Country Daily
Thailand Daily
Top Stories
Company Results | Thai Union Group (TU TB/HOLD/Bt13.10Target: Bt13.30)
TU’s 2Q26 core profit came in at Bt1,364m, (+8.4% yoy and 65.9% qoq), exceeding both our and market forecasts, driven by a record-high gross margin following the tariff refund. 3Q26 earnings are expected to decline qoq due to higher raw material input costs. Maintain HOLD with a higher target price of Bt13.30.
Company Update | Home Product Center (HMPRO TB/BUY/Bt6.70/Target: Bt8.00)
The tone at the analyst meeting was slightly positive, with low-cost inventory expected to continue supporting margins in 3Q26. The consumer spending environment has improved modestly following the launch of the Thai Help Thai Plus copayment scheme, while concerns over geopolitical tensions have eased gradually. Maintain BUY with a target price of Bt8.00, based on a 12-month forward PE of 18x, in line with HMPRO’s five-year average of -1SD.
Country Daily
Thailand Daily
Top Stories
Company Results | Thai Union Group (TU TB/HOLD/Bt13.10Target: Bt13.30)
TU’s 2Q26 core profit came in at Bt1,364m, (+8.4% yoy and 65.9% qoq), exceeding both our and market forecasts, driven by a record-high gross margin following the tariff refund. 3Q26 earnings are expected to decline qoq due to higher raw material input costs. Maintain HOLD with a higher target price of Bt13.30.
Company Update | Home Product Center (HMPRO TB/BUY/Bt6.70/Target: Bt8.00)
The tone at the analyst meeting was slightly positive, with low-cost inventory expected to continue supporting margins in 3Q26. The consumer spending environment has improved modestly following the launch of the Thai Help Thai Plus copayment scheme, while concerns over geopolitical tensions have eased gradually. Maintain BUY with a target price of Bt8.00, based on a 12-month forward PE of 18x, in line with HMPRO’s five-year average of -1SD.
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