Printed Circuit Boards (PCB & HDI)

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.

Shares of KCE Electronics Public Company Limited, or KCE, rose 4.32% to 78.50 baht on trading value of 995.24 million baht after Kiatnakin Phatra Securities, together with BofA Global Research, initiated coverage of KCE with a buy rating and raised its target price to 104 baht from 67.75 baht, based on a target price-to-earnings ratio of 38.1 times. Analysts believe KCE's 2025 earnings have likely passed their trough and that the company is entering a new upcycle, forecasting net profit of 1.529 billion baht in 2026, up 95% from the previous year, and 3.212 billion baht in 2027, up 110% from the previous year and about 69% above market estimates. For 2028, net profit is expected to rise further to 4.174 billion baht. The drivers come from the recovery of the PCB industry, growing PCB demand in EVs and software-defined vehicles, and tightening automotive PCB supply amid the AI boom. The satellite communications business is expected to account for about 16% of PCB revenue in 2027, rising to 30% in 2028. KCE is also in talks with Tesla to make PCBs for humanoid robots, having passed part of the qualification process and awaiting final design approval. BofA estimates the global humanoid robot market could be worth as much as 100 billion US dollars by 2033, with global shipments rising nearly fivefold from about 290,000 units in 2027 to 1.2 million units in 2030.

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.

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.

Shengyi Electronics announced that its board of directors has reviewed and approved a proposal to use 1.1 billion yuan in raised funds to increase capital in its wholly-owned subsidiary Ji'an Shengyi, for the implementation of the "Intelligent Manufacturing High-Layer Computing Circuit Board Project." At the same time, the board agreed to use raised funds to replace self-raised funds that had been pre-invested in the fundraising project and issuance expenses already paid. In addition, the company agreed to use no more than 1.55 billion yuan of temporarily idle raised funds for cash management, purchasing principal-protected investment products with high safety and good liquidity, for a period of 12 months.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

Sidike, stock code 300806, plans to have its wholly owned subsidiary Xingyuantai implement the construction of an annual production capacity of 103,000 tonnes of high-end functional BOPET base film expansion project, with a total investment of about 1.652 billion yuan. The project will mass-produce MLCC release film base film, polarizer release and protective film base film, and other series of high-end functional BOPET substrate products, mainly serving downstream fields such as microelectronic MLCC manufacturing, specialty optical devices, and precision PCB circuits. In other company news on the same day, Huaqin Technology said its supernode products achieved first shipment in the second quarter and entered a rapid volume ramp-up phase in the third quarter. Yibo Technology's wholly owned subsidiary Zhuhai Yibo Electronics plans to add investment in the second phase of a PCB board plant project, with total new investment not exceeding 800 million yuan. Xingyun Technology's wholly owned subsidiary Changsha Xiangshuyun Technology signed an intelligent computing resource leasing service contract with a VE customer, with a tax-inclusive total amount of 872 million yuan. In addition, Fosun Pharma's controlling subsidiary Henlius signed a collaboration and license agreement with Amberstone, obtaining exclusive licenses for two T-cell engager products, and will pay upfront payments, research and development expenses, and development and regulatory milestone payments totaling up to 236 million US dollars, plus sales milestone payments of up to 652 million US dollars.

Phillip Securities (Thailand) has issued an "outperform" rating on the electronics sector, selecting DELTA as its Top Pick for the third quarter of 2026, citing its share price lagging the sector and its strongest exposure to the AI theme. KCE and HANA stand to benefit from higher PCB selling prices and their expansion into High Density PCBA and Power Management. First-half sector profit came in at 16 billion baht, up 46.2% year on year, with growth spread across nearly every company, and the bulk of the profit came from DELTA, which benefited from greater recognition of revenue tied to AI and data centers than a year earlier. Other companies showed a picture of revenue recovering more strongly in the second quarter of 2026. For the third-quarter 2026 outlook, DELTA's profit is expected to rise quarter on quarter on higher AI product shipments, helped by a low base in the second quarter of 2026. In the U.S. stock market, investors are watching the CPU stock theme after GPT-6 Astra shifted fully into Agentic AI competition, forcing the CPU-to-GPU ratio up to 1:1, which supports the appeal of INTC and AMD. Cybersecurity names such as CRWD and PANW are also looking more attractive amid the push to enforce rules governing AI usage.

