Electronic Manufacturing Services

Foxconn Industrial Internet announced that the U.S. International Trade Commission declared on October 9 local time that it has formally launched a Section 337 investigation into patent infringement claims filed by Vicor Corporation of the United States. Vicor alleges that Foxconn Industrial Internet and its controlled subsidiaries infringed one of its patents for a vertical power delivery system. Foxconn Industrial Internet said that after an internal review, the products involved in this investigation are still in the internal validation and evaluation stage, and will not have a material impact on the company's current production, operations, or financial performance.

Flex has secured a new undrawn US$3.3b senior term loan facility with Citibank and other lenders, tied to its planned EPC Power Corp acquisition and subject to rating-based covenants. The facility lands as the company's share price momentum cools after a strong run, with a 1 day return of 4.44% and a 7 day return of 2.76% clawing back some ground after an 11.76% decline over the past 90 days. Longer term enthusiasm remains far stronger, with a year to date share price return of 88.18%, a 1 year total shareholder return of 111.75% and a 5 year total shareholder return above 7x. Flex last closed at $119.83, while the most followed valuation narrative pegs fair value at $130.26, implying the stock trades at a discount. The company is positioning itself as a higher-margin engineered-solutions partner across AI infrastructure, supply chain nearshoring and energy transition power management, though it faces risks if large AI infrastructure projects are delayed or if the CPI spin off fails to secure strong standalone investor support.

ST Wingtech has set up a new semiconductor company in Wuxi. According to Qichacha APP, Wenshixin Wuxi Semiconductor Co., Ltd. was recently established, with Yang Mu as its legal representative and registered capital of 10 million yuan. The company's business scope includes manufacturing electronic components, manufacturing power electronic components, manufacturing special equipment for semiconductor devices, and manufacturing integrated circuit chips and products. Qichacha equity penetration shows that Wenshixin Wuxi Semiconductor Co., Ltd. is indirectly wholly owned by ST Wingtech.

Shares of Hana Microelectronics Public Company Limited, or HANA, rose 1.95% to 52.25 baht on trading value of 513.69 million baht, after Krungsri Securities Public Company Limited estimated that normal profit for the third quarter of 2026 will come in at about 317 million baht, up 733% from the same period a year earlier. It expects third-quarter 2026 revenue to grow about 10% from the previous quarter, accelerating from growth of 9% in the second quarter of 2026 and 2% in the first quarter of 2026, driven by the IC business and a recovery in demand in the PCBA business. The gross margin is expected to rise to 11.2% from 10.7% in the second quarter of 2026 and 6% in the third quarter of 2025, even though SG&A expenses are expected to increase 25% from the same period a year earlier. If it comes in as expected, normal profit for the first nine months of 2026 will account for about 62% of the full-year profit forecast. Krungsri Securities maintains its 2026 normal profit forecast at 995 million baht, up 24% from a year earlier, and expects profit to accelerate by another 44% in 2027. It also maintains its Buy recommendation with a target price of 64.60 baht, based on a 2027 P/E of 40 times.

Lead Intelligent Equipment stated on an investor interaction platform on October 9 that the company can provide customized turnkey line solutions for global AIDC energy storage batteries, and has already secured production line equipment orders from relevant AIDC energy storage customers. The company also stated that its energy storage production line solutions are equally suitable for data center containerized energy storage construction scenarios, and it will continue to seize business expansion opportunities in related fields.

Lead Intelligent Equipment, a leading lithium battery equipment maker, said on October 9 in response to investor questions on an interactive platform that the company can provide customized turnkey line solutions for global AIDC energy storage batteries and has already secured production line equipment orders from relevant AIDC energy storage customers. The company also said its energy storage line solutions are equally suited to data center containerized energy storage construction scenarios, and it will continue to seize business expansion opportunities in related fields. On the morning of the same day, a person in charge at Lead Intelligent Equipment told Caixin that the company sells production line equipment to energy storage customers, who then sell AIDC products downstream, so there is still an intermediate step, and with the industry just getting started, it is too early to talk about volume. As of press time, Lead Intelligent Equipment's A-share price was 38.65 yuan per share, up 2.82 percent, while its H-share price was 30.08 Hong Kong dollars per share, up 3.08 percent.

Lead Intelligent Equipment stated on an investor interaction platform on October 9 that the company can provide customized turnkey line solutions for global AIDC energy storage batteries, and has already secured production line equipment orders from relevant AIDC energy storage customers. The company also stated that its energy storage production line solutions are equally suitable for data center containerized energy storage construction scenarios, and it will continue to seize business expansion opportunities in related fields.

