Key Indices
Top Stories
Company Results | AP (Thailand) (AP TB/BUY/Bt8.40/Target: Bt9.25)
- AP reported 2Q26 net profit of Bt1.063b (+17.7% yoy, +5.7% qoq), beating consensus by around 4% due to higher gross margin from a better high-rise product mix. Transfers met expectations at Bt10.506b. 3Q26 is set to peak with 17 launches (Bt17.9b) and JV transfers. Despite the absence of an interim dividend, we upgrade AP to BUY with a Bt9.25 target price (6.0x 2027F PE), reflecting stronger transfer momentum and enhanced earnings visibility.
Company Results | BTG (BTG TB/BUY/Bt21.00/Target: Bt24.80)
- BTG reported a 2Q26 core profit of Bt708m (-73% yoy and -26% qoq). The results are in line with our and the market’s forecasts. We remain optimistic on BTG's 3Q26 earnings outlook and expect a strong yoy and qoq recovery, driven by higher profitability from the upward trend in domestic livestock prices. Maintain BUY with a target price of Bt24.80.
Company Results | CP ALL (CPALL TB/BUY/Bt48.75/Target: Bt62.00)
- CPALL reported net profit of Bt7.5b (+11% yoy, -17% qoq), in line with our and consensus forecasts. The strong earnings were supported by the convenience store business. 3Q26 earnings are expected to gradually improve, as Jul 26 SSSG increased by 1% yoy, with management noting that the copayment scheme had only a mild impact on 7-Eleven convenience stores. Maintain BUY with a target price of Bt62.00.
Company Update | KCE (Thailand) (KCE TB/BUY/Bt47.75/Target: Bt60.00)
- Positive surprise came from a second round of PCB price increases in 4Q26-2027 and strong volume outlook in 2H26-2027. Management guided for aggressive PCB sales growth of 20% yoy in 2027, driven by a second 9-10% increase in PCB prices and 10% volume growth from market share gain. We upgrade KCE to BUY with a higher target price of Bt60.0 as we roll forward our valuation to 2027 and turn positive on stronger 2H26-2027 earnings outlook.
What’s Inside
Company Results | Amata Corporation (AMATA TB/BUY/Bt28.50/Target: Bt38.00)
- AMATA reported 2Q26 net profit of Bt1.58b (+1,032% yoy, +14% qoq), driven by a stronger gross margin of 51%, supported by higher-margin land transfers in Chonburi and improved margins in Vietnam, along with a Bt366m one-off gain from the sale of investment. Excluding the gain, core profit was Bt1.2b (+770% yoy, +11.7% qoq). Land transfers reached 594 rai in 1H26, up 32% hoh. We roll over our valuation to 2027 and maintain BUY with a target price of Bt38.00.
Company Results | Berli Jucker (BJC TB/BUY/Bt16.00/Target: Bt18.00)
- BJC report 2Q26 core profit of Bt1.27b, up 17% yoy and 8% qoq, in line with our forecast and consensus forecast. Growth was driven by sales growth, gross margin expansion, higher other income, but partly offset by increasing of SG&A. Maintain BUY with a target price of Bt18.00.
Company Results | GFPT Plc. (GFPT TB/BUY/Bt9.70/Target: Bt11.40)
- GFPT reported a 2Q26 core profit of Bt582m (-12% yoy, but +20% qoq). The results were in line with our and market expectations. We expect positive earnings momentum in 3Q26, supported by seasonality and higher chicken prices. Upgrade to BUY with a target price of Bt11.40.
Company Results | Tidlor Holdings Pcl (TIDLOR TB/BUY/Bt19.20/Target: Bt25.00)
- TIDLOR reported 2Q26 net profit of Bt1.53b, up 18.3% yoy but down 5.0% qoq, broadly in line with our and consensus estimates. NII grew 9.6% yoy, supported by higher lending yields and lower funding costs. Loan growth remained within the company’s 5-10% target, while asset quality remained well controlled despite a slight increase in NPLs. However, higher provisions pushed credit costs to 206bp. We maintain BUY with an unchanged target price of Bt25.00, supported by resilient earnings growth.
Company Results | OSOTSPA (OSP TB/BUY/Bt17.50/Target: Bt22.00)
- OSP reported a 2Q26 record-high core profit of Bt1.2b (+19.2% yoy, +40.7% qoq). The results were in line with our estimate and market consensus. Gross profit margin reached a record high amid higher raw and packaging costs from geopolitical tensions in the Middle East. Maintain BUY with a higher target price of Bt22.00.
Company Results | Plan B Media (PLANB TB/BUY/Bt5.50/Target: Bt6.80)
- PLANB reported a 2Q26 net profit of Bt297m (+10% yoy, +43% qoq). Results exceeded our forecast and the market consensus by 6% and 4%, respectively, mainly driven by a higher-than-expected gross profit margin. We expect 2H26 earnings to increase hoh and yoy, supported by seasonal strength in OOH and continued momentum in engagement marketing revenue, particularly boxing, with further upside from the COM7 investment. Maintain BUY with a target price of Bt6.80.
Company Results | PTT (PTT TB/BUY/Bt39.25/Target: Bt45.00)
- PTT reported 2Q26 net profit of Bt52.53b, up strongly both qoq and yoy, in line with our estimate and 29% above consensus. The strong earnings were mainly driven by higher EBITDA from the gas and trading businesses, together with increased contributions from the E&P and utility businesses. For dividends, we estimate PTT’s interim dividend at Bt1.10/share, implying a 2.80% simple yield. Maintain BUY; target price: Bt45.00.
Company Results | Ratch Group (RATCH TB/BUY/Bt39.25/Target: Bt44.00)
- RATCH reported softer 2Q26 earnings, with net profit of Bt1.4b (+14% yoy, -32% qoq) and core profit of Bt1.3b (-33% yoy, -7% qoq), bringing 1H26 core profit to 39% of our full-year forecast. However, we expect earnings to improve in 2H26. We also see upside from potential value creation at the RG site through PPA extension and rising DC power demand, supporting RATCH’s transition from a defensive dividend play toward a more growth-oriented utility.
Company Results | The Erawan Group (ERW TB/BUY/Bt3.64/Target: Bt4.40)
- ERW delivered solid 2Q26 earnings, with net profit of Bt72m (+14.3% yoy), supported by stronger occupancy and Chinese tourist recovery. Declining interest costs should further support 2H26 earnings, while renovation impacts appear manageable. We believe ERW’s 2026 revenue growth target remains achievable, backed by major events in 2H26. With Naka Phuket reopening and lower funding costs, we have become more positive on ERW and added it to our top picks. Upgrade to BUY, with a target price of Bt4.40.
Company Update | Bangkok Commercial Asset Management (BAM TB/HOLD/Bt6.65/Target: Bt7.20)
- We came away from BAM’s analyst meeting with a slightly positive view. The CEO guided that four medium-sized debts are currently in the process of cash collection. The CEO is quite confident that BAM will be capable of achieving its net profit target of Bt2b in 2026. BAM committed to a dividend payout ratio in the range of 85-90%, including the interim payment. Maintain HOLD with a target price of Bt7.20.
Company Update | Minor International (MINT TB/HOLD/Bt23.20/Target: Bt24.00)
- MINT’s earnings outlook remains pressured by high interest rates and the postponed REIT, which limits deleveraging and adds more interest expenses. The acquisition of Bonchon provides expansion potential, but its outlook remains uncertain amid the weakening K-pop trend in Asia. With 1H26 core earnings growing only 5.7% yoy, the 2026 growth target appears challenging. Asset-light expansion should help, but may not offset the rising interest burden. Maintain HOLD with a target price of Bt24.00.
Company Update | Muangthai Capital (MTC TB/BUY/Bt33.75/Target: Bt50.00)
- We came away from MTC’s meeting with a slightly negative view. The CEO addressed concerns over economic conditions due to the impact of Middle East tensions and higher oil prices. MTC cut its loan growth target for this year to below a double-digit level and be more cautious with monitoring asset quality. We believe MTC will choose to raise funds domestically, easing market concerns regarding foreign bond issuances. Maintain BUY with an unchanged target price of Bt50.00.
Company Update | Thai Oil (TOP TB/HOLD/Bt67.75/Target: Bt64.00)
- We expect net profit in 3Q26 to decline qoq, pressured by lower accounting GRM, rising crude premium, and the government’s diesel price intervention, which could have a similar impact to 2Q26. TOP reported 2Q26 net profit of Bt8.28b, down 57% qoq, but above our estimate due to higher-than-expected market GRM. Meanwhile, the CFP project continues to progress, with management maintaining its full COD target by 3Q28. Maintain HOLD. Target price: Bt64.00.
