Key Indices
Top Stories
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt198.00/Target: Bt236.00)
- BH remains one of our top picks following a strongly positive analyst meeting. We expect a robust 3Q26 earnings outlook, supported by continued Middle Eastern patient arrivals and the return of Bangladesh patients. Iraq emerges as a new market opportunity once the embassies are reestablished, while BH’s secured medical supplies should limit cost pressures and protect margins. BIH Phuket remains on track for a 3Q27 opening, with no concern about doctor shortages. Maintain BUY with a target price of Bt236.00.
Company Update | COM7 (COM7 TB/BUY/Bt29.50/Target: Bt32.50)
- Qtd SSSG spiked, supported by higher selling prices across product categories, which helped offset softer sales volumes. Other businesses continued to show a strong growth momentum, particularly UFund & Finance, iCare, and the EV business. Management raised its 2026 net profit growth target to 20% yoy. Maintain BUY with a target price of Bt32.50, based on SOTP valuation.
Company Update | HANA (Thailand) (HANA TB/BUY/Bt46.25/Target: Bt54.00)
- Two AI-related projects remain on track, with mass production expected in 3Q26 for both. 2027 capex plans are expected to increase significantly, providing a positive trajectory for HANA in 2027-28. Earnings in 2H26-2028 should be supported by a continued improvement in the PMS business, AI-related projects, and a favourable semiconductor industry outlook. We maintain BUY with a higher target price of Bt54.00, as we roll forward our valuation to 2027.
Company Update | Stecon Group (STECON TB/BUY/Bt18.70/Target: Bt22.00)
- We attended STECON’s analyst meeting which had a positive tone. STECON maintained its 2026 targets, while gross margin is expected to improve, supported by a higher contribution from private sector projects. STECON remains a leader in data centre construction, with a Bt49.8b pipeline of potential projects. Infrastructure opportunities, including power plants and Direct PPA-related projects, should provide additional growth opportunities. Maintain BUY with a higher target price of Bt22.00 (previously Bt20.00).
What’s Inside
Company Update | CP ALL (CPALL TB/BUY/Bt46.75/Target: Bt62.00)
- The tone at the analyst meeting was slightly positive, with qtd SSSG improving to 0-2% yoy, supported by better consumer spending sentiment. Management viewed the impact of the Thai Help Thai copayment scheme as less severe than initially expected. The 700 stores expansion target for 2026 remains on track. Maintain BUY on CPALL with a target price of Bt62.00.
Top Stories
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt198.00/Target: Bt236.00)
- BH remains one of our top picks following a strongly positive analyst meeting. We expect a robust 3Q26 earnings outlook, supported by continued Middle Eastern patient arrivals and the return of Bangladesh patients. Iraq emerges as a new market opportunity once the embassies are reestablished, while BH’s secured medical supplies should limit cost pressures and protect margins. BIH Phuket remains on track for a 3Q27 opening, with no concern about doctor shortages. Maintain BUY with a target price of Bt236.00.
Company Update | COM7 (COM7 TB/BUY/Bt29.50/Target: Bt32.50)
- Qtd SSSG spiked, supported by higher selling prices across product categories, which helped offset softer sales volumes. Other businesses continued to show a strong growth momentum, particularly UFund & Finance, iCare, and the EV business. Management raised its 2026 net profit growth target to 20% yoy. Maintain BUY with a target price of Bt32.50, based on SOTP valuation.
Company Update | HANA (Thailand) (HANA TB/BUY/Bt46.25/Target: Bt54.00)
- Two AI-related projects remain on track, with mass production expected in 3Q26 for both. 2027 capex plans are expected to increase significantly, providing a positive trajectory for HANA in 2027-28. Earnings in 2H26-2028 should be supported by a continued improvement in the PMS business, AI-related projects, and a favourable semiconductor industry outlook. We maintain BUY with a higher target price of Bt54.00, as we roll forward our valuation to 2027.
Company Update | Stecon Group (STECON TB/BUY/Bt18.70/Target: Bt22.00)
- We attended STECON’s analyst meeting which had a positive tone. STECON maintained its 2026 targets, while gross margin is expected to improve, supported by a higher contribution from private sector projects. STECON remains a leader in data centre construction, with a Bt49.8b pipeline of potential projects. Infrastructure opportunities, including power plants and Direct PPA-related projects, should provide additional growth opportunities. Maintain BUY with a higher target price of Bt22.00 (previously Bt20.00).
What’s Inside
Company Update | CP ALL (CPALL TB/BUY/Bt46.75/Target: Bt62.00)
- The tone at the analyst meeting was slightly positive, with qtd SSSG improving to 0-2% yoy, supported by better consumer spending sentiment. Management viewed the impact of the Thai Help Thai copayment scheme as less severe than initially expected. The 700 stores expansion target for 2026 remains on track. Maintain BUY on CPALL with a target price of Bt62.00.
Key Indices
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