Yuanta Securities assesses that electronics stocks have already passed their bottom and are entering a period of accelerating profit, believing the earnings cycle still has room to run for another 12 months because AI demand is spreading from GPU and Memory into Networking, Optical, Power, Cooling, PCB and EMS. Q3/2026 will be a key proving point, with mid-cap stocks' profits likely to accelerate on recovering utilization and margins, making second-tier names in the sector stand out. The research team maintains an Overweight on the sector and is shifting focus from AI Leaders to stocks whose earnings are still in the early stage of recovery, selecting HANA as Top Pick with a BUY rating and a target price of 60.25 baht, followed by SMT at BUY with a target price of 8.40 baht, and CCET at BUY with a target price of 11.30 baht, on earnings upside and valuation catch-up, while DELTA and KCE are better suited to trading. As for signals to start watching, there are three: a slowdown in hyperscaler capex, orders and utilization ceasing to accelerate, and 2027–2028 earnings estimates beginning to be revised down. If these signals occur together, that would be the point at which the share price cycle may end ahead of earnings.

Yuanta Securities stated that the Electronics Cycle has passed its trough and entered a period of accelerating profits. Its research team believes the earnings cycle still has room to run for another 12 months, while AI demand is spreading from GPU and Memory into Networking, Optical, Power, Cooling, PCB and EMS. The third quarter of 2026 is a key proving point where mid-cap stocks' profits could accelerate on recovering utilization and margins. The research team maintained an Overweight on the group and shifted focus from AI leaders to stocks whose earnings are still in the early stages of recovery, selecting HANA as its Top Pick with a BUY rating and a target price of 60.25 baht, followed by SMT at BUY with a target price of 8.40 baht, and CCET at BUY with a target price of 11.30 baht, based on earnings upside and valuation catch-up. Meanwhile, DELTA and KCE are more suited to trading. The research team noted the warning signs to watch are a slowdown in hyperscaler capex, order and utilization growth stalling, and 2027 to 2028 earnings estimates starting to be revised down. If these signals occur together, that would be the point where share prices could end their cycle ahead of earnings.

Nvidia is evaluating glass substrate packaging solutions and working with German equipment maker SCHMID and other companies to advance related equipment development. It also hopes panel makers in South Korea, Japan, and elsewhere can complete glass substrate development within two years. SCHMID disclosed in its earnings call that it is jointly developing glass substrate equipment with core companies in the supply chains of Nvidia, Intel, and AMD, but technical difficulties remain in the metallization step for through-glass vias, and customer certification has not yet been completed. According to TrendForce analysis, TSMC's CoPoS will focus on 310 by 310 millimeter substrate sizes in the near term. 2026 is a critical verification period for equipment and material suppliers, pilot production is expected in 2027, and formal mass production will begin in the second half of 2028. Li Wenqi, general manager of Shanghai Yibu Semiconductor, said TSMC originally planned to start mass production this year, but recent information shows it has been postponed to 2028. Domestically, BOE Chairman Chen Yanshun said the company is preparing to invest in a mass production line for semiconductor glass substrate carriers. Its 20-layer large-size glass substrate sample has passed six semiconductor-grade reliability tests and has been sent to leading domestic AI chip makers. Lens Technology's wholly owned subsidiary Lens International signed a memorandum of cooperation with Intel. Woge Optoelectronics' Hubei Phase One production line with annual capacity of 100,000 square meters of through-glass via substrates will complete certification with multiple customers in the first half of 2026 and enter small-batch supply. Triumph Science and Technology is investing 150 million yuan in Bengbu to build a pilot line for advanced packaging glass with through-glass vias. TCL Technology is investing 500 million yuan to establish Shenzhen Yunqi New Materials, in which it holds a 51 percent stake. On the equipment side, Delphi Laser's panel-level glass substrate via equipment has already begun shipping. S.C New Energy Technology's dedicated bubble cleaning equipment for through-glass via glass substrates and fully automatic hole-filling electroplating equipment have completed full-process testing and begun shipping.

