Electronic Manufacturing Services

Jabil Inc. reported fourth-quarter revenue of $10.6 billion, up from $8.3 billion, with core EPS of $4.4 versus $3.29, and guided fiscal 2027 revenue to $44.5 billion, representing 24% growth. The company projected a 30-basis-point expansion in core operating margin to 6.1% and core EPS growth of 34% to $17.55. AI infrastructure is the company's most important growth engine, with its capital equipment business expected to reach $4.2 billion in fiscal 2027, up 40% year over year, while networking and communications is expected to generate $3.9 billion, up 15%. Jabil also expects its healthcare and packaging business to generate $5.6 billion in fiscal 2027 revenue, up 6%, with more than 700 million injectors and delivery pens manufactured, while renewable and energy infrastructure revenue is expected to rise 7% to $3 billion and auto and transportation revenue to increase 9% to $5 billion. The stock has gained 50.5% over the past year, trailing the Electronic Manufacturing Services industry's 64.5% growth, and trades at 17.5 forward earnings versus 20.2 for the industry and its mean of 21.5.

Foxconn, the world's largest contract electronics maker, reported a 47% year-on-year surge in third-quarter revenue, beating estimates on strong AI demand. Revenue for the July-September quarter was T$3.03T, or $95.4B, well above an LSEG SmartEstimate of T$2.83 trillion. The Apple and Nvidia supplier, formally known as Hon Hai Precision, reported September revenue of $1.16T, up 38.42% year-on-year. The company said AI-related operations are expected to continue growing in the fourth quarter, and together with the traditional peak season for electronics products in the second half, this should support overall performance in line with current market expectations. Foxconn will report full third-quarter earnings on November 12.

Foxconn, the world's largest contract electronics manufacturer from Taiwan and the largest server maker for Nvidia, reported third-quarter 2026 revenue up 47% year on year, beating market expectations, driven by strong growth in demand for artificial-intelligence-related products. Revenue for the July-to-September period came in at 3.03 trillion Taiwan dollars, or about 95.4 billion US dollars, above the 2.83 trillion Taiwan dollars forecast by analysts polled by LSEG SmartEstimate. The better-than-expected results reflect momentum from the AI investment wave, which is boosting demand for servers and computing infrastructure, with Foxconn among the key server makers benefiting from the market's expansion.

Hon Hai Precision Industry Co., the Nvidia server assembly partner also known as Foxconn, reported better-than-expected quarterly revenue, signaling sustained and elevated spending on global AI infrastructure. Sales for the three months ended in September totaled NT$3.03 trillion, or $95.4 billion, up 47%, topping the NT$2.83 trillion analysts had expected on average. The strong growth followed a bullish forecast from Micron Technology Inc. last week, adding to evidence that AI spending continues to climb even as executives such as OpenAI's Sam Altman and Anthropic PBC's Dario Amodei call for slowing development of the technology. Hon Hai's sales are seen as a check-in for the AI sector as investor concerns grow about overcapacity, rising debt levels and regulatory setbacks, and its share price is up about 10% since the start of the year. The Taipei-based company still derives a significant chunk of revenue from its lower-margin Apple Inc. business as the primary iPhone manufacturer, though Apple is diversifying suppliers with the likes of Luxshare Precision Industry Co.

SMT shares closed the morning session at 6.80 baht, up 0.15 baht or 2.26%, after touching an intraday high of 6.90 baht, supported by three factors. First, positive sentiment in the electronics sector, with DELTA, HANA and KCE leading the market this morning after US employment figures came in below expectations, easing market worries that the Fed will accelerate rate hikes, while US semiconductor stocks surged on Friday night. Second, SMT has its own specific catalyst from its Optical business, which involves optical signal transmission and stands to grow with AI and data centers. Yuanta Securities expects orders from global Optical customers to gradually increase and sees a clearer impact on revenue and margin over the next two quarters. Third, Yuanta expects normal profit in the third quarter of 2026 to grow 65% quarter-on-quarter, and sees 2026 profit swinging from a loss of 146 million baht in 2025 to a profit of 150 million baht. For 2027, it expects profit to grow 88% year-on-year to 282 million baht. It has therefore raised its end-2027 fair value to 8.40 baht and maintained its buy recommendation. The closing price on 2 October already set a new 52-week high at 6.90 baht, while Yuanta's target price of 8.40 baht remains well above the current price.

Jabil reported fourth-quarter revenue up 29% year over year and core earnings per share up 34% to $4.40, and guided fiscal 2027 core EPS to $17.55, another gain of about 34%. The company generated $14.4 billion of AI-related revenue in fiscal 2026 and expects $22.1 billion in fiscal 2027, a 54% increase, with six customers in the segment expected to top $1 billion each in fiscal 2027. Jabil supported $36.0 billion of revenue in fiscal 2026 on just $470 million of net capital spending, lifting core return on invested capital to 59%, nearly triple the fiscal 2020 level, and buybacks absorbed about $1.1 billion of free cash flow during the year. On the risk side, chief supply chain officer Francis McKay said memory is being pulled toward AI and hyperscale buyers, squeezing other markets, and Connected Living is expected to shrink 15% to $2.3 billion, while healthcare fell short in the fourth quarter on equipment delays and a slipped customer program. Jabil is adding more than $8.5 billion of revenue in fiscal 2027, which management called unprecedented, and a second hyperscale customer is expected to pass 10% of total revenue, while net inventory days of 64 remain above the 55 to 60 day target.

