View Future GrowthKCE Electronics 過去の業績過去 基準チェック /16KCE Electronicsの収益は年間平均-8.6%の割合で減少していますが、 Electronic業界の収益は年間 増加しています。収益は年間5.5% 0.6%割合で 増加しています。 KCE Electronicsの自己資本利益率は6.5%であり、純利益率は6.4%です。主要情報-8.59%収益成長率-8.66%EPS成長率Electronic 業界の成長18.10%収益成長率0.63%株主資本利益率6.51%ネット・マージン6.37%前回の決算情報31 Dec 2025最近の業績更新Reported Earnings • Feb 14Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: ฿0.70 (down from ฿1.40 in FY 2024). Revenue: ฿13.3b (down 10% from FY 2024). Net income: ฿832.7m (down 50% from FY 2024). Profit margin: 6.2% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year.Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.44 in 1Q 2024)First quarter 2025 results: EPS: ฿0.19 (down from ฿0.44 in 1Q 2024). Revenue: ฿3.43b (down 9.4% from 1Q 2024). Net income: ฿229.8m (down 55% from 1Q 2024). Profit margin: 6.7% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.Reported Earnings • Feb 25Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿1.39 (down from ฿1.46 in FY 2023). Revenue: ฿15.2b (down 6.9% from FY 2023). Net income: ฿1.65b (down 4.1% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings.Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.18 (down from ฿0.44 in 3Q 2023). Revenue: ฿3.85b (down 11% from 3Q 2023). Net income: ฿216.3m (down 58% from 3Q 2023). Profit margin: 5.6% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings.Reported Earnings • Aug 14Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: ฿0.54 (up from ฿0.32 in 2Q 2023). Revenue: ฿4.25b (up 8.9% from 2Q 2023). Net income: ฿635.1m (up 69% from 2Q 2023). Profit margin: 15% (up from 9.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.29 in 1Q 2023)First quarter 2024 results: EPS: ฿0.44 (up from ฿0.29 in 1Q 2023). Revenue: ฿3.93b (down 2.5% from 1Q 2023). Net income: ฿515.4m (up 49% from 1Q 2023). Profit margin: 13% (up from 8.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.すべての更新を表示Recent updatesBuy Or Sell Opportunity • Apr 27Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 68% to ฿31.50. The fair value is estimated to be ฿25.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.お知らせ • Apr 23Kce Electronics Public Company Limited Approves Cash Dividend for Second Half of the Year 2025, Payable May 8 2026KCE Electronics Public Company Limited at its AGM held on April 22, 2026 approved dividend in respect of the year 2025 to the shareholders at the rate of THB 1.20 per share. In this connection, the Company has paid the interim dividend in respect of the first half of the year 2025 to the shareholders at the rate of THB 0.60 per share and such dividend was paid on September 10, 2025. The Company will pay the dividend for the second half of the year 2025 to the shareholders at the rate of THB 0.60 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 24, 2026 (Record Date) and the dividend shall be paid on May 8, 2026.Price Target Changed • Apr 20Price target increased by 11% to ฿22.26Up from ฿20.03, the current price target is an average from 9 analysts. New target price is 23% below last closing price of ฿28.75. Stock is up 72% over the past year. The company is forecast to post earnings per share of ฿0.85 for next year compared to ฿0.70 last year.Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improves as stock rises 20%After last week's 20% share price gain to ฿25.75, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿34.73 per share.Price Target Changed • Apr 09Price target increased by 7.6% to ฿20.03Up from ฿18.62, the current price target is an average from 9 analysts. New target price is 15% below last closing price of ฿23.50. Stock is up 47% over the past year. The company is forecast to post earnings per share of ฿0.87 for next year compared to ฿0.70 last year.Declared Dividend • Mar 12Final dividend of ฿0.60 announcedDividend of ฿0.60 is the same as last year. Ex-date: 23rd March 2026 Payment date: 8th May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (143% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 59% to bring the payout ratio under control. EPS is expected to grow by 38% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.お知らせ • Mar 11+ 1 more updateKCE Electronics Public Company Limited Proposes Cash Dividend for the Operating Period July 1, 2025 to December 31, 2025 on Common Shares, Payable May 8 2026KCE Electronics Public Company Limited Board of Directors has duly considered and resolved to propose the approval of a cash dividend payment for the operating results of the second half of 2025 at the rate of THB 0.60 per share (Sixty satang per share) for the Operating Period July 1, 2025 to December 31, 2025 on common shares. When combined with the interim dividend for the operating results of the first half of 2025 at the rate of THB 0.60 per share, the total dividend payment from the net profit for the year 2025 and retained earnings will amount to THB 1.20 per share (Sixty satang per share). The dividend will be paid to shareholders whose names appear on the Record Date, 24 March 2026, with the dividend payment scheduled for 8 May 2026. However, the entitlement to receive such dividend remains subject to approval by the Annual General Meeting of Shareholders. Ex-dividend date is 23 March 2026.Valuation Update With 7 Day Price Move • Mar 04Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿16.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿30.44 per share.Reported Earnings • Feb 14Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: ฿0.70 (down from ฿1.40 in FY 2024). Revenue: ฿13.3b (down 10% from FY 2024). Net income: ฿832.7m (down 50% from FY 2024). Profit margin: 6.2% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year.Major Estimate Revision • Feb 12Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿14.0b to ฿13.3b. EPS estimate also fell from ฿1.08 per share to ฿0.841 per share. Net income forecast to shrink 1.0% next year vs 8.5% growth forecast for Electronic industry in Thailand . Consensus price target down from ฿21.21 to ฿18.23. Share price was steady at ฿19.00 over the past week.New Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (143% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin).Buy Or Sell Opportunity • Oct 07Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 27% to ฿25.25. The fair value is estimated to be ฿20.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 68% in the next 2 years.New Risk • Aug 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (6.7% net profit margin).Price Target Changed • Aug 14Price target increased by 13% to ฿20.17Up from ฿17.87, the current price target is an average from 11 analysts. New target price is 23% below last closing price of ฿26.25. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.95 for next year compared to ฿1.39 last year.Buy Or Sell Opportunity • Jul 30Now 27% overvalued after recent price riseOver the last 90 days, the stock has risen 48% to ฿25.75. The fair value is estimated to be ฿20.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 7.9% in 2 years. Earnings are forecast to grow by 16% in the next 2 years.Valuation Update With 7 Day Price Move • Jul 29Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿24.10, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.28 per share.New Risk • Jul 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (104% payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change).Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿20.20, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.20 per share.Price Target Changed • Jun 25Price target decreased by 7.0% to ฿17.28Down from ฿18.59, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of ฿17.20. Stock is down 59% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.Buy Or Sell Opportunity • Jun 20Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 16% to ฿16.10. The fair value is estimated to be ฿20.