Shares of Stars Microelectronics (Thailand) Public Company Limited, or SMT, rose 5.15% to 7.15 baht on trading value of 225.67 million baht. Yuanta Securities (Thailand) said in an analysis that it expects normal profit in the third quarter of 2026 to come in at 56 million baht, up 65% from the previous quarter and a turnaround from a loss in the same period a year earlier, marking the highest level in 30 quarters. The research team also raised its 2027 profit forecast by 10% to 282 million baht, an increase of 88% from the previous year, driven mainly by growth in the optical business, with further upside to estimates if orders from major customers continue to expand. Yuanta also lifted its fair value to 8.40 baht, based on a price-to-earnings ratio of 25 times, and maintained its buy recommendation, saying the stock's current valuation remains a laggard compared with leading names in the sector, reflected in a 2027 P/E of about 18 times, below peers trading in a range of roughly 27 to 64 times.

Jabil Inc. reported fourth-quarter revenue of $10.6 billion, up from $8.3 billion, with core EPS of $4.4 versus $3.29, and guided fiscal 2027 revenue to $44.5 billion, representing 24% growth. The company projected a 30-basis-point expansion in core operating margin to 6.1% and core EPS growth of 34% to $17.55. AI infrastructure is the company's most important growth engine, with its capital equipment business expected to reach $4.2 billion in fiscal 2027, up 40% year over year, while networking and communications is expected to generate $3.9 billion, up 15%. Jabil also expects its healthcare and packaging business to generate $5.6 billion in fiscal 2027 revenue, up 6%, with more than 700 million injectors and delivery pens manufactured, while renewable and energy infrastructure revenue is expected to rise 7% to $3 billion and auto and transportation revenue to increase 9% to $5 billion. The stock has gained 50.5% over the past year, trailing the Electronic Manufacturing Services industry's 64.5% growth, and trades at 17.5 forward earnings versus 20.2 for the industry and its mean of 21.5.

Foxconn, the world's largest contract electronics maker, reported a 47% year-on-year surge in third-quarter revenue, beating estimates on strong AI demand. Revenue for the July-September quarter was T$3.03T, or $95.4B, well above an LSEG SmartEstimate of T$2.83 trillion. The Apple and Nvidia supplier, formally known as Hon Hai Precision, reported September revenue of $1.16T, up 38.42% year-on-year. The company said AI-related operations are expected to continue growing in the fourth quarter, and together with the traditional peak season for electronics products in the second half, this should support overall performance in line with current market expectations. Foxconn will report full third-quarter earnings on November 12.

Foxconn, the world's largest contract electronics manufacturer from Taiwan and the largest server maker for Nvidia, reported third-quarter 2026 revenue up 47% year on year, beating market expectations, driven by strong growth in demand for artificial-intelligence-related products. Revenue for the July-to-September period came in at 3.03 trillion Taiwan dollars, or about 95.4 billion US dollars, above the 2.83 trillion Taiwan dollars forecast by analysts polled by LSEG SmartEstimate. The better-than-expected results reflect momentum from the AI investment wave, which is boosting demand for servers and computing infrastructure, with Foxconn among the key server makers benefiting from the market's expansion.

Hon Hai Precision Industry Co., the Nvidia server assembly partner also known as Foxconn, reported better-than-expected quarterly revenue, signaling sustained and elevated spending on global AI infrastructure. Sales for the three months ended in September totaled NT$3.03 trillion, or $95.4 billion, up 47%, topping the NT$2.83 trillion analysts had expected on average. The strong growth followed a bullish forecast from Micron Technology Inc. last week, adding to evidence that AI spending continues to climb even as executives such as OpenAI's Sam Altman and Anthropic PBC's Dario Amodei call for slowing development of the technology. Hon Hai's sales are seen as a check-in for the AI sector as investor concerns grow about overcapacity, rising debt levels and regulatory setbacks, and its share price is up about 10% since the start of the year. The Taipei-based company still derives a significant chunk of revenue from its lower-margin Apple Inc. business as the primary iPhone manufacturer, though Apple is diversifying suppliers with the likes of Luxshare Precision Industry Co.

SMT shares closed the morning session at 6.80 baht, up 0.15 baht or 2.26%, after touching an intraday high of 6.90 baht, supported by three factors. First, positive sentiment in the electronics sector, with DELTA, HANA and KCE leading the market this morning after US employment figures came in below expectations, easing market worries that the Fed will accelerate rate hikes, while US semiconductor stocks surged on Friday night. Second, SMT has its own specific catalyst from its Optical business, which involves optical signal transmission and stands to grow with AI and data centers. Yuanta Securities expects orders from global Optical customers to gradually increase and sees a clearer impact on revenue and margin over the next two quarters. Third, Yuanta expects normal profit in the third quarter of 2026 to grow 65% quarter-on-quarter, and sees 2026 profit swinging from a loss of 146 million baht in 2025 to a profit of 150 million baht. For 2027, it expects profit to grow 88% year-on-year to 282 million baht. It has therefore raised its end-2027 fair value to 8.40 baht and maintained its buy recommendation. The closing price on 2 October already set a new 52-week high at 6.90 baht, while Yuanta's target price of 8.40 baht remains well above the current price.

