Top Stories
Company Results | i-Tail Corporation (ITC TB/BUY/Bt17.30/Target: Bt20.50)
ITC reported a 2Q26 core profit of Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations. Excluding the impact of tariff refunds, the normalised core profit was reported at Bt725m (+2% yoy, -16% qoq), in line with expectations. Management revised up its 2026 sales growth guidance, reflecting strong demand in the pet food industry. As a result, we expect 2H26 sales to increase hoh and yoy. Maintain BUY with a target price of Bt20.50.
Company Update | AP (Thailand) (AP TB/HOLD/Bt8.15/Target: Bt8.50)
AP is expected to report 2Q26 net profit of Bt1.02bn (+1.3% yoy, +12.9% qoq), supported by stronger project launches, solid condominium sales, and accelerating transfers. Revenue is forecast at Bt10.36b (+4.2% yoy, +8.5% qoq), while gross margin is expected to improve qoq but remain below last year’s. Maintain HOLD with an unchanged target price of Bt8.50.
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.30/Target: Bt14.00)
We expect BCH to report a 2Q26 net profit of Bt331m (-14.7% yoy, +23.8% qoq), pressured by weaker foreign patient revenue and lower extra income. However, Middle Eastern patient revenue should remain strong, supported by UAE and Qatar referrals. BCH is well positioned to manage cost pressures after securing 80-90% of medical supplies. Potential SSO treatment fee increases and higher patient volumes during the rainy season should support a stronger 2H26. Maintain BUY with a target price of Bt14.00.
Company Update | Star Petroleum Refining (SPRC TB/BUY/Bt10.80/Target: Bt12.00)
We expect SPRC to deliver strong 2Q26 results, with core profit rising to Bt6.9b on record-high refining margins, stronger diesel and jet fuel cracks and higher refinery utilisation. Following the Chevron conference, we have positive on refining outlook. We revised up our 2026 earnings forecast by 43% to Bt13b and increase our target price to Bt12.00, while maintaining our BUY rating.
What’s Inside
Company Update | Bangchak Corporation (BCP TB/BUY/Bt44.50/Target: Bt52.00)
We raised our 2026 earnings forecast to Bt34b (from Bt10b) and target price to Bt52.00, driven by a stronger-than-expected refining cycle, higher refinery utilisation and better BSRC synergy realisation. We expect 2Q26 core profit of Bt11.0b (+782% yoy, +13% qoq), supported by GRM of around US$17/bbl and limited impact from diesel price intervention. Beyond refining, SAF commercialisation and the completed Chevron Hong Kong acquisition strengthen BCP's long-term earnings profile.
Company Update | IRPC (IRPC TB/HOLD/Bt2.08/Target: Bt2.30)
We maintain HOLD on IRPC with a higher target price of Bt2.30 after raising our 2026 earnings forecast by 154% to reflect stronger-than-expected refining margins. We expect 2Q26 core profit of Bt4.7b, supported by market GIM of US$16.7/bbl, despite higher crude premiums. However, government intervention is estimated to reduce 2Q26 earnings by Bt1.3b, with another Bt500m impact expected in 3Q26. We believe 1H26 is likely to mark peak earnings before refining margins normalise and petrochemical weakness persists in 2H26.
Company Update | Plan B Media (PLANB TB/BUY/Bt6.10/Target: Bt6.80)
PLANB is expected to report a 2Q26 net profit of Bt280m (+3.5% yoy, +35%% qoq). Its 3Q26 earnings could increase both yoy and qoq, driven by the seasonal strength of its OOH advertising business and continued growth in engagement revenue. In addition, we see upside risk from potential synergies with its investment in COM7. Maintain BUY with a higher target price of Bt6.80.
Top Stories
Company Results | i-Tail Corporation (ITC TB/BUY/Bt17.30/Target: Bt20.50)
ITC reported a 2Q26 core profit of Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations. Excluding the impact of tariff refunds, the normalised core profit was reported at Bt725m (+2% yoy, -16% qoq), in line with expectations. Management revised up its 2026 sales growth guidance, reflecting strong demand in the pet food industry. As a result, we expect 2H26 sales to increase hoh and yoy. Maintain BUY with a target price of Bt20.50.
Company Update | AP (Thailand) (AP TB/HOLD/Bt8.15/Target: Bt8.50)
AP is expected to report 2Q26 net profit of Bt1.02bn (+1.3% yoy, +12.9% qoq), supported by stronger project launches, solid condominium sales, and accelerating transfers. Revenue is forecast at Bt10.36b (+4.2% yoy, +8.5% qoq), while gross margin is expected to improve qoq but remain below last year’s. Maintain HOLD with an unchanged target price of Bt8.50.
Company Update | Bangkok Chain Hospital (BCH TB/BUY/Bt10.30/Target: Bt14.00)
We expect BCH to report a 2Q26 net profit of Bt331m (-14.7% yoy, +23.8% qoq), pressured by weaker foreign patient revenue and lower extra income. However, Middle Eastern patient revenue should remain strong, supported by UAE and Qatar referrals. BCH is well positioned to manage cost pressures after securing 80-90% of medical supplies. Potential SSO treatment fee increases and higher patient volumes during the rainy season should support a stronger 2H26. Maintain BUY with a target price of Bt14.00.
Company Update | Star Petroleum Refining (SPRC TB/BUY/Bt10.80/Target: Bt12.00)
We expect SPRC to deliver strong 2Q26 results, with core profit rising to Bt6.9b on record-high refining margins, stronger diesel and jet fuel cracks and higher refinery utilisation. Following the Chevron conference, we have positive on refining outlook. We revised up our 2026 earnings forecast by 43% to Bt13b and increase our target price to Bt12.00, while maintaining our BUY rating.
What’s Inside
Company Update | Bangchak Corporation (BCP TB/BUY/Bt44.50/Target: Bt52.00)
We raised our 2026 earnings forecast to Bt34b (from Bt10b) and target price to Bt52.00, driven by a stronger-than-expected refining cycle, higher refinery utilisation and better BSRC synergy realisation. We expect 2Q26 core profit of Bt11.0b (+782% yoy, +13% qoq), supported by GRM of around US$17/bbl and limited impact from diesel price intervention. Beyond refining, SAF commercialisation and the completed Chevron Hong Kong acquisition strengthen BCP's long-term earnings profile.
Company Update | IRPC (IRPC TB/HOLD/Bt2.08/Target: Bt2.30)
We maintain HOLD on IRPC with a higher target price of Bt2.30 after raising our 2026 earnings forecast by 154% to reflect stronger-than-expected refining margins. We expect 2Q26 core profit of Bt4.7b, supported by market GIM of US$16.7/bbl, despite higher crude premiums. However, government intervention is estimated to reduce 2Q26 earnings by Bt1.3b, with another Bt500m impact expected in 3Q26. We believe 1H26 is likely to mark peak earnings before refining margins normalise and petrochemical weakness persists in 2H26.
Company Update | Plan B Media (PLANB TB/BUY/Bt6.10/Target: Bt6.80)
PLANB is expected to report a 2Q26 net profit of Bt280m (+3.5% yoy, +35%% qoq). Its 3Q26 earnings could increase both yoy and qoq, driven by the seasonal strength of its OOH advertising business and continued growth in engagement revenue. In addition, we see upside risk from potential synergies with its investment in COM7. Maintain BUY with a higher target price of Bt6.80.
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