Printed Circuit Boards (PCB & HDI)

CGSI has revised up its earnings per share forecasts for KCE Electronics Public Company Limited, or KCE, by 18-35% for 2026-2028, and raised its target price to 70 baht from the previous level, while maintaining its Hold recommendation, as it views the current share price as having already priced in much of the recovery in the printed circuit board business. The revision reflects higher assumptions for sales volume, average selling prices, and improved operating leverage. CGSI raised its PCB sales forecasts for 2027-2028 by 12-20% on rising demand for server boards and the recognition of capacity from new plants. For third-quarter 2026 results, CGSI expects KCE to post normalized profit of 495 million baht, up 70% year on year and 105% quarter on quarter, on sales growth of 25% year on year and a gross profit margin expected to rise to 22.5% from 18.9% in the second quarter of 2026. On new capacity, management said at an analyst meeting in August 2026 that KCE plans to add about 1 million square feet per month of PCB capacity, or a 28% increase from the current capacity of 3.6 million square feet per month, with the new plant expected to start production in mid-2028. CGSI expects capital expenditure of about 6-8 billion baht, compared with cash on hand of 1.7 billion baht at the end of June 2026 and projected 2026 EBITDA of 2.05 billion baht, which could force the company to borrow more and cut its dividend payout ratio during the investment period.

The Ministry of Finance has designated the drive to bring companies in future industries, or the New Economy, onto the Stock Exchange of Thailand as one of the key performance indicators, or KPIs, for three agencies: the Board of Investment, or BOI; the Securities and Exchange Commission, or SEC; and the Stock Exchange of Thailand, through the BOI to IPO project, in order to assess proactive performance beyond their normal mandates. The measure aims to draw foreign capital and operators across the supply chain from upstream to downstream, including advanced electronic components such as PCB and optical transceivers, modern vehicles, smart agriculture, global pet food, and the wellness sector, to raise funds on the Thai stock market. The BOI board meeting on September 11, 2026 approved additional incentive measures, or on-top incentives, for companies that receive investment promotion and list on the stock exchange. New Economy businesses receive an additional three years of corporate income tax exemption beyond the normal criteria, or the option of an additional 50% corporate income tax reduction for five years. General businesses receive an additional two years of corporate income tax exemption, or the option of an additional 50% corporate income tax reduction for three years. From 2023 to June 2026, there were investment promotion applications totaling more than 5 trillion baht in target industries such as semiconductors, PCB, the AI supply chain, digital, clean energy, robotics, and aircraft parts. In the first half of this year, actual investment of more than 500 billion baht already flowed into the economy, and in 2026 alone, four leading Japanese automakers, Isuzu, Mazda, Mitsubishi Motors and Honda, announced additional investments in Thailand worth a combined total of more than 50 billion baht. Asadej Kongsiri, director and manager of the Stock Exchange of Thailand, said the project will create four areas of mutual benefit, or four big wins, covering the business sector, investors, the capital market and the overall economy. The SEC has approved new revised criteria to let target companies enter the fundraising process faster by shortening the track record requirement. Meanwhile, the CMDF fund provides support in the form of a matching fund, subsidizing expenses and fees for IPOs at 7 million baht per company. At the same time, the three agencies agreed to set up a joint task force, with the support framework of the project between the stock exchange and the CMDF set at a total of five years, ending in 2031.

Tisco Securities has upgraded its investment weighting for the electronics sector to Overweight from Neutral, citing better-than-expected data center CAPEX spending in 2026, stronger second-half trends across all companies, and the sector's underperformance of 33% relative to the market in the recent period, which it believes has already priced in much of the market's remaining concerns. The research team raised its recommendation on DELTA to Buy with a fair value of 282 baht, after the market has already absorbed negative factors. Although raw material shortages, uncertainty over royalty fees, and the recent bond issuance by parent company Delta Taiwan remain pressures in the second half, the 37% decline in the share price is believed to have already reflected downside risks. Meanwhile, HANA was upgraded to Buy with its fair value raised to 61.50 baht, reflecting greater confidence after HANA passed all qualification requirements from end customers to generate AI revenue in the third quarter of 2026, with new HDI PCB expected to be a significant revenue driver in 2027. KCE retains its Hold rating with a fair value adjusted to 60.25 baht, as the share price has fully reflected its prospects, with humanoid robots and capacity expansion being the clearest supporting factors for 2028.

