Electronic Components

Corning has signed a multi-year supply agreement with AT&T worth more than US$3b, tying its fiber and cable output directly to the buildout of U.S. connectivity infrastructure through 2030. The deal follows a strong run in Corning's shares this year, with an 81.09% year-to-date share price return and a 1-year total shareholder return of 98.21%, despite a 15.71% decline over the past 90 days. On the most followed narrative, Corning screens as 14% undervalued, with a fair value of $189.94 against a last close of $164.19. On an earnings yardstick the picture differs, with the shares trading on a P/E of 74.4x against a fair ratio of 53.3x, the US Electronic industry at 30.3x and a peer average of 48x. Corning's use of non-GAAP metrics and the potential for further equity issuance could unsettle confidence in earnings quality and raise the possibility of future dilution.

LG Innotek's production subsidiary in Hai Phong, Vietnam, has marked its 10th anniversary, having grown into the company's largest global manufacturing base. The subsidiary was established in September 2016, began mass production in 2017, and recorded approximately USD 4.1 billion in revenue in 2025, with cumulative investment of approximately USD 1.9 billion and cumulative revenue of approximately USD 25 billion over the decade. It now spans a total floor area of 242,600 square meters with 6,500 employees, 99 percent of them local, and local leaders hold 87 percent of key positions. LG Innotek is expanding the site beyond optical solutions into semiconductor substrates, having selected Hai Phong last June as a hub for that production and begun construction of a new factory with initial investment of approximately USD 1 billion, scheduled for completion in May 2027, targeting a package solutions business generating USD 740 million in operating profit by 2031. CEO Moon Hyuksoo said the company will strengthen its High Performance Portfolio with the Vietnam production subsidiary at the center and accelerate its transformation into a global solutions company.

Kersen Technology recently disclosed an announcement that the company plans to acquire a controlling stake in Huizhou Zhangu Technology Co., Ltd. for no more than 500 million yuan. On September 28, Kersen Technology signed a framework acquisition agreement with Zhangu Technology, He Dongping, Zhang Yingwu, and Huang Weilong, intending to use no more than 500 million yuan of its own or self-raised funds to obtain 53.26% equity in Zhangu Technology through capital increase and equity transfer. Specifically, the company plans to use no more than 210 million yuan to increase capital in Zhangu Technology, holding 22.37% equity after the capital increase, and plans to use no more than 290 million yuan to acquire 30.89% equity held by He Dongping and Zhang Yingwu. Kersen Technology stated that its revenue structure is relatively concentrated in the consumer electronics sector, and its earnings stability is significantly affected by fluctuations in the downstream single industry. This transaction will further integrate high-quality assets and customer resources in the precision metal manufacturing sector, broaden product categories, and improve the industrial chain. Zhangu Technology was established in August 2014 with a registered capital of 25 million yuan, mainly engaged in the production and manufacturing of liquid cooling plate covers, flow channel parts, connector housings, manifold structural parts, CDU sheet metal and other products. The company cautioned that after the transaction is completed, Zhangu Technology will be included in the consolidated financial statements and is expected to generate a certain amount of goodwill. If its future operations undergo adverse changes, the goodwill will be subject to impairment risk.

Kyocera Corporation announced it will begin sales in November 2026 of a new circulating inkjet printhead for label and packaging printing, the KJ4A-EX600RC-HX, which supports white ink, varnish ink and foil decoration. The printhead measures 200 by 42 by 68 millimeters, prints at speeds up to 100 meters per minute at 600 dots per inch, and has an effective print width of 108.33 millimeters. It offers a maximum drive frequency of 40 kilohertz, a maximum droplet volume of 21 picoliters and a minimum droplet volume of 7 picoliters, and supports UV ink with a viscosity range of 8 to 11 millipascal-seconds. Kyocera said its proprietary structure circulates ink near the nozzles for stable printing, and that the expanded viscosity range and 100 meter per minute speed deliver one of the highest productivity levels among its UV ink-compatible printheads as of September 2026. The printhead will be produced at Kyocera's Kirishima Plant in Kagoshima, Japan, and the company said it addresses rising demand for decorative effects such as vivid white-ink colors, glossy varnish finishes and metallic foil designs in the label and packaging market.

