KCE Electronics Public Company LimitedKCE
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KCE Electronics Public Company LimitedTheme Impact 1
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CGS International Securities (Thailand) Co., Ltd.Private± Mixed
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Bualuang keeps TRADING BUY on KCE with 70 baht target, sees further price hikes through 2027
Bualuang Securities says a new angle for KCE shares is the possibility that the selling price increase cycle could extend into 2027, even though the market has already priced in the July increase and another in the fourth quarter of 2026. The key driver is not direct demand for AI circuit boards, but the cost of standard E-glass, the upstream raw material for CCL, which continues to rise after producers gradually shifted capacity to higher-grade materials for AI that offer better returns. Morgan Stanley's price index for standard E-glass fiber rose from 1.0 times in September 2025 to 3.7 times in August 2026 and 4.1 times in September 2026, while KCE's fiberglass purchase price rose from 0.49 US dollars per meter in the second quarter of 2025 to 0.74 US dollars per meter in the second quarter of 2026, an increase of 51% year on year, which is still much smaller than the rise in upstream raw material prices, leaving a risk that cost pressure will feed through further. The research team has not yet included a third price increase in 2027 in its base-case estimates, because the general-grade CCL market is not yet entirely in shortage. It keeps its assumptions for the July and fourth-quarter 2026 price increases, maintains its TRADING BUY rating with a 70 baht target price, and views any additional price increase in 2027 as upside rather than part of the base case. Core profit is expected at 1.44 billion baht in 2026, up 78% year on year, 2.07 billion baht in 2027, up 43.9%, and 2.30 billion baht in 2028, up 11.1%.
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Vöhringer plans 214 million yuan acquisition of 51% stake in Kress to enter PCB equipment
After market close on September 18, Vöhringer announced plans to acquire a 51% stake in Nanjing Kress Automation Technology Co., Ltd. for approximately 214 million yuan in cash, entering the PCB lamination automation equipment sector. According to the announcement, the company intends to purchase 30.60% and 20.40% stakes in Kress from Qin Zaocai and Yang Zhenyu respectively, for 128.5 million yuan and 85.68 million yuan, funded by internal resources with installment payments. Upon completion, Kress will become a controlled subsidiary of the listed company. Kress reported revenue of 53.8746 million yuan and 44.949 million yuan for 2025 and the first half of 2026, with net profit of 5.0922 million yuan and 9.721 million yuan respectively. The counterparties commit that Kress's non-GAAP net profit attributable to the parent from 2026 to 2029 will be no less than 40 million yuan, 45 million yuan, 50 million yuan and 50 million yuan respectively. Vöhringer's main business is wood flooring and whole-home custom furnishings. In the first half of 2026, revenue was approximately 96.2976 million yuan, down 30.42% year-on-year, with a net loss attributable to the parent of approximately 37.0864 million yuan. The announcement cautioned that the company has no operating experience or talent reserves in PCB-specific equipment, and the transaction is expected to create goodwill of approximately 200 million yuan, which may exceed 20% of net assets.
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Finance Ministry sets KPIs to measure BOI, SEC and SET, pushing New Economy businesses onto the Thai stock market
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.