Jabil reported fourth-quarter revenue up 29% year over year and core earnings per share up 34% to $4.40, and guided fiscal 2027 core EPS to $17.55, another gain of about 34%. The company generated $14.4 billion of AI-related revenue in fiscal 2026 and expects $22.1 billion in fiscal 2027, a 54% increase, with six customers in the segment expected to top $1 billion each in fiscal 2027. Jabil supported $36.0 billion of revenue in fiscal 2026 on just $470 million of net capital spending, lifting core return on invested capital to 59%, nearly triple the fiscal 2020 level, and buybacks absorbed about $1.1 billion of free cash flow during the year. On the risk side, chief supply chain officer Francis McKay said memory is being pulled toward AI and hyperscale buyers, squeezing other markets, and Connected Living is expected to shrink 15% to $2.3 billion, while healthcare fell short in the fourth quarter on equipment delays and a slipped customer program. Jabil is adding more than $8.5 billion of revenue in fiscal 2027, which management called unprecedented, and a second hyperscale customer is expected to pass 10% of total revenue, while net inventory days of 64 remain above the 55 to 60 day target.

Jabil reported fiscal fourth-quarter adjusted earnings of $4.40 per share, up roughly 34% from $3.29 a year ago and 8% above the Zacks EPS Consensus of $4.06, while revenue climbed 28.6% year over year to $10.62 billion, comfortably surpassing expectations of $9.62 billion by nearly 10%. The standout was Jabil's Intelligent Infrastructure business, where revenue surged 56% to approximately $5.8 billion as AI-related demand accelerated beyond management's already-strong expectations, with the company also benefiting from better-than-expected performance in automotive and transportation as well as renewable and energy infrastructure products. Management expects the momentum to continue in fiscal 2027, projecting revenue to increase 24% to $44.5 billion, adjusted EPS to jump 34% to $17.55, and core operating margin to expand 30 basis points to 6.1%. Year to date, Jabil stock is up 30%, roughly on par with its Zacks Electronics-Manufacturing Services Industry and ahead of the S&P 500 and Nasdaq's gains of 11% and 16%, respectively, and JBL trades at a reasonable 19X forward earnings multiple, a modest discount to the S&P 500's 21X and its Zacks industry average of 24X. Jabil stock lands a Zacks Rank #3 (Hold), suggesting better buying opportunities could still be ahead.

TTM Technologies has completed its $1.1 billion acquisition of Epiq Solutions, strengthening its defense and aerospace business. Epiq develops software-defined radios, RF systems and radiation-tolerant computing solutions used across defense, intelligence and space applications, capabilities that complement TTM Technologies' existing printed circuit board, RF component and mission-system offerings. The deal advances the company's strategy of moving up the chain through greater vertical integration and expands its opportunities across land, air, sea and space applications, including signals intelligence, secure communications, electronic warfare and space systems. Financially, TTM Technologies expects Epiq to immediately strengthen adjusted EBITDA, though the deal is expected to be moderately dilutive to adjusted earnings per share in 2027 before becoming accretive in 2028. TTM Technologies faces strong competition from U.S.-based aerospace and defense electronics companies including Curtiss-Wright Corporation, Mercury Systems and Sanmina.

TTM Technologies reported record quarterly net sales of $1.00 billion for its second quarter, up 37.4% year on year and 4.8% above analysts' expectations, with next-quarter revenue guidance also exceeding consensus. Chief Executive Officer Edwin Roks credited robust Data Center and Networking demand, which rose 91% year on year, along with 33% growth in the Medical, Industrial and Instrumentation end market and 14% growth in Aerospace and Defense. The stock has fallen 6% since the results and trades at $123.42. Across the 10 electronic components and manufacturing stocks tracked in the group, revenues beat consensus by 4.7% and next-quarter revenue guidance came in 6.3% above estimates, with share prices up 2.1% on average since reporting. Amphenol led the group with revenue of $8.76 billion, up 55% year on year, while Jabil posted $10.62 billion, up 28.6%, and Plexus reported $1.30 billion, up 28.1%; Rogers was the weakest, with revenue of $216.8 million, up 6.9%, and a significant miss on earnings per share.

Shares of Hana Microelectronics Public Company Limited, or HANA, rose 5.39%, trading at 53.75 baht in the afternoon, up 2.75 baht, after touching a high of 54.00 baht during the session, with turnover of 2.39658 billion baht. KGI Securities (Thailand) recommends buying with a target price of 63.00 baht at the end of 2027. It expects core profit in the third quarter of 2026 to recover to 305 million baht, improving both year on year and quarter on quarter, driven by better margins, a smaller loss at PMS after production was shifted to Chinese manufacturers, rising orders from Phononic, and a weaker baht. As a result, core profit for the first nine months of this year stands at 686 million baht, up 67% year on year, accounting for 70% of the research house's full-year profit estimate. KGI also expects core profit in the fourth quarter of 2026 to rise both year on year and quarter on quarter, with a continuously improving trend in 2027, when it forecasts growth of 44% on higher sales and gross margin. It sees earnings continuing to recover on the back of growing AI adoption, after HANA won orders related to cooling solutions, data transmission apps, and solid-state transformers.

Fort Corporation Public Company Limited, or FORTH, announced that its board of directors meeting on 30 September 2026 approved a proposal to be submitted to the first extraordinary general meeting of shareholders of 2026 to consider and approve an increase in registered capital of not more than 13,565,891.50 baht, from existing registered capital of 467,687,350 baht to new registered capital of 481,253,241.50 baht, through the issuance of not more than 27,131,783 new ordinary shares with a par value of 0.50 baht per share, offered to existing shareholders in proportion to their holdings at a price of 12.90 to 16.80 baht per share, at a ratio of 34.4752 existing shares to 1 new share. The final offering price will be determined at least 2 business days before the date on which purchasers of the securities are no longer entitled to subscribe for the new shares. The company expects to receive proceeds of approximately 350.00 to 455.81 million baht from this share issuance and offering, and plans to use the funds to support investment and business expansion under its commercial aircraft repair centre project, or MRO, by 2028. The first extraordinary general meeting of shareholders of 2026 is scheduled for 11 November 2026 at 2:00 p.m. on the 7th floor of the company's office building, and the record date for shareholders entitled to attend the meeting is set for 14 October 2026.

Yuanta Securities (Thailand) has maintained its Buy rating on Stars Microelectronics (Thailand), or SMT, and raised its end-2570 target price to 8.40 baht per share from 7.60 baht, based on a PER of 25 times, after lifting its 2570 profit forecast on the back of strength in the Optical business. The stock price as of September 30, 2569 stood at 6.05 baht, implying 38.8% upside to the target price. Yuanta's research team expects SMT to post normalized profit of 56 million baht in the third quarter of 2569, up 65% QoQ and a turnaround from a loss of 49 million baht in the third quarter of 2568. If achieved, this would mark a second consecutive quarter of normalized profit following eight straight quarters of losses, and is expected to be the highest profit in three years. Sales revenue in the third quarter of 2569 is expected at 780 million baht, up 10% QoQ and 41% YoY, driven by a recovery in the IC Packaging, PCBA & Box Build, and Optical businesses. Gross margin is expected to rise to 14.6% from 13.0% in the second quarter of 2569 and 1.4% in the third quarter of 2568. SG&A is expected at 69 million baht, flat QoQ and up 11.3% YoY. For the fourth quarter of 2569, the research team expects normalized profit to continue rising both QoQ and YoY on strong orders, particularly in the Optical business, where production for global customers is expected to ramp up gradually. Yuanta maintained its 2569 normalized profit forecast at 150 million baht, a turnaround from a loss of 146 million baht in 2568, and raised its 2570 normalized profit forecast to 282 million baht, up 88% YoY, or an average of about 70 million baht per quarter, from what it said was previously an overly conservative estimate. It expects revenue of 2.67 billion baht in 2569 and 3.204 billion baht in 2570, with EBITDA of 359 million baht and 510 million baht respectively. Core EPS in 2570 is put at 0.34 baht, up 88.1%. Yuanta noted that SMT's valuation remains a laggard, with the stock trading at a 2570 PER of about 18 times, while leading stocks in the sector trade in a range of 27 to 64 times. However, SMT's key risks are its high reliance on a single major customer and volatility tied to the industry cycle.

Krungsri Securities has raised its recommendation on the electronics sector to Bullish from Neutral, citing three reasons: all three companies, DELTA, HANA and KCE, have only a small share of revenue from the domestic market and export mainly, amid rising global demand for both AI-related and non-AI products; earnings for every company in the sector are likely to keep improving in the third quarter of 2026; and the sector's total profit is expected to grow 52% in 2027, accelerating from 42% in 2026. DELTA's profit is forecast to grow 51% in 2027 from 42% in 2026, KCE is expected to grow 82%, accelerating from 77%, and HANA is expected to grow 45%, up from 24%. The research team also raised its profit forecasts for KCE by 5% for 2026 and by 28% for 2027 after factoring in one more product price increase in October 2026, on top of the two previously expected in July 2026 and January 2027. Krungsri has chosen DELTA and KCE as the sector's top picks, and recommends buying HANA and KCE as non-AI stocks entering an upcycle in earnings, while still preferring KCE over HANA because it operates further upstream and manages raw material costs better thanks to owning its own laminate production plant. It set target prices of 320 baht for DELTA, 64.60 baht for HANA and 97.00 baht for KCE.

Shares of Hana Microelectronics Public Company Limited, or HANA, rose 4.90% to 53.50 baht on trading value of 1.60493 billion baht after KGI Securities (Thailand) Public Company Limited said in an analysis that its earnings outlook is on a recovery path. It expects third-quarter 2026 sales of about 173 million US dollars, up 10% from a year earlier and 5% from the previous quarter, driven by smartphone-related sales, which account for roughly 20% of total sales. Orders from the PMS business are expected to recover to about 4 million US dollars, while orders from Phononic are expected to rise to around 3 million US dollars. As a result, sales for the first nine months of 2026 are seen at approximately 494 million US dollars, up 5% from a year earlier, or 73% of the full-year sales estimate. Gross margin is expected to rise to 11.0% in the third quarter of 2026, up 5 percentage points from a year earlier and 0.3 percentage points from the previous quarter, helped by a smaller loss at PMS after production was shifted to a manufacturer in China, along with higher orders from Phononic and a weaker baht. Gross margin for the first nine months of 2026 is expected at 10.4%, up 1.9 percentage points from a year earlier and close to the full-year assumption of 10.6%. KGI Securities maintained its Buy rating on HANA with an end-2027 target price of 63 baht, based on a price-to-earnings ratio of 40 times, and expects core business profit to grow another 44% in 2027, supported by its entry into the AI supply chain and the start of a second mass production round of cooling solutions for HBM and GPU devices through the partnership between HANA and Phononic.

KGI Securities (Thailand) expects combined core profit in the third quarter of 2026 for the Thai electronics companies it covers, namely DELTA, HANA and KCE, to come in at 9.1 billion baht, up 35% year on year and 51% quarter on quarter. On a year-on-year basis, HANA's profit is expected to grow the most at 702%, driven by a significant improvement in gross margin after the transfer of PMS production to Chinese manufacturers, which reduced losses. On a quarter-on-quarter basis, KCE's profit is expected to grow 113% on double-digit sales growth in both price and volume. DELTA's profit is expected to grow moderately in both periods as tight supply conditions ease while orders remain strong. The research team maintains an overweight stance on the electronics sector given the positive outlook for the AI industry and strong demand, picking DELTA as its top pick with an end-2027 target price of 320 baht.

Jabil shares fell 6.5% in the morning session after the electronics manufacturing services provider reported fourth-quarter and fiscal 2026 results and issued a solid fiscal 2027 outlook. Fourth-quarter net revenue was $10.6 billion, up about 29% year over year, with U.S. GAAP operating income of $602 million, core operating income of $675 million, and core diluted EPS of $4.40, both revenue and adjusted EPS above Wall Street estimates of $9.66 billion and $4.08. For fiscal 2027, Jabil guided to about $44.5 billion in revenue and $17.55 in core diluted EPS at the midpoint, with first-quarter revenue seen at $10.6 billion to $11.4 billion. The pullback can reflect profit-taking after a large beat even when the print and guide look strong. Jabil is up 23.7% since the beginning of the year, but at $297.48 per share it is still trading 22.9% below its 52-week high of $385.63 from June 2026.

Jabil Inc. reported fourth-quarter fiscal 2026 core earnings of $4.40 per share, up 33.7% year over year and beating the Zacks Consensus Estimate of $4.06 by 8.37%, while net revenues climbed 28.6% to $10.62 billion and topped the consensus mark of $9.62 billion by 10.41%. Strong AI infrastructure demand remained the primary growth driver, with Intelligent Infrastructure revenues jumping 56% year over year and representing 55% of quarterly sales at a 6.5% core operating margin. Company-wide core operating margin reached 6.4% versus 6.3% a year earlier, and Jabil generated $733 million in cash from operating activities during the quarter and $541 million in adjusted free cash flow, with share repurchases totaling $169 million. For the first quarter of fiscal 2027, Jabil expects revenues between $10.6 billion and $11.4 billion and core earnings of $3.80 to $4.20 per share, and for the full fiscal 2027 it projects net revenues of $44.5 billion, up 24% year over year, with core earnings forecast at $17.55 per share and adjusted free cash flow of $1.6 billion. The company also highlighted a new $1.5-billion share-repurchase authorization and plans to return more than 80% of adjusted free cash flow to shareholders over time.