The analyst team at Krungsri Securities has raised its recommendation on the electronic components sector to Bullish from Neutral, expecting every company in the group to post stronger earnings in the third quarter of 2026 than in the second quarter, with momentum continuing through the fourth quarter of 2026 and into 2027. The brokerage expects the industry's combined profit to grow 52% in 2027, accelerating from 42% in 2026, driven by demand for both AI-related and non-AI products. It recommends buying all three stocks under coverage: DELTA with a target price of 320 baht and KCE with a target price of 97 baht, naming them top picks on the theme of product price increases, which should deliver the strongest net profit per share growth in 2027. DELTA is expected to post profit growth of 51% in 2027, up from 42% in 2026, while KCE is seen growing from 77% in 2026 to 82% in 2027, and HANA from 24% in 2026 to 45% in 2027. The brokerage also raised its earnings forecasts for KCE by 5% for 2026 and by 28% for 2027 to reflect its positive view that KCE is entering a sustained cycle of product price increases, including one more price increase in October 2026 on top of the two previously expected in July 2026 and January 2027. Among non-AI stocks, it still prefers KCE over HANA because KCE operates further upstream and owns its own laminate factory, giving it better control over raw material costs.

Vishay Intertechnology introduced four new power modules featuring 650 V superjunction MOSFETs in the industry-standard SOT-227 package. The Vishay Semiconductors VS-FC50SA65, VS-FC100SA65, VS-FC150SA65, and VS-FC50LA65 are designed to deliver an optimized balance between conduction and switching losses for high efficiency power conversion in industrial applications. Three of the devices are in a single-switch configuration with nominal current ratings of 50 A, 100 A, and 150 A, while the fourth is a 50 A device in a low side chopper configuration that integrates a 650 V SiC diode. All four leverage the latest 650 V superjunction MOSFET technology to achieve a competitive tradeoff between on-resistance and gate charge, and they operate over a temperature range of -55 °C to +150 °C. The SOT-227 package provides a drop-in replacement for competing solutions, lowering costs by eliminating the need for PCB redesigns, and sample and production quantities are available now with lead times of 12 weeks.

Corning Incorporated has secured a multi-year agreement worth more than $3 billion with AT&T Inc. to expand high-speed broadband infrastructure in the United States. Under the deal, Corning will supply the fiber and cable required for AT&T's network expansion, supporting connectivity for residential customers, businesses and communities. Corning is also expanding its fiber and cable production in the United States, including a North Carolina facility that has created hundreds of jobs. The company has separately partnered with Verizon Communications Inc. to provide fiber and connectivity solutions for broadband expansion and AI-related infrastructure. Corning's 2026 earnings estimates have increased 0.9% to $3.28 per share and its 2027 estimates have risen 0.7% to $4.28 over the past 60 days, while its shares trade at 38.14 forward 12-month earnings.

