DB:NVPA

Stock Analysis Report

KCE Electronics

Executive Summary

KCE Electronics Public Company Limited, together with its subsidiaries, manufactures and distributes electric printed circuit boards (PCBs) under the KCE trademark worldwide.


Snowflake Analysis

Flawless balance sheet average dividend payer.

Share Price & News

How has KCE Electronics's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NVPA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-2.7%

NVPA

1.6%

DE Electronic

-0.6%

DE Market


1 Year Return

-50.3%

NVPA

-28.3%

DE Electronic

-20.9%

DE Market

Return vs Industry: NVPA underperformed the German Electronic industry which returned -28.3% over the past year.

Return vs Market: NVPA underperformed the German Market which returned -20.9% over the past year.


Shareholder returns

NVPAIndustryMarket
7 Day-2.7%1.6%-0.6%
30 Day-42.4%-19.3%-20.0%
90 Day-46.0%-23.2%-26.3%
1 Year-47.3%-50.3%-26.8%-28.3%-18.6%-20.9%
3 Year-71.1%-74.4%-4.0%-7.1%-19.0%-25.8%
5 Yearn/a53.5%42.4%-21.1%-31.8%

Price Volatility Vs. Market

How volatile is KCE Electronics's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is KCE Electronics undervalued compared to its fair value and its price relative to the market?

24.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NVPA (€0.35) is trading below our estimate of fair value (€0.47)

Significantly Below Fair Value: NVPA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: NVPA is good value based on its PE Ratio (16.7x) compared to the Electronic industry average (18.7x).

PE vs Market: NVPA is poor value based on its PE Ratio (16.7x) compared to the German market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: NVPA is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: NVPA is overvalued based on its PB Ratio (1.3x) compared to the DE Electronic industry average (1.2x).


Next Steps

Future Growth

How is KCE Electronics forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

13.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NVPA's forecast earnings growth (13.3% per year) is above the savings rate (-0.4%).

Earnings vs Market: NVPA's earnings (13.3% per year) are forecast to grow slower than the German market (14.1% per year).

High Growth Earnings: NVPA's earnings are forecast to grow, but not significantly.

Revenue vs Market: NVPA's revenue (2.8% per year) is forecast to grow slower than the German market (3.9% per year).

High Growth Revenue: NVPA's revenue (2.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NVPA's Return on Equity is forecast to be low in 3 years time (10.4%).


Next Steps

Past Performance

How has KCE Electronics performed over the past 5 years?

-9.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NVPA has high quality earnings.

Growing Profit Margin: NVPA's current net profit margins (7.7%) are lower than last year (14.4%).


Past Earnings Growth Analysis

Earnings Trend: NVPA's earnings have declined by -9.1% per year over the past 5 years.

Accelerating Growth: NVPA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NVPA had negative earnings growth (-53.6%) over the past year, making it difficult to compare to the Electronic industry average (-7.4%).


Return on Equity

High ROE: NVPA's Return on Equity (8.1%) is considered low.


Next Steps

Financial Health

How is KCE Electronics's financial position?


Financial Position Analysis

Short Term Liabilities: NVPA's short term assets (฿6.6B) exceed its short term liabilities (฿3.7B).

Long Term Liabilities: NVPA's short term assets (฿6.6B) exceed its long term liabilities (฿1.1B).


Debt to Equity History and Analysis

Debt Level: NVPA's debt to equity ratio (17.4%) is considered satisfactory.

Reducing Debt: NVPA's debt to equity ratio has reduced from 91.1% to 17.4% over the past 5 years.

Debt Coverage: NVPA's debt is well covered by operating cash flow (114.6%).

Interest Coverage: NVPA's interest payments on its debt are well covered by EBIT (13.8x coverage).


Balance Sheet

Inventory Level: NVPA has a high level of physical assets or inventory.

Debt Coverage by Assets: NVPA's debt is covered by short term assets (assets are 3.2x debt).


Next Steps

Dividend

What is KCE Electronics's current dividend yield, its reliability and sustainability?

6.02%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NVPA's dividend (6.02%) is higher than the bottom 25% of dividend payers in the German market (1.71%).

High Dividend: NVPA's dividend (6.02%) is in the top 25% of dividend payers in the German market (4.85%)


Stability and Growth of Payments

Stable Dividend: NVPA's dividend payments have been volatile in the past 10 years.

