trading value of THB 1.98 billion.
KCE Electronics Public Company Limited (SET: KCE) increased by 0.86% or THB 0.50 to THB 58.75, with a trading value of THB 1.50 billion.
Hana Microelectronics Public Company Limited (SET: HANA) rose by 1.33% or THB 0.50 to THB 38.00, with a trading value of THB 532.99 million.
Cal-Comp Electronics (Thailand) Public Company Limited (SET: CCET) advanced by 1.34% or THB 0.10 to THB 7.55, with a trading value of THB 194.47 million.
Krungsri Securities (KSS) stated that following an analyst meeting with KCE held last Friday, the company presented a more positive outlook for its fourth quarter 2026 and full-year 2027 performance than previously expected by both the research team and market forecasts. Notably, revenue growth from the PCB business, which accounts for approximately 85% of total revenue in US dollar terms, was highlighted.
For 4Q26, KCE expects PCB revenue to grow by 24-27% quarter-on-quarter, a sharp acceleration from 7% in the previous quarter. This growth is supported by an estimated 12% increase in sales volume and a 13-15% rise in average selling prices. The gross profit margin is projected to improve to 27-30%, up from about 22% last quarter, reflecting higher selling prices and economies of scale.
For 2027, the company anticipates revenue growth of 35-40% year-on-year, compared to the 18% growth expected for 2026. This is driven by an expected average selling price increase of approximately 25%, following price adjustments beginning in July 2026, with two further scheduled adjustments in January and April 2027 at rates of 9-10%.
Sales volume in 2027 is projected to rise by 10-15%, supported by strong PCB demand and increased market share, while the gross margin is expected to remain at 27-30% for the full year versus about 22% in 2026.
Regarding expansion, KCE is proposing construction of a new factory in the Rojana Industrial Estate, Ayutthaya, with an investment of approximately THB 8 billion. If approved, construction would begin in late 2026 and finish in 12 months, with production starting in 2028. The new plant’s full capacity is 3 million square feet per month, with an initial ramp-up to 1 million square feet.
Krungsri has raised its net profit forecasts for 2026 and 2027 by 11% and 14%, respectively, reflecting improved revenue and gross margins, with net profit expected to grow 96% in 2026 and 87% in 2027. Despite this, the target P/E multiple has been reduced from 47x to 39x to reflect sector risks and valuation volatility.
The recommendation remains ‘Buy’ for KCE, with a target price of THB 97.00 per share, as the recent share price correction presents an investment opportunity.