Jabil reported fiscal fourth-quarter adjusted earnings of $4.40 per share, up roughly 34% from $3.29 a year ago and 8% above the Zacks EPS Consensus of $4.06, while revenue climbed 28.6% year over year to $10.62 billion, comfortably surpassing expectations of $9.62 billion by nearly 10%. The standout was Jabil's Intelligent Infrastructure business, where revenue surged 56% to approximately $5.8 billion as AI-related demand accelerated beyond management's already-strong expectations, with the company also benefiting from better-than-expected performance in automotive and transportation as well as renewable and energy infrastructure products. Management expects the momentum to continue in fiscal 2027, projecting revenue to increase 24% to $44.5 billion, adjusted EPS to jump 34% to $17.55, and core operating margin to expand 30 basis points to 6.1%. Year to date, Jabil stock is up 30%, roughly on par with its Zacks Electronics-Manufacturing Services Industry and ahead of the S&P 500 and Nasdaq's gains of 11% and 16%, respectively, and JBL trades at a reasonable 19X forward earnings multiple, a modest discount to the S&P 500's 21X and its Zacks industry average of 24X. Jabil stock lands a Zacks Rank #3 (Hold), suggesting better buying opportunities could still be ahead.

TTM Technologies has completed its $1.1 billion acquisition of Epiq Solutions, strengthening its defense and aerospace business. Epiq develops software-defined radios, RF systems and radiation-tolerant computing solutions used across defense, intelligence and space applications, capabilities that complement TTM Technologies' existing printed circuit board, RF component and mission-system offerings. The deal advances the company's strategy of moving up the chain through greater vertical integration and expands its opportunities across land, air, sea and space applications, including signals intelligence, secure communications, electronic warfare and space systems. Financially, TTM Technologies expects Epiq to immediately strengthen adjusted EBITDA, though the deal is expected to be moderately dilutive to adjusted earnings per share in 2027 before becoming accretive in 2028. TTM Technologies faces strong competition from U.S.-based aerospace and defense electronics companies including Curtiss-Wright Corporation, Mercury Systems and Sanmina.

TTM Technologies reported record quarterly net sales of $1.00 billion for its second quarter, up 37.4% year on year and 4.8% above analysts' expectations, with next-quarter revenue guidance also exceeding consensus. Chief Executive Officer Edwin Roks credited robust Data Center and Networking demand, which rose 91% year on year, along with 33% growth in the Medical, Industrial and Instrumentation end market and 14% growth in Aerospace and Defense. The stock has fallen 6% since the results and trades at $123.42. Across the 10 electronic components and manufacturing stocks tracked in the group, revenues beat consensus by 4.7% and next-quarter revenue guidance came in 6.3% above estimates, with share prices up 2.1% on average since reporting. Amphenol led the group with revenue of $8.76 billion, up 55% year on year, while Jabil posted $10.62 billion, up 28.6%, and Plexus reported $1.30 billion, up 28.1%; Rogers was the weakest, with revenue of $216.8 million, up 6.9%, and a significant miss on earnings per share.

Shares of Hana Microelectronics Public Company Limited, or HANA, rose 5.39%, trading at 53.75 baht in the afternoon, up 2.75 baht, after touching a high of 54.00 baht during the session, with turnover of 2.39658 billion baht. KGI Securities (Thailand) recommends buying with a target price of 63.00 baht at the end of 2027. It expects core profit in the third quarter of 2026 to recover to 305 million baht, improving both year on year and quarter on quarter, driven by better margins, a smaller loss at PMS after production was shifted to Chinese manufacturers, rising orders from Phononic, and a weaker baht. As a result, core profit for the first nine months of this year stands at 686 million baht, up 67% year on year, accounting for 70% of the research house's full-year profit estimate. KGI also expects core profit in the fourth quarter of 2026 to rise both year on year and quarter on quarter, with a continuously improving trend in 2027, when it forecasts growth of 44% on higher sales and gross margin. It sees earnings continuing to recover on the back of growing AI adoption, after HANA won orders related to cooling solutions, data transmission apps, and solid-state transformers.

