KCE Electronics Public Company (KCE) Q4 2024 earnings summary

Executive summary

• FY2024 saw strategic expansion with the establishment of Circuit Holding Co., Ltd. and the acquisition of International Circuits Limited in the UK, enhancing direct control over European sales and market resilience.

• The group completed an internal restructuring by merging KCE International Co., Ltd. and divested non-core assets, optimizing operational efficiency.

• Investment in land for raw material production supports future PCB business growth and supply chain resilience.

Financial highlights

• Total revenue for FY2024 was Bt15,210.4 million, down 8.8% year-over-year; net profit was Bt1,648.5 million, down 4.1% year-over-year.

• Gross margin improved to 22.0% from 20.8% in FY2023, despite lower sales volumes and capacity utilization dropping to 71%.

• EBITDA was Bt2,910.9 million, and basic EPS was Bt1.39, compared to Bt1.45 in FY2023.

• Dividend payout ratio proposed at 86.1% for 2024.

• Total assets decreased to Bt18,415.7 million, and liabilities fell to Bt4,597.6 million, with a debt-to-equity ratio of 0.33.

Outlook and guidance

• The global PCB market is forecasted to grow at a 5.6% CAGR through 2028, with Southeast Asia emerging as a key manufacturing hub.

• Automotive PCBs remain the main sector, with HDI products gaining share; new factory construction is planned for H2 2025, targeting increased HDI capacity.

• Market recovery is expected in 2025, especially in automotive and industrial segments.