KGI recommends holding KCE with a 62 baht target, buying HANA with a 63 baht target

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โดย thunhoon.com·THUS·Read original
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KGI Securities issued an analysis of KCE and HANA shares, seeing positive factors supporting both. For KCE, the research team noted that the company informed the Stock Exchange of Thailand on September 11, 2026 that it is negotiating to buy and sell products with a company in the United States, but no conclusion has been reached. It believes the US company is Tesla and the product under negotiation is PCBs for humanoid robots, or Tesla Optimus, for which Tesla has set a production capacity target of 1 million units per year, rising to 10 million units in the long term. The research team expects revenue from this project could be 0.3% to 1.3% of KCE's total revenue, under assumptions of production of 1 million units, PCB content of 150 to 200 US dollars per unit, and a KCE share of 1% to 3%, so this project has not yet been included in estimates. It also expects KCE's core business profit in the third quarter of 2026 to increase significantly both year on year and quarter on quarter, driven by a 10% selling price increase from July 1, 2026. It recommends holding KCE shares and has raised the end-2027 target price to 62.00 baht. For HANA, the research team expects indirect benefits from the adoption of AI after receiving orders related to cooling solutions, data transmission applications, and solid-state transformers. It expects core business profit in the third and fourth quarters of this year to grow strongly both year on year and quarter on quarter on the back of several drivers, including the start of a project with Phononic and a smaller share of losses from PMS. The research team raised its profit forecast by 6% to 11% and maintained its buy recommendation on HANA shares with an end-2027 target price of 63 baht.

Impact on stocks 3

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Robotics & Physical AI▲ · 1 stocks

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Off-coverage companies 1

PhononicPrivate▲ Positive
Demandrelevance

HANA's profit growth is partly driven by the start of a project with Phononic.

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