Com7 PCL

Third-quarter net profit of Thai listed companies is expected to expand from a year earlier but slow from the previous quarter, with the main support coming from higher energy prices, petrochemical spreads, mobile and internet service revenue, electronics demand, as well as new power generation capacity and profit from GULF's overseas power plant business. Meanwhile, higher jet fuel costs are pressuring the airline group, and narrowing interest margins are pressuring the banking group. Groups whose core profit is expected to grow from a year earlier are led by energy, petrochemicals and construction materials, supported by average Brent crude prices in July to August rising 28% from a year earlier and Singapore GRM refining margins rising 434% from a year earlier. The electronics group is supported by strong AI and data center demand, with DELTA Taiwan's power electronics sales in July growing 59% from a year earlier and 17% from the previous quarter. KCE expects PCB revenue may rise 17 to 19% from the previous quarter thanks to product price increases effective from July 1, which should lift average selling prices by about 9 to 10%. HANA is seeing IC capacity utilization recover, and AI-related products are expected to begin commercial production from the third quarter. The communications group is supported by mobile and internet service revenue. The hospital group expects revenue to return to growth both from a year earlier and from the previous month in July, supported by Thai and Middle Eastern patients, with flights from the Persian Gulf estimated to have recovered to pre-war levels since early July. The retail group saw same-store sales rise 1% from a year earlier in July, led by IT product retailers, with COM7 expecting total sales to grow 15% from a year earlier and ADVICE growing 17% from a year earlier. CPALL expects same-store sales to expand 0.5% from a year earlier on average in July to August, while Makro was flat and Lotus contracted 5% from a year earlier. The tourism group saw revenue per available room in July at AWC rise 26% from a year earlier, CENTEL rise 8% from a year earlier, ERW rise about 5% from a year earlier, and MINT rise 4% from a year earlier. Groups whose core profit is expected to decline from a year earlier are led by transport, pressured by higher jet fuel costs, banking, pressured by persistently narrowing interest margins, and meat, pressured by lower meat prices, with average pork prices in July falling 14% from a year earlier and chicken prices falling 1% from a year earlier. Meanwhile, the pet food export group expects sales to still grow 10% from a year earlier and 7% from the previous quarter in July. Analysts recommend being selective in stocks whose third-quarter earnings trends are still expected to grow strongly, have not seen sharp earnings downgrades over the past three months, and have clear positive factors supporting recovery. These include KCE in electronics, CBG in beverages, which expects domestic energy drink sales to grow 10% from a year earlier and Myanmar sales to grow 70% from a year earlier in the third quarter of 2026, ITC in pet food exports, BH and BDMS in hospitals, AOT and CENTEL in tourism and airports, and GPSC in power plants, which recognizes full-quarter profit from GHECO-One and Glow IPP power plants.

Land and Houses Securities recommends buying shares of Com Seven Public Company Limited, or COM7, with a target price of 32.65 baht. It expects a strong second half of 2026, with the company targeting 2026 revenue growth of 10 to 15 percent from the previous year and net profit growth of more than 20 percent from the previous year, supported by the high season, a net addition of 77 new branches, and growth at UFUND and other businesses. For the iPhone 18, product availability is expected to be smoother than the previous model. Although unit sales may be pressured by component shortages, a higher average selling price should support revenue and profit. In the third quarter of 2026, momentum is strong, with same-store sales in the first 45 days accelerating by nearly double digits, driven by buying ahead of IT product price increases, demand for AI devices, and the iPhone 18 launch in September.

