KCE, TH0122010R10

KCE stock outlook stays mixed as Tisco sees stronger third quarter

Published on 10/30/2026 at 00:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tisco expects KCE's third-quarter core profit to rise sharply year over year. The KCE stock outlook remains constrained by weak automotive demand.

Profit outlook and pricing remain central

Tisco expects KCE's third-quarter core profit to benefit from earlier PCB price increases.
A second price increase could support fourth-quarter earnings, although automotive demand remains weak.
Higher HDI sales and growing US customer revenue are identified as important valuation factors.

KCE, TH0122010R10, Illustration mit AI erstellt.

KCE Electronics Public Company Limited is facing a stronger earnings outlook alongside continued demand risks. In a 20 October 2026 analysis relayed by Than Hoon, Tisco forecast third-quarter core profit of 498 million Thai baht, up 60 percent year over year and 106 percent from the previous quarter.

Pricing actions support margins

Tisco attributed the expected improvement primarily to KCE's first PCB price increase of 9 to 10 percent, which took effect in July and was expected to flow more fully into the quarter. The analysis projected third-quarter revenue of 4.04 billion Thai baht, with growth of 18.2 percent year over year and 13.9 percent quarter over quarter.

The broker also forecast a gross margin of 25 percent. Selling, general and administrative expenses were projected at 465 million Thai baht, or 11.4 percent of sales, while the operating margin was expected to improve to 13.6 percent.

Fourth-quarter catalyst meets demand risk

A second PCB price increase of 9 to 10 percent, shifted toward late third quarter or early fourth quarter, could support earnings growth in the following period. Management said 50 to 60 percent of the costs targeted for recovery through pricing had already been recognized in third-quarter costs, while utilization was expected to rise above 80 percent from 70 to 75 percent.

The outlook is not without risks. Tisco said weak automotive demand could limit further valuation upside and maintained a hold recommendation with a fair value of 60.25 Thai baht. Growth in high-density interconnect products and higher revenue from US customers were cited as important factors for supporting the current valuation.

Quote and investor context

At Lang & Schwarz, KCE was quoted at EUR 1.87 on 29 October 2026 at 22:59 Berlin time. A verified Xetra closing-price comparison is not included because no compatible Xetra basis was established.

This is the real-time quote of KCE stock.