Fort Corporation Public Company Limited, or FORTH, announced that its board of directors meeting on 30 September 2026 approved a proposal to be submitted to the first extraordinary general meeting of shareholders of 2026 to consider and approve an increase in registered capital of not more than 13,565,891.50 baht, from existing registered capital of 467,687,350 baht to new registered capital of 481,253,241.50 baht, through the issuance of not more than 27,131,783 new ordinary shares with a par value of 0.50 baht per share, offered to existing shareholders in proportion to their holdings at a price of 12.90 to 16.80 baht per share, at a ratio of 34.4752 existing shares to 1 new share. The final offering price will be determined at least 2 business days before the date on which purchasers of the securities are no longer entitled to subscribe for the new shares. The company expects to receive proceeds of approximately 350.00 to 455.81 million baht from this share issuance and offering, and plans to use the funds to support investment and business expansion under its commercial aircraft repair centre project, or MRO, by 2028. The first extraordinary general meeting of shareholders of 2026 is scheduled for 11 November 2026 at 2:00 p.m. on the 7th floor of the company's office building, and the record date for shareholders entitled to attend the meeting is set for 14 October 2026.

Yuanta Securities (Thailand) has maintained its Buy rating on Stars Microelectronics (Thailand), or SMT, and raised its end-2570 target price to 8.40 baht per share from 7.60 baht, based on a PER of 25 times, after lifting its 2570 profit forecast on the back of strength in the Optical business. The stock price as of September 30, 2569 stood at 6.05 baht, implying 38.8% upside to the target price. Yuanta's research team expects SMT to post normalized profit of 56 million baht in the third quarter of 2569, up 65% QoQ and a turnaround from a loss of 49 million baht in the third quarter of 2568. If achieved, this would mark a second consecutive quarter of normalized profit following eight straight quarters of losses, and is expected to be the highest profit in three years. Sales revenue in the third quarter of 2569 is expected at 780 million baht, up 10% QoQ and 41% YoY, driven by a recovery in the IC Packaging, PCBA & Box Build, and Optical businesses. Gross margin is expected to rise to 14.6% from 13.0% in the second quarter of 2569 and 1.4% in the third quarter of 2568. SG&A is expected at 69 million baht, flat QoQ and up 11.3% YoY. For the fourth quarter of 2569, the research team expects normalized profit to continue rising both QoQ and YoY on strong orders, particularly in the Optical business, where production for global customers is expected to ramp up gradually. Yuanta maintained its 2569 normalized profit forecast at 150 million baht, a turnaround from a loss of 146 million baht in 2568, and raised its 2570 normalized profit forecast to 282 million baht, up 88% YoY, or an average of about 70 million baht per quarter, from what it said was previously an overly conservative estimate. It expects revenue of 2.67 billion baht in 2569 and 3.204 billion baht in 2570, with EBITDA of 359 million baht and 510 million baht respectively. Core EPS in 2570 is put at 0.34 baht, up 88.1%. Yuanta noted that SMT's valuation remains a laggard, with the stock trading at a 2570 PER of about 18 times, while leading stocks in the sector trade in a range of 27 to 64 times. However, SMT's key risks are its high reliance on a single major customer and volatility tied to the industry cycle.

Krungsri Securities has raised its recommendation on the electronics sector to Bullish from Neutral, citing three reasons: all three companies, DELTA, HANA and KCE, have only a small share of revenue from the domestic market and export mainly, amid rising global demand for both AI-related and non-AI products; earnings for every company in the sector are likely to keep improving in the third quarter of 2026; and the sector's total profit is expected to grow 52% in 2027, accelerating from 42% in 2026. DELTA's profit is forecast to grow 51% in 2027 from 42% in 2026, KCE is expected to grow 82%, accelerating from 77%, and HANA is expected to grow 45%, up from 24%. The research team also raised its profit forecasts for KCE by 5% for 2026 and by 28% for 2027 after factoring in one more product price increase in October 2026, on top of the two previously expected in July 2026 and January 2027. Krungsri has chosen DELTA and KCE as the sector's top picks, and recommends buying HANA and KCE as non-AI stocks entering an upcycle in earnings, while still preferring KCE over HANA because it operates further upstream and manages raw material costs better thanks to owning its own laminate production plant. It set target prices of 320 baht for DELTA, 64.60 baht for HANA and 97.00 baht for KCE.

Shares of Hana Microelectronics Public Company Limited, or HANA, rose 4.90% to 53.50 baht on trading value of 1.60493 billion baht after KGI Securities (Thailand) Public Company Limited said in an analysis that its earnings outlook is on a recovery path. It expects third-quarter 2026 sales of about 173 million US dollars, up 10% from a year earlier and 5% from the previous quarter, driven by smartphone-related sales, which account for roughly 20% of total sales. Orders from the PMS business are expected to recover to about 4 million US dollars, while orders from Phononic are expected to rise to around 3 million US dollars. As a result, sales for the first nine months of 2026 are seen at approximately 494 million US dollars, up 5% from a year earlier, or 73% of the full-year sales estimate. Gross margin is expected to rise to 11.0% in the third quarter of 2026, up 5 percentage points from a year earlier and 0.3 percentage points from the previous quarter, helped by a smaller loss at PMS after production was shifted to a manufacturer in China, along with higher orders from Phononic and a weaker baht. Gross margin for the first nine months of 2026 is expected at 10.4%, up 1.9 percentage points from a year earlier and close to the full-year assumption of 10.6%. KGI Securities maintained its Buy rating on HANA with an end-2027 target price of 63 baht, based on a price-to-earnings ratio of 40 times, and expects core business profit to grow another 44% in 2027, supported by its entry into the AI supply chain and the start of a second mass production round of cooling solutions for HBM and GPU devices through the partnership between HANA and Phononic.