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 19% in the next 2 years.Price Target Changed • Jun 10Price target decreased by 8.5% to ฿17.76Down from ฿19.40, the current price target is an average from 12 analysts. New target price is 8.9% above last closing price of ฿16.30. Stock is down 61% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.Price Target Changed • May 21Price target decreased by 8.7% to ฿18.59Down from ฿20.37, the current price target is an average from 12 analysts. New target price is 22% above last closing price of ฿15.30. Stock is down 63% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.Major Estimate Revision • May 20Consensus EPS estimates fall by 20%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿14.6b to ฿14.0b. EPS estimate also fell from ฿1.35 per share to ฿1.07 per share. Net income forecast to grow 0.3% next year vs 6.0% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿20.37 to ฿18.94. Share price fell 16% to ฿15.30 over the past week.Valuation Update With 7 Day Price Move • May 20Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿15.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.78 per share.Price Target Changed • May 16Price target decreased by 7.5% to ฿18.84Down from ฿20.37, the current price target is an average from 12 analysts. New target price is 16% above last closing price of ฿16.30. Stock is down 60% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.44 in 1Q 2024)First quarter 2025 results: EPS: ฿0.19 (down from ฿0.44 in 1Q 2024). Revenue: ฿3.43b (down 9.4% from 1Q 2024). Net income: ฿229.8m (down 55% from 1Q 2024). Profit margin: 6.7% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.Buy Or Sell Opportunity • May 06Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 16% to ฿16.90. The fair value is estimated to be ฿21.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period.お知らせ • Apr 24KCE Electronics Public Company Limited Approves Dividend for the Second Half of the Year 2024, Payable on May 9, 2025KCE Electronics Public Company Limited at its AGM held on April 22, 2025, approved the dividend payment for the second half of the year 2024 to the shareholders at the rate of THB 0.60 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 25, 2025 (Record Date) and the dividend shall be paid on May 9, 2025.Buy Or Sell Opportunity • Apr 21Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to ฿16.70. The fair value is estimated to be ฿21.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 8.3% per annum over the same time period.Buy Or Sell Opportunity • Apr 04Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 35% to ฿15.40. The fair value is estimated to be ฿20.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period.お知らせ • Apr 03KCE Electronics Public Company Limited (SET:KCE) completed the acquisition of Kce Printed Circuit Boards GmbH from existing shareholders.KCE Electronics Public Company Limited (SET:KCE) entered into an Share Purchase Agreement to acquire Kce Printed Circuit Boards GmbH from existing shareholders for €10.7 million on January 21, 2025. A cash consideration of €10.65 million will be paid by KCE Electronics Public Company Limited. As part of consideration, €10.65 million is paid towards common equity of Kce Printed Circuit Boards GmbH. The completion of the Investment in KCED is subject to condition precedents under the Share Purchase Agreement and the Investment in KCED will be complete on the date on which all parties have fully and completely complied with their completion obligations required under the said Share Purchase Agreement (Closing Date). The Company expects that the Investment in KCED will be completed by March 2025. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. KCE Electronics Public Company Limited (SET:KCE) completed the acquisition of Kce Printed Circuit Boards GmbH from existing shareholders on April 1, 2025. The sources of funds for acquisition is bank loan. All parties have duly fulfilled their respective obligations required to be completed on the closing date.Declared Dividend • Mar 13Final dividend reduced to ฿0.60Dividend of ฿0.60 is 14% lower than last year. Ex-date: 24th March 2025 Payment date: 9th May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 11+ 1 more updateKCE Electronics Public Company Limited, Annual General Meeting, Apr 22, 2025KCE Electronics Public Company Limited, Annual General Meeting, Apr 22, 2025, at 15:00 SE Asia Standard Time. Location: the ballroom, 3rd floor, the grand fourwings-, convention hotel, 333 srinakarin road, huamark, bangkapi, bangkok ThailandBuy Or Sell Opportunity • Mar 07Now 23% overvaluedOver the last 90 days, the stock has fallen 21% to ฿19.50. The fair value is estimated to be ฿15.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period.Price Target Changed • Feb 27Price target decreased by 8.5% to ฿25.51Down from ฿27.88, the current price target is an average from 12 analysts. New target price is 29% above last closing price of ฿19.70. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿1.44 for next year compared to ฿1.39 last year.Reported Earnings • Feb 25Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿1.39 (down from ฿1.46 in FY 2023). Revenue: ฿15.2b (down 6.9% from FY 2023). Net income: ฿1.65b (down 4.1% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings.お知らせ • Jan 22KCE Electronics Public Company Limited (SET:KCE) agreed to acquire Kce Printed Circuit Boards GmbH for €10.7 million.KCE Electronics Public Company Limited (SET:KCE) agreed to acquire Kce Printed Circuit Boards GmbH for €10.7 million on January 21, 2025. A cash consideration of €10.65 million will be paid by KCE Electronics Public Company Limited. As part of consideration, €10.65 million is paid towards common equity of Kce Printed Circuit Boards GmbH. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.Valuation Update With 7 Day Price Move • Dec 25Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿25.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.08 per share.New Risk • Dec 19New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change).Major Estimate Revision • Nov 19Consensus EPS estimates fall by 15%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿16.1b to ฿15.6b. EPS estimate also fell from ฿1.79 per share to ฿1.52 per share. Net income forecast to grow 9.4% next year vs 18% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿43.94 to ฿35.87. Share price fell 7.6% to ฿27.50 over the past week.Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.18 (down from ฿0.44 in 3Q 2023). Revenue: ฿3.85b (down 11% from 3Q 2023). Net income: ฿216.3m (down 58% from 3Q 2023). Profit margin: 5.6% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings.Price Target Changed • Nov 13Price target decreased by 8.5% to ฿40.42Down from ฿44.19, the current price target is an average from 12 analysts. New target price is 35% above last closing price of ฿30.00. Stock is down 43% over the past year. The company is forecast to post earnings per share of ฿1.73 for next year compared to ฿1.45 last year.Valuation Update With 7 Day Price Move • Nov 12Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿29.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Electronic industry in Thailand. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.07 per share.Declared Dividend • Aug 15First half dividend of ฿0.60 announcedShareholders will receive a dividend of ฿0.60. Ex-date: 26th August 2024 Payment date: 11th September 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 14Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: ฿0.54 (up from ฿0.32 in 2Q 2023). Revenue: ฿4.25b (up 8.9% from 2Q 2023). Net income: ฿635.1m (up 69% from 2Q 2023). Profit margin: 15% (up from 9.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings.Price Target Changed • Jul 05Price target increased by 7.2% to ฿49.52Up from ฿46.20, the current price target is an average from 11 analysts. New target price is 7.7% above last closing price of ฿46.00. Stock is up 26% over the past year. The company is forecast to post earnings per share of ฿1.86 for next year compared to ฿1.45 last year.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.29 in 1Q 2023)First quarter 2024 results: EPS: ฿0.44 (up from ฿0.29 in 1Q 2023). Revenue: ฿3.93b (down 2.5% from 1Q 2023). Net income: ฿515.4m (up 49% from 1Q 2023). Profit margin: 13% (up from 8.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.お知らせ • Apr 19KCE Electronics Public Company Limited Approves Dividend for the Second Half of 2023, Payable on May 10, 2024KCE Electronics Public Company Limited at its AGM, held on April 18, 2024, approved to pay the dividend for the second half of the year 2023 to the shareholders at the rate of THB 0.70 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 26, 2024 (Record Date) and the dividend shall be paid on May 10, 2024.Upcoming Dividend • Mar 18Upcoming dividend of ฿0.70 per shareEligible shareholders must have bought the stock before 25 March 2024. Payment date: 10 May 2024. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (1.2%).Declared Dividend • Mar 14Final dividend increased to ฿0.70Dividend of ฿0.70 is 17% higher than last year. Ex-date: 25th March 2024 Payment date: 10th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Mar 14KCE Electronics Public Company Limited Proposes Remaining Dividend Payment for the Fiscal Year 2024, Payable on May 10, 2024the Board of Directors of KCE Electronics Public Company Limited approved A resolution to propose a dividend payment for the Company's operating results of 2024 at a rate of THB 1.30 per share to be considered and approved by the AGM to be held on April 18, 2024. The Company already paid an interim dividend of THB 0.60 per share on September 7, 2023 and therefore the remaining dividend payment of THB 0.70 per share would be made on May 10, 2024. However, the right to receive a dividend remains uncertain unless it is approved by Shareholders at the 2024 AGM.お知らせ • Mar 13KCE Electronics Public Company Limited, Annual General Meeting, Apr 18, 2024KCE Electronics Public Company Limited, Annual General Meeting, Apr 18, 2024, at 15:00 SE Asia Standard Time. Location: Ballroom, 3rd floor, the Grand Fourwings Convention Hotel, 333 Srinakarin Road Huamark, Bangkapi Bangkok Bangkok Thailand Agenda: To consider the Minutes of the Annual General Meeting of Shareholders for the year 2023; to consider the results of the Company’s operations for year 2023; to consider and approve the Company and its subsidiaries’ financial statements for the year ended December 31, 2023; and to consider other matters.Major Estimate Revision • Feb 20Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿18.4b to ฿17.4b. EPS estimate also fell from ฿2.00 per share to ฿1.76 per share. Net income forecast to grow 21% next year vs 9.8% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿55.13 to ฿47.29. Share price fell 11% to ฿40.25 over the past week.Price Target Changed • Feb 16Price target decreased by 10% to ฿49.38Down from ฿55.13, the current price target is an average from 12 analysts. New target price is 20% above last closing price of ฿41.25. Stock is down 10% over the past year. The company is forecast to post earnings per share of ฿1.78 for next year compared to ฿1.45 last year.Reported Earnings • Feb 14Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: ฿1.45 (down from ฿1.96 in FY 2022). Revenue: ฿16.7b (down 9.6% from FY 2022). Net income: ฿1.72b (down 26% from FY 2022). Profit margin: 10% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.お知らせ • Dec 13Kce Electronics Public Company Limited Approves the Appointment of Sant Senadisai as Independent DirectorKCE Electronics Public Company Limited informed that the Board of directors Meeting No.12/2023, held on 12nd December 2023 passed the resolution to appointment Mr. Sant Senadisai to be Independent Director of the Company. The appointment is effective from 12nd December 2023 onwards.New Risk • Oct 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change).Upcoming Dividend • Aug 15Upcoming dividend of ฿0.60 per share at 2.6% yieldEligible shareholders must have bought the stock before 21 August 2023. Payment date: 07 September 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (0.8%).Price Target Changed • Aug 10Price target increased by 8.4% to ฿41.38Up from ฿38.18, the current price target is an average from 12 analysts. New target price is 11% below last closing price of ฿46.50. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.48 for next year compared to ฿1.96 last year.お知らせ • Aug 09KCE Electronics Public Company Limited Declares Dividend for the Operating Period from 01 January 2023 to 30 June 2023, Payable on 12 September 2023KCE Electronics Public Company Limited declared dividend of THB 0.60 per share Operating period from 01-January-2023 to 30-June-2023. Ex-dividend date: 21-August-2023, Payment date: 12-September-2023.Reported Earnings • Aug 09Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: ฿0.32 (down from ฿0.48 in 2Q 2022). Revenue: ฿4.00b (down 14% from 2Q 2022). Net income: ฿376.2m (down 34% from 2Q 2022). Profit margin: 9.4% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 12KCE Electronics Public Company Limited Appoints Sant Senadisai as DirectorKCE Electronics Public Company Limited (the "Company"), is pleased to inform that the Board of directors Meeting No.7/2023, held on July 11, 2023 passed the resolution to appoint Mr. Sant Senadisai to be Directorto replace Panja Senadisai, Ph.D, who passed away. The term is equal to the remaining term of Panja Senadisai, Ph.D. The appointment is effective from July 11, 2023 onwards.お知らせ • Jun 27KCE Electronics Public Company Limited Announces the Demise of Panja Senadisai, Vice Chairman of the Board of Directors, Nomination and Remuneration Committee Member, Enterprise Risk Policy Committee MemberKCE Electronics Public Company Limited informed that Panja Senadisai, Ph.D Vice Chairman of the Board of Directors, Nomination and Remuneration Committee Member, Enterprise Risk Policy Committee Member has passed away on June 26, 2023.Price Target Changed • May 15Price target decreased by 9.7% to ฿43.88Down from ฿48.59, the current price target is an average from 11 analysts. New target price is 18% above last closing price of ฿37.25. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.79 for next year compared to ฿1.96 last year.Major Estimate Revision • May 15Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿19.1b to ฿18.0b. EPS estimate also fell from ฿2.05 per share to ฿1.79 per share. Net income forecast to shrink 10% next year vs 11% growth forecast for Electronic industry in Thailand . Consensus price target down from ฿48.59 to ฿45.88. Share price fell 8.0% to ฿37.25 over the past week.Upcoming Dividend • Mar 13Upcoming dividend of ฿0.60 per share at 3.3% yieldEligible shareholders must have bought the stock before 20 March 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (0.8%).Reported Earnings • Feb 10Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: ฿1.96 (down from ฿2.06 in FY 2021). Revenue: ฿18.8b (up 26% from FY 2021). Net income: ฿2.32b (down 4.5% from FY 2021). Profit margin: 12% (down from 16% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Feb 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿56.75, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Electronic industry in Thailand. Total returns to shareholders of 191% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿39.36 per share.