JPMorgan Chase backed Victory Giant Technology's roughly $2.6 billion Hong Kong share sale, a deal tied to China's AI computing buildout, and its shares fell about 3.8% to $338.65. Victory Giant manufactures printed circuit boards that connect hardware inside AI servers, and the offering documents list J.P. Morgan Securities among the participating banks. JPMorgan told Reuters that its geopolitical business decisions remain subject to legal, regulatory and risk-management controls. The $2.6 billion offering is not JPMorgan revenue, and its allocation and fees were not disclosed. JPMorgan's share price sits 10.08% above its $307.64 GF Value estimate, a premium that leaves less room for disappointment.

Bualuang Securities, or BLS, says Thai listed-company earnings are recovering well and has raised its SET target range for mid-2027 to 1,650 points in the base case, with the best case lifted to 1,710 points, citing the CROSS ASSET STRATEGY report from BLS Wealth Research dated September 2026. Second-quarter 2026 results for Thai listed companies also sent positive signals, with overall profit growing both year on year and quarter on quarter and mostly beating analyst expectations. Core net profit in the third quarter is expected to keep expanding strongly year on year, supported by cyclicals and energy on a steadier improvement in Singapore GRM refining margins, by electronic components and PCB makers benefiting from global data center and AI infrastructure demand, and by the tourism recovery reflected in RevPar revenue. The Private Fund Auto Investing team at Bualuang Securities recommends a Defensive Value approach focused on high-dividend stocks with a consistent payout history and strong cash flow, using a rule-based automatic portfolio system to rebalance weights every month. The Thai Dividend Focus strategy, or TDF, selects quality dividend stocks from the SETHD index whose price performance stands out from the market, spreading investment across an average of 10 to 15 companies. Over roughly the past year, the TDF portfolio delivered a total return of as much as 39.60%, according to BLS Private Fund Auto Investing data for the period from August 21, 2025 to August 31, 2026. Investors interested can invest through the Wealth Connex app under the Auto Investing menu, Thai Dividend Focus (TDF) section, where a promotion cuts the minimum investment to 500,000 baht from 1 million baht through December 31, 2026.

Electronics sector stocks rose after U.S. President Donald Trump announced plans to establish an AI Force and appoint a new AI Czar to oversee and support U.S. AI development, reaffirming a pro-growth approach under which the government will not issue rules that obstruct industry growth and will use existing criminal and civil laws to handle cases of AI misuse. Trump views AI as the Next Industrial Revolution and estimates it could eventually reach as much as 25% of the U.S. economy. As of 10:07 a.m., HANA gained 4.19%, up 2.00 baht to 49.75 baht, with trading value of 391.47 million baht. DELTA gained 2.07%, up 5.00 baht to 246.00 baht, with trading value of 1.1237 billion baht. CCET gained 1.69%, up 0.15 baht to 9.00 baht, with trading value of 66.44 million baht. KCE gained 1.15%, up 0.75 baht to 65.75 baht, with trading value of 140.37 million baht. And SMT gained 0.88%, up 0.05 baht to 5.75 baht, with trading value of 10.60 million baht. Krungsri Securities said it holds a positive view on the AI Investment Cycle because it reflects a U.S. policy direction still focused on accelerating AI innovation and infrastructure investment rather than increasing regulatory burden, consistent with earlier policies that accelerated AI adoption, cybersecurity, and high-security computing infrastructure. The positive sentiment extends to the global AI supply chain and connects to Thai stocks in the DELTA, HANA, KCE, and CCET theme, as well as GULF/GPSC and the data center infrastructure group. For DELTA, the recommendation is Buy with a 2027 target price of 320 baht, after it passed the hedging period for bondholder status, combined with an AI CAPEX picture driving demand for AI-related products, supporting a rapid recovery in normal third-quarter 2026 profit, up 33% year on year and up 54% quarter on quarter, and set to reach a quarterly peak in the fourth quarter of 2026 forecast. Profit for 2027-2028 is expected to accelerate by 51.4% and 37.7%, with upside potential, while the stock has corrected about 35% from its recent peak. For HANA, the recommendation is Buy with a 2027 target price of 64.6 baht, after a positive surprise of no cash-strapped status last week, combined with support from an accelerating AI CAPEX cycle and China's economic stimulus focused on supporting smart devices, offering upside potential. Profit is expected to grow 23.7% in 2026 and 44% in 2027, while the stock trades at a 2027 forecast PER of 29.5 times and a low PEG of about 0.67 times.