KGI Securities (Thailand) expects combined core profit in the third quarter of 2026 for the Thai electronics companies it covers, namely DELTA, HANA and KCE, to come in at 9.1 billion baht, up 35% year on year and 51% quarter on quarter. On a year-on-year basis, HANA's profit is expected to grow the most at 702%, driven by a significant improvement in gross margin after the transfer of PMS production to Chinese manufacturers, which reduced losses. On a quarter-on-quarter basis, KCE's profit is expected to grow 113% on double-digit sales growth in both price and volume. DELTA's profit is expected to grow moderately in both periods as tight supply conditions ease while orders remain strong. The research team maintains an overweight stance on the electronics sector given the positive outlook for the AI industry and strong demand, picking DELTA as its top pick with an end-2027 target price of 320 baht.

Jabil shares fell 6.5% in the morning session after the electronics manufacturing services provider reported fourth-quarter and fiscal 2026 results and issued a solid fiscal 2027 outlook. Fourth-quarter net revenue was $10.6 billion, up about 29% year over year, with U.S. GAAP operating income of $602 million, core operating income of $675 million, and core diluted EPS of $4.40, both revenue and adjusted EPS above Wall Street estimates of $9.66 billion and $4.08. For fiscal 2027, Jabil guided to about $44.5 billion in revenue and $17.55 in core diluted EPS at the midpoint, with first-quarter revenue seen at $10.6 billion to $11.4 billion. The pullback can reflect profit-taking after a large beat even when the print and guide look strong. Jabil is up 23.7% since the beginning of the year, but at $297.48 per share it is still trading 22.9% below its 52-week high of $385.63 from June 2026.

Jabil Inc. reported fourth-quarter fiscal 2026 core earnings of $4.40 per share, up 33.7% year over year and beating the Zacks Consensus Estimate of $4.06 by 8.37%, while net revenues climbed 28.6% to $10.62 billion and topped the consensus mark of $9.62 billion by 10.41%. Strong AI infrastructure demand remained the primary growth driver, with Intelligent Infrastructure revenues jumping 56% year over year and representing 55% of quarterly sales at a 6.5% core operating margin. Company-wide core operating margin reached 6.4% versus 6.3% a year earlier, and Jabil generated $733 million in cash from operating activities during the quarter and $541 million in adjusted free cash flow, with share repurchases totaling $169 million. For the first quarter of fiscal 2027, Jabil expects revenues between $10.6 billion and $11.4 billion and core earnings of $3.80 to $4.20 per share, and for the full fiscal 2027 it projects net revenues of $44.5 billion, up 24% year over year, with core earnings forecast at $17.55 per share and adjusted free cash flow of $1.6 billion. The company also highlighted a new $1.5-billion share-repurchase authorization and plans to return more than 80% of adjusted free cash flow to shareholders over time.

Jabil Inc. reported fourth-quarter results that exceeded analyst expectations and issued fiscal 2027 guidance above Wall Street estimates, though shares fell around 4% premarket on Wednesday. Adjusted earnings per share of $4.40 beat the consensus estimate of $4.06 by $0.34, while revenue reached $10.6 billion, surpassing the $9.69 billion analyst estimate and marking a 21% increase year over year from fiscal 2025. For fiscal 2027, the company projected adjusted EPS of $17.55 compared to the consensus of $16.92, and revenue of $44.5 billion versus the consensus of $42.93 billion. For the first quarter of fiscal 2027, Jabil expects adjusted EPS in the range of $3.80 to $4.20, with a midpoint of $4.00, and revenue between $10.6 billion and $11.4 billion, with a midpoint of $11.0 billion. The fiscal 2027 outlook reflects expected revenue growth of 24% and core operating margin expansion of 30 basis points to 6.1%, with adjusted free cash flow of approximately $1.6 billion for the year. CEO Mike Dastoor said the quarter exceeded expectations, closing an exceptional fiscal 2026 in which the company grew revenue 21%, expanded core operating margin 40 basis points and generated more than $1.5 billion in adjusted free cash flow, adding that the outlook reflects accelerating AI demand complemented by solid growth in automotive, healthcare, energy infrastructure, defense and aerospace, and warehouse and retail automation. For fiscal 2026, Jabil reported full-year revenue of $36.0 billion and adjusted EPS of $13.09.