Krungsri Securities states that COM7 has raised its 2026 growth target, now expecting sales growth of 10 to 15 percent and profit growth of 20 percent, compared with the start of the year when it targeted 10 percent sales growth and 10 to 15 percent profit growth. The IT products business, which accounts for 87 percent of revenue, is seeing accelerating momentum, with same-store sales in the third quarter to date picking up to nearly 10 percent from plus 2 to 3 percent in the second quarter of 2026, supported by better demand across all product categories as well as accelerated buying ahead of price increases. As a result, third-quarter sales to date are growing more than 10 percent year on year, compared with plus 9 percent in the second quarter of 2026. The company also sees IT and mobile product selling prices continuing to rise through the middle of 2027. The Ufund business, which accounts for 1 to 2 percent of revenue, still has room to roughly double its portfolio from the current level where its customers represent nearly 20 percent of COM7's customer base, compared with 40 percent for the main competitor's portfolio. The company is in the process of upgrading and developing back-end software systems to improve efficiency, with completion expected in the second half of 2026. The EV sales business, which accounts for 5 percent of revenue, is starting to generate profit from expanding services and adding sales channels opened alongside BaNANA IT stores. The company expects this business to be profitable in 2026, compared with a loss of 73 million baht in 2025. For 2027 momentum, growth is expected to come from the gradual launch of new models late this year. The tighter financial position is only temporary due to accelerated inventory buildup. The company estimates that the debt-to-equity ratio, which rose in the second quarter of 2026 to 2.46 times from 1.88 times at the end of 2025, will gradually decline over the rest of the year. In the second half of 2026, the company plans to increase capital in a subsidiary and is studying a long-term spin-off, so the debt-to-equity ratio is expected to gradually decline in the second half of 2026. The research team has a slightly positive view on COM7 because sales momentum is accelerating while the company has a clearer plan for managing its debt-to-equity ratio. The research team's current 2026 normalized profit estimate is 4.7 billion baht, or plus 13 percent year on year, based on sales growth of only 8 percent year on year, compared with the company's target of 10 to 15 percent. The team therefore sees room for its estimates to be raised by around 4 to 6 percent. Third-quarter 2026 normalized profit momentum is expected to grow year on year at an accelerating pace in line with IT product sales, while other businesses also continue to grow well. The team maintains a buy recommendation with a 2027 target price of 35.0 baht, favoring COM7 as a full-service IT products business covering product sales, installment credit, insurance, and after-sales service, which helps boost revenue and support margins. The stock trades at a 2026 price-to-earnings ratio of only 15.4 times, about 25 percent below its historical average of 20.5 times, and offers a dividend yield of around 4.0 to 4.4 percent per year.

Kasikorn Securities analysts expect PLANB to begin recognising its share of profit from COM7 from 17 September, after approval of the directors nominated by PLANB. It will recognise the share of profit for the period after approval in the third quarter of 2026, estimated at 17 million baht, which will partly offset related financing costs. The broker has therefore raised its normalised profit forecasts for 2026, 2027 and 2028 by 15.3%, 21.9% and 21.6% respectively, while maintaining a buy recommendation and raising its target price by 11% to 6.68 baht, reflecting a higher P/E multiple and the incremental value from COM7's profit share.

Netcap Public Company Limited, or NCAP, reported net profit for the second quarter of fiscal year 2026 at 196.6 million baht, up 9.7% from the previous quarter and 34% from a year earlier, supported by higher interest income as motorcycle loans expanded 7.34% since the start of the year. Net interest margin stood at 13.7%, improving slightly from 13.5% at the end of 2025, while financial costs fell to 2.3% from 2.5% due to debenture repayments. Asset quality continued to improve, with non-performing loans declining to 1.28% from 1.72% at the end of 2025 and 1.83% at the end of 2024. As a result, provisioning dropped 12.6% from a year earlier to 102.79 million baht, partly helped by a reversal of 10 million baht in excess reserves previously set aside for flood risk in Hat Yai. The coverage ratio at the end of the period was 366%, close to large non-bank peers. The company expects full-year loan growth of up to 15%, driven by expansion into new areas and dealer networks, especially in the north, and expects net interest margin could reach 14%. Asset quality remains under control, with a target of keeping non-performing loans no higher than in the second quarter of fiscal year 2026. Major shareholders COM7 and SYNNEX hold 34.3% and 27.0% respectively, strengthening the company's technology and funding capabilities. The stock trades at a price-to-earnings ratio of only 7.5 times, below the sector average of 12 times. Analysts at ASL recommend buying, with support at 3.60 to 3.58 baht and resistance at 3.72, 3.84, and 3.96 to 4 baht.

COM7 has raised its 2026 net profit target to growth of at least 20%, up from the previous 10 to 15%, and expects revenue growth of at least 10 to 15%, up from more than 10% previously, after second-quarter 2026 results set another record high for profit. Revenue came in at 24.111 billion baht, up 16.4%, and net profit was 1.303 billion baht, up 29.9%. This brought first-half revenue to 47.624 billion baht, up 14.5%, and net profit to 2.529 billion baht, up 27.5%. Ecosystem businesses grew strongly, with UFUND posting record second-quarter new loan originations of 3.304 billion baht, up 183%, while its NPL ratio fell to 0.84%. iCare Insurance reported second-quarter net profit of 128 million baht, up 510%, and the EV business sold 2,029 B2C vehicles in the first half, up 71% from a year earlier.

PLANB shares closed up 13.04% at 6.50 baht, with turnover of 489.15 million baht, after DAOL Securities Thailand maintained a buy rating and a target price of 7.10 baht. It sees a strong third quarter of 2026, driven by out-of-home advertising entering the high season, rate card increases, and revenue recognition from the Asian Games. Third-quarter revenue is expected to exceed 2.73 billion baht, up 18% year-on-year and 6% quarter-on-quarter. The deal with COM7, to be considered at an extraordinary general meeting on 17 September 2026, is a key upside. If approved, the company will begin recognising profit share through the equity method and synergies, with initial benefits expected by late 2026. The company also targets boxing business revenue of 1 billion baht in 2026, up from 600 million baht in the first half, and maintains its 2026 net profit forecast of 1.258 billion baht, up 14% year-on-year.

COM7 has raised its 2026 growth targets, now expecting revenue to grow 10 to 15 percent and net profit after tax to rise more than 20 percent compared with the previous year, up from its earlier forecast of 10 percent revenue growth and 10 to 15 percent profit growth. The revision follows AI and data center trends that have pushed memory prices up 200 to 300 percent quarter on quarter, lifting retail prices for smartphones and computers by 20 to 50 percent. Some computer models have risen from 20,000 baht to 30,000 to 35,000 baht. The company expects to open a total of 1,400 BaNANA and Studio7 stores this year, up from 1,323 stores at the end of the second quarter of 2026. It also expects to sell 4,400 electric vehicles, after selling 2,029 AION i60 units in the first half, and to lease 5,000 EV taxis for the full year, up from 3,829 units in the first half.

Land and Houses Securities has issued a research note recommending a buy on CPALL with a target price of 64 baht and on COM7 with a target price of 32.65 baht, based on fundamentals and stock-specific strategies. CPALL reported second-quarter 2026 profit of 7.5 billion baht, up 3.7 percent from a year earlier. Although the wholesale business remains weak, it was supported by hot weather and more Chinese tourists, especially through the O2O channel. Gross margin was stable amid high energy costs, but product margin improved thanks to high-margin food and beverage items. The company maintains its target of opening 700 new stores in Thailand in 2026 and continues to expand in Laos. Second-half profit is expected to keep growing from a year earlier, but the third quarter of 2026 may soften from the previous quarter due to the seasonal low season. COM7 reported second-quarter 2026 net profit of 1.303 billion baht, up 29.9 percent from a year earlier and 6.3 percent from the previous quarter. Revenue rose 16.4 percent from a year earlier, driven by a leap in the non-retail business. Gross margin increased to 14.3 percent from 13.8 percent a year earlier, helped by higher-margin subsidiaries and inventory gains from selling older-cost goods at new prices that are 20 to 30 percent higher amid component shortages. Management has raised its 2026 revenue target to growth of no less than 10 to 15 percent and its net profit target for the parent company to growth of no less than 20 percent.

Plan B Media reported first-half 2026 net profit of 504 million baht, up 9.0% from the same period last year, with total revenue of 5.076 billion baht, up 12.3%. Second-quarter 2026 net profit was 297 million baht, up 10.0%, and total revenue was 2.582 billion baht, up 14.3%, driven by growth in out-of-home media and engagement marketing. The company made a strategic investment in Com Seven, or COM7, to build long-term collaboration, and the board approved an interim dividend of 0.0435 baht per share, totaling about 200 million baht, representing a payout ratio of 67.9%. First-half free cash flow was 1.844 billion baht, while the debt-to-equity ratio rose to 1.13 times due to borrowings to support the investment in COM7.

Finansia Syrus Securities stated that Com7 reported second-quarter net profit for fiscal 2026, growing 30% from the same period last year and 6% from the previous quarter, exceeding expectations by 5-6% due to better-than-expected sales and gross margin. FSS raised its profit forecasts for 2026-2028 by 11-16%, expecting 2026 profit to grow 20% from the prior year, while maintaining a buy recommendation and raising the target price to 35 baht.