Narit Therdsteerasukdi, Secretary-General of the Board of Investment, said the BOI has laid out a five-point strategy to accelerate development and capture innovation-driven investment that will create leapfrog growth as a New S-Curve. The five areas are: high-skilled personnel, such as data center engineers, photonic engineers and aviation engineers; new supply chains, such as electronic circuit boards and semiconductors; clean energy; expanding free trade agreements with new countries; and ease of doing business through improved government regulations. Narit said competition to attract investment in the future will not rely on tax incentives alone, but will focus mainly on speed, certainty and sustainability, which Thailand must use as its selling point to draw high-tech investors. He said the government aims to push Thailand to become a supply chain leader and to build a complete New Economy ecosystem for the data center, AI, automotive and clean energy industries. The BOI cited Thailand's strengths in attracting investment, including high-standard infrastructure and industrial estates, high-skilled personnel, strong production chains, a domestic market of 70 million people and an ASEAN market of more than 600 million, more than 17 free trade agreements covering 24 countries, digital infrastructure, clean energy with Utility Green Tariff and Direct PPA mechanisms, and competitive production costs.

Technology component stocks led by KCE and HANA rose more than 2%. At 10:55 a.m., KCE stood at 67.25 baht, up 1.50 baht or 2.28%, with trading value of 764.19 million baht, while HANA stood at 49.50 baht, up 1.00 baht or 2.06%, with trading value of 677.56 million baht. This followed an analysis note from KGI Securities (Thailand) stating that KCE has an opportunity to expand into the printed circuit board, or PCB, business for humanoid robots, after KCE informed the Stock Exchange of Thailand on September 11, 2026, that it is in negotiations to buy and sell products with a company in the United States, which KGI believes could be Tesla, and the product could be PCBs for the Tesla Optimus robot. Tesla aims to scale up robot production from about 10,000 units initially to 1 million units per year, and eventually to 10 million units in the long term. KGI preliminarily estimates that revenue from this project could account for roughly 0.3% to 1.3% of KCE's total revenue, under the assumption of production of 1 million robots using PCBs worth 150 to 200 US dollars per unit and KCE holding an order share of about 1% to 3%. It has therefore not yet included revenue from this project in its forecasts. It also raised its core business profit forecasts for 2026-2027 by 6% to 25%, recommended "Hold" on KCE, and raised its end-2027 target price to 62 baht from 48 baht, based on a PER of 40 times. Meanwhile, HANA is expected to benefit indirectly from the upgrading of the AI server supply chain through three key businesses: thermal solutions for HBM and GPU through a partnership with Phononic, high-density PCBA testing equipment, and SiC solid-state transformers. KGI raised its profit forecasts for HANA by 6% to 11%, maintained its "Buy" recommendation, and raised its end-2027 target price to 63 baht from 45 baht, based on a PER of 40 times, expecting normal operating profit in 2027 to grow 44%.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

TTM Technologies is ramping up its N+M technology family, having already delivered tens of millions of dollars of N+M products and expecting approximately $600 million of N+M business in the second half of 2026, with about one-third of that opportunity in the third quarter and two-thirds in the fourth quarter. The opportunity is supported by strong Data Center and Networking demand, where second-quarter sales surged 91% year over year as customers expanded AI data-center infrastructure, and TTM Technologies expects the end market to account for 49% of third-quarter sales as N+M enters volume production. N+M yields are running better than expected, and further yield improvements as production scales should support margin expansion in the third and fourth quarters. The Zacks Consensus Estimate projects revenue growth of 50.88% year over year in 2026, with earnings per share projected at $4.82 for 2026 and $6.90 for 2027, representing year-over-year growth of 95.9% and 43.2%, respectively. TTM Technologies faces competition in advanced electronics from Amphenol Corporation, which is strengthening its position through Wilder Technologies, and from Sanmina Corporation, which is expanding high-technology PCB capabilities for AI and aerospace-and-defense products.

Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.