Jabil beat fourth-quarter estimates and forecast fiscal 2027 revenue and adjusted earnings above consensus on Wednesday, helped by demand for AI infrastructure, but its shares fell 3% in premarket trading. The Apple supplier reported fourth-quarter adjusted earnings of $4.40 per share, beating the $4.08 consensus estimate, while revenue rose 28.5% year over year to $10.6B, topping estimates of $9.72B. For fiscal 2027, Jabil forecasts revenue of $44.5B, above the $42.93B consensus estimate, and adjusted earnings of $17.55 per share, compared with analysts' estimate of $16.92. For the first quarter, the company expects revenue between $10.6B and $11.4B, compared with estimates of $10.09B, and adjusted earnings of $3.80 to $4.20 per share, above the $3.66 consensus at the midpoint. Jabil also expects fiscal 2027 revenue to grow 24% and core operating margin to expand by 30 basis points to 6.1%, with CEO Mike Dastoor citing significant growth in AI infrastructure during fiscal 2026 and confidence in the year ahead.

Jabil reported calendar Q3 2026 results that beat market expectations, with revenue rising 28.6% year on year to $10.62 billion, topping analyst estimates of $9.66 billion by 9.8%. Adjusted EPS came in at $4.40, an 8% beat over the $4.08 consensus, while adjusted operating margin was 6.8%, in line with the same quarter last year. The company guided next quarter revenue to $11 billion at the midpoint, 9.9% above analyst estimates of $10.01 billion, and set adjusted EPS guidance for fiscal 2027 at $17.55 at the midpoint, beating estimates by 3.8%. Free cash flow margin slipped to 5.1% from 6.1% a year earlier, and the stock traded down 2.8% to $310.01 immediately after reporting.

Jabil reported quarterly earnings of $4.4 per share, beating the Zacks Consensus Estimate of $4.06 per share and up from $3.29 per share a year ago. The result marked an earnings surprise of +8.37%, and the electronics manufacturer has now surpassed consensus EPS estimates four times over the last four quarters. Revenue for the quarter ended August 2026 came in at $10.62 billion, topping the Zacks Consensus Estimate by 9.91% and up from $8.25 billion a year earlier, with the company also beating consensus revenue estimates four times in the last four quarters. Ahead of the release, the estimate revisions trend was favorable, translating into a Zacks Rank #2 (Buy). For the coming quarter, the current consensus EPS estimate is $3.69 on $9.89 billion in revenues, while the current fiscal year consensus stands at $16.74 on $42.23 billion in revenues.

Jabil Inc. reported preliminary, unaudited fourth quarter and fiscal year 2026 results, with fourth quarter net revenue of $10.6 billion, U.S. GAAP operating income of $602 million and U.S. GAAP diluted earnings per share of $3.76, alongside core operating income of $675 million and core diluted earnings per share of $4.40. For the full fiscal year ended August 31, 2026, the company posted net revenue of $36.0 billion, U.S. GAAP operating income of $1.7 billion, U.S. GAAP diluted earnings per share of $9.75, core operating income of $2.1 billion and core diluted earnings per share of $13.09. CEO Mike Dastoor said the fourth quarter exceeded expectations, closing a fiscal 2026 in which Jabil grew revenue 21%, expanded core operating margin 40 basis points and generated more than $1.5 billion in adjusted free cash flow. For the first quarter of fiscal 2027, Jabil guided net revenue to $10.6 billion to $11.4 billion, U.S. GAAP operating income of $481 million to $541 million, U.S. GAAP diluted earnings per share of $2.78 to $3.18, core operating income of $592 million to $652 million and core diluted earnings per share of $3.80 to $4.20. For the full fiscal year 2027, the company expects net revenue of $44.5 billion, up 24%, core operating margin of 6.1%, core diluted earnings per share of $17.55, up 34%, and adjusted free cash flow of approximately $1.6 billion.

Jabil is scheduled to announce its Q4 earnings results on Wednesday, September 30th, before market open. The consensus EPS estimate is $4.08, up 24.0% year over year, while the consensus revenue estimate is $9.72B, up 17.8% year over year. Over the last 2 years, Jabil has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 0 downward, while revenue estimates have seen 1 upward revision and 0 downward.

Jabil Inc. raised its fiscal 2026 revenue expectations to approximately $35 billion, implying roughly 17% year-over-year growth, as management pointed to continued momentum in AI-related businesses and improving conditions in automotive and other end markets. The outlook follows a third quarter in which revenues rose 12% year over year to $8.75 billion, with growth of 4% in Regulated Industries, 21% in Intelligent Infrastructure and 5% in Connected Living & Digital Commerce. Jabil's portfolio spans automotive, healthcare, renewable energy, capital equipment, cloud and data center infrastructure, networking, connected devices and digital commerce, and management continues to target a balanced mix so that no single product or product family becomes an outsized contributor to operating income or cash flow. Over a 10-year observation window, the company's EPS Linearity was 74.9% against an industry median of 55.9%, while 10-year EPS growth was 25% versus an industry median of 21.7%. Jabil shares have gained 48.6% in the past year, trailing the Electronic-Manufacturing Services industry's growth of 56.5%, and trade at 18.78 forward earnings versus 19.98 for the industry, with its 2026 earnings estimate unchanged over the past 60 days and a Zacks Rank #2 (Buy).

