JPMorgan Chase & CoJPM
± MixedCapitalrelevance
JPMorgan backed Victory Giant's $2.6B Hong Kong AI listing as a participating bank, but fees/allocation undisclosed and its shares fell 3.8%.
Impact on assets 2
Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & CoOthers▲ · 1 stocks
Victory Giant Technology Huizhou Co Ltd300476
± MixedCapitalrelevance
Victory Giant raised ~$2.6B in a Hong Kong AI-linked share sale, but its shares fell about 3.8% to $338.65.
Theme Impact 2
Off-coverage companies 1
J.P. Morgan Securities LLCPrivate± Mixed
Capitalrelevance
J.P. Morgan Securities is listed among the banks participating in Victory Giant's $2.6B offering, with fees undisclosed.
Related news
▲
BLS raises mid-2027 SET target to 1,710 points, highlights TDF dividend-stock strategy
Bualuang Securities, or BLS, says Thai listed-company earnings are recovering well and has raised its SET target range for mid-2027 to 1,650 points in the base case, with the best case lifted to 1,710 points, citing the CROSS ASSET STRATEGY report from BLS Wealth Research dated September 2026. Second-quarter 2026 results for Thai listed companies also sent positive signals, with overall profit growing both year on year and quarter on quarter and mostly beating analyst expectations. Core net profit in the third quarter is expected to keep expanding strongly year on year, supported by cyclicals and energy on a steadier improvement in Singapore GRM refining margins, by electronic components and PCB makers benefiting from global data center and AI infrastructure demand, and by the tourism recovery reflected in RevPar revenue. The Private Fund Auto Investing team at Bualuang Securities recommends a Defensive Value approach focused on high-dividend stocks with a consistent payout history and strong cash flow, using a rule-based automatic portfolio system to rebalance weights every month. The Thai Dividend Focus strategy, or TDF, selects quality dividend stocks from the SETHD index whose price performance stands out from the market, spreading investment across an average of 10 to 15 companies. Over roughly the past year, the TDF portfolio delivered a total return of as much as 39.60%, according to BLS Private Fund Auto Investing data for the period from August 21, 2025 to August 31, 2026. Investors interested can invest through the Wealth Connex app under the Auto Investing menu, Thai Dividend Focus (TDF) section, where a promotion cuts the minimum investment to 500,000 baht from 1 million baht through December 31, 2026.
Brokers recommend trading individual electronics stocks, highlighting DELTA and SMT as key beneficiaries of AI tailwinds
Analysts recommend an investment strategy of trading individual electronics stocks around earnings cycles, highlighting DELTA and SMT as standout plays benefiting from AI and data center technology. Nattapon Kamthakrua, Assistant Managing Director of the Investment Analysis Department at Yuan Ta Securities (Thailand) Company Limited, told Than Hoon that the electronics sector is a group with outstanding profit growth in the Thai stock market, with all five companies under coverage having forward orders spanning roughly one to two production cycles, and he expects the group's third-quarter 2026 results to grow continuously both quarter-on-quarter and year-on-year. DELTA stands out in cooling systems and power-related components, while KCE is expanding into humanoid technology and HANA is focusing on solid state cooling technology for data centers. SMT stands out for its ample remaining production capacity and its chance to swing back to profit after a loss in 2025. However, the P/E of electronics stocks is higher than the SET average of about 15 to 16 times, with DELTA trading at roughly 60 times 2027 earnings, KCE at about 50 times, and SMT at around 19 times. The analysts therefore recommend speculative buying of DELTA, KCE, CCET, and HANA, and a buy on SMT. Meanwhile, Sureeporn Teewasuwet, Assistant Managing Director of the Securities Analysis Department at Finansia Syrus Securities Public Company Limited, told Than Hoon that demand from the AI and data center groups has come in very strong, pushing prices of components, chips, memory, and PCBs higher, and this is expected to benefit the operating results of the three electronics companies under coverage from the third quarter of 2026 through the first half of 2027. DELTA is expected to begin recovering in the third quarter of 2026 both quarter-on-quarter and year-on-year, with a chance of setting a new record high in the fourth quarter of 2026, with a target price of 290 baht. KCE is expected to benefit from a roughly 10% increase in printed circuit board selling prices, fully recognized for a full quarter, with a target price of 61 baht, while HANA has a target price of 53 baht. She also warned investors to watch the risk of more new supply entering the market in the second half of 2027, which if it balances with demand would pressure prices of components, chips, memory, and PCBs downward and drag the electronics group's operating results into a correction in 2028 before returning to a normal growth cycle in 2029.
▲
Electronics Stocks HANA DELTA KCE CCET Surge on Trump's AI Force Initiative
Electronics sector stocks rose after U.S. President Donald Trump announced plans to establish an AI Force and appoint a new AI Czar to oversee and support U.S. AI development, reaffirming a pro-growth approach under which the government will not issue rules that obstruct industry growth and will use existing criminal and civil laws to handle cases of AI misuse. Trump views AI as the Next Industrial Revolution and estimates it could eventually reach as much as 25% of the U.S. economy. As of 10:07 a.m., HANA gained 4.19%, up 2.00 baht to 49.75 baht, with trading value of 391.47 million baht. DELTA gained 2.07%, up 5.00 baht to 246.00 baht, with trading value of 1.1237 billion baht. CCET gained 1.69%, up 0.15 baht to 9.00 baht, with trading value of 66.44 million baht. KCE gained 1.15%, up 0.75 baht to 65.75 baht, with trading value of 140.37 million baht. And SMT gained 0.88%, up 0.05 baht to 5.75 baht, with trading value of 10.60 million baht. Krungsri Securities said it holds a positive view on the AI Investment Cycle because it reflects a U.S. policy direction still focused on accelerating AI innovation and infrastructure investment rather than increasing regulatory burden, consistent with earlier policies that accelerated AI adoption, cybersecurity, and high-security computing infrastructure. The positive sentiment extends to the global AI supply chain and connects to Thai stocks in the DELTA, HANA, KCE, and CCET theme, as well as GULF/GPSC and the data center infrastructure group. For DELTA, the recommendation is Buy with a 2027 target price of 320 baht, after it passed the hedging period for bondholder status, combined with an AI CAPEX picture driving demand for AI-related products, supporting a rapid recovery in normal third-quarter 2026 profit, up 33% year on year and up 54% quarter on quarter, and set to reach a quarterly peak in the fourth quarter of 2026 forecast. Profit for 2027-2028 is expected to accelerate by 51.4% and 37.7%, with upside potential, while the stock has corrected about 35% from its recent peak. For HANA, the recommendation is Buy with a 2027 target price of 64.6 baht, after a positive surprise of no cash-strapped status last week, combined with support from an accelerating AI CAPEX cycle and China's economic stimulus focused on supporting smart devices, offering upside potential. Profit is expected to grow 23.7% in 2026 and 44% in 2027, while the stock trades at a 2027 forecast PER of 29.5 times and a low PEG of about 0.67 times.