Top Stories

Company Results | Central Pattana (CPN TB/BUY/Bt67.75/Target: Bt80.00)

• We attended CPN’s analyst meeting and came away with a more positive view on CPN’s outlook. Foot traffic improved in July, which should support a healthy performance in 3Q26. Moreover, we believe CPN’s performance is likely to exceed management’s targets. The transfer of assets into CPNREIT has been postponed to mid-27. Maintain BUY with a target price of Bt80.00, based on SOTP methodology.

Company Results | Charoen Pokphand Foods Plc. (CPF TB/BUY/Bt21.80/Target: Bt25.00)

• CPF reported a 2Q26 core profit of Bt4.6b (-58% yoy, +6% qoq), which exceeded both our and consensus expectations of Bt3.4b and Bt4.0b respectively. We expect a strong earnings momentum in 2H26. We remain positive on CPF’s outlook, supported by the qoq and yoy recovery in domestic livestock prices Maintain BUY with a target price of Bt25.00.
   

Company Results | Stecon Group (STECON TB/BUY/Bt16.80/Target: Bt20.00)

• 2Q26 net profit rose 77.8% yoy and 159.8% qoq to Bt911m, in line with our and consensus expectations, mainly driven by Bt736m in dividend income from GULF. Core profit rose 89.7% yoy and 13.8% qoq, supported by stronger construction revenue and better expense control. We remain positive on STECON’s earnings outlook and growth opportunities in DCs and energy. Given the recent share price pullback, we see attractive upside potential. Upgrade to BUY with an unchanged target price of Bt20.00.

Company Update | Airports of Thailand (AOT TB/BUY/Bt65.00/Target: Bt85.00)

• The tone during AOT’s 3QFY26 analyst meeting was positive. AOT remains optimistic on earnings, supported by improving passenger traffic in early 4QFY26. Potential upside comes from new concessions on 723 rai of land near Suvarnabhumi Airport and the possible return of inbound duty-free shops. Lower employee expenses should also support margin expansion, while potential credit loss reversals from THAI provide further upside. We maintain BUY with a Bt85.00 target price and AOT as our top tourism pick.
   

What’s Inside

Company Results | CARABAO GROUP (CBG TB/BUY/Bt54.75/Target: Bt66.00)

• CBG reported a 2Q26 net profit of Bt736m (-8% yoy, +21% qoq). The results beat consensus estimates by 8%. We are more positive on CBG’s 3Q26 earnings, driven by stronger domestic sales momentum, a normalised international sales base yoy, and lower cost pressure. We expect earnings to increase both qoq and yoy. Upgrade to BUY with a higher target price of Bt66.00.

Company Results | Central Retail Corporation (CRC TB/BUY/Bt25.75/Target: Bt31.00)

• CRC reported 2Q26 core profit of Bt2.1b, up 57% yoy, beating our and consensus forecasts by 42% and 48% respectively. Operations improved strongly across all businesses, with SSSG turning positive for the first time in the past eight quarters since 1Q24. Maintain BUY with a higher target price of Bt31.00 (from Bt30.00), following the 6-9% earnings revision.

Company Results | CH. Karnchang (CK TB/BUY/Bt18.10/Target: Bt27.00)

• CK reported 2Q26 net profit of Bt800m, down 7.2% yoy but up 143.1% qoq, driven by a better-than-expected gross margin. Core profit rose 26.6% yoy to Bt191m, supported by higher construction revenue and stronger BEM contribution. Construction revenue grew 5.7% yoy, while 1H26 revenue reached Bt23.5b. We expect backlog growth to resume if CK secures new projects in 2H26. We maintain BUY with a target price of Bt27.00.

Company Results | Electricity Generating Company (EGCO TB/HOLD/Bt130.5/Target: Bt135)

• EGCO reported weak 2Q26 earnings with net profit of Bt663m and core earnings of Bt46m, below our and market forecasts, pressured by weaker contributions from key assets. We expect earnings to recover in 2H26, supported by seasonally stronger Laos hydropower contributions and improving US assets. However, the recovery should not offset the weak 1H26. We cut 2026 and 2027 earnings estimates to Bt4.0b and Bt5.7b respectively, and downgrade to HOLD after the recent share price rally, while maintaining our DDM-based target price at Bt135.00.