TTB Wealth Securities maintains an Overweight recommendation on the retail sector, assessing that sector earnings have passed their trough and the contraction in same-store sales is coming to an end. It expects combined earnings per share of the retail companies under its coverage to grow 12 percent year-on-year in the second quarter of 2026, although down 16 percent quarter-on-quarter due to seasonal factors, and forecasts a continued recovery in the second half of 2026. Key drivers include a return to same-store sales growth, margin expansion from better product selection, and cost savings. The broker expects home improvement and furnishing retail stocks, namely GLOBAL, DOHOME, and HMPRO, as well as CRC, to show the strongest recovery, while CPN, CPALL, and COM7 continue to grow well on successful business strategies. For the building materials and home furnishing retail group, the securities firm estimates EPS will grow 37 percent in the second quarter of 2026, after earnings contracted continuously during 2023 to 2025, supported by better margins, a narrowing decline in same-store sales growth, and favorable product pricing from inflation. GLOBAL is seen as the standout, with earnings expected to grow 84 percent, driven by a higher proportion of house-brand products, cost control, and favorable pricing. CRC is expected to post 36 percent earnings growth in the second quarter of 2026, thanks to business strategy adjustments that support both same-store sales and margins, as well as lower marketing and interest expenses. Meanwhile, CPN is forecast to grow earnings by 15 percent, CPALL by 7 percent, COM7 by 30 percent, and MOSHI by 19 percent, with these companies seen as continuing to gain market share and expand margins. On the other hand, CPAXT is estimated to see earnings fall a further 17 percent due to weak same-store sales and margin compression from consumers trading down to lower-priced goods. For BJC, although earnings are expected to rise 12 percent from the acquisition of a wholesale business in Vietnam, the core BigC business remains weak with negative same-store sales growth. MRDIY is forecast to grow earnings by only 13 percent, below expectations, despite rapid store expansion. TTB Wealth Securities says the trend for the second half of 2026 will strengthen as the economy improves, maintaining a positive bias on building materials and CRC, and selecting CPN, GLOBAL, and CRC as top picks in the retail sector. For recommendations and target prices, stocks rated BUY are CPN with a target price of 75 baht, GLOBAL at 9 baht, CRC at 31 baht, CPALL at 62 baht, COM7 at 34 baht, DOHOME at 4.50 baht, HMPRO at 9.50 baht, MOSHI at 50 baht, and MRDIYT at 12.20 baht. CPAXT is rated HOLD with a target price of 14 baht, and BJC is rated SELL with a target price of 12.50 baht.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

Bualuang Securities revealed that net profits for the second quarter of 2069 for stocks under its coverage came in 5.6% above market expectations, with 48% of stocks beating estimates compared to a five-year average of 37%. Standout performers were led by SCC, up 41% from its petrochemical business, SCGP up 20% from packaging and recycling, KKP up 18% from non-interest income, and TU up 10.9% from seafood demand. Meanwhile, DELTA missed profit forecasts by 31% due to supply chain issues. The research team also noted positive signals from IT retail sales at COM7 and ADVICE, which grew 10% and 17% year-on-year in July. In the lifestyle segment, MOSHI saw same-store sales rise 9% on the squishy toy trend. Tourism continued to recover, with foreign arrivals in July reaching 2.5 million, and ERW's revenue per available room expected to grow both year-on-year and month-on-month. Export demand for food and pet food remained strong, with TU projecting 5-6% growth and ITC projecting 10% growth. The investment strategy therefore focuses on COM7, ADVICE, MOSHI, CPALL, ERW, TU, and ITC.