Bualuang Securities has raised its target price for KCE Electronics to 70 baht from 60 baht, maintaining a speculative buy recommendation. It estimates core profit for 2026–2027 at 1.44 billion baht, up 78% year on year, and 2.07 billion baht, up 44% year on year, respectively. The research team says the stock's next upside round depends on two factors that are not yet fully confirmed. The first is the chance to enter the supply chain of Tesla Optimus. KCE has not confirmed Tesla as a customer, only that there are potential transactions with a US company. It estimates that one robot uses about 40–50 PCB panels, or roughly 4 square feet, worth about US$90 per unit. If Fremont reaches its designed capacity of 1 million units a year and KCE wins a 10% share, that would generate revenue of about US$9 million, or roughly 2% of sales, and add about 5% to core profit. The second factor is AI/datacom work, which is the larger upside. KCE has installed capacity of 3.6 million square feet per month and is using only about 65%, leaving roughly 1.26 million square feet per month of spare capacity, plus space at the Rojana plant for another 1 million square feet per month. However, KCE is not yet ready to produce high-end AI circuit boards such as UBB/OAM or 800G/1.6T. A more likely starting point is 6–14 layer work for power systems, control and accessories, before moving up to network products of up to 400G after customer certification. If KCE shifts 50% of its spare capacity in 2027 to these higher-value jobs, the research team estimates upside of about 10–15% for revenue and 15–20% for core profit, with yield, process know-how and customer certification the deciding factors. In a bull case where KCE does enter AI/datacom work, the value is 85 baht.

Bualuang Securities says the current picture still supports continued foreign capital inflows into the Thai stock market over the next 3 months, driven by the accelerating global technology and manufacturing cycle, along with upward revisions to Thai market earnings. Historical data from 2016 to 2026 shows that when the 6 main factors are simultaneously above their averages, foreign capital inflows over the following 3 months were positive in 89% of cases, with a median inflow of about 34 billion baht. Currently all 6 factors are above their averages, and 4 of the 6 are more than +0.5SD. The main impetus comes from South Korean exports, which stand at +2.00SD after export figures for May to July 2026 grew 52.9%, 70.4% and 63.0% year on year respectively. Meanwhile, the US manufacturing index rose from 52.6 in January to 55.6 in July. The revision to SET earnings estimates over the past 3 months swung from -7.3% at the start of the year to +12.7% now, or +1.43SD, consistent with foreign investors' net buying of Thai stocks of about 58 billion baht year to date and 38 billion baht over the past 3 months. The base case estimates inflows of about 24.6 billion baht over the next 3 months, while the soft patch case still yields positive foreign inflows of about 10.3 billion baht. On strategy, it recommends accumulating KCE on expected third-quarter 2026 PCB delivery volumes rising quarter on quarter and price increases from 1 July, which support average selling prices by about 9-10% and give PCB revenue a chance to rise 17-19% quarter on quarter. It also picks PTT and PTTGC to benefit from commodity prices that remain at high levels.

Kiatnakin Phatra Securities, part of the Kiatnakin Phatra Financial Group, analyses that accelerating global AI investment will bring a new wave of FDI into Thailand, particularly in semiconductors, printed circuit boards, or PCBs, and advanced electronics. It estimates that Thailand's major industrial estate developers, WHA and AMATA, will see land sales rise by roughly 2,500 rai per year and 2,000 rai per year respectively. Although upstream technologies such as chip design and manufacturing remain concentrated overseas, Thailand is playing a growing role in the semiconductor supply chain for AI, especially in downstream manufacturing, the assembly and processing of advanced technology. Supapong Iamkongek, an analyst at Kiatnakin Phatra Securities, said global investment in AI will not stop at software or chips but is spreading to areas where Thailand has a cost advantage, namely infrastructure and downstream industries. If Thailand can fully attract this new wave of FDI into advanced production chains, it will not only boost the profits of listed companies but also raise the competitiveness of Thai industry on the world stage.