Four brokerages agree that the third-quarter 2026 profit of Delta Electronics (Thailand) Public Company Limited, or DELTA, will recover significantly, forecasting net profit or core business profit in the range of 7,900 to 8,970 million baht, rising both year on year and quarter on quarter, after raw material shortage problems began to ease, while orders from the Data Center and AI groups remain strong. KGI Securities (Thailand) maintains a Buy rating with a target price of 320 baht, expecting core profit in the third quarter of 2026 at 8.3 billion baht, up 30% year on year and 50% quarter on quarter, on sales of 2.3 billion US dollars, up 39% year on year and 14% quarter on quarter, driven by investment from Cloud Service Providers that aim to raise their 2026 capital expenditure by 77% year on year. Finansia Syrus Securities recommends Buy with a 2027 target price of 290 baht, expecting third-quarter 2026 profit at 8.3 billion baht and forecasting fourth-quarter 2026 profit to reach a new high of more than 10 billion baht from the gradual delivery of delayed orders. UOB Kay Hian maintains a Buy rating with a target price of 300 baht, expecting third-quarter 2026 net profit at 8.97 billion baht, up 21% year on year and 48% quarter on quarter. Liberator Securities recommends Buy with a fair value of 322 baht, expecting third-quarter 2026 net profit at 7,900 million baht, up 6% year on year and 30% quarter on quarter, and has raised its 2026 sales estimate to 8.71 billion US dollars, up 45% year on year, and lifted its net profit estimate to 31,939 million baht, up 29% year on year. It views that the issuance of a 1.5 billion US dollar Exchangeable Bond by Delta Electronics International (Singapore), a subsidiary of the Taiwanese parent company, will not affect operations, and that this issue has already been reflected in the share price.

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.

ICAPE Group reported first-half 2026 consolidated revenue of €113.3 million, up 12.5% from the restated €100.7 million a year earlier, and raised its full-year 2026 consolidated revenue growth target to at least 18% from the previous 12%. The French printed circuit board distributor said organic growth was 12.3% in the half and 18% excluding currency effects, with second-quarter growth of 22.9%, while EBIT came in at €4.7 million and the EBIT margin was 4.1% for the half, including 6% in the second quarter, keeping the company on track for its roughly 6% full-year EBIT margin target. Net income attributable to the group rose to €1.6 million from €1.1 million in the first half of 2025, and recurring net income attributable to the group was €3 million. The order backlog reached a record US$134.9 million as of 25 September 2026, up 44% from US$93.6 million at the end of June 2026 and up 133% from 30 September 2025, while net financial debt stood at €27.6 million at 30 June 2026, down from €28.8 million at 31 December 2025, in compliance with banking covenants. The revised annual target combines organic revenue growth of around 18%, up from a previous range of 6% to 8%, with approximately €5 million in additional revenue from external growth by the end of 2026, down from the €28 million previously targeted after a transaction under way since the start of the year failed to close in July. ICAPE will present its new medium-term operational, strategic and financial targets at a Capital Markets Day on 24 November 2026.

Krungsri Securities Public Company Limited has maintained its Buy rating on KCE Electronics Public Company Limited, or KCE, and raised its target price to 97 baht from 68 baht, citing higher earnings estimates and a positive view of the product price-increase cycle. The research team said KCE, as a major manufacturer of printed circuit boards, or PCB, for the automotive industry, is entering an upcycle in product pricing after raw material costs, especially copper, continued to rise. The company plans to raise PCB selling prices by about 9-10% in line with higher raw material costs, and there is evidence supporting the possibility that KCE will raise PCB selling prices again in October 2026, with the additional October price increase now included in the estimates, compared with earlier expectations of increases in July and January 2027. The research team therefore raised its profit estimates for KCE in 2026 and 2027 by 5% and 28% respectively, expecting 2027 profit to grow about 82% from 2026, which is expected to grow around 77%, driven by higher revenue and gross margin expansion. KCE also has a cost advantage over competitors because it owns its laminate production facilities. These estimates do not yet include revenue from Tesla, which, if it materialises as planned, would be additional upside to future estimates.

