Buy Or Sell Opportunity • Apr 27
Now 26% overvalued after recent price rise Over 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. Aankondiging • Apr 23
Kce Electronics Public Company Limited Approves Cash Dividend for Second Half of the Year 2025, Payable May 8 2026 KCE 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 20
Price target increased by 11% to ฿22.26 Up 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 10
Investor 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 09
Price target increased by 7.6% to ฿20.03 Up 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 12
Final dividend of ฿0.60 announced Dividend 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. Valuation Update With 7 Day Price Move • Mar 04
Investor 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 14
Full year 2025 earnings: EPS and revenues miss analyst expectations Full 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 12
Consensus 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 12
New minor risk - Share price stability The 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 07
Now 26% overvalued after recent price rise Over 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 14
New minor risk - Profit margin trend The 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 14
Price target increased by 13% to ฿20.17 Up 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 30
Now 27% overvalued after recent price rise Over 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 29
Investor 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 09
New minor risk - Share price stability The 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 02
Investor 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 25
Price target decreased by 7.0% to ฿17.28 Down 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 20
Now 21% undervalued after recent price drop Over 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 10
Price target decreased by 8.5% to ฿17.76 Down 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 21
Price target decreased by 8.7% to ฿18.59 Down 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 20
Consensus 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 20
Investor 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 16
Price target decreased by 7.5% to ฿18.84 Down 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 14
First 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 06
Now 22% undervalued after recent price drop Over 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. Aankondiging • Apr 24
KCE Electronics Public Company Limited Approves Dividend for the Second Half of the Year 2024, Payable on May 9, 2025 KCE 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 21
Now 23% undervalued after recent price drop Over 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 04
Now 23% undervalued after recent price drop Over 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. Aankondiging • Apr 03
KCE 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 13
Final dividend reduced to ฿0.60 Dividend 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. Buy Or Sell Opportunity • Mar 07
Now 23% overvalued Over 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 27
Price target decreased by 8.5% to ฿25.51 Down 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 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full 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. Aankondiging • Jan 22
KCE 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 25
Investor 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 19
New minor risk - Share price stability The 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 19
Consensus 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 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third 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 13
Price target decreased by 8.5% to ฿40.42 Down 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 12
Investor 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 15
First half dividend of ฿0.60 announced Shareholders 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 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second 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 05
Price target increased by 7.2% to ฿49.52 Up 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 15
First 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. Aankondiging • Apr 19
KCE Electronics Public Company Limited Approves Dividend for the Second Half of 2023, Payable on May 10, 2024 KCE 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 18
Upcoming dividend of ฿0.70 per share Eligible 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 14
Final dividend increased to ฿0.70 Dividend 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. Aankondiging • Mar 14
KCE Electronics Public Company Limited Proposes Remaining Dividend Payment for the Fiscal Year 2024, Payable on May 10, 2024 the 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. Aankondiging • Mar 13
KCE Electronics Public Company Limited, Annual General Meeting, Apr 18, 2024 KCE 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 20
Consensus 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 16
Price target decreased by 10% to ฿49.38 Down 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 14
Full year 2023 earnings: EPS and revenues miss analyst expectations Full 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. Aankondiging • Dec 13
Kce Electronics Public Company Limited Approves the Appointment of Sant Senadisai as Independent Director KCE 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 26
New minor risk - Share price stability The 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 15
Upcoming dividend of ฿0.60 per share at 2.6% yield Eligible 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 10
Price target increased by 8.4% to ฿41.38 Up 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. Aankondiging • Aug 09
KCE Electronics Public Company Limited Declares Dividend for the Operating Period from 01 January 2023 to 30 June 2023, Payable on 12 September 2023 KCE 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 09
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second 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. Aankondiging • Jul 12
KCE Electronics Public Company Limited Appoints Sant Senadisai as Director KCE 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. Aankondiging • Jun 27
KCE 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 Member KCE 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 15
Price target decreased by 9.7% to ฿43.88 Down 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 15
Consensus 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 13
Upcoming dividend of ฿0.60 per share at 3.3% yield Eligible 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 10
Full year 2022 earnings: EPS and revenues miss analyst expectations Full 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 02
Investor 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. Aankondiging • Jan 05
KCE Electronics Public Company Limited(SET:KCE) dropped from SET 50 Index KCE Electronics Public Company Limited removed from SET 50 Index Price Target Changed • Nov 16
Price target decreased to ฿45.89 Down 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 16
Less than half of directors are independent There 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 12
Price target decreased to ฿47.44 Down 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 09
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third 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 12
Price target decreased to ฿57.41 Down 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 03
Price target decreased to ฿64.16 Down 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 02
Now 20% undervalued after recent price drop Over 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 16
Consensus forecasts updated The 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 15
Upcoming dividend of ฿1.00 per share Eligible 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 11
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second 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 04
Now 23% undervalued after recent price drop Over 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 13
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First 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 27
Less than half of directors are independent There 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 07
Price target decreased to ฿76.33 Down 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 14
Upcoming dividend of ฿1.00 per share Eligible 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 07
Now 21% undervalued after recent price drop Over 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 15
Consensus 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 10
Price target decreased to ฿90.44 Down 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 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full 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 10
Third 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 16
Upcoming dividend of ฿0.60 per share Eligible 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 13
Price target increased to ฿86.58 Up 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 11
Second 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 04
Price target increased to ฿75.25 Up 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 12
Price target increased to ฿67.69 Up 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.