Bualuang Securities issued an analysis of KCE Electronics Public Company Limited, or KCE, noting reports that KCE is in the process of limited-volume printed circuit board production to test systems and the actual production line before beginning mass production, or pilot production, of PCB Optimus. If confirmed, this would open new upside for KCE. Meanwhile, Tesla is installing the first-generation Optimus production line at Fremont to prepare for production to begin in 2026, with that line designed for a long-term robot capacity of 1 million units per year. The second-generation line at Giga Texas is designed for long-term capacity of up to 10 million units per year. Bualuang research assumes one humanoid has about 40 to 50 PCB boards, with an average area of about 80 square centimeters per board, or 0.09 square feet. Compared with KCE, which currently has an average selling price of about US$14 per square foot and HDI at about US$18 per square foot, the research assumes a humanoid PCB ASP of US$22 per square foot, a premium of about 20% over current Auto HDI, which is still below selected AI and datacom PCB at around US$60 to US$100 or more per square foot. Based on these assumptions, one humanoid would have an addressable PCB value of about US$80 to US$95, or roughly US$90 per robot. Based on the Fremont designed capacity of 1 million robots per year, that equals a PCB opportunity of about US$90 million per year. If KCE can capture 10% of that content, it would generate additional revenue of about US$9 million per year, using only about 1% of KCE's production capacity, or about 2% of current revenue. At a gross margin of 25%, the research house estimates incremental profit of about 5% and sees that the potential of humanoids offers much more room to grow, which would also lead to a re-rating of its PER. Based on a 2027 PER of 40 times, that implies a price of about 70 baht. This afternoon, KCE informed the Stock Exchange of Thailand that, following some social media reports about the possibility of trading goods with a company in the United States, the company wishes to clarify that it is in the process of operations but has not reached any conclusion, and asks the public, investors, and related parties to consider information from the company's official channels and verifiable information. KCE shares in the afternoon were at 66.25 baht, up 7.75 baht, or 13.25%, with heavy trading value of 5.30211 billion baht.

Fujikura shares rose 8% to ¥5,493 on September 9, recovering more than 10% from the September 3 low of ¥4,951. In the first quarter of fiscal year ending March 2027, the company reported sales of ¥402 billion, operating profit of ¥104.8 billion, ordinary profit of ¥111.5 billion, and net profit attributable to parent shareholders of ¥80.4 billion. The full-year forecast issued at the same time calls for sales of ¥1.755 trillion, operating profit of ¥432 billion, and net profit of ¥326 billion, representing a 128.9% increase in operating profit and a 107.4% increase in net profit from the previous year. This is more than double the initial plan of ¥211 billion in operating profit, which the company says reflects actual results rather than conservative assumptions. By segment, the information and communication business accounted for sales of ¥264.4 billion and operating profit of ¥98 billion, representing over 90% of total operating profit, with an operating margin of 37.1%. The stock's valuation is at a PER of 27.9 times and a PBR of 14.95 times, suggesting that the market is effectively pricing in the growth potential of the information and communication segment.

Benchuan Intelligent announced on the evening of September 8 that it plans to invest in an industrialization project in Lishui Economic Development Zone, Nanjing, for the annual production of 1.5 million square meters of AI computing high-multilayer and high-order HDI circuit boards, with a total planned investment of about 2 billion yuan and expected completion within five years. Meanwhile, its wholly owned subsidiary Zhuhai Shuohong Circuit Board Co., Ltd. plans to use no more than 1 billion yuan to invest in the Zhuhai Shuohong Phase II multilayer high-end interconnect products South China intelligent manufacturing base project. The announcement shows that after reaching full production, the Nanjing project is expected to generate annual output value of 2 billion yuan and annual tax revenue of no less than 60 million yuan, with agreed year-on-year increases in output value and tax increments. The company said the investment amount and construction period are preliminary estimates, and the project still requires shareholder review and multiple approvals, so uncertainty remains. Benchuan Intelligent is a national-level specialized and sophisticated 'little giant' enterprise. In the first half of 2026, its revenue was 611 million yuan, up 61 percent year on year, and net profit was 42.702 million yuan, up 98 percent year on year.

UOB Kay Hian (Thailand) has upgraded its recommendation on DELTA to 'Buy' while maintaining a target price of 300 baht, expecting second-half earnings to recover on the back of a strong semiconductor cycle in 2026-2027. It has selected KCE and DELTA as top picks. DELTA's second-half profit is expected at 17.3 billion baht, up 15% from the first half, with gross margin improving to 29.4% from 26.8% in Q2/2026. Meanwhile, KCE retains a 'Buy' recommendation with a raised target price of 65 baht, expecting second-half profit of 1.08 billion baht, growing 112% from the first half, supported by higher PCB prices. As for HANA, it maintains a 'Buy' recommendation with a target price of 54 baht, expecting core second-half profit of 300-320 million baht per quarter and a profit growth rate of 37% CAGR during 2026-2028.

