Top Stories
Company Results | Krungthai Card (KTC TB/BUY/Bt39.00/Target: Bt50.00)
KTC reported a net profit of Bt2.23b in 2Q26, up 17% yoy and 3% qoq. The results beat our and consensus estimates by 11% and 6% respectively. Credit cost and NPL ratio decreased qoq in 2Q26. KTC has planned a strategic decline in lease receivables resulting in a continuous shrinkage in its loan portfolio. We believe KTC will maintain a prudent approach to ensuring good asset quality. Maintain BUY; target price: Bt50.00.
Company Update | GFPT (GFPT TB/HOLD/Bt9.70/Target: Bt10.00)
We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation. Qoq improvement is expected to be driven by higher export volumes following seasonality and raw material cost lock-in. However, we project that the earnings momentum in 2H26 will remain unexciting due to higher raw material costs and a high base in 3Q25. Maintain HOLD with a target price of Bt10.00.
Company Update | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt10.00/Target: Bt11.00)
MRDIYT is expected to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by continued store rollout and margin expansion. Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion. Maintain BUY and raise target price to Bt11.00 (from Bt10.50). We roll forward our valuation to a 12-month forward PE of 20x.
Company Update | Osotspa (OSP TB/BUY/Bt17.40/Target: Bt20.50)
OSP is expected to report a net profit of Bt1,049m for 2Q26 (+4% yoy, but -9% qoq). The yoy increase is anticipated to be driven by gross margin expansion. 2H26 earnings could decline hoh due to seasonality but increase yoy, as lower Myanmar sales should be offset by the benefits of lean cost restructuring. In addition, with raw material cost pressures easing, we expect OSP to deliver further gross margin expansion and stronger profitability. Maintain BUY; target price: Bt20.50.
Top Stories
Company Results | Krungthai Card (KTC TB/BUY/Bt39.00/Target: Bt50.00)
KTC reported a net profit of Bt2.23b in 2Q26, up 17% yoy and 3% qoq. The results beat our and consensus estimates by 11% and 6% respectively. Credit cost and NPL ratio decreased qoq in 2Q26. KTC has planned a strategic decline in lease receivables resulting in a continuous shrinkage in its loan portfolio. We believe KTC will maintain a prudent approach to ensuring good asset quality. Maintain BUY; target price: Bt50.00.
Company Update | GFPT (GFPT TB/HOLD/Bt9.70/Target: Bt10.00)
We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation. Qoq improvement is expected to be driven by higher export volumes following seasonality and raw material cost lock-in. However, we project that the earnings momentum in 2H26 will remain unexciting due to higher raw material costs and a high base in 3Q25. Maintain HOLD with a target price of Bt10.00.
Company Update | MR. D.I.Y. Thailand (MRDIYT TB/BUY/Bt10.00/Target: Bt11.00)
MRDIYT is expected to report a 2Q26 net profit of Bt750m, up 18% yoy and 11% qoq, driven by continued store rollout and margin expansion. Earnings growth is expected to remain positive throughout 2H26, driven by continued store expansion. Maintain BUY and raise target price to Bt11.00 (from Bt10.50). We roll forward our valuation to a 12-month forward PE of 20x.
Company Update | Osotspa (OSP TB/BUY/Bt17.40/Target: Bt20.50)
OSP is expected to report a net profit of Bt1,049m for 2Q26 (+4% yoy, but -9% qoq). The yoy increase is anticipated to be driven by gross margin expansion. 2H26 earnings could decline hoh due to seasonality but increase yoy, as lower Myanmar sales should be offset by the benefits of lean cost restructuring. In addition, with raw material cost pressures easing, we expect OSP to deliver further gross margin expansion and stronger profitability. Maintain BUY; target price: Bt20.50.
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