KGI Asia-Pacific (Thailand) Focuses on SYNEX: Risk Management and Growth Strategy Under Apple Price Adjustments
The company stated that SYNEX is closely tracking Apple's product pricing adjustments in various countries and Thailand, which mainly appear in some categories such as iPad and MacBook. The company believes the price adjustments are still limited to certain product ranges, while core products in the Thai market like iPhone have not yet seen price increases.
SYNEX noted that such adjustments match rising costs in the tech supply chain, including memory chips and data storage costs, and are related to growing demand from the AI data center industry. The company emphasized that its assessment is not based solely on one brand's products, but from an overall portfolio and business mix perspective.
The management stated that SYNEX has a diversified business structure, enabling joint product planning with brands, inventory management, and maintaining sales balance and profitability by adjusting product mix.
Enhancing Resilience Through Product Mix and Business Expansion
Although Apple remains a key component of the company's portfolio, the company says its revenue structure has become more robust. SYNEX continues to expand into Commercial, Enterprise Solution, and Gaming areas, leveraging investments in AI Infrastructure, Data Centers, and Digital Transformation, while covering government and corporate demand, thereby enhancing ability to withstand market fluctuations.
Financial Performance and Gross Margin Close to Target
The company's Q1 2569 data shows: net profit increased 17.6% year-over-year, revenue grew 1.4%, gross profit margin improved to 3.87%, higher than 3.81%, and gradually approaching the company's set target.
The company believes the results reflect efficiency in portfolio management and increasing high-margin revenue share, despite ongoing industry challenges such as supply chain constraints and memory shortage.
Investing in AI Infrastructure and Data Centers in H2, Expanding Technology Portfolio
SYNEX is simultaneously advancing its technology portfolio. In the first half of 2026, the company established a partnership with Honeywell, a global brand of IT and lifestyle accessories, with SYNEX as exclusive distributor in Thailand; and partnered with LONGi, a global leader in solar cell modules and clean energy solutions, to promote the solar energy market in Thailand, completing the company's ecosystem and creating future growth opportunities.
The company also noted that the storage market overall continues to show good trends, especially the hard disk sector, supported by sustained growth in enterprise and data center demand, so price levels and margins for these products remain strong.
In the second half of 2569, the company maintains its full-year revenue target of 53,000 million baht. It expects support from investments in AI Infrastructure and Data Centers, expansion of Digital Government, growth in Commercial PCs and Smart Devices, and new product launches by partners in the second half, helping the company achieve its revenue target according to plan.
