Top Stories
Company Results | PTT Exploration and Production (PTTEP/BUY/Bt148.50/Target: Bt170.00)
PTTEP reported strong 2Q26 earnings, with both net profit and core profit increasing qoq and yoy, in line with both our and consensus expectations. The solid core earnings were driven by higher selling prices and stronger sales volumes, which more than offset the increase in unit costs. PTTEP declared an interim dividend of Bt4.50/share, implying a 3.0% simple yield. We raise our core profit forecasts following the upward revision of our crude oil price assumptions. Maintain BUY. Target price: Bt170.00.
Company Update | Moshi Moshi (MOSHI TB/BUY/Bt42.00/Target: Bt50.00)
We continue to be bullish on MOSHI, given its leading growth outlook within the lifestyle retail segment. We forecast 2Q26 earnings of Bt158m (+18% yoy), driven by positive SSSG, store expansion, and gross margin improvement. Maintain BUY and raise target price to Bt50.00 (from Bt47.00), based on a 12-month forward PE of 20x.
Company Update | Thai Airways (THAI TB/BUY/Bt5.90/Target: Bt6.80)
THAI is expected to report a net profit of Bt2.27b in 2Q26 (-81.3% yoy, -77.5% qoq), pressured by a 70% yoy surge in jet fuel costs despite resilient passenger and cargo yields. The outlook should improve in 3Q26 as lower jet fuel prices support higher hedging and booking momentum. Although the second lock-up expiry may increase share price volatility, we view it as a buying opportunity. Upgrade to BUY with a target price of Bt6.80.
Top Stories
Company Results | PTT Exploration and Production (PTTEP/BUY/Bt148.50/Target: Bt170.00)
PTTEP reported strong 2Q26 earnings, with both net profit and core profit increasing qoq and yoy, in line with both our and consensus expectations. The solid core earnings were driven by higher selling prices and stronger sales volumes, which more than offset the increase in unit costs. PTTEP declared an interim dividend of Bt4.50/share, implying a 3.0% simple yield. We raise our core profit forecasts following the upward revision of our crude oil price assumptions. Maintain BUY. Target price: Bt170.00.
Company Update | Moshi Moshi (MOSHI TB/BUY/Bt42.00/Target: Bt50.00)
We continue to be bullish on MOSHI, given its leading growth outlook within the lifestyle retail segment. We forecast 2Q26 earnings of Bt158m (+18% yoy), driven by positive SSSG, store expansion, and gross margin improvement. Maintain BUY and raise target price to Bt50.00 (from Bt47.00), based on a 12-month forward PE of 20x.
Company Update | Thai Airways (THAI TB/BUY/Bt5.90/Target: Bt6.80)
THAI is expected to report a net profit of Bt2.27b in 2Q26 (-81.3% yoy, -77.5% qoq), pressured by a 70% yoy surge in jet fuel costs despite resilient passenger and cargo yields. The outlook should improve in 3Q26 as lower jet fuel prices support higher hedging and booking momentum. Although the second lock-up expiry may increase share price volatility, we view it as a buying opportunity. Upgrade to BUY with a target price of Bt6.80.
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