Kiatnakin Phatra Securities Public Company Limited, or KKPS, issued a research note dated 29 September 2026 recommending a "Buy" on KCE Electronics Public Company Limited, or KCE, with a target price of 104 baht, and maintaining a "Buy" on Hana Microelectronics Public Company Limited, or HANA, while raising its target price to 61 baht from 42 baht. It views both companies as entering a new growth cycle driven by a recovery in their core businesses and opportunities from artificial intelligence, or AI, related operations. For KCE, the research team sees it entering an upcycle in the printed circuit board, or PCB, business, expecting normal earnings per share to grow by about 95% in 2026 and 110% in 2027, which is about 69% above the market average. It expects net profit attributable to the company after excluding special items of about 1.529 billion baht in 2026, rising to 3.212 billion baht in 2027 and 4.174 billion baht in 2028. The communications business, especially PCBs for low Earth orbit, or LEO, satellites, is expected to increase its share to about 16% of PCB revenue in 2027 and 30% in 2028. As for HANA, KKPS raised its 2026 and 2027 earnings forecasts by 8% and 31% respectively, expecting profit growth of about 20% in 2026 and 53% in 2027, supported by a rise in capacity utilisation in its OSAT business in Ayutthaya province to 62% from 55%. It expects net profit attributable to the company after excluding special items of about 999 million baht in 2026, rising to 1.533 billion baht in 2027 and 1.78 billion baht in 2028. Meanwhile, two of HANA's three AI projects, Phononic TEC and High-density PCBA, have begun ramping up production and are expected to generate combined revenue of about 2.5 to 3.5 billion baht in 2027.

Kiatnakin Phatra Securities, or KKPS, has raised its target price for Hana Microelectronics, or HANA, to 61 baht from 42 baht, while maintaining a buy recommendation, based on a P/E level about 1.5 standard deviations above the historical average, up from the previous 1 standard deviation. The research team raised its normal profit forecasts for HANA in 2026 and 2027 by 8% and 31% respectively, expecting profit growth of about 20% in 2026 and 53% in 2027 after lifting revenue and gross margin assumptions to reflect opportunities from new businesses. Normalized net profit is expected at about 999 million baht in 2026, rising to 1.533 billion baht in 2027 and 1.78 billion baht in 2028, while earnings per share, or EPS, is forecast at 1.13 baht, 1.73 baht and 2.01 baht respectively, up from 1.05 baht, 1.32 baht and 1.46 baht in the same periods. On AI business opportunities, the research team said clarity has improved for two of HANA's three AI projects, with the Phononic TEC and High-density PCBA projects entering the capacity ramp-up process and expected to begin generating significant revenue from early 2027. The two projects are estimated to generate combined revenue of about 2.5 to 3.5 billion baht in 2027, or roughly 12% to 17% of HANA's revenue in 2025. Meanwhile, the OSAT plant in Ayutthaya province has seen its utilization rate rise to 62% from 55%, and combined losses from Power Master Semiconductor and HANA Technologies, Inc. narrowed to about 116 million baht in the second quarter of 2026 from about 388 million baht in the fourth quarter of 2025. Opportunities from PMS's data center and solid state transformer businesses have not yet been included in the main forecasts, as further clarity is needed and a clearer picture is expected in the fourth quarter of 2027.

Analysts at Kasikorn Securities remain positive on the electronics group in the fourth quarter of 2026, expecting second-half 2026 earnings to accelerate notably, led by DELTA benefiting from capacity utilization and recovering margins, HANA from the ramp-up of AI-related products, and KCE from higher PCB sales volumes and upward ASP adjustments. AI and data centers are the main structural growth drivers underpinning continued demand for power electronics, advanced PCB, PCBA, and semiconductor components, supported by high demand from hyperscalers, gradually easing component constraints, an improved product mix, and a weaker baht, which is a positive factor for exporters' gross margins. However, risks remain from high raw material costs, particularly copper, fiberglass, copper clad laminate, and various electronic components, as well as the uneven recovery of end markets unrelated to AI, especially the automotive and EV segments. Strategically, the analysts recommend gradually accumulating electronics stocks on market dips, with DELTA rated Buy at a 300 baht target price, HANA rated Buy at a 56 baht target price, and KCE rated Hold at a 60 baht target price.

Jabil shares jumped 4.8% in afternoon trading after Akamai Technologies authorized the electronics manufacturing services provider to buy approximately $1.7 billion of memory components on Akamai's behalf. Akamai disclosed the authorization in a filing, saying the purchase supports capital spending tied to its expanded agreement with Anthropic, which now totals $11.6 billion of contractual commitment over seven years. Akamai said capital spending tied to that commitment is about $5.5 billion, and that 2026 capital spending would rise by about $1.7 billion to pre-purchase components, including memory. Jabil was already Akamai's contract manufacturer under a 2019 agreement, and the filing does not say how much of the $1.7 billion Jabil keeps. After the initial pop, the shares cooled to $319.80, up 2.9% from the previous close.

