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 recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been added to the portfolio as its replacement.</li>
<li>All holdings in the portfolio posted gains from the previous day, lifting the portfolio's average return by 1.53%, outperforming the SET's +1.39% gain.</li>
<li>The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.</li>
</ul>


We recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been added to the portfolio as its replacement.
All holdings in the portfolio posted gains from the previous day, lifting the portfolio's average return by 1.53%, outperforming the SET's +1.39% gain.
The KTX Tactical Picks portfolio is constructed by KTX, with investments limited to securities covered by at least four analysts.


Quantitative Analysis

<ul><li>There have been no changes to portfolio holdings today.</li><li>Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the SET's -0.05%.</li><li>The slight underperformance was mainly driven by selling pressure in KCE, GUNKUL, and EPG.</li></ul>

There have been no changes to portfolio holdings today.Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the SET's -0.05%.The slight underperformance was mainly driven by selling pressure in KCE, GUNKUL, and EPG.

<ul><li>We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.</li><li>We cut 2025/26 earnings forecasts 46%/30% to Bt522mn (–43% YoY), a 20-year low, before a rebound to Bt736mn (+41% YoY).</li><li>We downgrade to Underperform (from Neutral) with a Bt15 fair value, based on 18x P/E (–0.5SD).</li></ul>

We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.We cut 2025/26 earnings forecasts 46%/30% to Bt522mn (–43% YoY), a 20-year low, before a rebound to Bt736mn (+41% YoY).We downgrade to Underperform (from Neutral) with a Bt15 fair value, based on 18x P/E (–0.5SD).

HANA MICROELECTRONICS Plc. (HANA): Weak Outlook Extending Into Early Next Year

<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

Thailand

KCE Electronics Public Company Limited is a Thai manufacturer and distributor of custom Printed Circuit Boards (PCBs) under the "KCE" trademark. These PCBs are used in a wide range of applications, including automotive, industrial, computer, and telecommunication systems. The company was founded in 1982 and is headquartered in Bangkok, Thailand.

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KCE Electronics (KCE TB)

KTX TACTICAL PICKS - July 3, 2026 (Eng.)

We recommend removing KCE from the portfolio after it fell out of our ranking criteria, with a holding-period return of +8.1%. KBANK has been...

Krungthai XSpring

KTX Tactical Picks - July 2, 2026 (Eng.)

There have been no changes to portfolio holdings today. Our KTX Tactical Picks Portfolio posted an average return of -0.20%, compared with the...

Krungthai XSpring

HANA MICROELECTRONICS Plc. (HANA): Weak Outlook Extending Into Early Next Year

We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.We cut 2025/26 earnings forecasts 46%/30%...

Krungthai XSpring

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

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