KCE shares surged to lead the market at 59.75 baht, up 2.75 baht or 4.82%, after Finansia Syrus Securities upgraded its recommendation to "Buy" and raised its 2027 target price to 61 baht. The broker sees the company benefiting from the upcycle in printed circuit boards (PCB) and price increases to offset higher raw material costs, especially fiberglass, which rose 50-60% QoQ, and copper foil, up 7-8% QoQ, due to tight supply and demand from AI businesses. It expects fiberglass prices to remain high through 2027. Management targets PCB revenue growth of 17-19% QoQ in Q3 2026, driven by a 9-10% increase in selling prices and 8-9% volume growth. It also expects gross margin to improve to 25.0% from 18.9% in the previous quarter, with plans for a second price hike of 10% in Q4 2026. The broker has raised its 2026-2027 earnings estimates by 20-70% to 1.53 billion baht and 2.42 billion baht, respectively, and expects Q3 2026 profit of 485 million baht, up 75.7% QoQ and 63.1% YoY.

The government has revealed that in the first half of 2026, actual investment under BOI promotion reached 535.8 billion baht, up 27% from the same period last year. In particular, the second quarter saw actual investment of over 250 billion baht. This investment has created more than 630,000 jobs for Thai people, with over 60% in advanced electronics, automotive, digital, automation, and robotics industries. Of this, investment in AI-related and advanced electronics businesses exceeded 127 billion baht, covering optical signal transmission equipment, electronic circuit boards, high-capacity hard disk drives, AI servers, and digital infrastructure. The Deputy Spokesperson of the Prime Minister's Office stated that these figures represent actual investment, not just promotion applications. BOI will drive three key approaches: developing the smart electronics industry ecosystem, upgrading the manufacturing sector with digital technology, automation, and clean energy, and linking investment with human resource development, Thai entrepreneurs, technology transfer, and research and development. It will also push Thai entrepreneurs into the supply chains of the semiconductor, smart electronics, AI, and future automotive industries.

Shengyi Electronics announced on the evening of August 28 that it plans to have its wholly owned subsidiary Ji'an Shengyi Electronics invest in the construction of a high-speed interconnect circuit board manufacturing project called Core Computing Intelligent Connectivity. The total investment is approximately 2.257 billion yuan, of which new investment is about 2.158 billion yuan. The products are positioned as HDI printed circuit boards for AI servers, automotive electronics, and other fields, with a designed capacity of 445,900 square meters per year. In the first half of the year, the company's revenue was 5.784 billion yuan, up 53.46 percent year on year, and net profit attributable to the parent company was 1.111 billion yuan, up 109.36 percent year on year. Gross margin rose to 34.31 percent, a new high since listing. As of the close on August 28, Shengyi Electronics traded at 131.2 yuan per share, with a total market value of about 109.9 billion yuan, and had risen nearly 40 percent during the year. The company noted that project funding will come from its own and self-raised funds, while cash and cash equivalents at the end of the period were only 407 million yuan, and the asset-liability ratio rose to 53.76 percent, creating funding pressure. In the industry, according to CPCA statistics, in the first half of 2026 there were 76 new investment projects in China's PCB industry, with a total investment of about 169.1 billion yuan. Leading manufacturers such as Victory Giant Technology, Avary Holding, and Wus Printed Circuit have all expanded capacity significantly, but the new capacity is expected to be released mainly from the second half of 2026 to 2028, posing a risk of oversupply.

The Thai government is pushing forward with the development of the photonics industry, or optical chips, to support the growth of AI and data centers. Ms. Ratchada Thanadirek, spokesperson for the Prime Minister's Office, revealed that from 2021 to June 2026, 79 projects have applied for BOI promotion, with a total value exceeding 82.7 billion baht, covering the production of optical fiber, optical communication equipment, and high-speed optical transceivers. The government aims to increase the country's total investment share from 23-24% to 30% of GDP to drive Thailand's economy to grow by 3%. Data from the Office of National Higher Education, Science, Research and Innovation Policy Council (NXPO) indicates that Thailand has the potential to build on its PCB and PCBA manufacturing base to produce high-value components. The government is also accelerating the development of human resources to support the semiconductor industry, targeting over 100,000 people within 5 years, while opening opportunities for SMEs to enter the supply chain.

