Cal-Comp Electronics (Thailand)
Cal-Comp Electronics (Thailand) (SET: CCET) is one of Thailand's largest listed EMS, consumer-electronics contract manufacturers. FY2024 consolidated revenue approximately THB 65B. Parent Kinpo Group (Taiwan-based electronics conglomerate including XYZprinting, Cybertan). Customer mix: printer OEMs (HP, Lexmark), networking, Wi-Fi, IoT OEMs, PC, server OEMs, consumer, appliance. Plants in Thailand, regional footprint via Kinpo Group.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 65B
FY2024
Ticker
SET: CCET
Listed 1994
Parent
Kinpo Group (Taiwan)
Subsidiary
Mix
Printers, networking, IoT, PC OEM
FY2024
What this company actually does
Cal-Comp provides ODM, EMS contract manufacturing for consumer, enterprise electronics. Printer franchise is a historical anchor (HP, Lexmark volumes). Networking, Wi-Fi, IoT product lines have grown materially. PC, server OEM business adds cyclical volume. Kinpo parent's 3D-printer, AI-device, regional-brand subsidiaries add group-level optionality.[]
Strategic position: largest listed EMS by revenue in Thailand. Cyclical exposure to consumer-electronics, printer, PC cycles. Competitive set: global EMS (Foxconn, Jabil, Flex) at much larger scale; Cal-Comp competes on Thai, regional cost, customer-relationship depth. CHIPS Act, China-plus-one sourcing is a modest tailwind.[]
Business segments
Printer OEM manufacturing
HP, Lexmark — historical anchor product
Cal-Comp's historical anchor is inkjet and laser printer OEM manufacturing for HP (world's largest printer brand) and Lexmark. Printer volumes provide stable base revenue but face structural decline as global print volumes compress in the enterprise segment. Cal-Comp produces printer chassis, assemblies, and finished units at Petchaburi plant.
Networking and Wi-Fi equipment
Fastest-growing segment
Network access points, Wi-Fi routers, mesh networking equipment, and IoT gateway devices for US and European networking brands. Growth driven by enterprise Wi-Fi 6/6E, 5G-fixed-wireless, and smart-home IoT deployment cycles. Networking-product revenue has grown from approximately 15-20% to approximately 30-35% of group revenue over 2019-2024.
PC, server, and computing
PC refresh and AI-server cycle
Desktop PCs, laptop assemblies, and server chassis for multiple tier-2 and tier-3 OEM brands. PC volumes were elevated during COVID work-from-home cycle, then normalised 2022-2023. AI-server build-out (GPUs, HPC systems) is an emerging growth opportunity; Cal-Comp's mechanical-assembly and integration capabilities position it for custom server builds.
Kinpo Group platform
XYZprinting, Cybertan, Newmax
Cal-Comp operates within Kinpo Group (Taiwan), which includes XYZprinting (3D printers), Cybertan Technology (router, IoT OEM), and Newmax Technology. Group platform provides shared tooling, component procurement, customer-introduction from Taiwan-HQ relationships, and cross-manufacturing flexibility across Thailand, China, and Mexico plants.
Thai listed EMS and electronics manufacturer comparison
FY2024 estimates. Sources: company 56-1 filings.
Ticker
SET:CCET
FY2024 revenue
~ $1.88B
Parent / ownership
Kinpo Group (Taiwan)
Product focus
Printers, networking, IoT, PC
Ticker
SET:HANA
FY2024 revenue
~ $579.7M
Parent / ownership
Listed (Hana Group)
Product focus
IC assembly, test, OSAT
Delta Electronics Thailand
Ticker
SET:DELTA
FY2024 revenue
~ $5.51B
Parent / ownership
Delta Group (Taiwan)
Product focus
Power electronics, EV components
| Entity | Ticker | FY2024 revenue | Parent / ownership | Product focus |
|---|---|---|---|---|
| Cal-Comp Electronics | SET:CCET | ~ $1.88B | Kinpo Group (Taiwan) | Printers, networking, IoT, PC |
| Hana Microelectronics | SET:HANA | ~ $579.7M | Listed (Hana Group) | IC assembly, test, OSAT |
| Delta Electronics Thailand | SET:DELTA | ~ $5.51B | Delta Group (Taiwan) | Power electronics, EV components |
| SVI Electronics | SET:SVI | ~ $231.9M | Listed | PCBA, EMS mid-tier |
Key drivers 2025-2026
Networking demand
Wi-Fi 6E and enterprise upgrade cycle
Enterprise and carrier Wi-Fi 6 and 6E upgrade cycles are the strongest end-market for Cal-Comp's networking products. US and EU enterprise campus upgrades and smart-city IoT deployments drive volume. Any slowdown in enterprise IT capex (e.g., macro recession) would compress the networking segment's growth contribution.
China-plus-one
Supply-chain diversification tailwind
US and EU OEM customers diversifying supply chains away from China exclusively have shifted incremental production to Kinpo Group's Thailand plants. Cal-Comp is the direct beneficiary. Watch for US tariff policy developments — any additional China-specific tariffs on electronics OEM categories would further accelerate Thailand-sourcing mandates from US brand customers.
AI server assembly
Emerging custom HPC opportunity
AI-infrastructure build-out (GPUs, HPC, edge-AI appliances) requires custom chassis, thermal-management assemblies, and high-density rack systems where Cal-Comp's mechanical-manufacturing capabilities are relevant. Not yet a material revenue contributor in FY2024 but a potential 3-5 year growth driver if the company secures AI-server OEM qualifications.
Watchpoints
Printer OEM cycle
HP, Lexmark volume exposure.
Networking, IoT growth
Diversification beyond printer franchise.
PC, server OEM cycle
Post-COVID normalisation, AI-server demand.
Kinpo parent, supply-chain shift
China-plus-one sourcing benefit.
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Sector peer
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Cal-Comp Electronics (Thailand) PCL (SET: CCET) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Cal-Comp Electronics (Thailand) PCL (SET: CCET) FY2024 Form 56-1 | Cal-Comp Electronics (Thailand) PCL | Primary | 2025-03-31 |
Reports featuring this profile
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