Key Indices
Top Stories
Company Update | OSOTSPA (OSP TB/BUY/Bt18.00/Target: Bt22.00)
- OSP reported a 2Q26 net profit of Bt1.1b (+8.9% yoy, -5% qoq). The results are in line. 3Q26 earnings are expected to decline qoq on seasonality but increase yoy, supported by effective cost management. The Myanmar market has started to ease import restrictions on production inputs in 3Q26, which should support a recovery in international beverage sales. Maintain BUY with a target price of Bt22.00.
Company Update | The Erawan Group (ERW TB/BUY/Bt3.64/Target: Bt4.40)
- The tone of the analyst meeting was positive. ERW expects strong 3Q26 room revenue growth of 7% yoy, supported by higher ADR, strong bookings and Middle Eastern medical tourists. Declining interest costs should support 2H26 earnings, while management targets maintaining EBITDA margins despite cost pressures. The impact from Grand Hyatt’s renovation remains manageable, with Naka Phuket’s reopening in 3Q26 providing additional support. ERW remains one of our top hotel sector picks. Maintain BUY with a target price of Bt4.40.
Company Update | Tidlor Holdings Pcl (TIDLOR TB/BUY/Bt19.40/Target: Bt25.00)
- 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)
- TIDLOR’s 2Q26 analyst meeting had a slightly negative tone, as uncertainty around asset quality remains the key concern. Loan growth is expected to reach the lower end of the 5-10% target, with title loans driving growth in 2H26. Insurance brokerage should continue to expand, while funding costs could decline another 5-10bp. The company has revised down its credit cost target to 2.0-2.5%. We maintain BUY with an unchanged target price of Bt25.00.
What’s Inside
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.00/Target: Bt3.70)
- The tone during the analyst meeting was positive. AWC’s 2H26 bookings are strong, with room revenue up 30% yoy, supported by major events and a robust recovery in Chinese tourist numbers. Lower refinancing costs should reduce interest expenses, while management targets stronger EBITDA margins in 2H26. The planned Bt50b REIT in 1Q27 should support future project funding without materially diluting growth. We remain optimistic on AWC’s earnings outlook, driven by strong bookings, Chinese arrivals and major events. Maintain BUY with a Bt3.70 target price.
Company Update | Berli Jucker (BJC TB/BUY/Bt15.80/Target: Bt18.00)
- The tone during the analyst meeting was positive. Management is confident in packaging sales momentum during 2H26, underpinned by very strong demand. Modern retail is gaining momentum as Big C’s qtd SSSG has improved to flat yoy, while MMVN’s July SSSG was 11-12% yoy. Maintain BUY with a target price of Bt18.00.
Company Update | Charoen Pokphand Foods Plc. (CPF TB/BUY/Bt22.50/Target: Bt26.00)
- We expect 2Q26 earnings to mark the bottom of 2026’s earnings, followed by a stronger earnings recovery in 2H26. We maintain a positive view on CPF’s 2H26 earnings momentum, supported by: a) the upward trend in Thai and China livestock prices, b) healthy Vietnam swine prices, and c) easing raw material cost pressure. Maintain BUY with a higher target price of Bt26.00.
Company Update | Thanachart Capital (TCAP TB/HOLD/Bt87.50/Target: Bt94.00)
- We came away from TCAP’s analyst meeting with a neutral view. The CEO said the impact of the Middle East tensions was less than previously expected. Moreover, debt repayment and debt collection improved in Jul and Aug 26. TCAP expects a delay in new-truck hire purchases as clients are waiting for the final regulations on the adaptation of new safety features in new trucks. Maintain HOLD with a target price of Bt94.00.
Top Stories
Company Update | OSOTSPA (OSP TB/BUY/Bt18.00/Target: Bt22.00)
- OSP reported a 2Q26 net profit of Bt1.1b (+8.9% yoy, -5% qoq). The results are in line. 3Q26 earnings are expected to decline qoq on seasonality but increase yoy, supported by effective cost management. The Myanmar market has started to ease import restrictions on production inputs in 3Q26, which should support a recovery in international beverage sales. Maintain BUY with a target price of Bt22.00.
Company Update | The Erawan Group (ERW TB/BUY/Bt3.64/Target: Bt4.40)
- The tone of the analyst meeting was positive. ERW expects strong 3Q26 room revenue growth of 7% yoy, supported by higher ADR, strong bookings and Middle Eastern medical tourists. Declining interest costs should support 2H26 earnings, while management targets maintaining EBITDA margins despite cost pressures. The impact from Grand Hyatt’s renovation remains manageable, with Naka Phuket’s reopening in 3Q26 providing additional support. ERW remains one of our top hotel sector picks. Maintain BUY with a target price of Bt4.40.
Company Update | Tidlor Holdings Pcl (TIDLOR TB/BUY/Bt19.40/Target: Bt25.00)
- 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)
- TIDLOR’s 2Q26 analyst meeting had a slightly negative tone, as uncertainty around asset quality remains the key concern. Loan growth is expected to reach the lower end of the 5-10% target, with title loans driving growth in 2H26. Insurance brokerage should continue to expand, while funding costs could decline another 5-10bp. The company has revised down its credit cost target to 2.0-2.5%. We maintain BUY with an unchanged target price of Bt25.00.
What’s Inside
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.00/Target: Bt3.70)
- The tone during the analyst meeting was positive. AWC’s 2H26 bookings are strong, with room revenue up 30% yoy, supported by major events and a robust recovery in Chinese tourist numbers. Lower refinancing costs should reduce interest expenses, while management targets stronger EBITDA margins in 2H26. The planned Bt50b REIT in 1Q27 should support future project funding without materially diluting growth. We remain optimistic on AWC’s earnings outlook, driven by strong bookings, Chinese arrivals and major events. Maintain BUY with a Bt3.70 target price.
Company Update | Berli Jucker (BJC TB/BUY/Bt15.80/Target: Bt18.00)
- The tone during the analyst meeting was positive. Management is confident in packaging sales momentum during 2H26, underpinned by very strong demand. Modern retail is gaining momentum as Big C’s qtd SSSG has improved to flat yoy, while MMVN’s July SSSG was 11-12% yoy. Maintain BUY with a target price of Bt18.00.
Company Update | Charoen Pokphand Foods Plc. (CPF TB/BUY/Bt22.50/Target: Bt26.00)
- We expect 2Q26 earnings to mark the bottom of 2026’s earnings, followed by a stronger earnings recovery in 2H26. We maintain a positive view on CPF’s 2H26 earnings momentum, supported by: a) the upward trend in Thai and China livestock prices, b) healthy Vietnam swine prices, and c) easing raw material cost pressure. Maintain BUY with a higher target price of Bt26.00.
Company Update | Thanachart Capital (TCAP TB/HOLD/Bt87.50/Target: Bt94.00)
- We came away from TCAP’s analyst meeting with a neutral view. The CEO said the impact of the Middle East tensions was less than previously expected. Moreover, debt repayment and debt collection improved in Jul and Aug 26. TCAP expects a delay in new-truck hire purchases as clients are waiting for the final regulations on the adaptation of new safety features in new trucks. Maintain HOLD with a target price of Bt94.00.
Key Indices
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