Krungsri Securities has raised its recommendation on the electronics sector to Bullish from Neutral, citing three reasons: all three companies, DELTA, HANA and KCE, have only a small share of revenue from the domestic market and export mainly, amid rising global demand for both AI-related and non-AI products; earnings for every company in the sector are likely to keep improving in the third quarter of 2026; and the sector's total profit is expected to grow 52% in 2027, accelerating from 42% in 2026. DELTA's profit is forecast to grow 51% in 2027 from 42% in 2026, KCE is expected to grow 82%, accelerating from 77%, and HANA is expected to grow 45%, up from 24%. The research team also raised its profit forecasts for KCE by 5% for 2026 and by 28% for 2027 after factoring in one more product price increase in October 2026, on top of the two previously expected in July 2026 and January 2027. Krungsri has chosen DELTA and KCE as the sector's top picks, and recommends buying HANA and KCE as non-AI stocks entering an upcycle in earnings, while still preferring KCE over HANA because it operates further upstream and manages raw material costs better thanks to owning its own laminate production plant. It set target prices of 320 baht for DELTA, 64.60 baht for HANA and 97.00 baht for KCE.

Kyocera Corporation announced the launch of its new KMH Series thermal printhead for mobile barcode label printers, with mass production scheduled for October 2026. The product, model number KMH-72-8PBS1-PFS, is designed for refrigerated and frozen environments and features enhanced pulse durability and high reliability. Kyocera said its proprietary design technology increases the durability of heating elements exposed to repeated electrical pulses, maintaining stable print quality under the high-energy conditions required for adequate print density in cold storage. The compact form factor allows more efficient use of limited space inside mobile printers, supporting lighter, more compact printer designs and greater flexibility in the placement of internal components such as batteries. The company cited growth in e-commerce, digital transformation in logistics, and stricter traceability requirements as drivers of demand for barcode label printing in logistics, retail, and healthcare. Kyocera, which reported consolidated sales revenue of 2.07 trillion yen for the year ended March 31, 2026, said it will continue to strengthen its thermal printhead solutions for the mobile printer market.

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.

Krungsri Securities Public Company Limited has raised its recommendation on the electronics sector to Bullish from Neutral, citing three reasons: the low proportion of domestic revenue, the earnings of every company in the sector trending well in 3Q26F continuing from 2Q26, and momentum carrying into 4Q26-2027. It also expects the industry's total profit to accelerate in FY27F on rising demand in both AI-related and non-AI product groups. The research team recommends buying all three stocks, with DELTA at a target price of 320 baht and KCE at a target price of 97 baht as the Top picks, based on the theme of product price increases, which will drive the highest net profit per share growth in FY27F. The industry's total profit is expected to grow 52% in FY27F, accelerating from 42% in FY26F. DELTA will grow 51% in FY27F, up from 42% in FY26F, while KCE grows from 77% in FY26F to 82% in FY27F, and HANA grows from 24% in FY26F to 45% in FY27F. The team also raised its earnings estimates for KCE by 5% in FY26F and by 28% in FY27F to reflect the positive view that KCE is entering a sustained cycle of product price increases, incorporating one more price increase in October 2026 into the estimates, on top of the two previously expected in July 2026 and January 2027. Among non-AI stocks, KCE remains preferred over HANA because it operates further upstream and has its own laminate production facility, which helps it manage raw material costs better.

