Key Indices
Top Stories
Strategy | 2Q26 Results Wrap-Up
- We maintain our 2026 SET target of 1,818pt, backed by solid 2Q26 earnings (+13.1% qoq, +10.7% yoy) that beat consensus estimates by 9%. Earnings surprises were seen in petrochemicals and energy. Overall, we raise our 2026 EPS estimate to Bt100, reflecting expanding profit margins across sectors. Shifting to an earnings yield gap (EYG) framework implies a PE re-rating to 18.18x. Meanwhile, the 3Q26 high-season momentum provides downside protection. Top picks: AOT, BJC, CENTEL, DELTA, GUNKUL, PR9 and PTTGC.
Company Results | Moshi Moshi (MOSHI TB/BUY/Bt40.50/Target: Bt50.00)
- MOSHI reported a 2Q26 net profit of Bt162m (+20% yoy), in line with our and consensus estimates. 2Q26 SSSG rose 4% yoy, the strongest among peers. July SSSG accelerated to 8-10% yoy, driven by improvements in traffic, basket size, and conversion rate, and supported by frequent new product launches, effective marketing, and an enhanced in-store experience. Maintain BUY with a target price of Bt50.00, based on 12-month forward PE of 20x.
Company Update | Bangkok Airways (BA TB/SELL/Bt19.20/Target: Bt11.70)
- BA’s analyst meeting had a negative tone, with forward bookings weakening across key routes, including Samui, despite improved air connectivity. Limited pricing power means higher fuel costs will continue to pressure margins, while the potential PSC increase offers limited upside and is unlikely to be realised soon. Jet fuel prices remain a key headwind in 2H26. Although BA’s ground handling concession at BKK was extended, we maintain SELL with a target price of Bt11.70, preferring THAI for its stronger operational performance.
Company Update | CH Karnchang (CK TB/BUY/Bt19.20/Target: Bt27.00)
- We attended CK’s 2Q26 analyst meeting, which had a neutral tone. Construction gross margin improved to 8.1% in 2Q26 but is expected to normalise to 7-8% in 2H26. Backlog remained healthy at Bt146.3b, although no new projects were signed and some projects are likely to be delayed until 1H27. BEM’s profit contribution increased due to lower intercompany profit elimination. CK is exploring data centre construction opportunities. Maintain BUY with an unchanged target price of Bt27.00.
Top Stories
Strategy | 2Q26 Results Wrap-Up
- We maintain our 2026 SET target of 1,818pt, backed by solid 2Q26 earnings (+13.1% qoq, +10.7% yoy) that beat consensus estimates by 9%. Earnings surprises were seen in petrochemicals and energy. Overall, we raise our 2026 EPS estimate to Bt100, reflecting expanding profit margins across sectors. Shifting to an earnings yield gap (EYG) framework implies a PE re-rating to 18.18x. Meanwhile, the 3Q26 high-season momentum provides downside protection. Top picks: AOT, BJC, CENTEL, DELTA, GUNKUL, PR9 and PTTGC.
Company Results | Moshi Moshi (MOSHI TB/BUY/Bt40.50/Target: Bt50.00)
- MOSHI reported a 2Q26 net profit of Bt162m (+20% yoy), in line with our and consensus estimates. 2Q26 SSSG rose 4% yoy, the strongest among peers. July SSSG accelerated to 8-10% yoy, driven by improvements in traffic, basket size, and conversion rate, and supported by frequent new product launches, effective marketing, and an enhanced in-store experience. Maintain BUY with a target price of Bt50.00, based on 12-month forward PE of 20x.
Company Update | Bangkok Airways (BA TB/SELL/Bt19.20/Target: Bt11.70)
- BA’s analyst meeting had a negative tone, with forward bookings weakening across key routes, including Samui, despite improved air connectivity. Limited pricing power means higher fuel costs will continue to pressure margins, while the potential PSC increase offers limited upside and is unlikely to be realised soon. Jet fuel prices remain a key headwind in 2H26. Although BA’s ground handling concession at BKK was extended, we maintain SELL with a target price of Bt11.70, preferring THAI for its stronger operational performance.
Company Update | CH Karnchang (CK TB/BUY/Bt19.20/Target: Bt27.00)
- We attended CK’s 2Q26 analyst meeting, which had a neutral tone. Construction gross margin improved to 8.1% in 2Q26 but is expected to normalise to 7-8% in 2H26. Backlog remained healthy at Bt146.3b, although no new projects were signed and some projects are likely to be delayed until 1H27. BEM’s profit contribution increased due to lower intercompany profit elimination. CK is exploring data centre construction opportunities. Maintain BUY with an unchanged target price of Bt27.00.
Key Indices
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
Our latest research
20 Aug 2026
China Resources Beer / Crystal International / Fuyao Glass / Hong Kong Exchanges and Clearing / Kuaishou Technology / Ping An Healthcare and Technology / Sino Biopharmaceutical
19 Aug 2026
