Top Stories
Sector Update | Food
China and domestic swine prices are expected to strengthen in 2H26 hoh and yoy, while commodity prices may soften hoh. 2Q26 earnings sector are expected to weaken qoq and yoy. However, we expect an earnings recovery in 2H26. We believe CPF is well positioned to outperform as a key beneficiary of the China swine price upcycle in 2H26 hoh. Maintain MARKET WEIGHT with CPF and ITC as our top picks.
Sector Update | Healthcare
We upgrade the healthcare sector to OVERWEIGHT, as Middle East patient volumes recovered rapidly following the ceasefire and are expected to support a strong 3Q26 high season. Most operators have effectively managed cost pressures through inventory procurement. We raise BH's 2026 earnings on a faster recovery in international patients but cut BDMS on weaker domestic demand and higher costs. We also initiate coverage on PR9 with BUY for its budget-premium positioning, specialty services, and growing Middle East patient base.
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt313.00/Target: Bt320.00)
We expect DELTA to report a 2Q26 net profit of Bt9.30b (+101% yoy, +2% qoq). Earnings momentum is projected to be softer than previous market expectations due to raw material shortages. Raw material constraints could limit 2Q26 order fulfilment and push some deliveries into 2H26, but demand is expected to remain the same. While 2Q26 earnings are likely to be unexciting, 2H26 earnings should remain strong. We maintain HOLD with an unchanged target price of Bt320.00.
Top Stories
Sector Update | Food
China and domestic swine prices are expected to strengthen in 2H26 hoh and yoy, while commodity prices may soften hoh. 2Q26 earnings sector are expected to weaken qoq and yoy. However, we expect an earnings recovery in 2H26. We believe CPF is well positioned to outperform as a key beneficiary of the China swine price upcycle in 2H26 hoh. Maintain MARKET WEIGHT with CPF and ITC as our top picks.
Sector Update | Healthcare
We upgrade the healthcare sector to OVERWEIGHT, as Middle East patient volumes recovered rapidly following the ceasefire and are expected to support a strong 3Q26 high season. Most operators have effectively managed cost pressures through inventory procurement. We raise BH's 2026 earnings on a faster recovery in international patients but cut BDMS on weaker domestic demand and higher costs. We also initiate coverage on PR9 with BUY for its budget-premium positioning, specialty services, and growing Middle East patient base.
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt313.00/Target: Bt320.00)
We expect DELTA to report a 2Q26 net profit of Bt9.30b (+101% yoy, +2% qoq). Earnings momentum is projected to be softer than previous market expectations due to raw material shortages. Raw material constraints could limit 2Q26 order fulfilment and push some deliveries into 2H26, but demand is expected to remain the same. While 2Q26 earnings are likely to be unexciting, 2H26 earnings should remain strong. We maintain HOLD with an unchanged target price of Bt320.00.
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