Krungsri Securities has raised its recommendation for the electronics sector to Bullish from Neutral, citing three reasons: a low proportion of domestic revenue, improving earnings across all companies in the third quarter of 2026 continuing from the second quarter of 2026, and momentum carrying into the fourth quarter of 2026 through 2027. It also expects the sector's total profit to grow 52% in 2027, accelerating from 42% in 2026, driven by rising demand in both AI-related and non-AI product groups. The brokerage recommends buying all three stocks, with DELTA at a target price of 320 baht and KCE at a target price of 97 baht as its top picks under the product price increase theme, which should deliver the highest net profit per share growth in 2027. Krungsri Securities has raised its KCE earnings forecasts by 5% for 2026 and 28% for 2027 to reflect its positive view that KCE is entering a sustained cycle of product price increases, incorporating one more price increase in October 2026 into its estimates, up from the two previously expected in July 2026 and January 2027. It maintains a buy rating on HANA and KCE as non-AI stocks entering an earnings upcycle, and still prefers KCE over HANA because it operates further upstream and owns its own laminate production facilities.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, DELTA and STA, giving DELTA a strategic target price of 320 baht, equivalent to a FY69F P/E of 117x, with resistance estimated at 279 baht, support at 258 baht, and a stop loss at 250 baht. It expects Q3/69F profit to recover both quarter on quarter and year on year after the raw material shortage in Q2/69 eased, while a product mix shift toward higher-margin AI and data center and liquid cooling products supports gross profit margin recovering to around 30%, and it expects profit momentum to accelerate further in Q4/69. For STA, it gives a strategic target price of 23.9 baht, equivalent to a FY69F P/E of 11.3x, with resistance estimated at 23.5 baht, support at 21.6 baht, and a stop loss at 20.7 baht. It expects normal profit in Q3/69F to rise year on year even as it softens quarter on quarter from a high base in Q2/69, helped by a rise in SICOM TSR20 rubber prices in Q3/69, and it expects sales volume to increase to around 30,000 tonnes in Q3/69 from 17,214 tonnes in Q2/69 and to more than 60,000 tonnes in Q4/69, supporting both average selling price and gross profit margin, while global rubber supply remains tight due to limited output from Indonesia and Ivory Coast.

Rogers shares jumped 17% in the morning session after the engineered materials manufacturer hosted an Investor Day at which management laid out strategy and multi-year financial targets through 2030. President and CEO Ali El-Haj and CFO Laura Russell outlined growth priorities tied to AI data centers, vehicle electrification, and capital allocation. Management targeted roughly a 13% revenue compound annual growth rate from 2025 to 2030, a 26% adjusted EBITDA margin by 2030, and adjusted EPS of $14.00 in 2030, which implies more than a 40% five-year adjusted EPS CAGR. The long-dated growth and margin targets give investors a clearer framework for valuing the engineered-materials story. Rogers is up 70.6% since the beginning of the year and, at $156.86 per share, is trading close to its 52-week high of $167.09.

Amphenol delivered a standout earnings release with sharply higher year over year revenue, record adjusted EPS, and guidance that topped expectations, driven by demand tied to AI data center buildouts. The stock is up 20.74% year to date, with a 1-year total shareholder return of 37.26%, a 3-year total shareholder return of a little over 3x, and a 5-year total shareholder return of almost 3.75x. The most followed analyst narrative puts fair value at $103.67 a share against a last close of $84.34, framing the stock as 19% undervalued. At 40.4x earnings, Amphenol trades above its 38.7x fair ratio and the US Electronic industry on 30.3x, though it remains cheaper than peers at 84.8x. The story could break if hyperscaler capex cools or if the CommScope integration creates margin pressure that undercuts the AI narrative.

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.

Murata Manufacturing has begun mass production of the LLD series, which it calls the world's smallest three-terminal low-equivalent series inductance multilayer ceramic capacitors. The new parts measure just 0201-inch size, or 0.6 by 0.3 millimeters, cutting mounting area by approximately 64 percent compared with Murata's previous smallest 0402-inch size of 1.0 by 0.5 millimeters. Murata said it overcame the difficulty of miniaturizing three-terminal capacitors, whose internal and external electrode structures are more complex than conventional two-terminal types, by optimizing the electrode design and advancing its manufacturing processes. Two models are available: the LLD033R60G105ME01 with 1 microfarad capacitance, 4 Vdc rated voltage and an operating temperature range of -55 to +85 degrees Celsius, and the LLD033D80E105ME01 with 1 microfarad capacitance, 2.5 Vdc rated voltage and a range of -55 to +105 degrees Celsius. The company said the smaller footprint frees up printed circuit board space in compact devices such as smartphones and wearables while stabilizing power supply voltage near ICs at high frequencies.

