Company Coverage
CH. Karnchang (CK TB) - 3Q26 Results Preview: Earnings Driven by One-off Gain
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt17.80
Bt28.00
+57.30%
Bt27.00
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- We expect CK to report a net profit of Bt1.26b, -27% yoy and +58% qoq.
- One-off gain of Bt300m before tax expected from the sale of BEM shares.
- Maintain BUY and roll over to 2027 with a target price of Bt28.00 (previously Bt27.00).
Analysis
- 3Q26 earnings expected to rise qoq. We expect CH Karnchang (CK) to report a net profit of Bt1.26b, down 27% yoy but up 58% qoq. The qoq increase is mainly driven by a one-off gain from the sale of Bangkok Expressway and Metro (BEM) shares, while the yoy decline reflects a high base from a one-off gain on the sale of shares in Luang Prabang Power (LPCL) in 3Q25. Excluding one-off items, we expect 3Q26 core profit to come in at Bt1.02b, up 11% yoy and 28% qoq.
- Revenue from construction to increase slightly yoy. Revenue from construction is expected to come in at Bt11.4b, up 4% yoy and broadly stable qoq, supported by continued progress in key projects, including the Orange Line and the Luang Prabang Hydroelectric Power Project. CK did not sign any new contracts in 3Q26.
Highlights
- We expect CK to report a net profit of Bt1.26b, -27% yoy and +58% qoq.
- One-off gain of Bt300m before tax expected from the sale of BEM shares.
- Maintain BUY and roll over to 2027 with a target price of Bt28.00 (previously Bt27.00).
Analysis
- 3Q26 earnings expected to rise qoq. We expect CH Karnchang (CK) to report a net profit of Bt1.26b, down 27% yoy but up 58% qoq. The qoq increase is mainly driven by a one-off gain from the sale of Bangkok Expressway and Metro (BEM) shares, while the yoy decline reflects a high base from a one-off gain on the sale of shares in Luang Prabang Power (LPCL) in 3Q25. Excluding one-off items, we expect 3Q26 core profit to come in at Bt1.02b, up 11% yoy and 28% qoq.
- Revenue from construction to increase slightly yoy. Revenue from construction is expected to come in at Bt11.4b, up 4% yoy and broadly stable qoq, supported by continued progress in key projects, including the Orange Line and the Luang Prabang Hydroelectric Power Project. CK did not sign any new contracts in 3Q26.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt17.80
Bt28.00
+57.30%
Bt27.00
Analyst
Analyst
Panjarat Thaweesriprasert
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, 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.
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