On August 28, A-share CPO concept stocks opened lower and moved higher. Star-Net Ruijie, Hefei Metalforming Intelligent Manufacturing, and Qingshan Paper hit limit up, while Shenzhen Microgate Technology, Shengyi Electronics, Optowide Technologies, and Advanced Fiber Resources followed higher. On the news front, the Shanghai Municipal Science and Technology Commission released the 2026 application guidelines for the new-generation optical communications technology project under the Intelligent Computing Optical Network program. Approved projects will receive 40 percent of fiscal funding at launch, another 40 percent after completing milestone targets, and the final 20 percent after meeting all assessment indicators. Overseas, Nvidia reported second-quarter results for fiscal 2027, with revenue of 96.2 billion dollars, up 106 percent year on year, and data center revenue of 89 billion dollars. It also guided to a midpoint of 108 billion dollars in revenue for the third fiscal quarter and raised its fiscal 2028 revenue growth forecast to 70 percent. After the earnings release, Nvidia shares jumped 8.7 percent, giving it a market value of 5.49 trillion dollars, and more than ten investment banks including Morgan Stanley and Citigroup raised their price targets. On the technology side, Nvidia's Spectrum-X Ethernet photonic switching platform has entered full mass production, marking CPO's move into large-scale manufacturing. LightCounting forecasts that global Ethernet optical module sales will grow 73 percent year on year in 2026. Brokerage analysts believe the industry's prosperity has medium- to long-term support, with the four major overseas cloud providers guiding to capital expenditure of 720 billion to 745 billion dollars in 2026.

Saurer Intelligent Technology achieved operating revenue of 1.922 billion yuan in the first half of 2026, with losses narrowing year on year, as its fiberglass equipment business became a new growth engine. During the reporting period, the company's domestic sales revenue surged 78.7% year on year, and its technology division posted revenue of 460 million yuan, a sharp increase of 113.4% year on year, mainly driven by a surge in orders for fiberglass twisting machines amid expanding demand for fiberglass electronic fabric. The traditional spinning division recorded revenue of 1.46 billion yuan, roughly flat compared with the same period last year. Leveraging its deep expertise in fiberglass twisting technology, the company has successfully entered the upstream materials segment of the electronic information industry and continues to deepen its global footprint, reaching a contract renewal with a core Indian textile enterprise and deploying its self-developed smart spinning management software at a leading Vietnamese textile company. Looking ahead, sustained high prosperity in the computing power industry is expected to keep driving demand for electronic yarn and electronic fabric, and the company's technological moat in fiberglass equipment will continue to pay off, supporting its earnings recovery.

Zhaolong Interconnect released its 2026 interim report, showing first-half net profit attributable to the parent of 106 million yuan, up 18.1% year-on-year, and operating revenue of 1.22 billion yuan, up 25.6% year-on-year. Second-quarter operating revenue was 712 million yuan, up 36.0% year-on-year, while net profit attributable to the parent was 57.31 million yuan, up 0.5% year-on-year. The company said that as artificial intelligence and industrial digital transformation accelerate, demand for data center, industrial communications, and integrated cabling products has increased significantly, and orders for high-speed cables and connectivity products have grown rapidly. In terms of product mix optimization, sales revenue from Category 6A and above data cables rose 39.51% year-on-year, and sales revenue from specialty cables rose 67.98% year-on-year.

MegaChem (Thailand) Public Company Limited, or MGT, has set a target for total revenue in 2026 at approximately 1.4 billion baht, confident that the third quarter, which is the high season, will show outstanding growth. The Personal Care segment is expected to grow by 30% this year, while the Semiconductor and PCB segments benefit from the relocation of production bases to Thailand due to the trade conflict between the US and China. The company has adjusted its strategy to find new suppliers from the Pacific side to reduce risks from the conflict in the Middle East. Under the Jump+ strategy, the company focuses on Digital Transformation by fully adopting AI, with results expected to be clearly visible in 2027. In the second quarter of 2026, total revenue was 346 million baht, up 17.68%, and net profit was 45 million baht, up 55.17%. The board approved an interim dividend of 0.03 baht per share, payable on September 3.