Tisco Securities has raised its 2026 target for the Stock Exchange of Thailand index to 1,670 points from 1,600 points, viewing the Thai stock market as a safe haven amid Middle East tensions and supported by improving economic fundamentals. It recommends overweight positions in banking, transport, healthcare, and tourism sectors in the second half of the year. The Tisco Economic and Strategy Analysis Centre has revised its GDP forecast for next year to 2.1 percent from 1.7 percent, after the Constitutional Court ruled that the 400 billion baht emergency loan decree is constitutional, allowing the inclusion of the impact from the latter 200 billion baht loan for energy transition in the estimates. The new SET Index target of 1,670 points is based on a forward price-to-earnings ratio of 17.6 times and SET earnings per share for 2026 and 2027 of 88.4 baht and 95.0 baht, respectively. For August, five-year and ten-year historical data show the SET Index has a 70 to 80 percent chance of closing positive, with average returns of 1.5 to 2.9 percent, supported by seasonal speculative buying around second-quarter earnings announcements, expectations of interim dividends, and the Thailand Focus event in late August, which historically has helped the SET Index rise in the two weeks following the event with a nearly 70 percent chance of a positive close and an average return of 1.4 percent. Top stock picks for August are CENTEL, COM7, CPN, GULF, KBANK, KTB, and PTT, with support levels at 1,570 and 1,540 points and resistance at 1,630 to 1,640 and 1,660 points. For foreign investment via depositary receipts, TENCENT80 and TRIPCOM80 are recommended.

Asia Plus Securities has upgraded its recommendation on COM7 to Trading, with a new target price of 33.00 baht, based on a long-term average PER of 14.9 times. The research team expects normalised profit for the second quarter of 2026 at 1.277 billion baht, down slightly from the previous quarter due to lower electronics sales during the low season, but still up 22 percent from a year earlier, supported by high-margin businesses such as UFUND lending, iCare Insurance, and Gold Integrate electric vehicles. The team has raised its 2026 profit forecast by 15 percent to 4.8 billion baht, and its 2027 forecast by 16 percent to 5.3 billion baht, anticipating a strong profit recovery in the fourth quarter high season, with additional long-term support from other rapidly expanding businesses.

Bualuang Securities expects the SET Index in August to move in a range of 1,600 to 1,700 points, supported by a broad-based earnings recovery, reflected in SET EPS being revised up by 4.2 percent in July and 6.3 percent year-to-date. Foreign investors bought a net 49 billion baht of Thai stocks in July and 76 billion baht year-to-date. Bualuang Securities recommends a Defensive Yield Core strategy combined with Satellite Alpha through four main themes. The first theme is Thailand Power Infrastructure Cycle, focusing on investment in transmission systems and renewable energy driven by data center electricity demand in the Eastern Economic Corridor reaching 26,045 megawatts. The government is preparing to invest 31 billion baht to expand the transmission system and plans to use remaining loan funds of around 200 billion baht to support solar rooftop and smart grid projects, benefiting stocks such as GULF and GUNKUL. The second theme is Higher for Longer Defensive-Dividend Rotation, focusing on high-dividend stocks amid high interest rates and geopolitical uncertainty, especially in the communications sector where earnings are still growing. ADVANC's second-quarter 2026 profit is expected to rise 24 percent year-on-year, and TRUE's by 48 percent year-on-year. The third theme is Policy-driven Tourism Recovery, focusing on the tourism sector which is expected to have passed its earnings trough in the second quarter of 2026, supported by government measures worth 1.75 billion baht, benefiting stocks such as ERW. The fourth theme is Selective Consumption Recovery, focusing on IT retail and beverage sectors that are still growing, with COM7 sales up 8 to 10 percent year-on-year, ADVICE up 13 to 15 percent year-on-year, and MOSHI expecting same-store sales growth of 4 percent, benefiting stocks such as CBG.

Bualuang Securities says PLANB is transforming from an out-of-home media business into On-the-Go Media through its investment in COM7. Second-quarter 2026 revenue is forecast at 2.5 billion baht, up 13% year-on-year, with media utilisation recovering to 75% from 70% in the previous quarter. Core profit for the second quarter of 2026 is projected at 280 million baht, a 4% increase from a year earlier and 35% higher than the prior quarter, with gross margin improving to 32.3%. Profit momentum is expected to accelerate in the second half, driven by the Asian Games and the start of profit-sharing from COM7 from September. Net profit contribution is estimated at around 10 million baht in the third quarter of 2026, rising to approximately 30 million baht in the fourth quarter, giving fourth-quarter profit a chance to hit a new record. For 2027, profit-sharing from COM7 is forecast at about 500 million baht. Despite interest costs of around 200 million baht, core profit would grow 30% year-on-year. Key drivers include synergies from advertising sales on the EV7 network, where a fleet of 10,000 vehicles would generate over 200,000 passengers per day, and the expansion of retail media through more than 1,400 COM7 stores. Bualuang Securities maintains a buy rating and lifts its end-2027 target price to 6.80 baht, based on a 20-times price-to-earnings ratio, viewing the COM7 investment as a pivotal move that extends PLANB into a full-funnel media and marketing platform linking consumer travel and spending.

