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Strategy | Alpha Picks: Transition From Externally To Domestically Oriented Sectors
Our portfolio outperformed the market in Jul 26 (+5.0% vs SET Index: +2.0%). The Thai equities market rallied in Jul 26, mainly supported by renewed tensions between the US and Iran, which drove crude oil prices higher and boosted upstream energy stocks. For Aug 26, we expect the Thai equity market to remain supported by strong earnings from the energy, petrochemical, and refinery sectors. Meanwhile, domestically oriented sectors could bottom out in 2Q26 and have a better outlook in 2H26.
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.60/Target: Bt9.00)
GLOBAL reported a strong net profit of Bt955m (+84% yoy, +19% qoq), beating our and market expectations by 30% and 38% respectively. Gross margin reached a record high of 31.6%, well above our expectation. Financing costs are expected to continue declining in 2H26, while gross margin is likely to keep expanding yoy, helping offset a soft SSSG. Maintain BUY with a higher target price of Bt9.00 (from Bt8.50).
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.02/Target: Bt3.70)
AWC is expected to post a 2Q26 core profit of Bt202m (+11.0% yoy), driven by solid hotel and retail revenue growth, improving Chinese tourist arrivals, lower financing costs, and slightly higher margins. We expect a strong 2H26 earnings outlook, supported by major events including Gastech, the IMF–World Bank Meetings, and Tomorrowland Pattaya, alongside robust forward bookings and continued Chinese tourism recovery. We maintain BUY with a target price of Bt3.70, supported by attractive earnings growth prospects.
Top Stories
Strategy | Alpha Picks: Transition From Externally To Domestically Oriented Sectors
Our portfolio outperformed the market in Jul 26 (+5.0% vs SET Index: +2.0%). The Thai equities market rallied in Jul 26, mainly supported by renewed tensions between the US and Iran, which drove crude oil prices higher and boosted upstream energy stocks. For Aug 26, we expect the Thai equity market to remain supported by strong earnings from the energy, petrochemical, and refinery sectors. Meanwhile, domestically oriented sectors could bottom out in 2Q26 and have a better outlook in 2H26.
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.60/Target: Bt9.00)
GLOBAL reported a strong net profit of Bt955m (+84% yoy, +19% qoq), beating our and market expectations by 30% and 38% respectively. Gross margin reached a record high of 31.6%, well above our expectation. Financing costs are expected to continue declining in 2H26, while gross margin is likely to keep expanding yoy, helping offset a soft SSSG. Maintain BUY with a higher target price of Bt9.00 (from Bt8.50).
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.02/Target: Bt3.70)
AWC is expected to post a 2Q26 core profit of Bt202m (+11.0% yoy), driven by solid hotel and retail revenue growth, improving Chinese tourist arrivals, lower financing costs, and slightly higher margins. We expect a strong 2H26 earnings outlook, supported by major events including Gastech, the IMF–World Bank Meetings, and Tomorrowland Pattaya, alongside robust forward bookings and continued Chinese tourism recovery. We maintain BUY with a target price of Bt3.70, supported by attractive earnings growth prospects.
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