KCE Electronics Public Company Limited (KCEA.SG) | Investment Case

1. Company Snapshot

1.a. Company Description

KCE Electronics Public Company Limited, together with its subsidiaries, manufactures and distributes electric printed circuit boards (PCBs) under the KCE trademark worldwide.It operates through three segments: Manufacturing and Distributing of Prepreg and Laminate, Manufacturing and Distributing of Printed Circuit Board, and Manufacturing and Distributing of Chemical.The company's PCBs are manufactured from copper clad laminate that are used in various applications, including automotive, industrial, computer, and telecom systems.

It also manufactures and distributes chemicals products, and prepreg and laminate products, as well as engages in the rental of buildings.The company was formerly known as Kuang Charoen Electronics Company Limited.KCE Electronics Public Company Limited was founded in 1982 and is based in Bangkok, Thailand.

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1.b. Last Insights on KCEA

KCE Electronics Public Company Limited's recent struggles can be attributed to the cautious global market environment, marked by Federal Reserve commentary and political uncertainty. The company's fundamentals may be impacted by the volatile economic conditions, which could affect its dividend payouts. Additionally, the company's recent earnings release may have fallen short of expectations, leading to investor concerns. Furthermore, KCE Electronics has not announced any share buybacks or new product initiatives, which could have provided a boost to its stock.

1.c. Company Highlights

Last Price	0.57
Change Percentage	0.00%
Open	0.58
Previous Close	0.57
Market Cap ( Millions)	680
Volume	0
Year High	0.71
Year Low	0.26
M A 50	0.58
M A 200	0.49

FCF Yield	8.27%
Dividend Yield	5.63%
ROE	6.65%
Debt / Equity	10.45%
Net Debt / EBIDTA	-12.59%
Price To Book	1.92
Price Earnings Ratio	28.42
Price To FCF	12.1
Price To sales	1.84
EV / EBITDA	11.53

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.54%)

6. Segments

Printed Circuit Board

Expected Growth: 4.5%

Growing demand for IoT devices, increasing adoption of 5G technology, and rising need for miniaturization in electronics drive the growth of the PCB market. KCE Electronics' PCBs, being a crucial component in these devices, are poised to benefit from this trend.

Prepreg and Laminate

Expected Growth: 4.5%

Growing demand for PCBs in IoT, automotive, and 5G devices drives the market growth. Increasing adoption of prepreg and laminate in high-frequency and high-speed applications, such as 5G base stations and autonomous vehicles, fuels the demand.

Chemical

Expected Growth: 5.5%

Growing demand for epoxy resin in the electronics industry, increasing adoption of specialty chemicals in automotive and aerospace applications, and expansion of manufacturing capacities in Asia are expected to drive the growth of KCE Electronics' chemical segment.

7. Detailed Products

Printed Circuit Boards (PCBs)

KCE Electronics designs and manufactures high-quality PCBs for various industries, including automotive, industrial, and consumer electronics.

Box Build and System Integration

KCE Electronics provides box build and system integration services, assembling and integrating PCBs into complete systems and sub-assemblies.

Electromechanical Assembly

KCE Electronics offers electromechanical assembly services, combining PCBs with mechanical components to create complete electromechanical assemblies.

Cable and Wire Harness Assembly

KCE Electronics designs and manufactures custom cable and wire harness assemblies for various industries.

Component Sourcing and Procurement

KCE Electronics provides component sourcing and procurement services, sourcing components from authorized distributors and manufacturers.

Design and Engineering Services

KCE Electronics offers design and engineering services, providing design, prototyping, and testing services for PCBs and electromechanical assemblies.

8. KCE Electronics Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for KCE Electronics Public Company Limited is moderate due to the availability of alternative products from competitors.

Bargaining Power Of Customers

The bargaining power of customers for KCE Electronics Public Company Limited is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for KCE Electronics Public Company Limited is moderate due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for KCE Electronics Public Company Limited is high due to the relatively low barriers to entry in the electronics industry.

Intensity Of Rivalry

The intensity of rivalry for KCE Electronics Public Company Limited is high due to the competitive nature of the electronics industry and the presence of several established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	13.99%
Debt Cost	5.01%
Equity Weight	86.01%
Equity Cost	11.75%
WACC	10.81%
Leverage	16.27%

11. Quality Control: KCE Electronics Public Company Limited passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Karooooo

A-Score: 6.8/10

Value: 2.7

Growth: 7.7

Quality: 9.0

Yield: 5.8

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

Flex

A-Score: 5.9/10

Value: 3.2

Growth: 7.1

Quality: 6.5

Yield: 0.0

Momentum: 9.0

Volatility: 9.3

1-Year Total Return ->

DoubleDown Interactive

A-Score: 5.8/10

Value: 8.0

Growth: 6.4

Quality: 8.9

Yield: 0.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

KCE Electronics

A-Score: 5.3/10

Value: 3.5

Growth: 5.3

Quality: 7.0

Yield: 8.3

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

Jabil

A-Score: 4.9/10

Value: 3.5

Growth: 6.7

Quality: 4.6

Yield: 0.0

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

Hana Microelectronics

A-Score: 4.5/10

Value: 6.2

Growth: 4.6

Quality: 5.6

Yield: 3.3

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-14.24%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.81%

KCE Electronics Public Company Limited - TH0122C10Z12

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on KCEA

1.c. Company Highlights

Expensive

Better Quality

Higher Yield

Less Volatile

Weak Momentum

Average Quality

Medium Volatility

Stable Momentum

Revenues Miss

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.54%)

6. Segments

Printed Circuit Board

Expected Growth: 4.5%

Prepreg and Laminate

Expected Growth: 4.5%

Chemical

Expected Growth: 5.5%

7. Detailed Products

Printed Circuit Boards (PCBs)

Box Build and System Integration

Electromechanical Assembly

Cable and Wire Harness Assembly

Component Sourcing and Procurement

Design and Engineering Services

8. KCE Electronics Public Company Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: KCE Electronics Public Company Limited passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.57$

Current Price

0.57$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA