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The PCB sector in Thailand is expected to grow significantly, led by key companies like Taiflex (8039) and Unimicron (3715). Taiflex's Thai plant began operations in May, and Unimicron's facility will start production in Q4. The industry is forecasted to reach peak trial and mass production by H1 2025, with Zhen Ding-KY (4958) and Unimicron (3037) installing machinery in November. This growth is boosting demand for upstream equipment, with experts predicting that Thailand's PCB industry cluster will fully develop within two to three years.

Major PCB manufacturers' production schedules in Thailand are solidifying. Unitech (2367) announced during an investor call that their plant, which began construction in late June, will be completed by June next year. Equipment installation is set for Q3 2025, with trial production in Q4 2025.

Several manufacturers will start trial production in H1 2025, marking the first peak production phase. Unimicron, the most proactive in expanding its Thai presence, plans to install machinery in November, start trial production in April 2025, and commence mass production between June and July. Initially, production volumes will be low, with the first phase covering only 30% of Unimicron's total Thai capacity, reaching full capacity within four years.

Unimicron's mid-to-long-term plan estimates that the Thai plant will contribute 10% of the group's revenue within three to five years, with 60% from Taiwan and 30% from China. Chairman Zhan Zizhang is optimistic about the rapid development of Thailand's PCB industry cluster, noting that Vietnam has also heavily invested in the PCB sector recently. The proximity of the two countries facilitates easy resource transfer from Vietnam to Thailand.

Zhen Ding also has extensive plans in Thailand, with machinery installation in November and trial production beginning in May 2025. Initially an experimental plant, Chairman Shen Qingfang emphasized that relocating PCB plants is complex and costly, with 35% of costs in public facilities and 65% in equipment, including over 50% in wet processes. Relocating would mean a 50% loss in production value and additional moving costs. Therefore, Zhen Ding will expand its existing and new capacities in Thailand.

Automotive PCB giant Chin-Poon (2355) is increasing its investment in Thailand, adding nearly NT$4 billion for a new plant at its existing site. This expansion, approved by the Investment Review Committee, aims to meet the demand for automotive and low-orbit satellite PCBs. The old Thai plant is also being expanded, with the Taiwanese team addressing management issues like staff turnover and low utilization rates since the pandemic. The plant has been profitable monthly since the beginning of the year.

Industry estimates indicate that the top 30 PCB manufacturers investing in Thailand account for over 70% of the industry's total output value.

Editor：Lulu

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