AI Fuels Server Exports, Thai Electronics Warned to 'Sell'

MGR Online•Economy•88d ago

Reader Briefing

AI-driven demand is propelling global server exports to record highs, while PC and mobile markets falter, prompting KGI Securities to issue a 'sell' recommendation for Thai electronics stocks due to inflated valuations.

•Global semiconductor sales hit a new record in March 2026, driven by AI and data center infrastructure.
•Server shipments are projected to grow significantly in 2026 and 2027, outperforming PC and mobile devices.
•Thai electronics companies DELTA, HANA, and KCE are analyzed, with DELTA seen as the primary beneficiary of AI trends.
•KGI (Thailand) Securities advises a 'sell' on these stocks, citing that current market prices have already priced in positive outlooks and are excessively high.

Overview

•Global semiconductor sales reached $9.95 billion in March 2026, marking a 79% year-on-year increase.
•The current upward cycle for semiconductor sales has lasted 37 months, from March 2023 to March 2026.
•World Semiconductor Trade Statistics forecasts global semiconductor sales to grow 26% year-on-year in 2026 to $975 billion.
•Demand for data center infrastructure and AI Edge applications are driving semiconductor sales growth.
•KGI Taiwan research expects AI Super Cycle for TAIEX has just begun, with AI sub-sectors' profits growing 52%.
•US CSPs increased their projected CAPEX growth for 2026 from 64% to 69%, with a further 10% growth expected in 2027.
•Global server shipments are estimated to grow 24% year-on-year to 15 million units in 2026, and an additional 8% to 16.3 million units in 2027.
•KGI (Thailand) Securities recommends 'sell' for Thai electronics stocks (DELTA, HANA, KCE) due to high valuations.

Full article content is available on the original source.

Read on MGR Online (Thai Version)View in Google Translate

Source: MGR Online (Original)

View Original Article

Key Quotes

KGI (Thailand) Securities

"We expect the Server segment to outperform PC and Smartphone due to US CSPs increasing their CAPEX growth for 2026."

เราคาดว่ากลุ่ม Server จะโดดเด่นกว่ากลุ่ม PC และ Smartphone เนื่องจาก CSPs ของสหรัฐฯ ปรับเพิ่มอัตราการเติบโตของงบลงทุน (CAPEX) ปี 2026

KGI (Thailand) Securities

"Our research maintains a 'below market' weight for this sector and recommends 'sell' for all studied stocks, viewing their prices as having already reflected positive factors and being over-premium."

ฝ่ายวิจัยยังคงให้น้ำหนักหุ้นกลุ่มนี้ที่ "น้อยกว่าตลาด" และแนะนำ "ขาย" หุ้นทุกตัวในกลุ่มที่ศึกษา เนื่องจากมองว่าราคาหุ้นได้สะท้อนปัจจัยบวกไปแล้วและมี Premium ที่สูงเกินไป

Key Entities

Organization

KGI (Thailand) Securities(บล.เคจีไอ(ประเทศไทย))

A securities firm that has analyzed the impact of AI on the global and Thai electronics markets.

Semiconductor Industry Association (SIA)ℹ️

An organization that released data on global semiconductor sales reaching a new record in March 2026.

World Semiconductor Trade Statistics (WSTS)ℹ️

An organization that forecasts global semiconductor sales growth for 2026.

KGI Taiwan

A research team that provided insights into the AI Super Cycle and its impact on the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index).

Delta Electronics (Thailand) (DELTA)ℹ️

A Thai electronics company identified as the primary beneficiary of global AI trends due to its high proportion of AI-related revenue.

Hana Microelectronics (HANA)

A Thai electronics company that has a 5% revenue share related to AI, with a 'sell' recommendation given by KGI.

KCE Electronics (KCE)

A Thai electronics company with no AI-related revenue, which is undervalued by KGI and recommended for 'sell'.