Yuanta Securities Thailand recommends buying PLANB shares with a fair price of 6.10 baht, forecasting a net profit of 281 million baht for the second quarter of 2026, up 35 percent from the previous quarter and 4 percent from the same period last year. This is driven by the Engagement Marketing business, which is expected to grow 65 percent year-on-year, supported by the recovery of foreign tourist arrivals. Meanwhile, the out-of-home media business is still growing 2 percent. The research team expects second-half 2026 performance to be better than the first half, thanks to revenue recognition from new media, advertising package sales with VGI, and events, as well as the opportunity to handle public relations work for the Asian Games. As a result, full-year 2026 revenue growth is maintained at 6 to 7 percent. In addition, PLANB holds an 11.01 percent stake in COM7, which opens up opportunities to expand into Retail Media and advertising on EV taxis. The company is expected to start recognizing share of profit through the equity method as early as September 2026, which will contribute around 260 million baht to share of profit in 2027. There is also a chance to increase the investment proportion next year. Although the overall media industry still faces pressure from advertising spending, which is expected to contract slightly by 0.5 percent, PLANB still has a tendency to grow above the industry, supported by its strong out-of-home and Engagement Marketing businesses.

Asia Plus Securities says the stock market is facing pressure from three major wars: the Middle East conflict, the trade war, and the technology war. Its research team scored 20 industry groups on which would survive or benefit. The winning groups, with scores between 0 and +2, are energy, insurance, healthcare, petrochemicals, and retail. Recommended stocks in these groups include TOP, BCP, BLA, TLI, BDMS, BH, PTTGC, IVL, CPALL, and COM7. The standout stocks of the day, chosen from groups with non-negative scores, are DELTA, BDMS, and CPALL.

Com Seven Public Company Limited, or COM7, is expected to post a normalised profit of 1.25 billion baht in the second quarter of 2026, up 23% from the same period last year and 3% from the previous quarter. The increase is driven by higher sales, an improved gross profit margin, and a larger share of profit from the U-Fund project. Kasikorn Securities has raised its normalised profit forecasts for 2026 through 2028 by 3%, 5%, and 3% respectively, and lifted its mid-2027 target price by 19% to 34.12 baht from 28.80 baht, while maintaining a buy recommendation. The broker views the stock as still cheap at a 2026 price-to-earnings ratio of 14.9 times, compared with earnings per share growth of 18%.

Analysts have selected seven stocks expected to post second-quarter earnings growth. PSL may swing from a loss to strong profit as dry bulk freight rates surge. RCL benefits from container shortages due to port congestion and can levy additional special fees. AMATA is scheduled for large land transfers in both Thailand and Vietnam, supported by electric vehicle and data center production bases. ERW maintains high average revenue per room and continues expanding its Hop Inn branches. MRDIY's profit keeps racing ahead from new branch openings with quick payback and robust same-store sales. CPN gains from increased mall foot traffic, boosting rental income and sales share. COM7 is generating new revenue from retail media, using over 1,400 stores nationwide as advertising billboards with high gross margins.

The policy injecting 200 billion baht under the emergency loan decree to drive clean energy and electric transport systems is positively impacting nine Thai stocks in the solar rooftop and electric vehicle ecosystem sectors. The solar rooftop group that will benefit fully includes GUNKUL from its integrated business covering equipment sales and installation contracting, SOLAR as a panel manufacturer and installation service provider, retail building materials and IT groups such as HMPRO, DOHOME, GLOBAL, and COM7 as distribution channels for ready-made household solar kits, and KTC from low-interest loan measures and installment payments for solar rooftop installation that stimulate card spending. In the electric vehicle ecosystem group, NEX benefits the most in the electric bus and truck segment, EA will ease liquidity concerns and unlock assets from its battery manufacturing and EV assembly plants, while GPSC and GULF benefit from investments in nationwide charging station infrastructure. Analysts recommend a strategy of accumulating on dips or speculating on policy momentum, while cautioning that EV and solar cell stocks often react quickly to policy news. Investors should scale in and avoid chasing prices during sharp short-term rallies.