Key Indices
Top Stories
Strategy | Alpha Picks: Short-term Pain, Long-term Gain
- Our portfolio's returns outperformed the market in Oct 26 (our portfolio: +3.0% vs SET Index: -2.6%). For Nov 26, the Thai equity market may face short-term volatility due to the earnings reporting season. Nevertheless, we believe the downside risk for the Thai equity market is limited and should be supported by the wide yield gap between equities and government bonds, which should encourage further capital inflows into the equity market. We add DELTA and KBANK, and drop PLANB.
Company Results | Thai Union Group (TU TB/BUY/Bt12.70/Target: Bt14.50)
- TU reported a 3Q26 core profit of Bt1,457m (+20.5% yoy, +6.8% qoq), slightly exceeding our and market estimates, driven by a better-than-expected gross profit margin and a lower-than-expected SG&A-to-sales ratio. Although we expect 4Q26 earnings to decline qoq due to the low season and increased raw material cost pressure, we expect earnings to grow yoy, supported by resilient gross margins and enhanced sales volume Maintain BUY. Target price: Bt14.50.
Company Update | True Corporation (TRUE TB/BUY/Bt12.80/Target: Bt16.50)
- TRUE reported a 3Q26 net profit of Bt6.64b (+322% yoy, +1% qoq), below expectations by 4%, due to a slightly lower than expected gross margin. The tone was neutral, as there is no significant change in terms of guidance. Core service sales and EBITDA growth remain on track. The flood impact on 4Q26 operations is limited, as only 1m households were affected. 4Q26 is expected to be the strongest quarter. Maintain BUY with an unchanged target price of Bt16.50.
Top Stories
Strategy | Alpha Picks: Short-term Pain, Long-term Gain
- Our portfolio's returns outperformed the market in Oct 26 (our portfolio: +3.0% vs SET Index: -2.6%). For Nov 26, the Thai equity market may face short-term volatility due to the earnings reporting season. Nevertheless, we believe the downside risk for the Thai equity market is limited and should be supported by the wide yield gap between equities and government bonds, which should encourage further capital inflows into the equity market. We add DELTA and KBANK, and drop PLANB.
Company Results | Thai Union Group (TU TB/BUY/Bt12.70/Target: Bt14.50)
- TU reported a 3Q26 core profit of Bt1,457m (+20.5% yoy, +6.8% qoq), slightly exceeding our and market estimates, driven by a better-than-expected gross profit margin and a lower-than-expected SG&A-to-sales ratio. Although we expect 4Q26 earnings to decline qoq due to the low season and increased raw material cost pressure, we expect earnings to grow yoy, supported by resilient gross margins and enhanced sales volume Maintain BUY. Target price: Bt14.50.
Company Update | True Corporation (TRUE TB/BUY/Bt12.80/Target: Bt16.50)
- TRUE reported a 3Q26 net profit of Bt6.64b (+322% yoy, +1% qoq), below expectations by 4%, due to a slightly lower than expected gross margin. The tone was neutral, as there is no significant change in terms of guidance. Core service sales and EBITDA growth remain on track. The flood impact on 4Q26 operations is limited, as only 1m households were affected. 4Q26 is expected to be the strongest quarter. Maintain BUY with an unchanged target price of Bt16.50.
Key Indices
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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.