お知らせ • Jan 05KCE Electronics Public Company Limited(SET:KCE) dropped from SET 50 IndexKCE Electronics Public Company Limited removed from SET 50 IndexPrice Target Changed • Nov 16Price target decreased to ฿45.89Down from ฿52.94, the current price target is an average from 9 analysts. New target price is 6.3% below last closing price of ฿49.00. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿2.12 for next year compared to ฿2.06 last year.Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sutee Mokkhavesa was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Price Target Changed • Nov 12Price target decreased to ฿47.44Down from ฿52.94, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ฿46.75. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.12 for next year compared to ฿2.06 last year.Reported Earnings • Nov 09Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: ฿0.55 (up from ฿0.51 in 3Q 2021). Revenue: ฿4.73b (up 25% from 3Q 2021). Net income: ฿655.2m (up 8.5% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 42% per year.Price Target Changed • Oct 12Price target decreased to ฿57.41Down from ฿64.16, the current price target is an average from 8 analysts. New target price is 43% above last closing price of ฿40.25. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.14 for next year compared to ฿2.06 last year.Price Target Changed • Sep 03Price target decreased to ฿64.16Down from ฿70.72, the current price target is an average from 8 analysts. New target price is 25% above last closing price of ฿51.25. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿2.29 for next year compared to ฿2.06 last year.Buying Opportunity • Sep 02Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 22%. The fair value is estimated to be ฿64.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 40% in the next 2 years.Major Estimate Revision • Aug 16Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿18.1b to ฿18.9b. EPS estimate fell from ฿2.47 to ฿2.20 per share. Net income forecast to grow 15% next year vs 24% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿70.72 to ฿65.78. Share price fell 7.2% to ฿58.00 over the past week.Upcoming Dividend • Aug 15Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 22 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 96% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.1%).Reported Earnings • Aug 11Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: ฿0.48 (down from ฿0.52 in 2Q 2021). Revenue: ฿4.74b (up 34% from 2Q 2021). Net income: ฿571.9m (down 7.4% from 2Q 2021). Profit margin: 12% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 15%, compared to a 81% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth.Buying Opportunity • Jul 04Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 15%. The fair value is estimated to be ฿72.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 48% in the next 2 years.Reported Earnings • May 13First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beatFirst quarter 2022 results: EPS: ฿0.50 (up from ฿0.43 in 1Q 2021). Revenue: ฿4.65b (up 36% from 1Q 2021). Net income: ฿589.8m (up 17% from 1Q 2021). Profit margin: 13% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 102% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth.Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sutee Mokkhavesa was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Price Target Changed • Apr 07Price target decreased to ฿76.33Down from ฿83.44, the current price target is an average from 9 analysts. New target price is 21% above last closing price of ฿63.25. Stock is up 4.1% over the past year. The company is forecast to post earnings per share of ฿2.52 for next year compared to ฿2.06 last year.Upcoming Dividend • Mar 14Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 21 March 2022. Payment date: 09 May 2022. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.5%).Buying Opportunity • Mar 07Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 39%. The fair value is estimated to be ฿70.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10% per annum over the last 3 years.Major Estimate Revision • Feb 15Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿18.0b to ฿17.4b. EPS estimate also fell from ฿2.83 per share to ฿2.52 per share. Net income forecast to grow 23% next year vs 41% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿105 to ฿83.44. Share price fell 16% to ฿61.75 over the past week.Price Target Changed • Feb 10Price target decreased to ฿90.44Down from ฿105, the current price target is an average from 8 analysts. New target price is 46% above last closing price of ฿62.00. Stock is up 9.7% over the past year. The company is forecast to post earnings per share of ฿2.62 for next year compared to ฿2.06 last year.Reported Earnings • Feb 09Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿2.06 (up from ฿0.96 in FY 2020). Revenue: ฿15.3b (up 33% from FY 2020). Net income: ฿2.43b (up 115% from FY 2020). Profit margin: 16% (up from 9.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 17%, compared to a 85% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Nov 10Third quarter 2021 earnings released: EPS ฿0.51 (vs ฿0.21 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.82b (up 40% from 3Q 2020). Net income: ฿604.1m (up 142% from 3Q 2020). Profit margin: 16% (up from 9.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings.Upcoming Dividend • Aug 16Upcoming dividend of ฿0.60 per shareEligible shareholders must have bought the stock before 23 August 2021. Payment date: 08 September 2021. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.1%).Price Target Changed • Aug 13Price target increased to ฿86.58Up from ฿76.81, the current price target is an average from 9 analysts. New target price is 8.2% above last closing price of ฿80.00. Stock is up 171% over the past year.Reported Earnings • Aug 11Second quarter 2021 earnings released: EPS ฿0.52 (vs ฿0.06 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿3.66b (up 72% from 2Q 2020). Net income: ฿617.8m (up ฿546.5m from 2Q 2020). Profit margin: 17% (up from 3.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings.Price Target Changed • Jul 04Price target increased to ฿75.25Up from ฿67.69, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿73.00. Stock is up 199% over the past year.Price Target Changed • Jun 12Price target increased to ฿67.69Up from ฿62.50, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿67.00. Stock is up 260% over the past year.収支内訳KCE Electronics の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史SET:KCE 収益、費用、利益 ( )THB Millions日付収益収益G+A経費研究開発費31 Dec 2513,0758331,717030 Sep 2513,2929911,701030 Jun 2513,6519101,675031 Mar 2514,3771,3631,795031 Dec 2414,8331,6481,807030 Sep 2415,6881,8451,835030 Jun 2416,2132,1481,846031 Mar 2416,0991,8891,716031 Dec 2316,3441,7201,774030 Sep 2316,8721,7411,821030 Jun 2317,1791,8771,886031 Mar 2317,9492,0731,960031 Dec 2218,4562,3171,988030 Sep 2218,0322,5181,923030 Jun 2217,1872,4671,795031 Mar 2216,0552,5131,763031 Dec 2114,9382,4261,656030 Sep 2114,1582,1061,643030 Jun 2113,0911,7521,557031 Mar 2111,6821,2051,421031 Dec 2011,5271,1271,449030 Sep 2011,0119981,433030 Jun 2011,3781,0031,546031 Mar 2012,2431,0911,640031 Dec 1912,0979341,613030 Sep 1912,4041,0381,643030 Jun 1913,0061,3431,685031 Mar 1913,6561,7421,741031 Dec 1813,9822,0151,804030 Sep 1814,1672,2571,773030 Jun 1814,0792,3101,795031 Mar 1814,0992,4241,808031 Dec 1714,1952,5451,785030 Sep 1713,9762,6371,757030 Jun 1713,8902,8101,709031 Mar 1713,8052,9501,678031 Dec 1613,7973,0391,658030 Sep 1613,8413,0141,678030 Jun 1613,6272,8021,646031 Mar 1613,0962,4801,563031 Dec 1512,4492,2401,484030 Sep 1511,9322,1551,471030 Jun 1511,6302,1931,5060質の高い収益: KCEは 高品質の収益 を持っています。