Key Indices
Top Stories
Company Results | COM7 (COM7 TB/BUY/Bt29.50/Target: Bt32.50)
- COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy, beating our and consensus forecasts by 6% due to strong other businesses’ performance. The board has proposed to the EGM the appointment of two additional directors from PLANB. Maintain BUY with a target price of Bt32.50, based on an SOTP methodology.
Company Results | Indorama Ventures (IVL TB/BUY/Bt22.00/Target: Bt27.00)
- IVL delivered a strong 2Q26 recovery with core profit of Bt9.2b driven by stronger integrated PET spreads and broad-based margin expansion despite weaker production volumes. Strong operating cash flow reduced net debt by Bt9.6b and improved net D/E to 1.56x, reinforcing our deleveraging story. We expect 3Q26 earnings to normalise as spreads ease from the 2Q26 peak, while an improving cash flow and balance sheet quality should continue to support earnings. We maintain BUY with a rolled-over 2027 target price of Bt27.00.
Company Results | Muangthai Capital (MTC TB/BUY/Bt35.25/Target: Bt50.00)
- MTC reported a 2Q26 net profit of Bt1.9b (+16% yoy, +5% qoq). The results are in line with market expectations but beat our forecasts by 8%. MTC posted a loan growth of 8% yoy and 3% qoq in 2Q26. Credit cost increased and NPL showed a slight pickup in 2Q26. Maintain BUY with an unchanged target price of Bt50.00. MTC is one of our top picks in the finance sector.
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt41.00/Target: Bt50.00)
- The tone during CENTEL’s analyst meeting was positive. Robust 3Q26 bookings are supported by Gastech, recovering Chinese tourist arrivals, and strong demand in the Maldives. The Thailand hotel portfolio is expected to post high-teens RevPar growth. Food performance also improved, with Jul 26 SSSG at +3% despite the Thais Help Thais Plus campaign. Refinancing should further lower interest costs, while management targets stable margins in 2H26. We raise 2026-28 earnings forecasts. Maintain BUY with a higher target price of Bt50.00.
What’s Inside
Company Results | Bangkok Commercial Asset Management (BAM TB/HOLD/Bt6.75/Target: Bt7.20)
- BAM posted a 2Q26 net profit of Bt234m, down 82% yoy but up 8% qoq. The results are 19% lower than consensus estimates. Without big ticket collection, we view that there is a high chance of BAM missing the collection target of Bt17.9b and net profit of Bt2b in 2026. Although the valuation is cheap, there is no catalyst to drive the share price up in the near term. Downgrade to HOLD with a lower target price of Bt7.20.
Company Results | Dohome (DOHOME TB/HOLD/Bt4.08/Target: Bt4.50)
- 2Q26 earnings came in at Bt306m, increasing 95% yoy, in line with market expectations but above our forecast. Key drivers were strong SSSG and gross margin expansion. 2Q26 marks the company's strongest quarterly earnings in the past 15 quarters. 3Q26 growth may be weighed down by softened margins, but a strong recovery is expected in 4Q26. Maintained BUY with a target price of Bt4.50.
Company Results | Srisawad Corporation (SAWAD TB/BUY/Bt24.70/Target: Bt35.00)
- SAWAD reported 2Q26 earnings of Bt1.4b, up 10% yoy and 4% qoq. The results are in line with our and consensus estimates. Loan portfolio grew 3% yoy and 1% qoq in 2Q26. SAWAD continued to report a decline qoq in opex, driven by sustained cost-management discipline and the realised efficiencies of the branch restructuring initiated in the prior year. Credit cost declined qoq with a strong recovery momentum in foreclosed asset management. Maintain BUY with a target price of Bt35.00.
