KGI expects combined 3Q26 profit of DELTA, HANA and KCE to reach 9.1 billion baht

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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.

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