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>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

<ul><li>KCE reported 2Q25 core profit of Bt176mn (-67% YoY, -2% QoQ), missing our and the market’s estimates by 20% and 26%, respectively.</li><li>This marks the seventh consecutive quarter in which the company’s profit came in below market expectations, leading us to believe that in the short term, the share price is likely to decline in line with the investment strategy we previously recommended.</li><li>We maintain our Underperform rating with and unchanged fair value, and we will revise our forecasts after today’s analyst meeting.</li></ul>

KCE reported 2Q25 core profit of Bt176mn (-67% YoY, -2% QoQ), missing our and the market’s estimates by 20% and 26%, respectively.This marks the seventh consecutive quarter in which the company’s profit came in below market expectations, leading us to believe that in the short term, the share price is likely to decline in line with the investment strategy we previously recommended.We maintain our Underperform rating with and unchanged fair value, and we will revise our forecasts after today’s analyst meeting.

KCE ELECTRONICS Plc. (KCE): Another Quarter Of Downbeat Earnings

<ul><li>We expect KCE to report a 2Q25E net profit of Bt221mn (-65% YoY, +23% QoQ), recovering from a low base in the previous quarter but still showing a sharp YoY decline due to the stronger baht and continued weakness in sales.</li><li>We maintain an Underperform rating on KCE, with a fair value of Bt13.50 based on a required return of 8.18%, equivalent to a P/E ratio of 13.6x (-1.5 S.D.).</li><li>We believe KCE’s share price has risen excessively relative to its future risks</li></ul>

We expect KCE to report a 2Q25E net profit of Bt221mn (-65% YoY, +23% QoQ), recovering from a low base in the previous quarter but still showing a sharp YoY decline due to the stronger baht and continued weakness in sales.We maintain an Underperform rating on KCE, with a fair value of Bt13.50 based on a required return of 8.18%, equivalent to a P/E ratio of 13.6x (-1.5 S.D.).We believe KCE’s share price has risen excessively relative to its future risks

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 Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.</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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.


Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

<ul><li>KCE reported a 1Q25 core profit of Bt180mn (-57% YoY, -29% QoQ), the lowest in five years and 38% below market expectations, due to the lowest gross profit margin (GPM) in 14 years.</li><li>In the near term, we believe the significantly weaker-than-expected performance may put pressure on the share price over the next two weeks.</li><li>We are currently reviewing our earnings projection, rating, and target price for KCE.</li></ul>

KCE reported a 1Q25 core profit of Bt180mn (-57% YoY, -29% QoQ), the lowest in five years and 38% below market expectations, due to the lowest gross profit margin (GPM) in 14 years.In the near term, we believe the significantly weaker-than-expected performance may put pressure on the share price over the next two weeks.We are currently reviewing our earnings projection, rating, and target price for KCE.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KCE Electronics PCL (KCE TB)

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

KCE ELECTRONICS Plc. (KCE): Another Quarter Of Downbeat Earnings

KCE reported 2Q25 core profit of Bt176mn (-67% YoY, -2% QoQ), missing our and the market’s estimates by 20% and 26%, respectively.

Krungthai XSpring

KCE Electronics - High Risk, High Return

We expect KCE to report a 2Q25E net profit of Bt221mn (-65% YoY, +23% QoQ), recovering from a low base in the previous quarter but still showing a...

Krungthai XSpring

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

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

Ke Yan, CFA, FRM

KCE Electronics - GPM Marks 14-Year-Low

KCE reported a 1Q25 core profit of Bt180mn (-57% YoY, -29% QoQ), the lowest in five years and 38% below market expectations, due to the lowest...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)