TTM Technologies Shares Surge on Strong Results and Raised Outlook

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.

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.

Krungsri Securities maintains its Buy rating on KCE Electronics and raises its target price to 97 baht from 68 baht, based on a 2027 P/E of 45 times, compared with the closing price of 76.25 baht on 30 September 2026, implying 27% upside from the new target. Krungsri has raised its earnings forecasts for KCE, expecting profit to rise 5% in 2026 and 28% in 2027, on the view that KCE is entering a sustained product price-increase cycle and is expected to raise PCB prices again in October 2026 after copper prices continued to climb, with signals from DELTA that PCB suppliers are seeking another round of price increases in the same month. For KCE, a major maker of automotive printed circuit boards, or PCBs, the research team says the company is entering an upcycle, with management guiding that fourth-quarter 2026 orders will be at a good level and steady versus the third quarter of 2026 despite the low season, while the company plans to raise PCB prices by 9-10% in line with higher raw material costs. Under the revised forecasts, Krungsri expects core profit of 1.404 billion baht in 2026, up 77.3%, and 2.562 billion baht in 2027, up 82.4%, with these forecasts not yet including revenue from Tesla. On revenue, Krungsri expects KCE to post 14.811 billion baht in 2026, up 13.3%, and 18.514 billion baht in 2027, up 25.0%, while EBITDA is forecast at 2.676 billion baht in 2026 and 3.995 billion baht in 2027. The gross margin is expected to rise from 22.5% in 2026 to 26.5% in 2027. Krungsri notes that KCE has its own laminate production facilities, which allows it to control raw material prices well and leaves it less affected by higher raw material costs than its competitors. KCE trades at a P/E of about 35 times on 2027 forecasts, while EPS is expected to grow 82%. Krungsri says the catalyst driving the stock toward the new target price is strong earnings momentum, which is expected to become visible from the third quarter of 2026 onward.

The Office of Industrial Economics (OIE) has revised the structure of the industrial index, resulting in the Manufacturing Production Index (MPI) for August 2026 standing at 103.43, an expansion of 4.44% from the same period last year, with a capacity utilisation rate of 58.28%. Supakit Boonsiri, Director-General of the OIE, disclosed that as a result of the index revision, the OIE has raised its 2026 forecast, with the MPI now expected to grow 2.75-3.75%, up from 0.0-0.5%, and industrial GDP to grow 0.8-1.8%, up from 0.75-1.75%. Positive factors come from continued expansion in global demand for electronic goods driven by AI technology and data centre investment, government measures including the Thai Help Thai Plus scheme and a 2.40 baht per litre reduction in diesel prices, and an average weaker baht of 33.20 baht per dollar, depreciating 1.7% from last year. Key industries contributing positively included communication equipment, which expanded 24.41%, petroleum refining products, which expanded 8.14%, and electronic components and circuit boards, which expanded 14.55%. Industries with a negative impact included primary plastics and synthetic rubber, which contracted 13.37%, computers and peripheral equipment, which contracted 10.91%, and basic iron and steel, which contracted 7.64%. The index revision added new products playing an important role, including notebooks and laptops, optical transceivers, and uninterruptible power supplies for data processing units, and added new sample factory groups in two categories: integrated circuit manufacturing and the manufacturing of other electronic components. The OIE will next test an approach to annual reweighting through continuous index linking. Regarding the impact of flooding on the industrial sector, Supakit said information is still being gathered and assessed.