Jabil Inc. reported fourth-quarter results that exceeded analyst expectations and issued fiscal 2027 guidance above Wall Street estimates, though shares fell around 4% premarket on Wednesday. Adjusted earnings per share of $4.40 beat the consensus estimate of $4.06 by $0.34, while revenue reached $10.6 billion, surpassing the $9.69 billion analyst estimate and marking a 21% increase year over year from fiscal 2025. For fiscal 2027, the company projected adjusted EPS of $17.55 compared to the consensus of $16.92, and revenue of $44.5 billion versus the consensus of $42.93 billion. For the first quarter of fiscal 2027, Jabil expects adjusted EPS in the range of $3.80 to $4.20, with a midpoint of $4.00, and revenue between $10.6 billion and $11.4 billion, with a midpoint of $11.0 billion. The fiscal 2027 outlook reflects expected revenue growth of 24% and core operating margin expansion of 30 basis points to 6.1%, with adjusted free cash flow of approximately $1.6 billion for the year. CEO Mike Dastoor said the quarter exceeded expectations, closing an exceptional fiscal 2026 in which the company grew revenue 21%, expanded core operating margin 40 basis points and generated more than $1.5 billion in adjusted free cash flow, adding that the outlook reflects accelerating AI demand complemented by solid growth in automotive, healthcare, energy infrastructure, defense and aerospace, and warehouse and retail automation. For fiscal 2026, Jabil reported full-year revenue of $36.0 billion and adjusted EPS of $13.09.

Jabil beat fourth-quarter estimates and forecast fiscal 2027 revenue and adjusted earnings above consensus on Wednesday, helped by demand for AI infrastructure, but its shares fell 3% in premarket trading. The Apple supplier reported fourth-quarter adjusted earnings of $4.40 per share, beating the $4.08 consensus estimate, while revenue rose 28.5% year over year to $10.6B, topping estimates of $9.72B. For fiscal 2027, Jabil forecasts revenue of $44.5B, above the $42.93B consensus estimate, and adjusted earnings of $17.55 per share, compared with analysts' estimate of $16.92. For the first quarter, the company expects revenue between $10.6B and $11.4B, compared with estimates of $10.09B, and adjusted earnings of $3.80 to $4.20 per share, above the $3.66 consensus at the midpoint. Jabil also expects fiscal 2027 revenue to grow 24% and core operating margin to expand by 30 basis points to 6.1%, with CEO Mike Dastoor citing significant growth in AI infrastructure during fiscal 2026 and confidence in the year ahead.

Jabil reported calendar Q3 2026 results that beat market expectations, with revenue rising 28.6% year on year to $10.62 billion, topping analyst estimates of $9.66 billion by 9.8%. Adjusted EPS came in at $4.40, an 8% beat over the $4.08 consensus, while adjusted operating margin was 6.8%, in line with the same quarter last year. The company guided next quarter revenue to $11 billion at the midpoint, 9.9% above analyst estimates of $10.01 billion, and set adjusted EPS guidance for fiscal 2027 at $17.55 at the midpoint, beating estimates by 3.8%. Free cash flow margin slipped to 5.1% from 6.1% a year earlier, and the stock traded down 2.8% to $310.01 immediately after reporting.

Jabil reported quarterly earnings of $4.4 per share, beating the Zacks Consensus Estimate of $4.06 per share and up from $3.29 per share a year ago. The result marked an earnings surprise of +8.37%, and the electronics manufacturer has now surpassed consensus EPS estimates four times over the last four quarters. Revenue for the quarter ended August 2026 came in at $10.62 billion, topping the Zacks Consensus Estimate by 9.91% and up from $8.25 billion a year earlier, with the company also beating consensus revenue estimates four times in the last four quarters. Ahead of the release, the estimate revisions trend was favorable, translating into a Zacks Rank #2 (Buy). For the coming quarter, the current consensus EPS estimate is $3.69 on $9.89 billion in revenues, while the current fiscal year consensus stands at $16.74 on $42.23 billion in revenues.

