Bualuang Securities sees electronics group 2Q26 core profit down QoQ but 2H26 recovery trend

Earnings
โดย HoonVision·TH·Read original
Summary · why it matters

Bualuang Securities said combined core profit of four electronics stocks in the second quarter of 2026 was 6.8 billion baht, up 16% from a year earlier but down 32% from the previous quarter, with the decline driven mainly by Delta Electronics Thailand. Excluding Delta, combined core profit of the other three companies was 1.19 billion baht, up 58% from both a year earlier and the previous quarter. Cal-Comp Electronics Thailand posted the strongest core profit growth from a year earlier at 182%, while Hana Microelectronics showed the strongest recovery from the previous quarter at 169%. On gross margin, KCE Electronics was the only stock that expanded from both a year earlier and the previous quarter. Delta's gross margin rose 180 basis points from a year earlier but fell sharply by 490 basis points from the previous quarter. A key issue to monitor is working capital after all four companies accelerated inventory accumulation, up 12% from the previous quarter for KCE, 24% for Hana, 25% for Delta and 40% for Cal-Comp, due to tight component supply and higher memory and copper raw material prices. However, cash flow at Delta, KCE and Hana recovered, with Delta posting operating cash flow of 10.8 billion baht, KCE 507 million baht and Hana 439 million baht, while Cal-Comp posted negative operating cash flow of 2.9 billion baht despite the strongest profit growth in the group. For the third quarter of 2026, the trend is improving. Delta views the second-quarter issue as merely a delivery postponement, not disappearing demand, after supply constraints began to ease. It expects third-quarter revenue to grow 10-15% from the previous quarter and maintains a 30% gross margin target, with second-half core profit expected at around 22-23 billion baht, up 55% from a year earlier and 45% from the first half. KCE gave a more positive outlook, expecting third-quarter volume to rise 8-9%. Price increases effective from July 1 are seen lifting printed circuit board revenue by a combined 17-19%, with gross margin expected at around 25%. As a result, quarterly core profit in the second half is likely to approach 500 million baht, and there is a chance of raising the 2027 revenue assumption from the previous plus 15% to around plus 20%, which could push 2027 core profit above 2.0 billion baht. Bualuang Securities maintains a neutral view on the electronics group, with the second-half trend improving on Delta's recovery and accelerating momentum at KCE. Delta keeps a buy rating with a target price of 440 baht. Hana is rated hold with a target price of 46 baht. KCE keeps a trading buy rating, but its target price is under review.

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