SCHMID shares surged nearly 20% by Friday afternoon trading after a report revealed that advanced chipmakers were considering the use of glass substrates in processors. The technology could increase the amount of high-bandwidth memory in chips, boosting processing speeds for AI workloads. SCHMID Chief Sales Officer Roland Rettenmaier said on the company's second-quarter 2026 earnings call that many players in the Intel, Nvidia and AMD supply chains are eyeing glass core substrates for their flatness, smoothness, dielectric constants and signal integrity, and that the German-based company is engaged with most major supply chain players to make glass core substrates real. Nvidia CEO Jensen Huang recently met with the chairman of SK Group to discuss using glass substrate technology in next-generation semiconductors, according to Seoul Economic Daily, and has reportedly discussed it with TSMC as well. SCHMID specializes in high-tech manufacturing for electronics, photovoltaics, glass and energy systems, and has been developing glass substrate solutions that offer thinner, smoother packaging material to raise chip speeds and cut power consumption.

Jabil reported Q2 revenues of $8.75 billion, up 11.8% year on year and 2.3% above analysts' expectations, as the electronic components and manufacturing sector closed an exceptional quarter in which the 10 tracked stocks beat consensus revenue estimates by 4% and guided next-quarter revenue 6% above consensus. Jabil also beat analysts' EPS guidance for next quarter estimates, though its stock is down 17.6% since reporting and trades at $309.38. Amphenol posted the group's fastest growth, with revenues of $8.76 billion, up 55% year on year and 5.6% above expectations, and its stock is up 14.6% at $82.40. Rogers delivered the weakest performance against analyst estimates and the slowest revenue growth in the group, with revenues of $216.8 million, up 6.9% year on year and 0.8% above expectations, alongside a significant miss of analysts' EPS estimates, yet its stock is up 17% at $139.45. Knowles reported revenues of $166.8 million, up 14.3% year on year and 6.3% above expectations, the biggest analyst estimate beat of the group, while Plexus reported revenues of $1.30 billion, up 28.1% year on year and 5.8% above expectations.

SMT shares surged 7.63%, or 0.45 baht, to 6.35 baht on trading value of 284.40 million baht, leading the electronics group higher across the board. KCE rose 1.49% to 68.00 baht, HANA gained 1.47% to 51.75 baht, DELTA added 1.19% to 255 baht, and CCET climbed 1.12% to 9.05 baht. Yuanta Securities (Thailand) said Star Microelectronics (Thailand) Public Company Limited, or SMT, posted second-quarter 2026 results that clearly reflect a recovery in revenue, capacity utilisation, and margins. The company guided 2026 revenue of no less than 2.6 billion baht and expects growth of more than 10% in 2027, or above 3 billion baht. It sees Optical and OSAT as new growth engines driven by AI. Although AI-related revenue still accounts for less than 5% of current revenue, it has the potential to rise to at least 10% next year. On valuation, the stock currently trades at a PER of about 19 times, significantly below the group's 28 to 58 times. The broker maintained its end-2027 target price of 7.60 baht per share, based on a PER of 25 times, and kept its 2026 normal profit forecast at 150 million baht, a turnaround from a loss of 146 million baht in 2025, before rising to 256 million baht in 2027, up 70% year on year.

Shares of Stars Microelectronics (Thailand), or SMT, rose 7.63% to 6.35 baht at 10:05 a.m. on September 23, 2026, with trading value of 181.55 million baht, driven by speculative buying in electronics stocks linked to the Optical, Photonics, and AI Infrastructure themes. The research division of Yuanta Securities (Thailand) said SMT's earnings recovery is becoming clearer, supported by forward orders covering roughly 8 to 12 months, particularly in Optical and Photonics products, which have the potential to be a key driver in 2027. Yuanta Securities expects SMT to post normal profit of approximately 256 million baht in 2027, up about 70% from the previous year, while maintaining a buy recommendation and a target price of 7.60 baht. In the first half of 2026, SMT reported total revenue of 1.313 billion baht, up 30% from the same period a year earlier, and net profit of 51 million baht. No new information was found that SMT reported to the Stock Exchange of Thailand today.

Jabil has been added to the FTSE All-World Index, a global equity benchmark tracking large and mid-cap stocks that is widely followed by index funds and ETFs allocating across developed and emerging markets. The inclusion can raise the US-based electronics manufacturer's visibility among global asset managers that track or reference the index in their allocation frameworks. Jabil, which provides engineering, production, and supply chain services for global brands, is a US$31.4b business sitting squarely in the large cap segment many broad market indices track. The index status can pull in benchmark-tracking capital, but it does not change underlying execution risks already flagged, including tariffs that could affect demand and inventory levels that may pressure cash flows. The clearest test will be upcoming disclosures on AI-related manufacturing volumes and India facility utilization, particularly whether management commentary and segment data tie back to the 40% AI revenue growth expectations without further strain in inventory days or tariff-related commentary.

