KCE Electronics
KCE Electronics (SET: KCE) is Thailand's leading listed PCB (printed circuit board) manufacturer. FY2024 consolidated revenue approximately THB 15B. Product mix skews heavily automotive (~70% of revenue, body-electronics, powertrain, ADAS, EV), supplemented by consumer, industrial, telecom PCBs. Global customer base of automotive tier-1 suppliers, European, Japanese OEMs, select hyperscaler, industrial customers.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 15B
FY2024
Ticker
SET: KCE
Listed 1988
Product
PCB manufacturing
FY2024
Mix
~70% automotive, consumer/industrial
Ongoing
What this company actually does
KCE manufactures printed circuit boards, copper-clad laminates. Product range covers multi-layer, flex, rigid-flex, specialty PCBs. Automotive customer mix drives majority revenue — body-electronics, ADAS, powertrain, EV-specific boards. Consumer, industrial, server, telecom PCBs complete the book. Plants in Bang Pu, Lat Krabang Industrial Estates (Thailand).[]
Strategic position: leading Thai PCB specialist with automotive-tilted customer mix. EV, ADAS trends drive structural demand growth; auto cycle drives near-term volatility. Competitive set: global PCB manufacturers in China, Taiwan, Korea; Thailand cluster smaller but specialty-positioned.[]
Business segments
Automotive PCB
ADAS, powertrain, body-electronics boards
~70% of KCE revenue. Multi-layer and specialty PCBs for ADAS (sensor fusion, radar), EV powertrain control, body electronics. European and Japanese automotive Tier-1 clients. Higher layer-count, tighter spec vs consumer boards means higher ASPs and barriers to entry.
Industrial PCB
Industrial automation, energy
~15% of revenue. Industrial automation, energy-management, and power-electronics PCBs for European and US industrial customers. Stable demand; less cyclical than automotive end-market but slower growth.
Consumer, telecom
Consumer electronics, 5G infrastructure
~15% combined. Consumer PCBs are commoditised and face Taiwan, China price competition. Telecom/5G infrastructure PCBs carry better margin but are project-based. KCE manages exposure carefully given margin differences.
Products
Multi-layer, flex, copper-clad laminates
KCE manufactures copper-clad laminates in-house alongside PCB production, capturing material margin. Bang Pu and Lat Krabang industrial-estate facilities handle multi-layer, rigid, and flex PCB formats.
KCE revenue exposure by end-market
Automotive
Revenue share (approx.)
EV transition impact
Positive: EV/ADAS PCB content per vehicle higher than ICE; BEV power-management boards require more PCB layers
Industrial
Revenue share (approx.)
EV transition impact
Neutral: stable demand from industrial automation, energy
Consumer electronics
Revenue share (approx.)
EV transition impact
Cyclical: follows global consumer electronics volume
Telecommunications
Revenue share (approx.)
~5%
EV transition impact
Mixed: 5G infrastructure PCB demand offset by handset commoditisation
| End-market | Revenue share (approx.) | EV transition impact |
|---|---|---|
| Automotive | ~70% | Positive: EV/ADAS PCB content per vehicle higher than ICE; BEV power-management boards require more PCB layers |
| Industrial | ~15% | Neutral: stable demand from industrial automation, energy |
| Consumer electronics | ~10% | Cyclical: follows global consumer electronics volume |
| Telecommunications | ~5% | Mixed: 5G infrastructure PCB demand offset by handset commoditisation |
Key drivers 2025-2026
Automotive cycle, EV content
PCB dollar-content per EV exceeds ICE; ADAS proliferation drives multi-layer board demand.
ADAS, body-electronics growth
Multi-layer, specialty PCB demand from radar, camera, sensor-fusion modules.
Copper, raw material costs
PCB margin driver; global copper commodity cycle directly affects laminate costs.
China PCB competition
Scale and cost pressure from Chinese PCB manufacturers; KCE competes on automotive-spec quality.
Watchpoints
EV content
BEV PCB content per vehicle
BEV powertrain-control boards, battery-management PCBs, and ADAS integration increase PCB content value per vehicle vs ICE equivalents. KCE's ~70% automotive exposure makes this the primary structural growth driver through 2027-2030.
Currency
THB/USD FX impact on margins
KCE's revenue is USD-denominated while costs are largely THB-denominated. THB appreciation compresses operating margin; 2025 baht strength was a key FY2024-FY2025 headwind. Watch quarterly FX hedging disclosures in 56-1.
Competition
China PCB price pressure
Chinese PCB manufacturers (WUS, Tripod, TTM subsidiaries) compete aggressively on automotive-grade boards. KCE's top-8 global automotive-PCB ranking is the competitive moat; any share loss at Tier-1 clients is the critical early warning.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
KCE Electronics PCL (SET: KCE) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| KCE Electronics PCL (SET: KCE) FY2024 Form 56-1 | KCE Electronics PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thai PCB Electronics: KCE-Led Listed Stack
FY2024 net profit THB 1,648.5M (later compressed to THB 832.7M in 2025 on strong baht and copper); ~70% automotive PCB exposure; world top-8 automotive PCB supplier; the structural automotive-PCB anch
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Sits alongside 4 other Atlas profilesKCE: PCB Cycle and the Automotive-Electronics Rotation
Largest PCB manufacturer in Southeast Asia, top-five global automotive-PCB supplier; ~70-75% revenue automotive end-application; plants in Bangpoo, Lat Krabang, Rojana.
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Sits alongside 5 other Atlas profilesThailand Electronics & Semiconductors Market Intelligence
Listed Thai PCB manufacturer; ~70% automotive, consumer/industrial mix; FY2024 revenue ~THB 15B.
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Sits alongside 7 other Atlas profilesThailand Semiconductor OSAT Deep Dive
KCE PCB, substrate, assembly specialist; automotive, telecom customer base.
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Sits alongside 6 other Atlas profilesRelated Market profiles
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competitor
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competitor
Delta Electronics (Thailand)
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