Top Stories
Company Update | Airports of Thailand (AOT TB/BUY/Bt64.00/Target: Bt80.00)
AOT is expected to report weaker 3QFY26 earnings due to lower concession revenue, softer passenger traffic, and the new KPD agreement. However, passenger traffic has begun to recover in Jul 26 as airfares normalise, while major events in 2H26 should further support tourist arrivals. The higher PSC, effective from late-Jun 26, will provide an additional earnings boost. We remain bullish on AOT with a strong outlook in 2H26. Maintain BUY with a target price of Bt80.00.
Company Update | Central Pattana (CPN TB/BUY/Bt67.75/Target: Bt80.00)
2Q26 core profit is expected to increase 16% yoy, driven by revenue growth, improved gross margin, lower SG&A-torevenue, and higher equity income. Continued shopping mall expansion remains a key catalyst for CPN. New projects scheduled to open during 3Q26-2Q27 will add 11% to total NLA. Maintain BUY with a target price of Bt80.00 (up from Bt73.50), following our earnings revision.
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt38.25/Target: Bt45.00)
CENTEL is expected to report modest 2Q26 earnings growth, supported by resilient hotel and food operations, with the Maldives remaining a key growth driver. The outlook for 3Q26 is stronger, underpinned by robust bookings, the Gastech event in Bangkok, and the continued recovery in Chinese tourist arrivals, which should benefit both Bangkok and upcountry hotels. Given these positive catalysts and the strong booking momentum, we maintain BUY with a target price of Bt45.00.
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt285.00/Target: Bt300.00)
DELTA reported 2Q26 net profit of Bt6.08b (+31% yoy, -33% qoq). The negative surprise came from a greater-than-expected impact from raw material shortages. Earnings should recover in 2H26, supported by a healthy order pipeline and orders that were delayed from 2Q26, although the 2% increase in COGS will persist. Maintain HOLD with a lower target price of Bt300.00.
What’s Inside
Company Results | Home Product Center (HMPRO TB/BUY/Bt6.05/Target: Bt8.00)
HMPRO reported 2Q26 net profit of Bt1.59b (+14% yoy, +13% qoq), in line with our and consensus estimates, supported by improving SSSG, store expansion, and higher gross margins. 2H26 gross margin is expected to expand, supported by price increases and a higher contribution from private-brand products. Given HMPRO’s laggard valuation, trading at 13.5x 2026F PE, and its high dividend yield of 6.2%, we maintain BUY with a target price of Bt8.00.
Company Update | The Erawan Group (ERW TB/HOLD/Bt3.20/Target: Bt3.30)
ERW is expected to deliver modest 2Q26 earnings growth, supported by improving occupancy rates and the continued recovery in Chinese tourist arrivals. However, the ongoing Grand Hyatt renovation will continue to weigh on earnings, particularly in 3Q26, making its 2026 revenue growth target more challenging to achieve. While management remains optimistic, we believe booking trends should be closely monitored during the renovation period. We maintain our HOLD recommendation with a target price of Bt3.30.
Top Stories
Company Update | Airports of Thailand (AOT TB/BUY/Bt64.00/Target: Bt80.00)
AOT is expected to report weaker 3QFY26 earnings due to lower concession revenue, softer passenger traffic, and the new KPD agreement. However, passenger traffic has begun to recover in Jul 26 as airfares normalise, while major events in 2H26 should further support tourist arrivals. The higher PSC, effective from late-Jun 26, will provide an additional earnings boost. We remain bullish on AOT with a strong outlook in 2H26. Maintain BUY with a target price of Bt80.00.
Company Update | Central Pattana (CPN TB/BUY/Bt67.75/Target: Bt80.00)
2Q26 core profit is expected to increase 16% yoy, driven by revenue growth, improved gross margin, lower SG&A-torevenue, and higher equity income. Continued shopping mall expansion remains a key catalyst for CPN. New projects scheduled to open during 3Q26-2Q27 will add 11% to total NLA. Maintain BUY with a target price of Bt80.00 (up from Bt73.50), following our earnings revision.
Company Update | Central Plaza Hotel (CENTEL TB/BUY/Bt38.25/Target: Bt45.00)
CENTEL is expected to report modest 2Q26 earnings growth, supported by resilient hotel and food operations, with the Maldives remaining a key growth driver. The outlook for 3Q26 is stronger, underpinned by robust bookings, the Gastech event in Bangkok, and the continued recovery in Chinese tourist arrivals, which should benefit both Bangkok and upcountry hotels. Given these positive catalysts and the strong booking momentum, we maintain BUY with a target price of Bt45.00.
Company Update | Delta (Thailand) (DELTA TB/HOLD/Bt285.00/Target: Bt300.00)
DELTA reported 2Q26 net profit of Bt6.08b (+31% yoy, -33% qoq). The negative surprise came from a greater-than-expected impact from raw material shortages. Earnings should recover in 2H26, supported by a healthy order pipeline and orders that were delayed from 2Q26, although the 2% increase in COGS will persist. Maintain HOLD with a lower target price of Bt300.00.
What’s Inside
Company Results | Home Product Center (HMPRO TB/BUY/Bt6.05/Target: Bt8.00)
HMPRO reported 2Q26 net profit of Bt1.59b (+14% yoy, +13% qoq), in line with our and consensus estimates, supported by improving SSSG, store expansion, and higher gross margins. 2H26 gross margin is expected to expand, supported by price increases and a higher contribution from private-brand products. Given HMPRO’s laggard valuation, trading at 13.5x 2026F PE, and its high dividend yield of 6.2%, we maintain BUY with a target price of Bt8.00.
Company Update | The Erawan Group (ERW TB/HOLD/Bt3.20/Target: Bt3.30)
ERW is expected to deliver modest 2Q26 earnings growth, supported by improving occupancy rates and the continued recovery in Chinese tourist arrivals. However, the ongoing Grand Hyatt renovation will continue to weigh on earnings, particularly in 3Q26, making its 2026 revenue growth target more challenging to achieve. While management remains optimistic, we believe booking trends should be closely monitored during the renovation period. We maintain our HOLD recommendation with a target price of Bt3.30.
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