Jabil Inc. reported preliminary, unaudited fourth quarter and fiscal year 2026 results, with fourth quarter net revenue of $10.6 billion, U.S. GAAP operating income of $602 million and U.S. GAAP diluted earnings per share of $3.76, alongside core operating income of $675 million and core diluted earnings per share of $4.40. For the full fiscal year ended August 31, 2026, the company posted net revenue of $36.0 billion, U.S. GAAP operating income of $1.7 billion, U.S. GAAP diluted earnings per share of $9.75, core operating income of $2.1 billion and core diluted earnings per share of $13.09. CEO Mike Dastoor said the fourth quarter exceeded expectations, closing a fiscal 2026 in which Jabil grew revenue 21%, expanded core operating margin 40 basis points and generated more than $1.5 billion in adjusted free cash flow. For the first quarter of fiscal 2027, Jabil guided net revenue to $10.6 billion to $11.4 billion, U.S. GAAP operating income of $481 million to $541 million, U.S. GAAP diluted earnings per share of $2.78 to $3.18, core operating income of $592 million to $652 million and core diluted earnings per share of $3.80 to $4.20. For the full fiscal year 2027, the company expects net revenue of $44.5 billion, up 24%, core operating margin of 6.1%, core diluted earnings per share of $17.55, up 34%, and adjusted free cash flow of approximately $1.6 billion.

Jabil is scheduled to announce its Q4 earnings results on Wednesday, September 30th, before market open. The consensus EPS estimate is $4.08, up 24.0% year over year, while the consensus revenue estimate is $9.72B, up 17.8% year over year. Over the last 2 years, Jabil has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 0 downward, while revenue estimates have seen 1 upward revision and 0 downward.

Jabil Inc. raised its fiscal 2026 revenue expectations to approximately $35 billion, implying roughly 17% year-over-year growth, as management pointed to continued momentum in AI-related businesses and improving conditions in automotive and other end markets. The outlook follows a third quarter in which revenues rose 12% year over year to $8.75 billion, with growth of 4% in Regulated Industries, 21% in Intelligent Infrastructure and 5% in Connected Living & Digital Commerce. Jabil's portfolio spans automotive, healthcare, renewable energy, capital equipment, cloud and data center infrastructure, networking, connected devices and digital commerce, and management continues to target a balanced mix so that no single product or product family becomes an outsized contributor to operating income or cash flow. Over a 10-year observation window, the company's EPS Linearity was 74.9% against an industry median of 55.9%, while 10-year EPS growth was 25% versus an industry median of 21.7%. Jabil shares have gained 48.6% in the past year, trailing the Electronic-Manufacturing Services industry's growth of 56.5%, and trade at 18.78 forward earnings versus 19.98 for the industry, with its 2026 earnings estimate unchanged over the past 60 days and a Zacks Rank #2 (Buy).

Kiatnakin Phatra Securities Public Company Limited, or KKPS, issued a research note dated 29 September 2026 recommending a "Buy" on KCE Electronics Public Company Limited, or KCE, with a target price of 104 baht, and maintaining a "Buy" on Hana Microelectronics Public Company Limited, or HANA, while raising its target price to 61 baht from 42 baht. It views both companies as entering a new growth cycle driven by a recovery in their core businesses and opportunities from artificial intelligence, or AI, related operations. For KCE, the research team sees it entering an upcycle in the printed circuit board, or PCB, business, expecting normal earnings per share to grow by about 95% in 2026 and 110% in 2027, which is about 69% above the market average. It expects net profit attributable to the company after excluding special items of about 1.529 billion baht in 2026, rising to 3.212 billion baht in 2027 and 4.174 billion baht in 2028. The communications business, especially PCBs for low Earth orbit, or LEO, satellites, is expected to increase its share to about 16% of PCB revenue in 2027 and 30% in 2028. As for HANA, KKPS raised its 2026 and 2027 earnings forecasts by 8% and 31% respectively, expecting profit growth of about 20% in 2026 and 53% in 2027, supported by a rise in capacity utilisation in its OSAT business in Ayutthaya province to 62% from 55%. It expects net profit attributable to the company after excluding special items of about 999 million baht in 2026, rising to 1.533 billion baht in 2027 and 1.78 billion baht in 2028. Meanwhile, two of HANA's three AI projects, Phononic TEC and High-density PCBA, have begun ramping up production and are expected to generate combined revenue of about 2.5 to 3.5 billion baht in 2027.