Electronics sector stocks rose sharply across the board on September 29, moving against the decline in the Thai stock index. KCE Electronics Public Company Limited, or KCE, climbed 11.07%, or 7.50 baht, to close at 75.25 baht. Next came Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, up 4.42%, or 0.40 baht, to close at 9.45 baht, and Hana Microelectronics Public Company Limited, or HANA, up 2.44%, or 1.25 baht, to close at 52.50 baht. Naphan Jaisaen, deputy manager of the research department and a fundamental investment analyst covering capital markets at Bualuang Securities Public Company Limited, said KCE received positive news flow from negotiations to develop printed circuit boards, or PCBs, jointly with Tesla for use in humanoid robot projects, artificial intelligence technology, and communication systems. He assessed that a price of 60 to 65 baht reflects value from the existing business and product price increases, while 70 to 75 baht reflects orders tied to Tesla, and 80 to 85 baht reflects the chance of winning orders related to AI technology. He recommended waiting to accumulate shares in the 60 to 65 baht range. As for HANA, he said it has already traded on the AI story ahead of actual earnings figures, giving a price range of 50 to 55 baht and recommending waiting for a pullback before buying. Meanwhile, an analysis by Kiatnakin Phatra Securities Public Company Limited recommended buying KCE with a target price of 104 baht and raised its target price for HANA to 61 baht from 42 baht, while lifting its profit forecasts for 2026 and 2027 by 8% and 31% respectively.

TDK and Taiyo Yuden announced on the 29th that they will form a business alliance for the joint development of cutting-edge electronic components, sending both companies' share prices sharply higher. TDK's stock rose as much as 5.0% from the previous day to 3,066 yen, while Taiyo Yuden climbed as much as 9.1% to 9,955 yen. With demand growing for multilayer ceramic capacitors and other components for data centers and physical AI, the two companies will pool their technology and management resources to build a stable supply system, and will also explore the possibility of a future capital alliance. As the pairing brings together two Kanto-based companies, some see it as a counterweight to Murata Manufacturing of Kansai, and IwaiCosmo Securities senior analyst Kazuyoshi Saito noted, "It could become a force capable of rivaling Murata Manufacturing, and the east-versus-west rivalry will become clearer." In the MLCC field, Taiyo Yuden is said to be strong in small, high-performance types for package substrates used in data centers, while TDK is strong in components for power semiconductors.

Lens Technology announced on September 30 that Changsha Qunxin Investment Consulting Co., Ltd., controlled by the company's actual controllers Zhou Qunfei and Zheng Junlong, has cumulatively increased its holding of the company's A-shares by 3.11 million shares through centralized competitive price trading, accounting for 0.06% of the company's total share capital, with an increase amount of 100 million yuan. This share increase plan has been completed. The announcement also disclosed changes in the shareholding of the controlling shareholder and its concert parties before and after this increase. In the first half of 2026, Lens Technology achieved revenue of 28.866 billion yuan and net profit attributable to the parent company of 577 million yuan.

The analyst at TTB Wealth Securities Public Company Limited has upgraded KCE stock to "Buy" from "Sell," raised its target price to 100 baht from 31 baht, and lifted its profit forecasts for 2026-2029 by 0.6%, 35%, 95% and 137% respectively. The analyst believes the market share KCE lost to Chinese competitors is recovering as more orders flow in amid geopolitical factors, since KCE is a Thai company with production bases in Thailand. EPS for KCE is now expected to grow 85%, 107% and 38% in 2026-2028, while its customer base is expanding from Europe to the United States and existing US customers are increasing their orders. Dollar-denominated sales are expected to grow 21%, 64% and 17% in 2026-2028, compared with a decline of 9% per year in 2023-2025. KCE may also benefit from a shortage of a key raw material, fiberglass, for another one to two quarters, which helps ease price competition. As for the profit outlook for the second half of 2026, third-quarter 2026 profit is expected at 441 million baht, up 51% from a year earlier and 83% from the previous quarter, while fourth-quarter 2026 profit is expected at 573 million baht, up 315% from a year earlier and 30% from the previous quarter.

