Key Indices
Top Stories
Company Results | Advance Info Service (ADVANC TB/BUY/Bt375.00/Target: Bt415.00)
ADVANC reported a 2Q26 net profit of Bt13.72b (+25% yoy, +2% qoq), above our and Bloomberg consensus by 1% and 3% respectively. Despite strong 1H26 results, management still maintains its conservative 2026 guidance due to higher costs in 2H26 and a high 2H25 base. 1H26 interim dividend is in line at Bt8.69 per share (2.3% yield), with XD on 19 Aug 26. We maintain BUY with an unchanged target price of Bt415.00, supported by a 4-5% dividend yield, as our outlook and forecasts remain unchanged.
Company Results | PTT Oil and Retail (OR TB/HOLD/Bt12.60/Target: Bt12.50)
OR reported a net loss of Bt1.78b in 2Q26, reversing profitability and coming in well below both our forecast and consensus estimates. The weaker-than-expected results were mainly attributable to a lower-than-expected marketing margin, while both qoq and yoy lower sales volumes further weighed on earnings. We expect OR to return to profitability in 3Q26; however, we remain cautious and do not upgrade our investment view given the ongoing risk of government intervention in marketing margins. Maintain HOLD. Target price Bt12.50.
Company Update | Bangkok Airways (BA TB/SELL/Bt19.60/Target: Bt11.70)
BA is expected to report a net profit of Bt290m (-27.7% yoy), while core profit should fall to Bt250m (-49.3% yoy) due to a sharp rise in fuel costs. Although passenger yield improved, margins remained under pressure as fare hikes could not fully offset higher fuel expenses. Forward bookings for 3Q26 remain broadly flat, with only Samui showing modest growth. Given this and limited fuel hedging, we expect earnings to remain weak in 2H26. Maintain SELL. Target price: Bt11.70.
Company Update | Stecon Group (STECON TB/HOLD/Bt17.90/Target: Bt20.00)
We expect STECON to report a net profit of Bt896m, up 74.8% yoy and 155.4% qoq. Total revenue is forecast at Bt9.23b (+5.3% yoy, +26.8% qoq). Although 2Q26 gross margin is expected to soften, 2026 gross margin should remain in line with guidance. A Bt736m dividend from GULF will support earnings. Management remains positive on the outlook and is on track to achieve its 2026 targets. Maintain HOLD with a target price of Bt20.00.
What’s Inside
Company Update | Indorama Ventures (IVL TB/BUY/Bt22.00/Target: Bt27.00)
We expect IVL to deliver a strong 2Q26 turnaround with net profit of Bt6.7b, driven by higher integrated PET spreads and a sizeable inventory gain. We believe the recovery story remains intact, supported by improving cash flow, lower interest expense and potential US$200m in land sale proceeds in 2H26. While earnings may normalise slightly in 3Q26, limited inventory loss risk and a healthier balance sheet should continue to support a re-rating.
Top Stories
Company Results | Advance Info Service (ADVANC TB/BUY/Bt375.00/Target: Bt415.00)
ADVANC reported a 2Q26 net profit of Bt13.72b (+25% yoy, +2% qoq), above our and Bloomberg consensus by 1% and 3% respectively. Despite strong 1H26 results, management still maintains its conservative 2026 guidance due to higher costs in 2H26 and a high 2H25 base. 1H26 interim dividend is in line at Bt8.69 per share (2.3% yield), with XD on 19 Aug 26. We maintain BUY with an unchanged target price of Bt415.00, supported by a 4-5% dividend yield, as our outlook and forecasts remain unchanged.
Company Results | PTT Oil and Retail (OR TB/HOLD/Bt12.60/Target: Bt12.50)
OR reported a net loss of Bt1.78b in 2Q26, reversing profitability and coming in well below both our forecast and consensus estimates. The weaker-than-expected results were mainly attributable to a lower-than-expected marketing margin, while both qoq and yoy lower sales volumes further weighed on earnings. We expect OR to return to profitability in 3Q26; however, we remain cautious and do not upgrade our investment view given the ongoing risk of government intervention in marketing margins. Maintain HOLD. Target price Bt12.50.
Company Update | Bangkok Airways (BA TB/SELL/Bt19.60/Target: Bt11.70)
BA is expected to report a net profit of Bt290m (-27.7% yoy), while core profit should fall to Bt250m (-49.3% yoy) due to a sharp rise in fuel costs. Although passenger yield improved, margins remained under pressure as fare hikes could not fully offset higher fuel expenses. Forward bookings for 3Q26 remain broadly flat, with only Samui showing modest growth. Given this and limited fuel hedging, we expect earnings to remain weak in 2H26. Maintain SELL. Target price: Bt11.70.
Company Update | Stecon Group (STECON TB/HOLD/Bt17.90/Target: Bt20.00)
We expect STECON to report a net profit of Bt896m, up 74.8% yoy and 155.4% qoq. Total revenue is forecast at Bt9.23b (+5.3% yoy, +26.8% qoq). Although 2Q26 gross margin is expected to soften, 2026 gross margin should remain in line with guidance. A Bt736m dividend from GULF will support earnings. Management remains positive on the outlook and is on track to achieve its 2026 targets. Maintain HOLD with a target price of Bt20.00.
What’s Inside
Company Update | Indorama Ventures (IVL TB/BUY/Bt22.00/Target: Bt27.00)
We expect IVL to deliver a strong 2Q26 turnaround with net profit of Bt6.7b, driven by higher integrated PET spreads and a sizeable inventory gain. We believe the recovery story remains intact, supported by improving cash flow, lower interest expense and potential US$200m in land sale proceeds in 2H26. While earnings may normalise slightly in 3Q26, limited inventory loss risk and a healthier balance sheet should continue to support a re-rating.
Key Indices
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