Kasikorn Securities stated that KCE reported second-quarter 2569 net profit of 276 million baht, up 52% year-on-year and 18% quarter-on-quarter, 16% above estimates, due to better-than-expected revenue and gross margin, as well as a foreign exchange gain of 34 million baht. Management expects third-quarter 2569 PCB sales in US dollar terms to rise 17–19% quarter-on-quarter and gross margin to be around 25%, with a possible second round of average selling price increases in early fourth quarter to offset higher raw material costs. CCL prices continue to rise in 2569 amid tight fiberglass supply and high copper foil prices, and KCE is expected to raise PCB average selling prices by another 10% in early fourth quarter. The company announced an interim dividend for the first half of 2569 of 0.6 baht per share, representing a payout ratio of 140% and a yield of 1.3%, with the XD date set for 24 August and dividend payment on 9 September. Kasikorn Securities maintained a buy recommendation and raised its target price from 45 baht to 60 baht, reflecting higher earnings estimates and an increase in the PER multiple from 33 times to 36 times.
KCE Electronics Public Company LimitedQ2 profit beat estimates, target price raised to 60 baht, and interim dividend announced.