利益率の向上: KCEの現在の純利益率 (6.4%)は、昨年(11.1%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: KCEの収益は過去 5 年間で年間8.6%減少しました。成長の加速: KCEは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: KCEは過去 1 年間で収益成長率がマイナス ( -49.5% ) となったため、 Electronic業界平均 ( 28.2% ) と比較することが困難です。株主資本利益率高いROE: KCEの 自己資本利益率 ( 6.5% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YTech 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/08 23:28終値2026/05/08 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋KCE Electronics Public Company Limited 9 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。23 アナリスト機関Anakepong PutthapibalAsia Plus Securities Company LimitedNapon JaisanBualuang Securities PCLPrasit SujiravorakulBualuang Securities PCL20 その他のアナリストを表示
Reported Earnings • Feb 14Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: ฿0.70 (down from ฿1.40 in FY 2024). Revenue: ฿13.3b (down 10% from FY 2024). Net income: ฿832.7m (down 50% from FY 2024). Profit margin: 6.2% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.44 in 1Q 2024)First quarter 2025 results: EPS: ฿0.19 (down from ฿0.44 in 1Q 2024). Revenue: ฿3.43b (down 9.4% from 1Q 2024). Net income: ฿229.8m (down 55% from 1Q 2024). Profit margin: 6.7% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Feb 25Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿1.39 (down from ฿1.46 in FY 2023). Revenue: ฿15.2b (down 6.9% from FY 2023). Net income: ฿1.65b (down 4.1% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.18 (down from ฿0.44 in 3Q 2023). Revenue: ฿3.85b (down 11% from 3Q 2023). Net income: ฿216.3m (down 58% from 3Q 2023). Profit margin: 5.6% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Aug 14Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: ฿0.54 (up from ฿0.32 in 2Q 2023). Revenue: ฿4.25b (up 8.9% from 2Q 2023). Net income: ฿635.1m (up 69% from 2Q 2023). Profit margin: 15% (up from 9.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.29 in 1Q 2023)First quarter 2024 results: EPS: ฿0.44 (up from ฿0.29 in 1Q 2023). Revenue: ฿3.93b (down 2.5% from 1Q 2023). Net income: ฿515.4m (up 49% from 1Q 2023). Profit margin: 13% (up from 8.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Apr 27Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 68% to ฿31.50. The fair value is estimated to be ฿25.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period.
お知らせ • Apr 23Kce Electronics Public Company Limited Approves Cash Dividend for Second Half of the Year 2025, Payable May 8 2026KCE Electronics Public Company Limited at its AGM held on April 22, 2026 approved dividend in respect of the year 2025 to the shareholders at the rate of THB 1.20 per share. In this connection, the Company has paid the interim dividend in respect of the first half of the year 2025 to the shareholders at the rate of THB 0.60 per share and such dividend was paid on September 10, 2025. The Company will pay the dividend for the second half of the year 2025 to the shareholders at the rate of THB 0.60 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 24, 2026 (Record Date) and the dividend shall be paid on May 8, 2026.
Price Target Changed • Apr 20Price target increased by 11% to ฿22.26Up from ฿20.03, the current price target is an average from 9 analysts. New target price is 23% below last closing price of ฿28.75. Stock is up 72% over the past year. The company is forecast to post earnings per share of ฿0.85 for next year compared to ฿0.70 last year.
Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improves as stock rises 20%After last week's 20% share price gain to ฿25.75, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿34.73 per share.
Price Target Changed • Apr 09Price target increased by 7.6% to ฿20.03Up from ฿18.62, the current price target is an average from 9 analysts. New target price is 15% below last closing price of ฿23.50. Stock is up 47% over the past year. The company is forecast to post earnings per share of ฿0.87 for next year compared to ฿0.70 last year.
Declared Dividend • Mar 12Final dividend of ฿0.60 announcedDividend of ฿0.60 is the same as last year. Ex-date: 23rd March 2026 Payment date: 8th May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (143% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 59% to bring the payout ratio under control. EPS is expected to grow by 38% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
お知らせ • Mar 11+ 1 more updateKCE Electronics Public Company Limited Proposes Cash Dividend for the Operating Period July 1, 2025 to December 31, 2025 on Common Shares, Payable May 8 2026KCE Electronics Public Company Limited Board of Directors has duly considered and resolved to propose the approval of a cash dividend payment for the operating results of the second half of 2025 at the rate of THB 0.60 per share (Sixty satang per share) for the Operating Period July 1, 2025 to December 31, 2025 on common shares. When combined with the interim dividend for the operating results of the first half of 2025 at the rate of THB 0.60 per share, the total dividend payment from the net profit for the year 2025 and retained earnings will amount to THB 1.20 per share (Sixty satang per share). The dividend will be paid to shareholders whose names appear on the Record Date, 24 March 2026, with the dividend payment scheduled for 8 May 2026. However, the entitlement to receive such dividend remains subject to approval by the Annual General Meeting of Shareholders. Ex-dividend date is 23 March 2026.
Valuation Update With 7 Day Price Move • Mar 04Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿16.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Electronic industry in Thailand. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿30.44 per share.
Reported Earnings • Feb 14Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: EPS: ฿0.70 (down from ฿1.40 in FY 2024). Revenue: ฿13.3b (down 10% from FY 2024). Net income: ฿832.7m (down 50% from FY 2024). Profit margin: 6.2% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year.
Major Estimate Revision • Feb 12Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿14.0b to ฿13.3b. EPS estimate also fell from ฿1.08 per share to ฿0.841 per share. Net income forecast to shrink 1.0% next year vs 8.5% growth forecast for Electronic industry in Thailand . Consensus price target down from ฿21.21 to ฿18.23. Share price was steady at ฿19.00 over the past week.
New Risk • Dec 12New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (143% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin).
Buy Or Sell Opportunity • Oct 07Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 27% to ฿25.25. The fair value is estimated to be ฿20.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 68% in the next 2 years.
New Risk • Aug 14New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (6.7% net profit margin).
Price Target Changed • Aug 14Price target increased by 13% to ฿20.17Up from ฿17.87, the current price target is an average from 11 analysts. New target price is 23% below last closing price of ฿26.25. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.95 for next year compared to ฿1.39 last year.
