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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<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

KCE Electronics

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