Jones Tech announced that its controlling shareholders and actual controllers Wu Xiaoning, Ye Lu, and Hanwu, also known as Wu Han, have completed the registration of the transfer of a total of 31,372,504 shares, representing 10.47% of the company's total share capital, to Zhongji Innolight through a negotiated transfer. The total transfer price is 1.747 billion yuan. Following this transfer, Zhongji Innolight becomes a shareholder holding more than 5% of the company, while the company's controlling shareholders and actual controllers remain unchanged.

Zhongji Innolight and Jones Tech both announced after market close on September 30 that Zhongji Innolight had agreed to acquire a combined 31.3725 million shares held by Jones Tech's controlling shareholders Wu Xiaoning, Ye Lu, and Hanwu, representing 10.47% of Jones Tech's total share capital, for a total transfer price of 1.747 billion yuan, with registration completed on September 29, 2026. Following the transfer, Zhongji Innolight became a shareholder holding more than 5% of Jones Tech, while Jones Tech's controlling shareholder and actual controller remained unchanged. Jones Tech is mainly engaged in the research, development, production, and sales of high-performance thermal conductive materials and EMI shielding materials, with products widely used in digital infrastructure segments such as 5G communications and next-generation advanced communications, data centers, and computing power centers. In the first half of 2026, Jones Tech reported revenue of 828 million yuan, up 10.66% year on year, net profit attributable to the parent of 138 million yuan, up 13.59%, and non-GAAP net profit growth of 19.96%. On September 30, Zhongji Innolight's A-shares fell 0.56% to 808.44 yuan per share, extending losses to five consecutive trading days, with a latest market value of 958.8 billion yuan; Jones Tech rose 0.67% to 108.1 yuan per share, with a latest market value of 32.3 billion yuan and a cumulative gain of more than 122% so far this year.

Shenzhen Keanda Electronic Technology Corporation announced on September 29 that controlling shareholder Guo Fengming has decided to terminate the previously disclosed share reduction plan ahead of schedule, and did not sell any company shares during the reduction period. The company had pre-disclosed on June 10, 2026, that Guo Fengming planned to reduce his holdings by no more than 7,345,264 shares, or no more than 3 percent of the company's total share capital, through centralized bidding and block trading within three months starting 15 trading days after the announcement. As of the disclosure date, Guo Fengming's shareholding count and percentage remain unchanged, with a total of 108,302,996 shares held, representing 44.02 percent of total share capital. Of these, 83,027,944 shares are subject to selling restrictions, representing 33.75 percent of total share capital, and 25,275,052 shares are unrestricted, representing 10.27 percent of total share capital. The announcement stated that the share reduction plan had been pre-disclosed as required, and there was no violation of previously disclosed intentions, commitments, or the reduction plan. The company said the early termination of the share reduction plan will not lead to a change in company control, and will not have a material impact on the company's governance structure or ongoing operations.

Lens Technology announced that the share increase plan of Qunxin Company, controlled by the company's actual controllers Zhou Qunfei and Zheng Junlong, has been completed. Qunxin Company increased its holdings by a total of 3.1055 million shares, accounting for 0.06% of the total share capital, with an increase amount of about 100 million yuan. After the increase, Qunxin Company's shareholding ratio rose from 5.38% to 5.44%.

Fuliwang announced that the underwriting summary documents for its 2026 private placement have been approved by the Shanghai Stock Exchange. The company said it will proceed with the registration and custody procedures for the new shares as soon as possible.

Lens Technology announced on September 30 that the share increase plan of Qunxin Company, controlled by the company's actual controllers Zhou Qunfei and Zheng Junlong, has been completed. Qunxin Company increased its holdings by a total of 3.1055 million shares, accounting for 0.06% of the total share capital, with an increase amount of about 100 million yuan. After the increase, Qunxin Company's shareholding ratio rose from 5.38% to 5.44%.