Company Results | Supalai (SPALI TB/BUY/Bt15.90/Target: Bt17.50)
- SPALI's 2Q26 net profit surged to Bt1.655b (+294.1% qoq, +49.2% yoy), higher than consensus by 112.9%, driven by stronger Australian profit contributions (Bt889m) and resilient transfers (Bt6,831mn) offsetting pressured gross margins. Looking ahead, 2H26 earnings should accelerate from condo transfers and aggressive launches. Meanwhile, SPALI offers a 3.46% interim yield (Bt0.55) and 7.6%-8.0% full-year yield cushion downside risk. We upgrade SPALI to BUY with a higher target price of Bt17.50 (previously Bt16.60).
Company Results | IRPC (IRPC TB/HOLD/Bt2.36/Target: Bt2.30)
- IRPC delivered solid 2Q26 results broadly in line with expectations. Core profit rose to Bt4.4b, supported by stronger refining and petrochemical spreads despite inventory losses and government intervention. Market GIM improved to US$17.1/bbl, while petrochemical margins recovered across key products. We expect 1H26 to remain stronger than 2H26 as refinery margins gradually normalise. Although operational momentum remains healthy, we believe most near-term positives are reflected in the share price. Maintain HOLD with a Bt2.30 target price.
Company Update | CP Axtra (CPAXT TB/HOLD/Bt15.00/Target: Bt14.50)
- Neutral tone from analyst meeting. Management highlighted three strategic priorities: Focusing on omni channel, improving returns from existing assets, and expanding overseas operations. We preliminarily expect unexciting net profit, weighed down by weak sales and elevated OPEX. Maintain HOLD with a target price of Bt14.50.
Company Update | Kasikorn Bank (KBANK TB/BUY/Bt248.00/Target: Bt285.00)
- We came away from the meeting with a neutral view. CEO maintained 2026 financial targets. Corporate loans were the key driver to loan growth in 1H26. Capital-light initiatives with fee income growth will be the key driver over the next few years. We expect a higher dividend payout ratio or a special dividend in the future. CEO reiterated the aspiration to achieve 10% ROE in the next few years. Maintain BUY with a target price of Bt285.00.
Top Stories
Company Results | COM7 (COM7 TB/BUY/Bt29.50/Target: Bt32.50)
- COM7 reported a 2Q26 net profit of Bt1.30b, up 30% yoy, beating our and consensus forecasts by 6% due to strong other businesses’ performance. The board has proposed to the EGM the appointment of two additional directors from PLANB. Maintain BUY with a target price of Bt32.50, based on an SOTP methodology.
Company Results | Indorama Ventures (IVL TB/BUY/Bt22.00/Target: Bt27.00)
- IVL delivered a strong 2Q26 recovery with core profit of Bt9.2b driven by stronger integrated PET spreads and broad-based margin expansion despite weaker production volumes. Strong operating cash flow reduced net debt by Bt9.6b and improved net D/E to 1.56x, reinforcing our deleveraging story. We expect 3Q26 earnings to normalise as spreads ease from the 2Q26 peak, while an improving cash flow and balance sheet quality should continue to support earnings. We maintain BUY with a rolled-over 2027 target price of Bt27.00.
Company Results | Muangthai Capital (MTC TB/BUY/Bt35.25/Target: Bt50.00)
- MTC reported a 2Q26 net profit of Bt1.9b (+16% yoy, +5% qoq). The results are in line with market expectations but beat our forecasts by 8%. MTC posted a loan growth of 8% yoy and 3% qoq in 2Q26. Credit cost increased and NPL showed a slight pickup in 2Q26. Maintain BUY with an unchanged target price of Bt50.00. MTC is one of our top picks in the finance sector.
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt41.00/Target: Bt50.00)
- The tone during CENTEL’s analyst meeting was positive. Robust 3Q26 bookings are supported by Gastech, recovering Chinese tourist arrivals, and strong demand in the Maldives. The Thailand hotel portfolio is expected to post high-teens RevPar growth. Food performance also improved, with Jul 26 SSSG at +3% despite the Thais Help Thais Plus campaign. Refinancing should further lower interest costs, while management targets stable margins in 2H26. We raise 2026-28 earnings forecasts. Maintain BUY with a higher target price of Bt50.00.
