KCE Electronics PCL: 1Q21 core profit beat the street

  • Earnings exceeded the consensus
  • KCE posted a 1Q21 bottom-line of Bt503m
  • Revenue totaled Bt3.4bn, up 5% YoY but flattish QoQ

KCE’s stock price typically reacts to takeaways from analyst meetings. Its 1Q21 post-result analyst meeting will be held this afternoon (May 12). Predicting what management will tell the audience can point to a trading play. We think KCE will tell analysts about ongoing recovery signs for 2Q21 and 2021. However, our focus will be on any information we can glean regarding how the global semiconductor shortage and the sharply higher copper price may affect business.

Earnings exceeded the consensus

KCE posted a 1Q21 bottom-line of Bt503m, up by 19% YoY and 32% QoQ. Excluding an FX gain, core profit would be Bt430m, up 24% YoY (flattish QoQ). The bottom-line was 16% above with our expectation and 24% better than the street estimate. Core profit was in line with our estimate (and 12% ahead of the consensus). The firm announced the purchase of 67 rai of land in Rojana Industrial Park for Bt221m.

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