Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Despite an improving earnings outlook for 2026, several short-term headwinds will continue to weigh on the share price.</li><li>The company expects 4Q25 profit to fall QoQ due to lower sales in the low season and record-high copper prices.</li><li>Next year’s growth will rely on: i) HDI capacity expansion in 1H26 and ii) continued cost cuts through lower headcount and new production chemicals for other production lines.</li></ul>

Despite an improving earnings outlook for 2026, several short-term headwinds will continue to weigh on the share price.The company expects 4Q25 profit to fall QoQ due to lower sales in the low season and record-high copper prices.Next year’s growth will rely on: i) HDI capacity expansion in 1H26 and ii) continued cost cuts through lower headcount and new production chemicals for other production lines.

KCE Electronics Plc. (KCE): Let’s Wait And See Next Year – Neutral (12M Fwd Fair Value Bt20.00)

<ul><li>In 3Q25, KCE’s USD revenue rose to USD107mn (–3% YoY, +8% QoQ), a 4-quarter high, driven by order recovery, slight price gains, and new machine installations.</li><li>SG&amp;A rose sharply to Bt474mn from Bt435mn in the prior quarter, mainly from impairment, doubtful debt provisions, and intangible asset write-offs totaling about Bt49mn.</li><li>KCE posted a 3Q25 core profit of Bt275mn (–29% YoY, +57% QoQ), in line with our estimate but 9% below consensus.</li></ul>

In 3Q25, KCE’s USD revenue rose to USD107mn (–3% YoY, +8% QoQ), a 4-quarter high, driven by order recovery, slight price gains, and new machine installations.SG&amp;A rose sharply to Bt474mn from Bt435mn in the prior quarter, mainly from impairment, doubtful debt provisions, and intangible asset write-offs totaling about Bt49mn.KCE posted a 3Q25 core profit of Bt275mn (–29% YoY, +57% QoQ), in line with our estimate but 9% below consensus.

KCE ELECTRONICS Plc. (KCE): Core Profit Met Our Estimate But Missed Consensus

<ul><li>KCE’s 3Q25 net profit is estimated at Bt276mn (–28% YoY, +57% QoQ), with the expected YoY drop due to i) a stronger baht and ii) higher copper prices.</li><li>4Q25 should be similar to 3Q25 as it is the low season, and the company may temporarily shut down factories at year-end as before, reflecting a still-weak outlook.</li><li>We maintain a negative view on Thailand’s electronics sector, including KCE, as our strategy team expects the baht to gain further by 7% and 9% from prior assumptions to 29.3 and 28.6 per USD in 2026 and 2027, respectively.</li></ul>

KCE’s 3Q25 net profit is estimated at Bt276mn (–28% YoY, +57% QoQ), with the expected YoY drop due to i) a stronger baht and ii) higher copper prices.4Q25 should be similar to 3Q25 as it is the low season, and the company may temporarily shut down factories at year-end as before, reflecting a still-weak outlook.We maintain a negative view on Thailand’s electronics sector, including KCE, as our strategy team expects the baht to gain further by 7% and 9% from prior assumptions to 29.3 and 28.6 per USD in 2026 and 2027, respectively.

KCE ELECTRONICS Plc. (KCE): Still Fully Valued Despite Earnings Rebound

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 5th. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Gulf Energy Development, PTT, Bangkok Dusit, Siri Prime Office Property Fd, Ptt, Gulf Energy Development, Bangkok Dusit.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 5th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Gulf Energy Development, PTT, Bangkok Dusit, Siri Prime Office Property Fd, Ptt, Gulf Energy Development, Bangkok Dusit.


Thailand Short Interest Weekly (Dec 5th): Intouch, Gulf Energy Development, PTT, Bangkok Dusit

<ul><li>We cut our 2025 earnings forecast for KCE by 23% to Bt901mn (-43% YoY) due to: i) a weaker-than-expected 2Q25 performance, and ii) our house view’s revised baht assumption from 33.00/USD to 32.57/USD.</li><li>Our strategy team expects that rising economic risks in the US will put downward pressure on the US dollar, leading to a long-term weakening trend.</li><li>Taking all factors into account, we cut our 2025-2026E earnings forecasts by 23% and 17% to Bt901mn (-43% YoY) and Bt1,074mn (+19% YoY), respectively, with 2025E profit set to be the lowest in six years.</li></ul>

We cut our 2025 earnings forecast for KCE by 23% to Bt901mn (-43% YoY) due to: i) a weaker-than-expected 2Q25 performance, and ii) our house view’s revised baht assumption from 33.00/USD to 32.57/USD.Our strategy team expects that rising economic risks in the US will put downward pressure on the US dollar, leading to a long-term weakening trend.Taking all factors into account, we cut our 2025-2026E earnings forecasts by 23% and 17% to Bt901mn (-43% YoY) and Bt1,074mn (+19% YoY), respectively, with 2025E profit set to be the lowest in six years.

KCE ELECTRONICS Plc. (KCE): Strong Baht Outlook Will Put Pressure On Earnings

Thailand

KCE Electronics Public Company Limited and its subsidiaries manufacture and export single-layered, multi-layered, and double-sided printed circuit boards (PCBs) under its KCE trademark.  Multi-layered PCBs are used mainly in high technology equipment and high precision instruments.  Double-sided PCBs are used largely in telecommunication and computing equipment.

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KCE Electronics PCL (KCE TB)

KCE Electronics Plc. (KCE): Let’s Wait And See Next Year – Neutral (12M Fwd Fair Value Bt20.00)

Despite an improving earnings outlook for 2026, several short-term headwinds will continue to weigh on the share price.The company expects 4Q25...

Krungthai XSpring

KCE ELECTRONICS Plc. (KCE): Core Profit Met Our Estimate But Missed Consensus

In 3Q25, KCE’s USD revenue rose to USD107mn (–3% YoY, +8% QoQ), a 4-quarter high, driven by order recovery, slight price gains, and new machine...

Krungthai XSpring

KCE ELECTRONICS Plc. (KCE): Still Fully Valued Despite Earnings Rebound

KCE’s 3Q25 net profit is estimated at Bt276mn (–28% YoY, +57% QoQ), with the expected YoY drop due to i) a stronger baht and ii) higher copper prices.

Krungthai XSpring

Thailand Short Interest Weekly (Dec 5th): Intouch, Gulf Energy Development, PTT, Bangkok Dusit

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Gulf Energy Development...

Ke Yan, CFA, FRM

KCE ELECTRONICS Plc. (KCE): Strong Baht Outlook Will Put Pressure On Earnings

Our strategy team expects that rising economic risks in the US will put downward pressure on the US dollar, leading to a long-term weakening trend.

Krungthai XSpring

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