What’s Inside
Company Results | Bangkok Commercial Asset Management (BAM TB/HOLD/Bt6.75/Target: Bt7.20)
- BAM posted a 2Q26 net profit of Bt234m, down 82% yoy but up 8% qoq. The results are 19% lower than consensus estimates. Without big ticket collection, we view that there is a high chance of BAM missing the collection target of Bt17.9b and net profit of Bt2b in 2026. Although the valuation is cheap, there is no catalyst to drive the share price up in the near term. Downgrade to HOLD with a lower target price of Bt7.20.
Company Results | Dohome (DOHOME TB/HOLD/Bt4.08/Target: Bt4.50)
- 2Q26 earnings came in at Bt306m, increasing 95% yoy, in line with market expectations but above our forecast. Key drivers were strong SSSG and gross margin expansion. 2Q26 marks the company's strongest quarterly earnings in the past 15 quarters. 3Q26 growth may be weighed down by softened margins, but a strong recovery is expected in 4Q26. Maintained BUY with a target price of Bt4.50.
Company Results | Srisawad Corporation (SAWAD TB/BUY/Bt24.70/Target: Bt35.00)
- SAWAD reported 2Q26 earnings of Bt1.4b, up 10% yoy and 4% qoq. The results are in line with our and consensus estimates. Loan portfolio grew 3% yoy and 1% qoq in 2Q26. SAWAD continued to report a decline qoq in opex, driven by sustained cost-management discipline and the realised efficiencies of the branch restructuring initiated in the prior year. Credit cost declined qoq with a strong recovery momentum in foreclosed asset management. Maintain BUY with a target price of Bt35.00.
Company Results | Supalai (SPALI TB/BUY/Bt15.90/Target: Bt17.50)
- SPALI's 2Q26 net profit surged to Bt1.655b (+294.1% qoq, +49.2% yoy), higher than consensus by 112.9%, driven by stronger Australian profit contributions (Bt889m) and resilient transfers (Bt6,831mn) offsetting pressured gross margins. Looking ahead, 2H26 earnings should accelerate from condo transfers and aggressive launches. Meanwhile, SPALI offers a 3.46% interim yield (Bt0.55) and 7.6%-8.0% full-year yield cushion downside risk. We upgrade SPALI to BUY with a higher target price of Bt17.50 (previously Bt16.60).
Company Results | IRPC (IRPC TB/HOLD/Bt2.36/Target: Bt2.30)
- IRPC delivered solid 2Q26 results broadly in line with expectations. Core profit rose to Bt4.4b, supported by stronger refining and petrochemical spreads despite inventory losses and government intervention. Market GIM improved to US$17.1/bbl, while petrochemical margins recovered across key products. We expect 1H26 to remain stronger than 2H26 as refinery margins gradually normalise. Although operational momentum remains healthy, we believe most near-term positives are reflected in the share price. Maintain HOLD with a Bt2.30 target price.
Company Update | CP Axtra (CPAXT TB/HOLD/Bt15.00/Target: Bt14.50)
- Neutral tone from analyst meeting. Management highlighted three strategic priorities: Focusing on omni channel, improving returns from existing assets, and expanding overseas operations. We preliminarily expect unexciting net profit, weighed down by weak sales and elevated OPEX. Maintain HOLD with a target price of Bt14.50.
Company Update | Kasikorn Bank (KBANK TB/BUY/Bt248.00/Target: Bt285.00)
- We came away from the meeting with a neutral view. CEO maintained 2026 financial targets. Corporate loans were the key driver to loan growth in 1H26. Capital-light initiatives with fee income growth will be the key driver over the next few years. We expect a higher dividend payout ratio or a special dividend in the future. CEO reiterated the aspiration to achieve 10% ROE in the next few years. Maintain BUY with a target price of Bt285.00.
Key Indices
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