Country Daily
Thailand Daily
Top Stories
Company Update | CH. Karnchang (CK TB/BUY/Bt18.10/Target: Bt22.00)
We expect CK to report a 2Q26 net profit of Bt694m (-19.6% yoy, +110.9% qoq), supported by higher construction revenue and a Bt232m dividend from TTW, partly offset by weaker associate income due to a forex loss at CK Power. Construction revenue is expected to rise 14.0% qoq on the continued progress of key projects, while gross margin should remain stable qoq at 7.4%. We assume coverage with a BUY and a target price of Bt22.00.
Company Update | PTT (PTT TB/BUY/Bt37.25/Target: Bt45.00)
We expect PTT to report a higher 2Q26 net profit both qoq and yoy, driven by a strong gas business performance, together with a significant improvement in earnings contribution from subsidiaries and affiliates. The Genesis project is expected to conclude in 1Q27, representing a slight delay from the original timeline. For dividends, we estimate PTT’s interim dividend at Bt1.10/share, implying a 2.93% simple yield. Maintain BUY; target price: Bt45.00 (previously Bt43.00).
Country Daily
Thailand Daily
Top Stories
Company Update | CH. Karnchang (CK TB/BUY/Bt18.10/Target: Bt22.00)
We expect CK to report a 2Q26 net profit of Bt694m (-19.6% yoy, +110.9% qoq), supported by higher construction revenue and a Bt232m dividend from TTW, partly offset by weaker associate income due to a forex loss at CK Power. Construction revenue is expected to rise 14.0% qoq on the continued progress of key projects, while gross margin should remain stable qoq at 7.4%. We assume coverage with a BUY and a target price of Bt22.00.
Company Update | PTT (PTT TB/BUY/Bt37.25/Target: Bt45.00)
We expect PTT to report a higher 2Q26 net profit both qoq and yoy, driven by a strong gas business performance, together with a significant improvement in earnings contribution from subsidiaries and affiliates. The Genesis project is expected to conclude in 1Q27, representing a slight delay from the original timeline. For dividends, we estimate PTT’s interim dividend at Bt1.10/share, implying a 2.93% simple yield. Maintain BUY; target price: Bt45.00 (previously Bt43.00).
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.
