Company Coverage
COM7 (COM7 TB): 2Q26: Results Beat On Strong Other Businesses
BUY (Maintained)
Current price:
Target price:
Upside:
Bt29.5
Bt32.5
+10.17%
Analyst
Highlights
COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy, beating our and consensus forecasts by 6% due to strong other businesses’ performance.
The board has proposed to the EGM the appointment of two additional directors from PLANB.
Maintain BUY with a target price of Bt32.50, based on SOTP methodology.
Analysis
Results beat. COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy and 6% qoq, beating our and consensus forecasts by 6% due to stronger-than expected other businesses.
Key statistics. Revenue grew by 16% yoy supported by healthy demand for smartphones, particularly iPhone, Android, Mac and PC, coupled with the strong growth of other businesses (UFund, iCare etc.). As of 2Q26, COM7 has 1,323 stores, with the company reallocating stores toward higher-return formats such as Studio7 and BaNANA. Gross margin expanded 40bps yoy to 14.3%, mainly driven by the higher contribution of other businesses. SG&A-to-sales improved to 7.8% from 7.9% in 2Q25, reflecting effective cost control. Interest expenses increased 13% qoq, mainly due to higher interest bearing debt to support business growth. Equity income increased to Bt73m, reflecting improved performance from NCAP.
Non-retail businesses remained a key growth driver, with revenue increasing 114% yoy in 2Q26, supported by UFUND, EV-related businesses, insurance and EV taxi-related operations. However, credit cost increased to Bt132m (+436% yoy) following the expansion of the lending portfolio, although asset quality remained healthy with NPL below 1%.
Two new directors from PLANB. The board has proposed to the Extraordinary General Meeting of Shareholders (EGM) the appointment of two additional directors, increasing the board size from seven to nine members. The proposed new directors are Mr. Prin Lohjanochakosin (PLANB CEO) and Mr. Pinitson Luechaikachornphan (PLANB CMO). The EGM is scheduled to be held on 17 Sep.
Highlights
COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy, beating our and consensus forecasts by 6% due to strong other businesses’ performance.
The board has proposed to the EGM the appointment of two additional directors from PLANB.
Maintain BUY with a target price of Bt32.50, based on SOTP methodology.
Analysis
Results beat. COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy and 6% qoq, beating our and consensus forecasts by 6% due to stronger-than expected other businesses.
Key statistics. Revenue grew by 16% yoy supported by healthy demand for smartphones, particularly iPhone, Android, Mac and PC, coupled with the strong growth of other businesses (UFund, iCare etc.). As of 2Q26, COM7 has 1,323 stores, with the company reallocating stores toward higher-return formats such as Studio7 and BaNANA. Gross margin expanded 40bps yoy to 14.3%, mainly driven by the higher contribution of other businesses. SG&A-to-sales improved to 7.8% from 7.9% in 2Q25, reflecting effective cost control. Interest expenses increased 13% qoq, mainly due to higher interest bearing debt to support business growth. Equity income increased to Bt73m, reflecting improved performance from NCAP.
Non-retail businesses remained a key growth driver, with revenue increasing 114% yoy in 2Q26, supported by UFUND, EV-related businesses, insurance and EV taxi-related operations. However, credit cost increased to Bt132m (+436% yoy) following the expansion of the lending portfolio, although asset quality remained healthy with NPL below 1%.
Two new directors from PLANB. The board has proposed to the Extraordinary General Meeting of Shareholders (EGM) the appointment of two additional directors, increasing the board size from seven to nine members. The proposed new directors are Mr. Prin Lohjanochakosin (PLANB CEO) and Mr. Pinitson Luechaikachornphan (PLANB CMO). The EGM is scheduled to be held on 17 Sep.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt29.5
Bt32.5
+10.17%
Analyst
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