Top Stories
Company Update | Berli Jucker (BJC TB/BUY/Bt15.30/Target: Bt18.00)
2Q26 core profit is expected to increase 13% yoy, driven by sales growth and margin expansion, marking the first positive yoy growth in the past five quarters since 4Q24. Stronger packaging volume sales and the consolidation of MMVN are key earnings drivers, which should drive earnings growth in 2026. Upgrade to BUY with a higher target price of Bt18.00 (from Bt15.50).
Company Update | Minor International (MINT TB/HOLD/Bt22.30/Target: Bt24.00)
MINT is expected to report a modest 2Q26 core profit growth, supported by a resilient hotel performance despite geopolitical headwinds and rising cost pressures. However, the postponement of its planned REIT delays deleveraging, resulting in higher interest expenses that will weigh on earnings going forward. We therefore revise down our 2026-28 earnings forecasts to reflect the weaker outlook. Given slower earnings growth and increased financial burden, we downgrade MINT to HOLD with a target price of Bt24.00.
Company Update | Siam Cement (SCC TB/BUY/Bt257.00/Target: Bt330.00)
We remain positive on the recovery of SCC's CBM business. In 2Q26, the CBM business saw a significant improvement in EBITDA margin, driven by higher selling prices and effective cost reduction initiatives, representing upside to our earnings forecast. The company's financial position has also strengthened after using part of the proceeds from the partial disposal of its CAP stake to reduce debt, bringing both net debt-to-equity and net debt-to-EBITDA back to health. Maintain BUY. Target price: Bt330.00 (previously Bt320.00).
Company Update | Thaifoods Group (TFG TB/BUY/Bt10.00/Target: Bt12.40)
We expect TFG to report a core profit of Bt1,381m for 2Q26 (-46.6% yoy, -26.9% qoq). The overall margin in 2Q26 was pressured qoq and yoy by lower ASPs livestock, while retail margin remained resilient. The positive 2H26 outlook is supported by upcycles in livestock prices and TFG’s continued retail store expansion. Maintain BUY with a target price of Bt12.40.
Top Stories
Company Update | Berli Jucker (BJC TB/BUY/Bt15.30/Target: Bt18.00)
2Q26 core profit is expected to increase 13% yoy, driven by sales growth and margin expansion, marking the first positive yoy growth in the past five quarters since 4Q24. Stronger packaging volume sales and the consolidation of MMVN are key earnings drivers, which should drive earnings growth in 2026. Upgrade to BUY with a higher target price of Bt18.00 (from Bt15.50).
Company Update | Minor International (MINT TB/HOLD/Bt22.30/Target: Bt24.00)
MINT is expected to report a modest 2Q26 core profit growth, supported by a resilient hotel performance despite geopolitical headwinds and rising cost pressures. However, the postponement of its planned REIT delays deleveraging, resulting in higher interest expenses that will weigh on earnings going forward. We therefore revise down our 2026-28 earnings forecasts to reflect the weaker outlook. Given slower earnings growth and increased financial burden, we downgrade MINT to HOLD with a target price of Bt24.00.
Company Update | Siam Cement (SCC TB/BUY/Bt257.00/Target: Bt330.00)
We remain positive on the recovery of SCC's CBM business. In 2Q26, the CBM business saw a significant improvement in EBITDA margin, driven by higher selling prices and effective cost reduction initiatives, representing upside to our earnings forecast. The company's financial position has also strengthened after using part of the proceeds from the partial disposal of its CAP stake to reduce debt, bringing both net debt-to-equity and net debt-to-EBITDA back to health. Maintain BUY. Target price: Bt330.00 (previously Bt320.00).
Company Update | Thaifoods Group (TFG TB/BUY/Bt10.00/Target: Bt12.40)
We expect TFG to report a core profit of Bt1,381m for 2Q26 (-46.6% yoy, -26.9% qoq). The overall margin in 2Q26 was pressured qoq and yoy by lower ASPs livestock, while retail margin remained resilient. The positive 2H26 outlook is supported by upcycles in livestock prices and TFG’s continued retail store expansion. Maintain BUY with a target price of Bt12.40.
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