Top Stories
Company Results | Bangkok Bank (BBL TB/BUY/Bt200.00/Target: Bt220.00)
BBL posted a 2Q26 net profit of B9.5b, down 20% yoy and 14% qoq. The results missed our and consensus forecasts by 15% and 11% respectively due to a qoq increase in opex. In 1H26, the loan portfolio grew 2.7%, within its 2026 loan growth target of 2-3%. Credit costs declined qoq. BBL reported an increase in NPL ratio to 3.3% in 2Q26 from 3.1% in 1Q26. Maintain BUY with a target price of Bt220.00.
Company Results | Krung Thai Bank (KTB TB/BUY/Bt42.50/Target: Bt52.00)
KTB reported a 2Q26 net profit of Bt12.1b, up 9% yoy but down 3% qoq. The results beat our and consensus forecasts by 8%. Loan portfolio grew yoy and qoq in 2Q26. NPL ratio decreased from 2.93% in 1Q26 to 2.92% in 2Q26. The bank set aside provision expenses of Bt6.6b in 2Q26 (-20% yoy, -15% qoq). As a result, credit costs declined 20bp qoq to 95bp in 2Q26. Maintain BUY with a higher target price of Bt52.00.
Company Update | BTG (BTG TB/BUY/Bt21.20/Target: Bt24.80)
We expect BTG’s 2Q26 core profit to decline to Bt741m (-71.7% yoy and -22.8% qoq). The key pressure on 2Q26 earnings was lower profitability due to softer broiler prices and the lack of a recovery in domestic swine prices. Looking ahead, we expect BTG's earnings to bottom out in 2Q26 and recover qoq in 3Q26, supported by the recovery in both domestic swine and broiler prices starting from Jul 26. Maintain BUY with a target price of Bt24.80.
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt37.50/Target: Bt46.00)
We forecast 2Q26 net profit at Bt9.0b, up 179% qoq. This will be driven by a significant improvement in the olefins business, which should be sufficient to offset the refinery segment’s weaker performance caused by higher crude premiums and lower operating rates following the government’s restriction on petroleum product exports. For 3Q26, we expect the impact from the second round of diesel ex-refinery price cuts to be relatively limited. Maintain BUY. Target price: Bt46.00.
What’s Inside
Company Results | Kasikorn Bank (KBANK TB/BUY/Bt238.00/Target: Bt285.00)
KBANK posted a 2Q26 net profit of Bt13.2b (+6% yoy, -10% qoq). The actual results beat our forecasts by 8% and are in line with consensus estimates. Management guided the bank to continue maintaining a prudent and cautious lending policy. KBANK guided the bank will gear toward higher corporate loan exposure. We expect the bank to release capital by increasing its dividend payout or paying a special dividend in the future. Maintain BUY with a higher target price of Bt285.00.
Company Results | SCB X (SCB TB/BUY/Bt155.00/Target: Bt190.00)
SCB reported a 2Q26 net profit of Bt11.1b (-13% yoy, +9% qoq). The results are in line with our and consensus forecasts. SCB EIC has raised its 2026 GDP forecast from 1.4% to 2.0%, backed by the government stimulus in 2H26 with the budget of Bt400b. Management said SCB will remain prudent in lending and continue to monitor the loan portfolio in order to ensure a good asset quality. Maintain BUY with a higher target price of Bt190.00.
Company Update | Kiatnakin Phatra Bank (KKP TB/BUY/Bt109.50/Target: Bt135.00)
The tone during the analyst meeting was positive. KKP has revised its 2026 financial targets with a positive outlook. Management expects a reduction in credit costs in 2H26. There is room to increase fee and service income. Management guides that there are several solutions to utilise the additional funds raised from the warrant exercise. We expect to see an increase in dividend payments and a higher dividend payout ratio. Maintain BUY with a target price of Bt135.00.
Company Update | SCG Packaging (SCGP/BUY/Bt30.00/Target: Bt39.00)
The overall outlook for 2H26 remains positive, supported by resilient FMCG demand across the region, particularly a clear recovery in the Indonesian market. Fajar’s return to profitability indicates that its recovery is not merely driven by a cyclical upturn, but also by ongoing business restructuring efforts. This provides a positive earnings implication for SCGP in 2H26 and 2027. SCGP reported a 2Q26 net profit of Bt2.3b, up both qoq and yoy. Maintain BUY. Target price: Bt39.00.
