Key Indices
Top Stories
Company Update | Berli Jucker (BJC TB/BUY/Bt18.00/Target: Bt21.00)
- We organised a site visit for institutional clients to BJC’s glass factory and the new Big C DC, and came back with a bullish view. Packaging earnings are set to reach a decade-high, while Big C’s SSSG should turn positive for the first time since 1Q25. MMVN performance was also stronger than expected. Maintain BUY with a higher target price of Bt21.00 (from Bt18.00). Our 2027 earnings forecast is 13% above consensus, driven by cost-saving initiatives.
Company Update | TMBThanachart Bank (TTB TB/HOLD/Bt3.08/Target: Bt3.20)
- We expect TTB to report 3Q26 net profit of Bt5.45b, up 2.8% yoy but down 1.2% qoq, with PPOP broadly stable qoq. Loan growth should improve qoq, driven by consumer and high-yield retail loans, while non-II should normalise from 3Q26 onwards. Credit costs should decline qoq following elevated provisioning in 1H26, with potential for partial overlay releases. The DBS partnership should support fee income and wealth management. We maintain HOLD on TTB with an unchanged target price of Bt3.20.
Top Stories
Company Update | Berli Jucker (BJC TB/BUY/Bt18.00/Target: Bt21.00)
- We organised a site visit for institutional clients to BJC’s glass factory and the new Big C DC, and came back with a bullish view. Packaging earnings are set to reach a decade-high, while Big C’s SSSG should turn positive for the first time since 1Q25. MMVN performance was also stronger than expected. Maintain BUY with a higher target price of Bt21.00 (from Bt18.00). Our 2027 earnings forecast is 13% above consensus, driven by cost-saving initiatives.
Company Update | TMBThanachart Bank (TTB TB/HOLD/Bt3.08/Target: Bt3.20)
- We expect TTB to report 3Q26 net profit of Bt5.45b, up 2.8% yoy but down 1.2% qoq, with PPOP broadly stable qoq. Loan growth should improve qoq, driven by consumer and high-yield retail loans, while non-II should normalise from 3Q26 onwards. Credit costs should decline qoq following elevated provisioning in 1H26, with potential for partial overlay releases. The DBS partnership should support fee income and wealth management. We maintain HOLD on TTB with an unchanged target price of Bt3.20.
Key Indices
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