Top Stories
Company Results | AP (Thailand) (AP TB/BUY/Bt8.40/Target: Bt9.25)
- AP reported 2Q26 net profit of Bt1.063b (+17.7% yoy, +5.7% qoq), beating consensus by around 4% due to higher gross margin from a better high-rise product mix. Transfers met expectations at Bt10.506b. 3Q26 is set to peak with 17 launches (Bt17.9b) and JV transfers. Despite the absence of an interim dividend, we upgrade AP to BUY with a Bt9.25 target price (6.0x 2027F PE), reflecting stronger transfer momentum and enhanced earnings visibility.
Company Results | BTG (BTG TB/BUY/Bt21.00/Target: Bt24.80)
- BTG reported a 2Q26 core profit of Bt708m (-73% yoy and -26% qoq). The results are in line with our and the market’s forecasts. We remain optimistic on BTG's 3Q26 earnings outlook and expect a strong yoy and qoq recovery, driven by higher profitability from the upward trend in domestic livestock prices. Maintain BUY with a target price of Bt24.80.
Company Results | CP ALL (CPALL TB/BUY/Bt48.75/Target: Bt62.00)
- CPALL reported net profit of Bt7.5b (+11% yoy, -17% qoq), in line with our and consensus forecasts. The strong earnings were supported by the convenience store business. 3Q26 earnings are expected to gradually improve, as Jul 26 SSSG increased by 1% yoy, with management noting that the copayment scheme had only a mild impact on 7-Eleven convenience stores. Maintain BUY with a target price of Bt62.00.
Company Update | KCE (Thailand) (KCE TB/BUY/Bt47.75/Target: Bt60.00)
- Positive surprise came from a second round of PCB price increases in 4Q26-2027 and strong volume outlook in 2H26-2027. Management guided for aggressive PCB sales growth of 20% yoy in 2027, driven by a second 9-10% increase in PCB prices and 10% volume growth from market share gain. We upgrade KCE to BUY with a higher target price of Bt60.0 as we roll forward our valuation to 2027 and turn positive on stronger 2H26-2027 earnings outlook.
What’s Inside
Company Results | Amata Corporation (AMATA TB/BUY/Bt28.50/Target: Bt38.00)
- AMATA reported 2Q26 net profit of Bt1.58b (+1,032% yoy, +14% qoq), driven by a stronger gross margin of 51%, supported by higher-margin land transfers in Chonburi and improved margins in Vietnam, along with a Bt366m one-off gain from the sale of investment. Excluding the gain, core profit was Bt1.2b (+770% yoy, +11.7% qoq). Land transfers reached 594 rai in 1H26, up 32% hoh. We roll over our valuation to 2027 and maintain BUY with a target price of Bt38.00.
Company Results | Berli Jucker (BJC TB/BUY/Bt16.00/Target: Bt18.00)
- BJC report 2Q26 core profit of Bt1.27b, up 17% yoy and 8% qoq, in line with our forecast and consensus forecast. Growth was driven by sales growth, gross margin expansion, higher other income, but partly offset by increasing of SG&A. Maintain BUY with a target price of Bt18.00.
Company Results | GFPT Plc. (GFPT TB/BUY/Bt9.70/Target: Bt11.40)
- GFPT reported a 2Q26 core profit of Bt582m (-12% yoy, but +20% qoq). The results were in line with our and market expectations. We expect positive earnings momentum in 3Q26, supported by seasonality and higher chicken prices. Upgrade to BUY with a target price of Bt11.40.
Company Results | Tidlor Holdings Pcl (TIDLOR TB/BUY/Bt19.20/Target: Bt25.00)
- TIDLOR reported 2Q26 net profit of Bt1.53b, up 18.3% yoy but down 5.0% qoq, broadly in line with our and consensus estimates. NII grew 9.6% yoy, supported by higher lending yields and lower funding costs. Loan growth remained within the company’s 5-10% target, while asset quality remained well controlled despite a slight increase in NPLs. However, higher provisions pushed credit costs to 206bp. We maintain BUY with an unchanged target price of Bt25.00, supported by resilient earnings growth.
Company Results | OSOTSPA (OSP TB/BUY/Bt17.50/Target: Bt22.00)
- OSP reported a 2Q26 record-high core profit of Bt1.2b (+19.2% yoy, +40.7% qoq). The results were in line with our estimate and market consensus. Gross profit margin reached a record high amid higher raw and packaging costs from geopolitical tensions in the Middle East. Maintain BUY with a higher target price of Bt22.00.