Company Results | Star Petroleum Refining (SPRC TB/HOLD/Bt11.40/Target: Bt12.00)

• SPRC reported a strong 2Q26 with core profit of Bt7.2b (+1,363% yoy, +315% qoq), driven by stronger refining margins and higher utilisation. This lifted 1H26 core profit to Bt8.9b (+776% yoy), accounting for 67% of our full-year forecast. Looking ahead, earnings should remain supported by healthy middle-distillate cracks and high utilisation, although GRM may normalise from the exceptional 2Q26 level. We have a cautious view on SPRC given its limited valuation upside after the recent share price rally. Downgrade to HOLD. Target price: Bt12.00.

Company Results | Thaifoods Group Plc (TFG TB/BUY/Bt9.50/Target: Bt12.40)

• TFG reported a 2Q26 core profit of Bt1.4b (-46.6% yoy, -27% qoq), with the key pressure being a lower gross profit margin. We expect 2H26 earnings to strongly recover yoy and qoq, on the back of rising domestic livestock prices, healthy margins in Vietnam, and ongoing retail expansion. Maintain BUY with a target price of Bt12.40.

Company Update | Plan B Media (PLANB TB/BUY/Bt5.50/Target: Bt6.80)

• We remain positive on PLANB’s 2H26 outlook as it will be the high season for advertising media, supported by both the OOH and engagement marketing businesses. PLANB could see significant earnings upside from recognising COM7’s profit under the equity method. Maintain BUY with a target price of Bt6.80.

Company Update | Praram 9 Hospital (PR9 TB/BUY/Bt17.90/Target: Bt24.60)

• The tone during the meeting was positive. PR9’s strong Jul 26 performance reinforces management’s confidence in achieving the upper end of its 2026 revenue growth guidance, supported by double-digit foreign patient growth and a recovery in Thai patients. Middle Eastern patient revenue remains robust, with Kuwait potentially resuming referrals soon. We expect significantly stronger 2H26 earnings, supported by robust revenue, higher treatment prices, and improving margins. PR9 remains one of our top picks. Maintain BUY with a Bt24.60 target price.

Company Update | PTT Oil and Retail (OR TB/HOLD/Bt12.40/Target: Bt12.50)

• Although we expect 3Q26 earnings to return to profit, domestic petroleum demand remains weak and is likely to slow further in 2026. Volatile marketing margins are continuing to pressure mobility earnings, prompting OR to seek more investment opportunities in the lifestyle business to strengthen its ecosystem and reduce reliance on the highly volatile mobility business. However, government intervention could affect marketing margins, and remains a key factor limiting the stock’s investment appeal. Maintain HOLD. Target price: Bt12.50.

Company Update | Srisawad Corporation (SAWAD TB/BUY/Bt24.50/Target: Bt35.00)

• We attended SAWAD’s analyst meeting and came away with a slightly positive view. Management stated that the company has been cleaning up its loan portfolio for some time, and the current loan portfolio is quite healthy. SAWAD maintains its loan growth target of 10-15% for 2026, and is confident in achieving a 10% loan expansion. SAWAD expects funding costs to start trending down from now till mid-27. Maintain BUY with an unchanged target price of Bt35.00.

Company Update | WHA Corporation (WHA TB/BUY/Bt4.86/Target: Bt6.10)

• WHA maintains its 2026 targets, with land sales supported by demand from electrical appliances, electronics and automotive customers, while DC projects remain under discussion. ESIE 5 should support 2H26 land transfers, while the impact from lower-margin WHA IER sales should gradually ease. Vietnam momentum is improving, supported by logistics and industrial estate development. Recurring income remains resilient, while new DC regulations should have limited impact on WHA. We maintain BUY with an unchanged target price of Bt6.10.