KCE surges 11%, broker sets new target at 104 baht on AI-S Curve tailwinds and Tesla order hopes

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KCE shares jumped 11.07% to 75.25 baht, up 7.50 baht, with trading value of 2.357 billion baht as of 10:50 a.m., from an opening price of 71.25 baht, a high of 75.25 baht and a low of 71.25 baht. This morning also saw a big lot of 150,000 KCE shares worth 11.89 million baht trade at an average price of 79.25 baht, above the board price. Kiatnakin Phatra Securities, together with BofA Global Research, initiated coverage of KCE Electronics with a buy rating and raised its target price to 104.00 baht, based on a target P/E of 38.1 times, from 67.75 baht previously. It expects net profit to recover 95% year on year to 1.529 billion baht in 2026, surge 110% year on year to 3.212 billion baht in 2027, 69% above market expectations, and reach 4.174 billion baht in 2028. The drivers include the recovery cycle in the PCB industry, the growing electronic content in electric vehicles and software-defined vehicles, indirect benefits from the AI wave that is tightening automotive PCB supply, LEO communications satellites whose revenue share is expected to rise to 16% in 2027 and 30% in 2028 of total PCB revenue, and humanoid robots, with management confirming it is in talks with Tesla, having passed some qualification tests and awaiting final design approval. BofA expects the global humanoid robot market to be worth 100 billion US dollars by 2033, with global shipments growing nearly fivefold from 290,000 units in 2027 to 1.2 million units by 2030. Meanwhile, Sureeporn Teewasuwet, assistant managing director of the securities analysis department at FSS International, sees second-half profit better than the first half after KCE raised PCB prices from the second quarter of 2026 on higher raw material prices such as copper and fiberglass, together with AI-driven PCB demand that is diverting supply. She recommends trading the stock, maintains a target price of 61.00 baht, and warns investors to be cautious in 2027 because new PCB supply will start to gradually come on stream in the second half of 2027.

Impact on assets 4

Financials▲ · 2 stocks
Bank of America Corp
BAC
± MixedCapitalrelevance

BofA Global Research co-initiated coverage of KCE with a buy rating and 104 baht target, but this is BofA's analyst action, not a development for Bank of America itself.

Semiconductors▲ · 1 stocks
KCE Electronics Public Company Limited
KCE
▲ PositiveCapitalDemandPricingrelevance

Kiatnakin Phatra and BofA initiated coverage with a buy rating and raised target price to 104 baht on expected profit recovery.

Electrification & Mobility▲ · 1 stocks
Tesla Inc
TSLA
▲ PositiveDemandrelevance

KCE management confirmed it is in talks with Tesla, passed some qualification tests and awaits final design approval for humanoid robot PCB supply.

Theme Impact 5

Off-coverage companies 1

FSS International Investment Advisory Securities Co., Ltd. (FSSIA)Private± Mixed
relevance

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