Buy Or Sell Opportunity • Jul 30Now 27% overvalued after recent price riseOver the last 90 days, the stock has risen 48% to ฿25.75. The fair value is estimated to be ฿20.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 7.9% in 2 years. Earnings are forecast to grow by 16% in the next 2 years.
Valuation Update With 7 Day Price Move • Jul 29Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿24.10, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.28 per share.
New Risk • Jul 09New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (104% payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change).
Valuation Update With 7 Day Price Move • Jul 02Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿20.20, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Electronic industry in Thailand. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.20 per share.
Price Target Changed • Jun 25Price target decreased by 7.0% to ฿17.28Down from ฿18.59, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of ฿17.20. Stock is down 59% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.
Buy Or Sell Opportunity • Jun 20Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 16% to ฿16.10. The fair value is estimated to be ฿20.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 19% in the next 2 years.
Price Target Changed • Jun 10Price target decreased by 8.5% to ฿17.76Down from ฿19.40, the current price target is an average from 12 analysts. New target price is 8.9% above last closing price of ฿16.30. Stock is down 61% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.
Price Target Changed • May 21Price target decreased by 8.7% to ฿18.59Down from ฿20.37, the current price target is an average from 12 analysts. New target price is 22% above last closing price of ฿15.30. Stock is down 63% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.
Major Estimate Revision • May 20Consensus EPS estimates fall by 20%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿14.6b to ฿14.0b. EPS estimate also fell from ฿1.35 per share to ฿1.07 per share. Net income forecast to grow 0.3% next year vs 6.0% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿20.37 to ฿18.94. Share price fell 16% to ฿15.30 over the past week.
Valuation Update With 7 Day Price Move • May 20Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿15.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿20.78 per share.
Price Target Changed • May 16Price target decreased by 7.5% to ฿18.84Down from ฿20.37, the current price target is an average from 12 analysts. New target price is 16% above last closing price of ฿16.30. Stock is down 60% over the past year. The company is forecast to post earnings per share of ฿1.06 for next year compared to ฿1.39 last year.
Reported Earnings • May 14First quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.44 in 1Q 2024)First quarter 2025 results: EPS: ฿0.19 (down from ฿0.44 in 1Q 2024). Revenue: ฿3.43b (down 9.4% from 1Q 2024). Net income: ฿229.8m (down 55% from 1Q 2024). Profit margin: 6.7% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.
Buy Or Sell Opportunity • May 06Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 16% to ฿16.90. The fair value is estimated to be ฿21.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period.
お知らせ • Apr 24KCE Electronics Public Company Limited Approves Dividend for the Second Half of the Year 2024, Payable on May 9, 2025KCE Electronics Public Company Limited at its AGM held on April 22, 2025, approved the dividend payment for the second half of the year 2024 to the shareholders at the rate of THB 0.60 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 25, 2025 (Record Date) and the dividend shall be paid on May 9, 2025.
Buy Or Sell Opportunity • Apr 21Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to ฿16.70. The fair value is estimated to be ฿21.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 8.3% per annum over the same time period.
Buy Or Sell Opportunity • Apr 04Now 23% undervalued after recent price dropOver the last 90 days, the stock has fallen 35% to ฿15.40. The fair value is estimated to be ฿20.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period.
お知らせ • Apr 03KCE Electronics Public Company Limited (SET:KCE) completed the acquisition of Kce Printed Circuit Boards GmbH from existing shareholders.KCE Electronics Public Company Limited (SET:KCE) entered into an Share Purchase Agreement to acquire Kce Printed Circuit Boards GmbH from existing shareholders for €10.7 million on January 21, 2025. A cash consideration of €10.65 million will be paid by KCE Electronics Public Company Limited. As part of consideration, €10.65 million is paid towards common equity of Kce Printed Circuit Boards GmbH. The completion of the Investment in KCED is subject to condition precedents under the Share Purchase Agreement and the Investment in KCED will be complete on the date on which all parties have fully and completely complied with their completion obligations required under the said Share Purchase Agreement (Closing Date). The Company expects that the Investment in KCED will be completed by March 2025. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. KCE Electronics Public Company Limited (SET:KCE) completed the acquisition of Kce Printed Circuit Boards GmbH from existing shareholders on April 1, 2025. The sources of funds for acquisition is bank loan. All parties have duly fulfilled their respective obligations required to be completed on the closing date.
Declared Dividend • Mar 13Final dividend reduced to ฿0.60Dividend of ฿0.60 is 14% lower than last year. Ex-date: 24th March 2025 Payment date: 9th May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 11+ 1 more updateKCE Electronics Public Company Limited, Annual General Meeting, Apr 22, 2025KCE Electronics Public Company Limited, Annual General Meeting, Apr 22, 2025, at 15:00 SE Asia Standard Time. Location: the ballroom, 3rd floor, the grand fourwings-, convention hotel, 333 srinakarin road, huamark, bangkapi, bangkok Thailand
Buy Or Sell Opportunity • Mar 07Now 23% overvaluedOver the last 90 days, the stock has fallen 21% to ฿19.50. The fair value is estimated to be ฿15.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period.
Price Target Changed • Feb 27Price target decreased by 8.5% to ฿25.51Down from ฿27.88, the current price target is an average from 12 analysts. New target price is 29% above last closing price of ฿19.70. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿1.44 for next year compared to ฿1.39 last year.
Reported Earnings • Feb 25Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿1.39 (down from ฿1.46 in FY 2023). Revenue: ฿15.2b (down 6.9% from FY 2023). Net income: ฿1.65b (down 4.1% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings.
お知らせ • Jan 22KCE Electronics Public Company Limited (SET:KCE) agreed to acquire Kce Printed Circuit Boards GmbH for €10.7 million.KCE Electronics Public Company Limited (SET:KCE) agreed to acquire Kce Printed Circuit Boards GmbH for €10.7 million on January 21, 2025. A cash consideration of €10.65 million will be paid by KCE Electronics Public Company Limited. As part of consideration, €10.65 million is paid towards common equity of Kce Printed Circuit Boards GmbH. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.
Valuation Update With 7 Day Price Move • Dec 25Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿25.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.08 per share.
New Risk • Dec 19New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change).
Major Estimate Revision • Nov 19Consensus EPS estimates fall by 15%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿16.1b to ฿15.6b. EPS estimate also fell from ฿1.79 per share to ฿1.52 per share. Net income forecast to grow 9.4% next year vs 18% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿43.94 to ฿35.87. Share price fell 7.6% to ฿27.50 over the past week.
Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.18 (down from ฿0.44 in 3Q 2023). Revenue: ฿3.85b (down 11% from 3Q 2023). Net income: ฿216.3m (down 58% from 3Q 2023). Profit margin: 5.6% (down from 12% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings.
