Top Stories
Company Results | Bank of Ayudhya (BAY TB/BUY/Bt45.75/Target: Bt50.00)
BAY posted a 2Q26 net profit of Bt8.3b, flat yoy but declining 4% qoq. The results are in line with our forecasts. BAY reported outstanding loans of around Bt1.95t in 2Q26, increasing 4% yoy and 1.6% qoq. In 1H26, total loan portfolio grew 0.4% yoy. Credit costs reduced by 5bp qoq to 235bp in 2Q26. The improvement was primarily driven by strengthening asset quality within the domestic portfolio. Maintain BUY with a target price of Bt50.00.
Company Results | Kiatnakin Phatra Bank (KKP TB/BUY/Bt109.50/Target: Bt135.00)
KKP reported a net profit of Bt2.12b for 2Q26, increasing 51% yoy and 9% qoq. beating our and consensus expectations by 29% and 17% respectively. The key positive surprise was non-II coming in 69% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) dividend income. We expect the high dividend payout to attract capital flow to drive the share price higher. Upgrade to BUY with a higher target price of Bt135.00.
Company Results | TMBThanachart Bank (TTB TB/HOLD/Bt2.96/Target: Bt3.20)
TTB posted 2Q26 net profit of Bt5.51b (+10% yoy, +7% qoq). The results beat our and consensus estimates by 6% and 7% respectively. Loan portfolio contracted 1.8% yoy but expanded 0.5% qoq in 2Q26. NPL ratio was stable at 2.93% qoq. We expect TTB to switch from share buyback to a cash dividend payment as the bank has a Bt14b budget remaining for share buybacks from now till 2028. Maintain HOLD with a higher target price of Bt3.20.
Company Update | Amata Corporation (AMATA TB/BUY/Bt28.25/Target: Bt35.00)
We expect AMATA to report a 2Q26 net profit of Bt1.03b (+636% yoy, -16.8% qoq). Revenue is forecast at Bt3.8b (+64% yoy, -3.2% qoq), driven by 288 rai of land transfers. Land sales reached 271 rai, including 150 rai from the electronics and high-tech sectors. Gross margin should improve, supported by a higher proportion of transfers from AMATA City Rayong. Maintain BUY with a higher target price of Bt35.00.
Top Stories
Company Results | Bank of Ayudhya (BAY TB/BUY/Bt45.75/Target: Bt50.00)
BAY posted a 2Q26 net profit of Bt8.3b, flat yoy but declining 4% qoq. The results are in line with our forecasts. BAY reported outstanding loans of around Bt1.95t in 2Q26, increasing 4% yoy and 1.6% qoq. In 1H26, total loan portfolio grew 0.4% yoy. Credit costs reduced by 5bp qoq to 235bp in 2Q26. The improvement was primarily driven by strengthening asset quality within the domestic portfolio. Maintain BUY with a target price of Bt50.00.
Company Results | Kiatnakin Phatra Bank (KKP TB/BUY/Bt109.50/Target: Bt135.00)
KKP reported a net profit of Bt2.12b for 2Q26, increasing 51% yoy and 9% qoq. beating our and consensus expectations by 29% and 17% respectively. The key positive surprise was non-II coming in 69% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) dividend income. We expect the high dividend payout to attract capital flow to drive the share price higher. Upgrade to BUY with a higher target price of Bt135.00.
Company Results | TMBThanachart Bank (TTB TB/HOLD/Bt2.96/Target: Bt3.20)
TTB posted 2Q26 net profit of Bt5.51b (+10% yoy, +7% qoq). The results beat our and consensus estimates by 6% and 7% respectively. Loan portfolio contracted 1.8% yoy but expanded 0.5% qoq in 2Q26. NPL ratio was stable at 2.93% qoq. We expect TTB to switch from share buyback to a cash dividend payment as the bank has a Bt14b budget remaining for share buybacks from now till 2028. Maintain HOLD with a higher target price of Bt3.20.
Company Update | Amata Corporation (AMATA TB/BUY/Bt28.25/Target: Bt35.00)
We expect AMATA to report a 2Q26 net profit of Bt1.03b (+636% yoy, -16.8% qoq). Revenue is forecast at Bt3.8b (+64% yoy, -3.2% qoq), driven by 288 rai of land transfers. Land sales reached 271 rai, including 150 rai from the electronics and high-tech sectors. Gross margin should improve, supported by a higher proportion of transfers from AMATA City Rayong. Maintain BUY with a higher target price of Bt35.00.
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