Krungsri Securities Public Company Limited stated that the total net profit of the Electronics group in the second quarter of 2026 was 6.67 billion baht, up 38% year-on-year but down 29% quarter-on-quarter. The year-on-year increase was driven by improved profits across all companies in the group, especially HANA, whose profit surged 840%, and KCE, which rose 52%. Meanwhile, DELTA increased only 31% and declined 33% quarter-on-quarter due to raw material shortages. DELTA's profit is expected to recover in the third quarter of 2026, but not as strongly as the first quarter's 9 billion baht. In contrast, HANA and KCE are expected to see stepwise profit growth from a new upward earnings cycle. The group's profits are forecast to grow 45% and 41% in 2026 and 2027, respectively, with HANA growing 44% and KCE 50% in 2027, while DELTA's growth slows to 29% from 42% as hyperscalers like Amazon and Microsoft delay data center investments. The brokerage maintains a Reduce rating on DELTA with a target price of 244 baht, and recommends buying HANA and KCE, with KCE as the top pick due to its upstream position and better raw material cost control.

Sanmina repurchased no shares in its June quarter, leaving about $600 million of board authorization unused, and the cash is instead funding an AI-driven expansion. The company's stock has fallen 26.5% over the past three months and trades about 32% below its 52-week high, despite being up 65.5% over the past twelve months. Over the last three years, Sanmina shrank its share count by about 2.4% a year on average, which widened the gap between EPS growth of 4.4% and net income growth of 2.6%. However, the share count has fallen just 0.5% over the past year, as the company prioritizes spending on metal fabrication for AI system racks, high-technology PCBs, and a new medium-voltage transformer business. Revenue reached $3.46 billion in fiscal Q3 2026, up 69.7% year over year, but free cash flow dropped to $23.6 million from $342 million in the prior quarter due to working capital investment. Management expects the pressure to continue, with the next-generation accelerated compute program set to contribute revenue in fiscal Q1 2027, and the 8% non-GAAP operating margin must hold above the long-term 6% to 7% range. Trailing free cash flow still covers shareholder payouts about 2.5 times, and net debt is near 0.5 times EBITDA, so the buyback pause is a preference, not a limit.

The Board of Investment (BOI) opened THECA 2026, highlighting four strategies to drive Thailand's electronics industry. These include promoting high-potential industries, preparing for investment readiness, creating opportunities for Thai entrepreneurs, and building an electronics ecosystem that connects PCB, semiconductors, advanced packaging, and smart electronics. The BOI is also accelerating workforce development and linking Thai entrepreneurs to the global supply chain. Over the past four years, electronics investment in Thailand has surpassed 1 trillion baht. THECA 2026, held from August 26-28, 2026, at BITEC Bangkok, brings together over 300 exhibitors, with expected trade value exceeding 20 billion baht and more than 7,000 visitors. Highlights include the BOI Forum on Edge AI and Future Mobility, the BOI Local Supply Chain Pavilion, and the Workforce Pavilion. BOI Secretary-General Narit Therdsteerasukdi stated that from 2023 to June 2026, the PCB and components industry has generated over 331 billion baht in investment from 224 projects, accounting for about one-third of the total electronics investment, which has grown rapidly to a cumulative value exceeding 1 trillion baht. This reflects global investor confidence and reinforces Thailand's role as a regional hub for this industry.

SCB EIC, the economic and business research center, stated that the AI supercycle is not yet over, but the next phase of growth faces higher risks, particularly the risk of an AI bubble. Meanwhile, investment by US hyperscalers is expected to grow at an average of 48% per year, reaching around $1 trillion by 2027. However, AI is entering a transition phase towards revenue generation, and Middle East conflicts could increase energy and raw material costs in the semiconductor supply chain. AI growth is extending the global electronics industry cycle, but benefits are concentrated in AI-related sectors, with exports of AI goods in HS categories 84 and 85 accelerating to 35.6% and 11.5% per year, while general goods have slowed, reflecting a K-shaped recovery. Taiwan still dominates advanced chips with a 90% global share, while China is constrained by trade barriers. ASEAN is emerging as a new production base, with Malaysia's IC exports growing 13% per year, followed by Vietnam at 9%, Singapore at 8%, and Thailand at 8%. Thailand's computer exports are valued at $22.6 billion in 2025. SCB EIC recommends Thailand upgrade to higher value-added segments such as PCBs, advanced components, and data center equipment, while accelerating R&D and developing infrastructure and a skilled workforce to seize opportunities in the AI supply chain.

