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>KCE reported 2Q26 net profit of Bt276mn and core profit of Bt242mn (+37% YoY, +34% QoQ), beating our and market forecasts by 24% and 13%, respectively.</li>
<li>Based on our post-earnings investment strategy, we expect KCE'S share price to continue rising over the next two weeks, providing a short-term trading opportunity.</li>
<li>While we maintain our Underperform rating and Bt36 FV, based on 35x PER (+0.5 S.D.), investors may consider trading buy, as the better-than-expected results should continue to support share-price momentum.</li>
</ul>


KCE reported 2Q26 net profit of Bt276mn and core profit of Bt242mn (+37% YoY, +34% QoQ), beating our and market forecasts by 24% and 13%, respectively.
Based on our post-earnings investment strategy, we expect KCE'S share price to continue rising over the next two weeks, providing a short-term trading opportunity.
While we maintain our Underperform rating and Bt36 FV, based on 35x PER (+0.5 S.D.), investors may consider trading buy, as the better-than-expected results should continue to support share-price momentum.


KCE ELECTRONICS Plc. (KCE): Upbeat Earnings Offers a Short-Term Trading Opportunity

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). </li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.


Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

<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.


<ul><li>Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.</li><li>Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.</li><li>As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.</li></ul>

Although KCE has yet to generate revenue directly from AI — the key driver behind the sharp rally in electronics stocks recently — the market’s broad-based buying of the electronics sector (sector play) has allowed the company to benefit from the AI-valuation premium (AIP) theme as well, which we view as a risk.Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.As a result, we have revised our 2026E/27E earnings forecasts upward by 20% and 22%, respectively.

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

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)

KCE ELECTRONICS Plc. (KCE): Upbeat Earnings Offers a Short-Term Trading Opportunity

KCE reported 2Q26 net profit of Bt276mn and core profit of Bt242mn (+37% YoY, +34% QoQ), beating our and market forecasts by 24% and 13%,...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Ngern Tid Lor, I-TAIL, and Bangkok Chain Hospital could be added and Com7, Srisawad Corp , and KCE Electronics could be deleted according to the...

Janaghan Jeyakumar, CFA

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

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

KCE ELECTRONICS Plc. (KCE): Benefiting From The AIP Theme Alongside The Sector

Earnings are expected to recover strongly from 2H26 onward after the company raised PCB product prices, which should support both revenue and GPM.

Krungthai XSpring

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