TTM Technologies priced $500 million in senior notes due 2034 at a 6.750% coupon on September 10, part of a broader debt stack the company is assembling to fund two simultaneous acquisitions. The private sale, expected to close September 24, comes alongside a $300 million incremental term loan A and an $800 million incremental term loan B, bringing fresh borrowing to more than $1.6 billion tied mainly to buying Epiq Solutions and helping cover the Swiss Technology Group AG deal. The company is also pursuing ILFA GmbH, with both European acquisitions expected to close in the third quarter. The offering is not conditioned on the Epiq Solutions purchase closing, but if that deal is not completed by November 15, 2026, or is pushed to May 15, 2027 under an extension, TTM must redeem the entire $500 million at full principal plus accrued interest. The borrowing follows a second quarter in which net sales hit $1.0 billion, up 37% year over year, GAAP net income rose to $83.0 million, or $0.77 per diluted share, and adjusted EBITDA reached $166.8 million, a 16.6% margin, with net leverage at 0.9 times before the new debt lands on the balance sheet.

Analysts recommend an investment strategy of trading individual electronics stocks around earnings cycles, highlighting DELTA and SMT as standout plays benefiting from AI and data center technology. Nattapon Kamthakrua, Assistant Managing Director of the Investment Analysis Department at Yuan Ta Securities (Thailand) Company Limited, told Than Hoon that the electronics sector is a group with outstanding profit growth in the Thai stock market, with all five companies under coverage having forward orders spanning roughly one to two production cycles, and he expects the group's third-quarter 2026 results to grow continuously both quarter-on-quarter and year-on-year. DELTA stands out in cooling systems and power-related components, while KCE is expanding into humanoid technology and HANA is focusing on solid state cooling technology for data centers. SMT stands out for its ample remaining production capacity and its chance to swing back to profit after a loss in 2025. However, the P/E of electronics stocks is higher than the SET average of about 15 to 16 times, with DELTA trading at roughly 60 times 2027 earnings, KCE at about 50 times, and SMT at around 19 times. The analysts therefore recommend speculative buying of DELTA, KCE, CCET, and HANA, and a buy on SMT. Meanwhile, Sureeporn Teewasuwet, Assistant Managing Director of the Securities Analysis Department at Finansia Syrus Securities Public Company Limited, told Than Hoon that demand from the AI and data center groups has come in very strong, pushing prices of components, chips, memory, and PCBs higher, and this is expected to benefit the operating results of the three electronics companies under coverage from the third quarter of 2026 through the first half of 2027. DELTA is expected to begin recovering in the third quarter of 2026 both quarter-on-quarter and year-on-year, with a chance of setting a new record high in the fourth quarter of 2026, with a target price of 290 baht. KCE is expected to benefit from a roughly 10% increase in printed circuit board selling prices, fully recognized for a full quarter, with a target price of 61 baht, while HANA has a target price of 53 baht. She also warned investors to watch the risk of more new supply entering the market in the second half of 2027, which if it balances with demand would pressure prices of components, chips, memory, and PCBs downward and drag the electronics group's operating results into a correction in 2028 before returning to a normal growth cycle in 2029.

RF Industries reported stronger fiscal third-quarter results on September 14, with revenue rising 21% to $23.96 million for the quarter ended July 31, 2026, and operating income reaching approximately $1.8 million, up from $720,000 a year earlier. Gross margin increased to 35.6% from 34%, which management attributes to a shift toward customized cabling and integrated systems. Quarterly bookings totaled $22.5 million, below revenue, producing a book-to-bill ratio of roughly 0.94, while backlog stood at $18.6 million at quarter-end and rose to $19.8 million by September 14. Insider Monkey's database showed 14 hedge funds holding RF Industries at the end of the second quarter of 2026, up from 12 funds three months earlier.

Foxconn Industrial Internet announced on September 18 that it had repurchased 15.83 million shares through centralized bidding, accounting for 0.08% of total share capital. The actual repurchase amount was 1 billion yuan, with a repurchase price range of 59.91 yuan to 66.4 yuan per share. In the first half of 2026, Foxconn Industrial Internet achieved revenue of 557.861 billion yuan and net profit attributable to the parent company of 23.74 billion yuan.

Foxconn Industrial Internet announced that the company has completed its share buyback plan, repurchasing a total of 15.8334 million shares, accounting for 0.08% of total share capital, with an actual repurchase amount of 1 billion yuan and a repurchase price range of 59.91 yuan to 66.40 yuan per share. The company stated that the repurchased shares will be used to safeguard company value and shareholder interests, and it plans to sell them 12 months after disclosing the buyback results.