Thai Electronics Became A Millionaire Mogul As Demand From Autos Increased.

Key Sentence:

• Shares of KCE Electronics, Thailand’s PCB maker, have been up 534% since March last year, driven by increased demand from the auto industry.

This moves the founder and chairman Thai Electronics of Bancha Ongkosit into the ranks of the world’s billionaires. Ongkosit, 70, has an estimated net worth from over $1 billion from his stake in KCE Electronics.

The company reported net profit rose 126% to 1.1 billion baht ($34.1 million) in the first half of 2021. Sales rose 31% to 7.2 billion baht during the same period. The company’s Thai Electronics management expects sales to grow in the third quarter. With the global automotive electronics market expected to recover 12% in 2021.

The pandemic has increased demand for electric cars as several European countries demand greater adoption of such vehicles. Which has led to significant automakers announcing plans to introduce more zero-emissions models in the coming years.

DBS Group Research recently confirmed its “buy” rating on its shares with forecasts that net profit will rise 106% this year. “We continue to like KCE for its long-term growth potential due to technology adoption in the automotive segment. Portfolio diversification into consumer electronics products, skilled management, and strong revenue growth prospects.”

Ongkosit founded KCE Electronics, formerly known as Kuang Charoen Electronics, in 1982 with a capital of 12 million baht. During then, the company has become one of the world’s leading manufacturers of printed circuit boards used in automobiles, telecommunications, medical technology, smart devices, and more. Most of KCE Electronics’ products are exported to Europe, followed by the United States and Asia.

The Thai billionaire studied graphic design and became an advertising entrepreneur before turning to the electronics industry. His son, Cornell-educated Peter, has been the CEO of KCE since 2013.