Key Indices
Top Stories
Company Results | Bangchak Corporation (BCP TB/BUY Bt44.50/Target: Bt52.00)
- BCP reported a strong 2Q26 core profit of Bt12.2b (+878% yoy, +25% qoq), broadly in line with our estimate, supported by resilient refining margins, a stronger marketing performance and the first commercial contribution from its SAF business. Despite temporary government intervention, core GRM remained robust at US$18.40/bbl, while BSRC synergies and diversified crude sourcing continued to support earnings resilience. We expect earnings to remain robust in 2H26. Maintain BUY with a target price of Bt52.00.
Company Results | Minor International (MINT TB/HOLD/Bt23.20/Target: Bt24.00)
- MINT reported a 2Q26 core profit of Bt3.51b (+3.0% yoy), with margins pressured by higher costs and interest expenses. The postponed REIT launch will limit deleveraging and add around Bt300m in annual interest costs, while further perpetual conversions could increase the burden. We believe MINT’s 2026 growth target is unlikely to be achieved, despite continued asset-light expansion and franchising. Given the rising interest burden and limited earnings growth, we maintain HOLD with a target price of Bt24.00.
Company Results | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt9.85/Target: Bt11.00)
- MRDIYT reported 2Q26 net profit of Bt757m (+19% yoy, +12% qoq), in line with our and market expectations. Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion. Maintain BUY with a target price of Bt11.00, or 12-month forward PE of 20x.
Company Update | Central Retail Corporation (CRC TB/BUY/Bt26.25/Target: Bt30.00)
- CRC announced the acquisition of 100% of AEON (Thailand), which operates supermarkets under the Max Valu brand. The purchase price is lower than the cost of developing a greenfield operation. Management targets EBIT breakeven by 4Q27 and plans to rebrand the acquired stores under the Tops banner. We revise our 2026-27 earnings forecast by 13% to reflect strong earnings growth. Maintain BUY with a higher target price of Bt30.00 (from 25.50).
What’s Inside
Company Results | CP Axtra (CPAXT TB/HOLD/Bt15.00/Target: Bt14.50)
- CP Axtra (CPAXT) reported 2Q26 net profit of Bt1.87b, down 18% yoy and 33% qoq, in line with our and consensus expectation. Results broadly reflect weaker operations in both wholesale and retail. Maintain HOLD with a target price of Bt14.50.
Top Stories
Company Results | Bangchak Corporation (BCP TB/BUY Bt44.50/Target: Bt52.00)
- BCP reported a strong 2Q26 core profit of Bt12.2b (+878% yoy, +25% qoq), broadly in line with our estimate, supported by resilient refining margins, a stronger marketing performance and the first commercial contribution from its SAF business. Despite temporary government intervention, core GRM remained robust at US$18.40/bbl, while BSRC synergies and diversified crude sourcing continued to support earnings resilience. We expect earnings to remain robust in 2H26. Maintain BUY with a target price of Bt52.00.
Company Results | Minor International (MINT TB/HOLD/Bt23.20/Target: Bt24.00)
- MINT reported a 2Q26 core profit of Bt3.51b (+3.0% yoy), with margins pressured by higher costs and interest expenses. The postponed REIT launch will limit deleveraging and add around Bt300m in annual interest costs, while further perpetual conversions could increase the burden. We believe MINT’s 2026 growth target is unlikely to be achieved, despite continued asset-light expansion and franchising. Given the rising interest burden and limited earnings growth, we maintain HOLD with a target price of Bt24.00.
Company Results | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt9.85/Target: Bt11.00)
- MRDIYT reported 2Q26 net profit of Bt757m (+19% yoy, +12% qoq), in line with our and market expectations. Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion. Maintain BUY with a target price of Bt11.00, or 12-month forward PE of 20x.
Company Update | Central Retail Corporation (CRC TB/BUY/Bt26.25/Target: Bt30.00)
- CRC announced the acquisition of 100% of AEON (Thailand), which operates supermarkets under the Max Valu brand. The purchase price is lower than the cost of developing a greenfield operation. Management targets EBIT breakeven by 4Q27 and plans to rebrand the acquired stores under the Tops banner. We revise our 2026-27 earnings forecast by 13% to reflect strong earnings growth. Maintain BUY with a higher target price of Bt30.00 (from 25.50).
What’s Inside
Company Results | CP Axtra (CPAXT TB/HOLD/Bt15.00/Target: Bt14.50)
- CP Axtra (CPAXT) reported 2Q26 net profit of Bt1.87b, down 18% yoy and 33% qoq, in line with our and consensus expectation. Results broadly reflect weaker operations in both wholesale and retail. Maintain HOLD with a target price of Bt14.50.
Key Indices
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