Shennan Circuits released its 2026 semi-annual report, achieving operating revenue of 15.296 billion yuan, up 46.33% year on year, and net profit attributable to shareholders of the listed company of 2.251 billion yuan, up 65.55% year on year. The company said that in the first half it seized growth opportunities brought by increased investment in AI computing infrastructure and related product iteration and upgrades, and promoted order growth and product structure optimization by strengthening process capability building and accelerating the introduction of new customers and key projects. The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserve into share capital. According to the announcement, the company's second-quarter net profit was 1.401 billion yuan, higher than the midpoint of the previously forecast range of 1.25 billion to 1.45 billion yuan, up 64% quarter on quarter.

Tianjin Printronics released its 2026 semi-annual report, with first-half revenue of 944 million yuan, up 43.47% year on year, and net profit attributable to shareholders of the listed company of 44.3615 million yuan, up 560.06% year on year. The company said AI power-related business demand grew strongly in the first half, while production capacity at its South China base was gradually released. Based on calculations, second-quarter net profit was 33 million yuan, up 182% quarter on quarter, versus a previously guided range of 24 million to 40 million yuan.

Tianjin Printronics has released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of 943.88 million yuan, up 43.47% year on year. Net profit attributable to shareholders of the listed company was 44.36 million yuan, up 560.06% year on year. Gross margin rose 6.15 percentage points to 19.27%. The company seized structural prosperity opportunities in the PCB industry, with full order books and notable results from expansion across multiple sectors. Revenue from its South China base grew 69.8%, while capacity at its Zhuhai base increased 120% from the start of the year to 110,000 square meters per month. Facing rising raw material prices, the company significantly improved gross margin through internal cost reduction and price pass-through. Looking ahead to the second half, the company expects AI power demand to remain highly prosperous and has already begun planning and construction of its C line, adding 35,000 square meters per month of new capacity to build momentum for future growth.

Fujikura's share price closed on August 25 at 5,292 yen, up 5.5% from the previous trading day. Of the consolidated operating profit of 188.7 billion yen for the fiscal year ending March 2026, the information and communications business segment accounted for 152.7 billion yen, or 80%, and its share of sales reached 55.2%. The segment's operating margin was 23.4%, helped by growing demand for data centers. Over the past month, the stock has risen more than 60% from a low of 3,720 yen to a high of 6,078 yen, with a price-to-book ratio of 14.4 times and return on equity of 32.5%, far exceeding the average for the nonferrous metals sector.

Wus Printed Circuit disclosed its 2026 interim report, with net profit attributable to shareholders of the listed company reaching 2.923 billion yuan in the first half, up 73.72% year on year. Operating revenue for the same period was 13.689 billion yuan, up 61.17% year on year, and basic earnings per share were 1.5191 yuan. During the reporting period, the PCB business achieved operating revenue of about 12.994 billion yuan, up about 59.39% year on year. Among this, PCB products with 32 or more layers surged about 190.83% year on year, and the PCB business gross margin rose to about 40.52%, an increase of about 4.06 percentage points year on year. Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets in the first half was about 3.602 billion yuan, a sharp increase of about 159.46% year on year.

The consumer electronics sector moved sharply higher in intraday trading on August 25, led by the foldable phone theme. Jierong Technology hit its daily limit up in a straight line, Hengmingda sealed limit up, and Xingxing Technology and Lvliang Technology rose more than 10%. On the news front, Apple is expected to hold a special autumn event on September 9, launching only three high-end models: the iPhone 18 Pro, iPhone 18 Pro Max, and its first foldable iPhone, while the standard iPhone 18 will be delayed until spring 2027. Analysts at Rothschild & Co. expect Apple's push into the ultra-high-end foldable phone segment could lift the iPhone average selling price by 11% before June 2027, with iPhone Ultra foldable phone sales reaching 14 million units in fiscal 2027. National Bureau of Statistics data show that from January to July 2026, retail sales of wearable smart devices by enterprises above designated size more than doubled year on year, while retail sales of communication equipment rose 15.1%. Furi Electronics' 2026 interim report shows first-half revenue of 7.923 billion yuan, up 48.57% year on year, with net profit attributable to the parent of 83.3497 million yuan, up 277.41% year on year. A research note from CITIC Securities points out that in the third quarter of 2026, the quarter-on-quarter increase in consumer-grade storage contract prices will narrow significantly, and shipments of traditional hardware such as phones and PCs are expected to bottom out and recover in the second half of 2026, making targets with high exposure to the Apple supply chain and premium Android business worth close attention.