On September 18, the Ministry of Industry and Information Technology, the National Development and Reform Commission and eight other departments jointly issued the 15th Five-Year Plan for the development of the pharmaceutical industry, laying out 25 key tasks in eight areas. The plan proposes that by 2030, operating revenue of Chinese pharmaceutical enterprises above designated size will exceed 3.5 trillion yuan, the innovative drug industry will grow at an average annual rate of more than 20 percent, China's share of first-in-class innovative drugs globally will exceed 25 percent, more than 200 innovative medical devices will be launched, and the number of pharmaceutical industry parks with output of at least 100 billion yuan will reach 20. Boosted by the news, innovative drug and CRO stocks rose on September 21, with Nanhua Bio gaining for a third straight day, while Harbin Pharmaceutical Group and Shandong Xinhua Pharmaceutical hit their daily limits. The same day, PCB-related shares advanced, as research reports from multiple institutions noted that upstream raw material prices have kept climbing and PCB makers have begun repricing, with the third quarter of 2026 expected to mark the start of an earnings recovery for the sector. MLCC-related shares were active, as AI-driven demand has caused shortages and sharp price surges in high-capacity models, with some spot prices soaring several-fold. Humanoid robot stocks rebounded, after drone footage suggested that the main structure of Tesla Optimus's dedicated production line in Texas may be nearing completion; the line is scheduled to begin production in 2027 with an annual capacity target of 10 million units.

CGSI has revised up its earnings per share forecasts for KCE Electronics Public Company Limited, or KCE, by 18-35% for 2026-2028, and raised its target price to 70 baht from the previous level, while maintaining its Hold recommendation, as it views the current share price as having already priced in much of the recovery in the printed circuit board business. The revision reflects higher assumptions for sales volume, average selling prices, and improved operating leverage. CGSI raised its PCB sales forecasts for 2027-2028 by 12-20% on rising demand for server boards and the recognition of capacity from new plants. For third-quarter 2026 results, CGSI expects KCE to post normalized profit of 495 million baht, up 70% year on year and 105% quarter on quarter, on sales growth of 25% year on year and a gross profit margin expected to rise to 22.5% from 18.9% in the second quarter of 2026. On new capacity, management said at an analyst meeting in August 2026 that KCE plans to add about 1 million square feet per month of PCB capacity, or a 28% increase from the current capacity of 3.6 million square feet per month, with the new plant expected to start production in mid-2028. CGSI expects capital expenditure of about 6-8 billion baht, compared with cash on hand of 1.7 billion baht at the end of June 2026 and projected 2026 EBITDA of 2.05 billion baht, which could force the company to borrow more and cut its dividend payout ratio during the investment period.

The Ministry of Finance has designated the drive to bring companies in future industries, or the New Economy, onto the Stock Exchange of Thailand as one of the key performance indicators, or KPIs, for three agencies: the Board of Investment, or BOI; the Securities and Exchange Commission, or SEC; and the Stock Exchange of Thailand, through the BOI to IPO project, in order to assess proactive performance beyond their normal mandates. The measure aims to draw foreign capital and operators across the supply chain from upstream to downstream, including advanced electronic components such as PCB and optical transceivers, modern vehicles, smart agriculture, global pet food, and the wellness sector, to raise funds on the Thai stock market. The BOI board meeting on September 11, 2026 approved additional incentive measures, or on-top incentives, for companies that receive investment promotion and list on the stock exchange. New Economy businesses receive an additional three years of corporate income tax exemption beyond the normal criteria, or the option of an additional 50% corporate income tax reduction for five years. General businesses receive an additional two years of corporate income tax exemption, or the option of an additional 50% corporate income tax reduction for three years. From 2023 to June 2026, there were investment promotion applications totaling more than 5 trillion baht in target industries such as semiconductors, PCB, the AI supply chain, digital, clean energy, robotics, and aircraft parts. In the first half of this year, actual investment of more than 500 billion baht already flowed into the economy, and in 2026 alone, four leading Japanese automakers, Isuzu, Mazda, Mitsubishi Motors and Honda, announced additional investments in Thailand worth a combined total of more than 50 billion baht. Asadej Kongsiri, director and manager of the Stock Exchange of Thailand, said the project will create four areas of mutual benefit, or four big wins, covering the business sector, investors, the capital market and the overall economy. The SEC has approved new revised criteria to let target companies enter the fundraising process faster by shortening the track record requirement. Meanwhile, the CMDF fund provides support in the form of a matching fund, subsidizing expenses and fees for IPOs at 7 million baht per company. At the same time, the three agencies agreed to set up a joint task force, with the support framework of the project between the stock exchange and the CMDF set at a total of five years, ending in 2031.