Growing Dividend: NVPA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (100.4%), NVPA's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NVPA's dividends in 3 years are forecast to be covered by earnings (72.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.8yrs

Average management tenure


CEO

Pitharn Ongkosit (38yo)

6.75s

Tenure

฿1,160,000

Compensation

Mr. Pitharn Ongkosit has been the Chief Executive Officer and Member of Executive Board of KCE Electronics Public Company Limited since July 16, 2013 and serves as its President. Mr. Ongkosit served as a D ...


Leadership Team

NamePositionTenureCompensationOwnership
Bancha Ongkosit
Chairman of the Board38.25yrs฿2.02m5.63% ฿24.7m
Pitharn Ongkosit
CEO, President6.75yrs฿1.16m13.66% ฿59.8m
Voraluksana Ongkosit
Executive Vice Chairperson6.75yrs฿1.16m0.14% ฿627.1k
Siriphan Suntanaphan
Executive Director28yrs฿1.16m0.94% ฿4.1m
Tanyarat Tessalee
Executive VP of Finance & Administration6.75yrsno datano data
Fredrick Ohanian
Executive VP of Operations & Member of Executive Board6.75yrsno data0.15% ฿656.8k
Viboon Sunthornwiwath
Senior Vice President of Human Resources4.25yrsno data0.00040% ฿1.8k
Athasidh Ongkosit
Senior Vice President of Information Technology10.25yrsno data6.08% ฿26.6m
Kanokporn Sukprasitpredee
Senior Vice President of Supply Chain3.25yrsno data0.0010% ฿4.4k

6.8yrs

Average Tenure

66yo

Average Age

Experienced Management: NVPA's management team is seasoned and experienced (6.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bancha Ongkosit
Chairman of the Board38.25yrs฿2.02m5.63% ฿24.7m
Pitharn Ongkosit
CEO, President6.75yrs฿1.16m13.66% ฿59.8m
Voraluksana Ongkosit
Executive Vice Chairperson6.75yrs฿1.16m0.14% ฿627.1k
Siriphan Suntanaphan
Executive Director28yrs฿1.16m0.94% ฿4.1m
Panja Senadisai
2nd Vice Chairman2yrs฿1.16m2.12% ฿9.3m
Chantima Ongkosit
Non Executive Director37yrs฿1.16m0.69% ฿3.0m
Paitoon Taveebhol
Independent Director8yrs฿1.80mno data
Kanchit Bunajinda
Independent Director4yrs฿1.69mno data
Sutee Mokkhavesa
Independent Director0.25yrno datano data

6.8yrs

Average Tenure

68yo

Average Age

Experienced Board: NVPA's board of directors are considered experienced (6.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

KCE Electronics Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: KCE Electronics Public Company Limited
  • Ticker: NVPA
  • Exchange: DB
  • Founded: 1982
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: ฿15.598b
  • Listing Market Cap: ฿437.880m
  • Shares outstanding: 1.17b
  • Website: https://www.kcethai.in.th

Location

  • KCE Electronics Public Company Limited
  • 72-72/1-3 Soi Chalong Krung 31
  • Kwang Lumplatew
  • Bangkok
  • 10520
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KCESET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBJan 1992
KCE-FTHAMSE (Bangkok-Alien Market Stock Exchange)THB0.5 (ALIEN)THTHBJan 1992
KCE1DB (Deutsche Boerse AG)THB0.5 (ALIEN)DEEURJan 1992
KCEABST (Boerse-Stuttgart)THB0.5 (ALIEN)DEEURJan 1992
KCE1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
KCE-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPT REP 1 ORD THB1THTHBAug 2001
NVPADB (Deutsche Boerse AG)NON VTG DEP RCPT REP 1 ORD THB1DEEURAug 2001

Biography

KCE Electronics Public Company Limited, together with its subsidiaries, manufactures and distributes electric printed circuit boards (PCBs) under the KCE trademark worldwide. The company’s PCBs, manufactured from copper clad laminate, are used in various applications, including automotive, industrial, computer, and telecom systems. It also manufactures and distributes chemicals products, and prepreg and laminate products; and rents buildings. The company was formerly known as Kuang Charoen Electronics Company Limited. KCE Electronics Public Company Limited was founded in 1982 and is based in Bangkok, Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/04 03:14
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.