Company Coverage
COM7 (COM7 TB): Growth Will Be Driven By Higher Selling Prices
BUY (Maintained)
Current price:
Target price:
Upside:
Bt29.50
Bt32.50
10.17%
Analyst
Highlights
- Positive tone from the analyst meeting, with management raising its 2026 net profit growth target to 20% yoy.
- SSSG spiked, driven by higher selling prices across product categories, while other businesses continued to deliver strong growth momentum.
- Maintain BUY with a target price of Bt32.50, based on SOTP valuation.
Analysis
- Qtd SSSG spiked driven by higher selling prices across categories. Management highlighted that SSSG increased by 8-10% yoy during the first
45 days of 3Q26, while total sales grew by more than 10% yoy. The key driver was higher unit selling prices across all product categories, which more than offset weaker unit sales. Smartphone, PC and Mac sales increased yoy, supported by higher ASPs despite lower sales volume. Tablet sales remained weak, but sales momentum continued to improve compared with 2Q26.
- Other businesses continued to show strong growth momentum. UFund remained on a strong growth trajectory, with new loans of Bt3.3b lifting the loan portfolio to Bt6.6b, up from Bt5.2b in 2Q25. Growth was mainly driven personal customers, which accounted for around 90% of the total portfolio. iCare also delivered strong growth, with 1H26 net profit surging 291% yoy, supported by broad-based growth across all insurance segments, particularly cyber and mobile insurance. Meanwhile, the EV business continued to recover, with Aion deliveries reaching 2,000 units in 1H26, up 71% yoy and already achieving 46% of its full-year 2026 target. Management expects stronger momentum in 2H26 following the launch of new Aion models. EV taxi leasing also continued to expand, reaching 3,800 units, up 57% qoq, putting the company on track to achieve its 5,000-unit target for 2026.
- Management revised up its 2026 growth targets. The company raised itsrevenue growth target to 10-15% yoy from 10% previously, while the net profit growth target was increased to 20% yoy from 10-15%. We view the revised targets as achievable, supported by the strong sales momentum in 3Q26 and continued growth across UFund, iCare and the EV business. In addition, 1H26 net profit has already increased 27% yoy and reached 52% of the full year target, providing a solid base for earnings growth in 2H26.
Highlights
- Positive tone from the analyst meeting, with management raising its 2026 net profit growth target to 20% yoy.
- SSSG spiked, driven by higher selling prices across product categories, while other businesses continued to deliver strong growth momentum.
- Maintain BUY with a target price of Bt32.50, based on SOTP valuation.
Analysis
- Qtd SSSG spiked driven by higher selling prices across categories. Management highlighted that SSSG increased by 8-10% yoy during the first
45 days of 3Q26, while total sales grew by more than 10% yoy. The key driver was higher unit selling prices across all product categories, which more than offset weaker unit sales. Smartphone, PC and Mac sales increased yoy, supported by higher ASPs despite lower sales volume. Tablet sales remained weak, but sales momentum continued to improve compared with 2Q26.
- Other businesses continued to show strong growth momentum. UFund remained on a strong growth trajectory, with new loans of Bt3.3b lifting the loan portfolio to Bt6.6b, up from Bt5.2b in 2Q25. Growth was mainly driven personal customers, which accounted for around 90% of the total portfolio. iCare also delivered strong growth, with 1H26 net profit surging 291% yoy, supported by broad-based growth across all insurance segments, particularly cyber and mobile insurance. Meanwhile, the EV business continued to recover, with Aion deliveries reaching 2,000 units in 1H26, up 71% yoy and already achieving 46% of its full-year 2026 target. Management expects stronger momentum in 2H26 following the launch of new Aion models. EV taxi leasing also continued to expand, reaching 3,800 units, up 57% qoq, putting the company on track to achieve its 5,000-unit target for 2026.
- Management revised up its 2026 growth targets. The company raised itsrevenue growth target to 10-15% yoy from 10% previously, while the net profit growth target was increased to 20% yoy from 10-15%. We view the revised targets as achievable, supported by the strong sales momentum in 3Q26 and continued growth across UFund, iCare and the EV business. In addition, 1H26 net profit has already increased 27% yoy and reached 52% of the full year target, providing a solid base for earnings growth in 2H26.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt29.50
Bt32.50
10.17%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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