Tisco Securities has upgraded its investment weighting for the electronics sector to Overweight from Neutral, citing better-than-expected data center CAPEX spending in 2026, stronger second-half trends across all companies, and the sector's underperformance of 33% relative to the market in the recent period, which it believes has already priced in much of the market's remaining concerns. The research team raised its recommendation on DELTA to Buy with a fair value of 282 baht, after the market has already absorbed negative factors. Although raw material shortages, uncertainty over royalty fees, and the recent bond issuance by parent company Delta Taiwan remain pressures in the second half, the 37% decline in the share price is believed to have already reflected downside risks. Meanwhile, HANA was upgraded to Buy with its fair value raised to 61.50 baht, reflecting greater confidence after HANA passed all qualification requirements from end customers to generate AI revenue in the third quarter of 2026, with new HDI PCB expected to be a significant revenue driver in 2027. KCE retains its Hold rating with a fair value adjusted to 60.25 baht, as the share price has fully reflected its prospects, with humanoid robots and capacity expansion being the clearest supporting factors for 2028.

Narit Therdsteerasukdi, Secretary-General of the Board of Investment, said the BOI has laid out a five-point strategy to accelerate development and capture innovation-driven investment that will create leapfrog growth as a New S-Curve. The five areas are: high-skilled personnel, such as data center engineers, photonic engineers and aviation engineers; new supply chains, such as electronic circuit boards and semiconductors; clean energy; expanding free trade agreements with new countries; and ease of doing business through improved government regulations. Narit said competition to attract investment in the future will not rely on tax incentives alone, but will focus mainly on speed, certainty and sustainability, which Thailand must use as its selling point to draw high-tech investors. He said the government aims to push Thailand to become a supply chain leader and to build a complete New Economy ecosystem for the data center, AI, automotive and clean energy industries. The BOI cited Thailand's strengths in attracting investment, including high-standard infrastructure and industrial estates, high-skilled personnel, strong production chains, a domestic market of 70 million people and an ASEAN market of more than 600 million, more than 17 free trade agreements covering 24 countries, digital infrastructure, clean energy with Utility Green Tariff and Direct PPA mechanisms, and competitive production costs.

Technology component stocks led by KCE and HANA rose more than 2%. At 10:55 a.m., KCE stood at 67.25 baht, up 1.50 baht or 2.28%, with trading value of 764.19 million baht, while HANA stood at 49.50 baht, up 1.00 baht or 2.06%, with trading value of 677.56 million baht. This followed an analysis note from KGI Securities (Thailand) stating that KCE has an opportunity to expand into the printed circuit board, or PCB, business for humanoid robots, after KCE informed the Stock Exchange of Thailand on September 11, 2026, that it is in negotiations to buy and sell products with a company in the United States, which KGI believes could be Tesla, and the product could be PCBs for the Tesla Optimus robot. Tesla aims to scale up robot production from about 10,000 units initially to 1 million units per year, and eventually to 10 million units in the long term. KGI preliminarily estimates that revenue from this project could account for roughly 0.3% to 1.3% of KCE's total revenue, under the assumption of production of 1 million robots using PCBs worth 150 to 200 US dollars per unit and KCE holding an order share of about 1% to 3%. It has therefore not yet included revenue from this project in its forecasts. It also raised its core business profit forecasts for 2026-2027 by 6% to 25%, recommended "Hold" on KCE, and raised its end-2027 target price to 62 baht from 48 baht, based on a PER of 40 times. Meanwhile, HANA is expected to benefit indirectly from the upgrading of the AI server supply chain through three key businesses: thermal solutions for HBM and GPU through a partnership with Phononic, high-density PCBA testing equipment, and SiC solid-state transformers. KGI raised its profit forecasts for HANA by 6% to 11%, maintained its "Buy" recommendation, and raised its end-2027 target price to 63 baht from 45 baht, based on a PER of 40 times, expecting normal operating profit in 2027 to grow 44%.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

TTM Technologies is ramping up its N+M technology family, having already delivered tens of millions of dollars of N+M products and expecting approximately $600 million of N+M business in the second half of 2026, with about one-third of that opportunity in the third quarter and two-thirds in the fourth quarter. The opportunity is supported by strong Data Center and Networking demand, where second-quarter sales surged 91% year over year as customers expanded AI data-center infrastructure, and TTM Technologies expects the end market to account for 49% of third-quarter sales as N+M enters volume production. N+M yields are running better than expected, and further yield improvements as production scales should support margin expansion in the third and fourth quarters. The Zacks Consensus Estimate projects revenue growth of 50.88% year over year in 2026, with earnings per share projected at $4.82 for 2026 and $6.90 for 2027, representing year-over-year growth of 95.9% and 43.2%, respectively. TTM Technologies faces competition in advanced electronics from Amphenol Corporation, which is strengthening its position through Wilder Technologies, and from Sanmina Corporation, which is expanding high-technology PCB capabilities for AI and aerospace-and-defense products.

Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.

Bualuang Securities has raised its target price for KCE Electronics to 70 baht from 60 baht, maintaining a speculative buy recommendation. It estimates core profit for 2026–2027 at 1.44 billion baht, up 78% year on year, and 2.07 billion baht, up 44% year on year, respectively. The research team says the stock's next upside round depends on two factors that are not yet fully confirmed. The first is the chance to enter the supply chain of Tesla Optimus. KCE has not confirmed Tesla as a customer, only that there are potential transactions with a US company. It estimates that one robot uses about 40–50 PCB panels, or roughly 4 square feet, worth about US$90 per unit. If Fremont reaches its designed capacity of 1 million units a year and KCE wins a 10% share, that would generate revenue of about US$9 million, or roughly 2% of sales, and add about 5% to core profit. The second factor is AI/datacom work, which is the larger upside. KCE has installed capacity of 3.6 million square feet per month and is using only about 65%, leaving roughly 1.26 million square feet per month of spare capacity, plus space at the Rojana plant for another 1 million square feet per month. However, KCE is not yet ready to produce high-end AI circuit boards such as UBB/OAM or 800G/1.6T. A more likely starting point is 6–14 layer work for power systems, control and accessories, before moving up to network products of up to 400G after customer certification. If KCE shifts 50% of its spare capacity in 2027 to these higher-value jobs, the research team estimates upside of about 10–15% for revenue and 15–20% for core profit, with yield, process know-how and customer certification the deciding factors. In a bull case where KCE does enter AI/datacom work, the value is 85 baht.

Bualuang Securities says the current picture still supports continued foreign capital inflows into the Thai stock market over the next 3 months, driven by the accelerating global technology and manufacturing cycle, along with upward revisions to Thai market earnings. Historical data from 2016 to 2026 shows that when the 6 main factors are simultaneously above their averages, foreign capital inflows over the following 3 months were positive in 89% of cases, with a median inflow of about 34 billion baht. Currently all 6 factors are above their averages, and 4 of the 6 are more than +0.5SD. The main impetus comes from South Korean exports, which stand at +2.00SD after export figures for May to July 2026 grew 52.9%, 70.4% and 63.0% year on year respectively. Meanwhile, the US manufacturing index rose from 52.6 in January to 55.6 in July. The revision to SET earnings estimates over the past 3 months swung from -7.3% at the start of the year to +12.7% now, or +1.43SD, consistent with foreign investors' net buying of Thai stocks of about 58 billion baht year to date and 38 billion baht over the past 3 months. The base case estimates inflows of about 24.6 billion baht over the next 3 months, while the soft patch case still yields positive foreign inflows of about 10.3 billion baht. On strategy, it recommends accumulating KCE on expected third-quarter 2026 PCB delivery volumes rising quarter on quarter and price increases from 1 July, which support average selling prices by about 9-10% and give PCB revenue a chance to rise 17-19% quarter on quarter. It also picks PTT and PTTGC to benefit from commodity prices that remain at high levels.

Kiatnakin Phatra Securities, part of the Kiatnakin Phatra Financial Group, analyses that accelerating global AI investment will bring a new wave of FDI into Thailand, particularly in semiconductors, printed circuit boards, or PCBs, and advanced electronics. It estimates that Thailand's major industrial estate developers, WHA and AMATA, will see land sales rise by roughly 2,500 rai per year and 2,000 rai per year respectively. Although upstream technologies such as chip design and manufacturing remain concentrated overseas, Thailand is playing a growing role in the semiconductor supply chain for AI, especially in downstream manufacturing, the assembly and processing of advanced technology. Supapong Iamkongek, an analyst at Kiatnakin Phatra Securities, said global investment in AI will not stop at software or chips but is spreading to areas where Thailand has a cost advantage, namely infrastructure and downstream industries. If Thailand can fully attract this new wave of FDI into advanced production chains, it will not only boost the profits of listed companies but also raise the competitiveness of Thai industry on the world stage.