Top Stories
Company Results | Bangkok Bank (BBL TB/BUY/Bt200.00/Target: Bt220.00)
BBL posted a 2Q26 net profit of B9.5b, down 20% yoy and 14% qoq. The results missed our and consensus forecasts by 15% and 11% respectively due to a qoq increase in opex. In 1H26, the loan portfolio grew 2.7%, within its 2026 loan growth target of 2-3%. Credit costs declined qoq. BBL reported an increase in NPL ratio to 3.3% in 2Q26 from 3.1% in 1Q26. Maintain BUY with a target price of Bt220.00.
Company Results | Krung Thai Bank (KTB TB/BUY/Bt42.50/Target: Bt52.00)
KTB reported a 2Q26 net profit of Bt12.1b, up 9% yoy but down 3% qoq. The results beat our and consensus forecasts by 8%. Loan portfolio grew yoy and qoq in 2Q26. NPL ratio decreased from 2.93% in 1Q26 to 2.92% in 2Q26. The bank set aside provision expenses of Bt6.6b in 2Q26 (-20% yoy, -15% qoq). As a result, credit costs declined 20bp qoq to 95bp in 2Q26. Maintain BUY with a higher target price of Bt52.00.
Company Update | BTG (BTG TB/BUY/Bt21.20/Target: Bt24.80)
We expect BTG’s 2Q26 core profit to decline to Bt741m (-71.7% yoy and -22.8% qoq). The key pressure on 2Q26 earnings was lower profitability due to softer broiler prices and the lack of a recovery in domestic swine prices. Looking ahead, we expect BTG's earnings to bottom out in 2Q26 and recover qoq in 3Q26, supported by the recovery in both domestic swine and broiler prices starting from Jul 26. Maintain BUY with a target price of Bt24.80.
Company Update | PTT Global Chemical (PTTGC TB/BUY/Bt37.50/Target: Bt46.00)
We forecast 2Q26 net profit at Bt9.0b, up 179% qoq. This will be driven by a significant improvement in the olefins business, which should be sufficient to offset the refinery segment’s weaker performance caused by higher crude premiums and lower operating rates following the government’s restriction on petroleum product exports. For 3Q26, we expect the impact from the second round of diesel ex-refinery price cuts to be relatively limited. Maintain BUY. Target price: Bt46.00.
What’s Inside
Company Results | Kasikorn Bank (KBANK TB/BUY/Bt238.00/Target: Bt285.00)
KBANK posted a 2Q26 net profit of Bt13.2b (+6% yoy, -10% qoq). The actual results beat our forecasts by 8% and are in line with consensus estimates. Management guided the bank to continue maintaining a prudent and cautious lending policy. KBANK guided the bank will gear toward higher corporate loan exposure. We expect the bank to release capital by increasing its dividend payout or paying a special dividend in the future. Maintain BUY with a higher target price of Bt285.00.
Company Results | SCB X (SCB TB/BUY/Bt155.00/Target: Bt190.00)
SCB reported a 2Q26 net profit of Bt11.1b (-13% yoy, +9% qoq). The results are in line with our and consensus forecasts. SCB EIC has raised its 2026 GDP forecast from 1.4% to 2.0%, backed by the government stimulus in 2H26 with the budget of Bt400b. Management said SCB will remain prudent in lending and continue to monitor the loan portfolio in order to ensure a good asset quality. Maintain BUY with a higher target price of Bt190.00.
Company Update | Kiatnakin Phatra Bank (KKP TB/BUY/Bt109.50/Target: Bt135.00)
The tone during the analyst meeting was positive. KKP has revised its 2026 financial targets with a positive outlook. Management expects a reduction in credit costs in 2H26. There is room to increase fee and service income. Management guides that there are several solutions to utilise the additional funds raised from the warrant exercise. We expect to see an increase in dividend payments and a higher dividend payout ratio. Maintain BUY with a target price of Bt135.00.
Company Update | SCG Packaging (SCGP/BUY/Bt30.00/Target: Bt39.00)
The overall outlook for 2H26 remains positive, supported by resilient FMCG demand across the region, particularly a clear recovery in the Indonesian market. Fajar’s return to profitability indicates that its recovery is not merely driven by a cyclical upturn, but also by ongoing business restructuring efforts. This provides a positive earnings implication for SCGP in 2H26 and 2027. SCGP reported a 2Q26 net profit of Bt2.3b, up both qoq and yoy. Maintain BUY. Target price: Bt39.00.
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/83c315d1-ca75-4d8c-9aa5-f27a8d9acd8d, 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.
