Key Indices
Top Stories
Company Results | Central Pattana (CPN TB/BUY/Bt67.75/Target: Bt80.00)
- CPN reported 2Q26 core profit of Bt4.65b (+19% yoy, -5% qoq), in line with our and consensus expectations. Rental and services revenue reached a record high while the hotel and residential businesses also recorded healthy growth. CPN’s earnings momentum should continue in 2H26. Maintain BUY with a target price of Bt80.00.
Company Results | Thanachart Capital (TCAP TB/HOLD/Bt86.25/Target: Bt94.00)
- TCAP reported a 2Q26 net profit of Bt2.64b (+28% yoy, +24% qoq). The results beat our and consensus expectations by 32% and 25% respectively. Loan portfolio shrank yoy and qoq in 2Q26. Provision expenses decreased 80% yoy but were up 91% qoq. NPL ratio stabilised qoq at 4.0% in 2Q26. An announcement of a share buyback programme boosts the share price. Maintain HOLD with a higher target price of Bt94.00.
Company Results | WHA Corporation (WHA TB/BUY/Bt4.90/Target: Bt6.10)
- WHA reported net profit of Bt659m, down 32.7% yoy and 56.3% qoq, missing our and consensus estimates. Revenue came in at Bt2.5b, down 25% yoy and 21% qoq, dragged by lower industrial estate revenue and weaker gross margin from WHA IER land transfers, which we expect to impact only 2026. 1H26 land sales has reached 48% of the 2026 target, with momentum expected to continue. We roll over our valuation to 2027 and maintain BUY with a target price of Bt6.10.
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt37.50/Target: Bt48.00)
- PTTGC’s strong 2Q26 earnings reflect the successful execution of its portfolio transformation strategy, while the company also benefitted from supply disruptions caused by the Middle East crisis. As a result, PTTGC has now strengthened its financial position and balance sheet, providing a more solid foundation for future growth. For the remainder of 2026, we expect the core businesses to remain supported by tighter supply conditions, particularly in the polyolefins market. Maintain BUY. Target price: Bt48.00 (previously Bt46.00).
What’s Inside
Company Update | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt9.85/Target: Bt11.00)
- We came away from the meeting with a neutral tone. The appreciation of the renminbi has not impacted gross margin in the near term, as the company still has existing inventory purchased at lower costs. Store expansion will remain the key earnings driver, with the company having secured locations and construction plans for 95% of its 2026 target of 210 new stores. Maintain BUY with a target price to Bt11.00.
Top Stories
Company Results | Central Pattana (CPN TB/BUY/Bt67.75/Target: Bt80.00)
- CPN reported 2Q26 core profit of Bt4.65b (+19% yoy, -5% qoq), in line with our and consensus expectations. Rental and services revenue reached a record high while the hotel and residential businesses also recorded healthy growth. CPN’s earnings momentum should continue in 2H26. Maintain BUY with a target price of Bt80.00.
Company Results | Thanachart Capital (TCAP TB/HOLD/Bt86.25/Target: Bt94.00)
- TCAP reported a 2Q26 net profit of Bt2.64b (+28% yoy, +24% qoq). The results beat our and consensus expectations by 32% and 25% respectively. Loan portfolio shrank yoy and qoq in 2Q26. Provision expenses decreased 80% yoy but were up 91% qoq. NPL ratio stabilised qoq at 4.0% in 2Q26. An announcement of a share buyback programme boosts the share price. Maintain HOLD with a higher target price of Bt94.00.
Company Results | WHA Corporation (WHA TB/BUY/Bt4.90/Target: Bt6.10)
- WHA reported net profit of Bt659m, down 32.7% yoy and 56.3% qoq, missing our and consensus estimates. Revenue came in at Bt2.5b, down 25% yoy and 21% qoq, dragged by lower industrial estate revenue and weaker gross margin from WHA IER land transfers, which we expect to impact only 2026. 1H26 land sales has reached 48% of the 2026 target, with momentum expected to continue. We roll over our valuation to 2027 and maintain BUY with a target price of Bt6.10.
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt37.50/Target: Bt48.00)
- PTTGC’s strong 2Q26 earnings reflect the successful execution of its portfolio transformation strategy, while the company also benefitted from supply disruptions caused by the Middle East crisis. As a result, PTTGC has now strengthened its financial position and balance sheet, providing a more solid foundation for future growth. For the remainder of 2026, we expect the core businesses to remain supported by tighter supply conditions, particularly in the polyolefins market. Maintain BUY. Target price: Bt48.00 (previously Bt46.00).
What’s Inside
Company Update | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt9.85/Target: Bt11.00)
- We came away from the meeting with a neutral tone. The appreciation of the renminbi has not impacted gross margin in the near term, as the company still has existing inventory purchased at lower costs. Store expansion will remain the key earnings driver, with the company having secured locations and construction plans for 95% of its 2026 target of 210 new stores. Maintain BUY with a target price to Bt11.00.
Key Indices
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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.