Company Results | Plan B Media (PLANB TB/BUY/Bt5.50/Target: Bt6.80)
- PLANB reported a 2Q26 net profit of Bt297m (+10% yoy, +43% qoq). Results exceeded our forecast and the market consensus by 6% and 4%, respectively, mainly driven by a higher-than-expected gross profit margin. We expect 2H26 earnings to increase hoh and yoy, supported by seasonal strength in OOH and continued momentum in engagement marketing revenue, particularly boxing, with further upside from the COM7 investment. Maintain BUY with a target price of Bt6.80.
Company Results | PTT (PTT TB/BUY/Bt39.25/Target: Bt45.00)
- PTT reported 2Q26 net profit of Bt52.53b, up strongly both qoq and yoy, in line with our estimate and 29% above consensus. The strong earnings were mainly driven by higher EBITDA from the gas and trading businesses, together with increased contributions from the E&P and utility businesses. For dividends, we estimate PTT’s interim dividend at Bt1.10/share, implying a 2.80% simple yield. Maintain BUY; target price: Bt45.00.
Company Results | Ratch Group (RATCH TB/BUY/Bt39.25/Target: Bt44.00)
- RATCH reported softer 2Q26 earnings, with net profit of Bt1.4b (+14% yoy, -32% qoq) and core profit of Bt1.3b (-33% yoy, -7% qoq), bringing 1H26 core profit to 39% of our full-year forecast. However, we expect earnings to improve in 2H26. We also see upside from potential value creation at the RG site through PPA extension and rising DC power demand, supporting RATCH’s transition from a defensive dividend play toward a more growth-oriented utility.
Company Results | The Erawan Group (ERW TB/BUY/Bt3.64/Target: Bt4.40)
- ERW delivered solid 2Q26 earnings, with net profit of Bt72m (+14.3% yoy), supported by stronger occupancy and Chinese tourist recovery. Declining interest costs should further support 2H26 earnings, while renovation impacts appear manageable. We believe ERW’s 2026 revenue growth target remains achievable, backed by major events in 2H26. With Naka Phuket reopening and lower funding costs, we have become more positive on ERW and added it to our top picks. Upgrade to BUY, with a target price of Bt4.40.
Company Update | Bangkok Commercial Asset Management (BAM TB/HOLD/Bt6.65/Target: Bt7.20)
- We came away from BAM’s analyst meeting with a slightly positive view. The CEO guided that four medium-sized debts are currently in the process of cash collection. The CEO is quite confident that BAM will be capable of achieving its net profit target of Bt2b in 2026. BAM committed to a dividend payout ratio in the range of 85-90%, including the interim payment. Maintain HOLD with a target price of Bt7.20.
Company Update | Minor International (MINT TB/HOLD/Bt23.20/Target: Bt24.00)
- MINT’s earnings outlook remains pressured by high interest rates and the postponed REIT, which limits deleveraging and adds more interest expenses. The acquisition of Bonchon provides expansion potential, but its outlook remains uncertain amid the weakening K-pop trend in Asia. With 1H26 core earnings growing only 5.7% yoy, the 2026 growth target appears challenging. Asset-light expansion should help, but may not offset the rising interest burden. Maintain HOLD with a target price of Bt24.00.
Company Update | Muangthai Capital (MTC TB/BUY/Bt33.75/Target: Bt50.00)
- We came away from MTC’s meeting with a slightly negative view. The CEO addressed concerns over economic conditions due to the impact of Middle East tensions and higher oil prices. MTC cut its loan growth target for this year to below a double-digit level and be more cautious with monitoring asset quality. We believe MTC will choose to raise funds domestically, easing market concerns regarding foreign bond issuances. Maintain BUY with an unchanged target price of Bt50.00.
Company Update | Thai Oil (TOP TB/HOLD/Bt67.75/Target: Bt64.00)
- We expect net profit in 3Q26 to decline qoq, pressured by lower accounting GRM, rising crude premium, and the government’s diesel price intervention, which could have a similar impact to 2Q26. TOP reported 2Q26 net profit of Bt8.28b, down 57% qoq, but above our estimate due to higher-than-expected market GRM. Meanwhile, the CFP project continues to progress, with management maintaining its full COD target by 3Q28. Maintain HOLD. Target price: Bt64.00.
Key Indices
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