Price Target Changed • Nov 13Price target decreased by 8.5% to ฿40.42Down from ฿44.19, the current price target is an average from 12 analysts. New target price is 35% above last closing price of ฿30.00. Stock is down 43% over the past year. The company is forecast to post earnings per share of ฿1.73 for next year compared to ฿1.45 last year.
Valuation Update With 7 Day Price Move • Nov 12Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿29.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Electronic industry in Thailand. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.07 per share.
Declared Dividend • Aug 15First half dividend of ฿0.60 announcedShareholders will receive a dividend of ฿0.60. Ex-date: 26th August 2024 Payment date: 11th September 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 14Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: ฿0.54 (up from ฿0.32 in 2Q 2023). Revenue: ฿4.25b (up 8.9% from 2Q 2023). Net income: ฿635.1m (up 69% from 2Q 2023). Profit margin: 15% (up from 9.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings.
Price Target Changed • Jul 05Price target increased by 7.2% to ฿49.52Up from ฿46.20, the current price target is an average from 11 analysts. New target price is 7.7% above last closing price of ฿46.00. Stock is up 26% over the past year. The company is forecast to post earnings per share of ฿1.86 for next year compared to ฿1.45 last year.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.29 in 1Q 2023)First quarter 2024 results: EPS: ฿0.44 (up from ฿0.29 in 1Q 2023). Revenue: ฿3.93b (down 2.5% from 1Q 2023). Net income: ฿515.4m (up 49% from 1Q 2023). Profit margin: 13% (up from 8.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
お知らせ • Apr 19KCE Electronics Public Company Limited Approves Dividend for the Second Half of 2023, Payable on May 10, 2024KCE Electronics Public Company Limited at its AGM, held on April 18, 2024, approved to pay the dividend for the second half of the year 2023 to the shareholders at the rate of THB 0.70 per share. In this regard, the names of the shareholders who are entitled to receive the dividend on March 26, 2024 (Record Date) and the dividend shall be paid on May 10, 2024.
Upcoming Dividend • Mar 18Upcoming dividend of ฿0.70 per shareEligible shareholders must have bought the stock before 25 March 2024. Payment date: 10 May 2024. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (1.2%).
Declared Dividend • Mar 14Final dividend increased to ฿0.70Dividend of ฿0.70 is 17% higher than last year. Ex-date: 25th March 2024 Payment date: 10th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 14KCE Electronics Public Company Limited Proposes Remaining Dividend Payment for the Fiscal Year 2024, Payable on May 10, 2024the Board of Directors of KCE Electronics Public Company Limited approved A resolution to propose a dividend payment for the Company's operating results of 2024 at a rate of THB 1.30 per share to be considered and approved by the AGM to be held on April 18, 2024. The Company already paid an interim dividend of THB 0.60 per share on September 7, 2023 and therefore the remaining dividend payment of THB 0.70 per share would be made on May 10, 2024. However, the right to receive a dividend remains uncertain unless it is approved by Shareholders at the 2024 AGM.
お知らせ • Mar 13KCE Electronics Public Company Limited, Annual General Meeting, Apr 18, 2024KCE Electronics Public Company Limited, Annual General Meeting, Apr 18, 2024, at 15:00 SE Asia Standard Time. Location: Ballroom, 3rd floor, the Grand Fourwings Convention Hotel, 333 Srinakarin Road Huamark, Bangkapi Bangkok Bangkok Thailand Agenda: To consider the Minutes of the Annual General Meeting of Shareholders for the year 2023; to consider the results of the Company’s operations for year 2023; to consider and approve the Company and its subsidiaries’ financial statements for the year ended December 31, 2023; and to consider other matters.
Major Estimate Revision • Feb 20Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿18.4b to ฿17.4b. EPS estimate also fell from ฿2.00 per share to ฿1.76 per share. Net income forecast to grow 21% next year vs 9.8% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿55.13 to ฿47.29. Share price fell 11% to ฿40.25 over the past week.
Price Target Changed • Feb 16Price target decreased by 10% to ฿49.38Down from ฿55.13, the current price target is an average from 12 analysts. New target price is 20% above last closing price of ฿41.25. Stock is down 10% over the past year. The company is forecast to post earnings per share of ฿1.78 for next year compared to ฿1.45 last year.
Reported Earnings • Feb 14Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: ฿1.45 (down from ฿1.96 in FY 2022). Revenue: ฿16.7b (down 9.6% from FY 2022). Net income: ฿1.72b (down 26% from FY 2022). Profit margin: 10% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.
お知らせ • Dec 13Kce Electronics Public Company Limited Approves the Appointment of Sant Senadisai as Independent DirectorKCE Electronics Public Company Limited informed that the Board of directors Meeting No.12/2023, held on 12nd December 2023 passed the resolution to appointment Mr. Sant Senadisai to be Independent Director of the Company. The appointment is effective from 12nd December 2023 onwards.
New Risk • Oct 26New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change).
Upcoming Dividend • Aug 15Upcoming dividend of ฿0.60 per share at 2.6% yieldEligible shareholders must have bought the stock before 21 August 2023. Payment date: 07 September 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (0.8%).
Price Target Changed • Aug 10Price target increased by 8.4% to ฿41.38Up from ฿38.18, the current price target is an average from 12 analysts. New target price is 11% below last closing price of ฿46.50. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.48 for next year compared to ฿1.96 last year.
お知らせ • Aug 09KCE Electronics Public Company Limited Declares Dividend for the Operating Period from 01 January 2023 to 30 June 2023, Payable on 12 September 2023KCE Electronics Public Company Limited declared dividend of THB 0.60 per share Operating period from 01-January-2023 to 30-June-2023. Ex-dividend date: 21-August-2023, Payment date: 12-September-2023.
Reported Earnings • Aug 09Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: ฿0.32 (down from ฿0.48 in 2Q 2022). Revenue: ฿4.00b (down 14% from 2Q 2022). Net income: ฿376.2m (down 34% from 2Q 2022). Profit margin: 9.4% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 3.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 12KCE Electronics Public Company Limited Appoints Sant Senadisai as DirectorKCE Electronics Public Company Limited (the "Company"), is pleased to inform that the Board of directors Meeting No.7/2023, held on July 11, 2023 passed the resolution to appoint Mr. Sant Senadisai to be Directorto replace Panja Senadisai, Ph.D, who passed away. The term is equal to the remaining term of Panja Senadisai, Ph.D. The appointment is effective from July 11, 2023 onwards.
お知らせ • Jun 27KCE Electronics Public Company Limited Announces the Demise of Panja Senadisai, Vice Chairman of the Board of Directors, Nomination and Remuneration Committee Member, Enterprise Risk Policy Committee MemberKCE Electronics Public Company Limited informed that Panja Senadisai, Ph.D Vice Chairman of the Board of Directors, Nomination and Remuneration Committee Member, Enterprise Risk Policy Committee Member has passed away on June 26, 2023.
Price Target Changed • May 15Price target decreased by 9.7% to ฿43.88Down from ฿48.59, the current price target is an average from 11 analysts. New target price is 18% above last closing price of ฿37.25. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.79 for next year compared to ฿1.96 last year.
Major Estimate Revision • May 15Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿19.1b to ฿18.0b. EPS estimate also fell from ฿2.05 per share to ฿1.79 per share. Net income forecast to shrink 10% next year vs 11% growth forecast for Electronic industry in Thailand . Consensus price target down from ฿48.59 to ฿45.88. Share price fell 8.0% to ฿37.25 over the past week.
Upcoming Dividend • Mar 13Upcoming dividend of ฿0.60 per share at 3.3% yieldEligible shareholders must have bought the stock before 20 March 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (0.8%).
Reported Earnings • Feb 10Full year 2022 earnings: EPS and revenues miss analyst expectationsFull year 2022 results: EPS: ฿1.96 (down from ฿2.06 in FY 2021). Revenue: ฿18.8b (up 26% from FY 2021). Net income: ฿2.32b (down 4.5% from FY 2021). Profit margin: 12% (down from 16% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Feb 02Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿56.75, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Electronic industry in Thailand. Total returns to shareholders of 191% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿39.36 per share.
お知らせ • Jan 05KCE Electronics Public Company Limited(SET:KCE) dropped from SET 50 IndexKCE Electronics Public Company Limited removed from SET 50 Index
Price Target Changed • Nov 16Price target decreased to ฿45.89Down from ฿52.94, the current price target is an average from 9 analysts. New target price is 6.3% below last closing price of ฿49.00. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿2.12 for next year compared to ฿2.06 last year.
Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sutee Mokkhavesa was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Price Target Changed • Nov 12Price target decreased to ฿47.44Down from ฿52.94, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ฿46.75. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.12 for next year compared to ฿2.06 last year.
Reported Earnings • Nov 09Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: ฿0.55 (up from ฿0.51 in 3Q 2021). Revenue: ฿4.73b (up 25% from 3Q 2021). Net income: ฿655.2m (up 8.5% from 3Q 2021). Profit margin: 14% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 42% per year.
Price Target Changed • Oct 12Price target decreased to ฿57.41Down from ฿64.16, the current price target is an average from 8 analysts. New target price is 43% above last closing price of ฿40.25. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.14 for next year compared to ฿2.06 last year.
Price Target Changed • Sep 03Price target decreased to ฿64.16Down from ฿70.72, the current price target is an average from 8 analysts. New target price is 25% above last closing price of ฿51.25. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿2.29 for next year compared to ฿2.06 last year.
Buying Opportunity • Sep 02Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 22%. The fair value is estimated to be ฿64.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 40% in the next 2 years.
Major Estimate Revision • Aug 16Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿18.1b to ฿18.9b. EPS estimate fell from ฿2.47 to ฿2.20 per share. Net income forecast to grow 15% next year vs 24% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿70.72 to ฿65.78. Share price fell 7.2% to ฿58.00 over the past week.
Upcoming Dividend • Aug 15Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 22 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 96% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.1%).
Reported Earnings • Aug 11Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: EPS: ฿0.48 (down from ฿0.52 in 2Q 2021). Revenue: ฿4.74b (up 34% from 2Q 2021). Net income: ฿571.9m (down 7.4% from 2Q 2021). Profit margin: 12% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 15%, compared to a 81% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth.
Buying Opportunity • Jul 04Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 15%. The fair value is estimated to be ฿72.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 48% in the next 2 years.
Reported Earnings • May 13First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beatFirst quarter 2022 results: EPS: ฿0.50 (up from ฿0.43 in 1Q 2021). Revenue: ฿4.65b (up 36% from 1Q 2021). Net income: ฿589.8m (up 17% from 1Q 2021). Profit margin: 13% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 102% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth.
Board Change • Apr 27Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sutee Mokkhavesa was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Price Target Changed • Apr 07Price target decreased to ฿76.33Down from ฿83.44, the current price target is an average from 9 analysts. New target price is 21% above last closing price of ฿63.25. Stock is up 4.1% over the past year. The company is forecast to post earnings per share of ฿2.52 for next year compared to ฿2.06 last year.
Upcoming Dividend • Mar 14Upcoming dividend of ฿1.00 per shareEligible shareholders must have bought the stock before 21 March 2022. Payment date: 09 May 2022. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.5%).
Buying Opportunity • Mar 07Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 39%. The fair value is estimated to be ฿70.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10% per annum over the last 3 years.
Major Estimate Revision • Feb 15Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿18.0b to ฿17.4b. EPS estimate also fell from ฿2.83 per share to ฿2.52 per share. Net income forecast to grow 23% next year vs 41% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿105 to ฿83.44. Share price fell 16% to ฿61.75 over the past week.
Price Target Changed • Feb 10Price target decreased to ฿90.44Down from ฿105, the current price target is an average from 8 analysts. New target price is 46% above last closing price of ฿62.00. Stock is up 9.7% over the past year. The company is forecast to post earnings per share of ฿2.62 for next year compared to ฿2.06 last year.
Reported Earnings • Feb 09Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿2.06 (up from ฿0.96 in FY 2020). Revenue: ฿15.3b (up 33% from FY 2020). Net income: ฿2.43b (up 115% from FY 2020). Profit margin: 16% (up from 9.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 17%, compared to a 85% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Nov 10Third quarter 2021 earnings released: EPS ฿0.51 (vs ฿0.21 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.82b (up 40% from 3Q 2020). Net income: ฿604.1m (up 142% from 3Q 2020). Profit margin: 16% (up from 9.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings.
Upcoming Dividend • Aug 16Upcoming dividend of ฿0.60 per shareEligible shareholders must have bought the stock before 23 August 2021. Payment date: 08 September 2021. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.1%).
Price Target Changed • Aug 13Price target increased to ฿86.58Up from ฿76.81, the current price target is an average from 9 analysts. New target price is 8.2% above last closing price of ฿80.00. Stock is up 171% over the past year.
Reported Earnings • Aug 11Second quarter 2021 earnings released: EPS ฿0.52 (vs ฿0.06 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿3.66b (up 72% from 2Q 2020). Net income: ฿617.8m (up ฿546.5m from 2Q 2020). Profit margin: 17% (up from 3.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings.
Price Target Changed • Jul 04Price target increased to ฿75.25Up from ฿67.69, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿73.00. Stock is up 199% over the past year.
Price Target Changed • Jun 12Price target increased to ฿67.69Up from ฿62.50, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿67.00. Stock is up 260% over the past year.