Key Indices
Top Stories
Company Update | CP Axtra (CPAXT TB/BUY/Bt14.30/Target: Bt17.00)
- Upgrade to BUY, with a higher target price of Bt17.00 (from Bt14.50). CPAXT reported a 3Q26 net loss of Bt563m. Excluding one-off expenses, core profit came in at Bt1.65b, down 11% yoy but above our expectation by 7%. Management guided that the closure of 673 loss-making stores could reduce retail revenue by 6%, but save Bt400m–500m in quarterly EBIT. Hence, 3Q26 marks an earnings trough, with a recovery in 4Q26.
Company Update | KCE (Thailand) (KCE TB/BUY/Bt58.25/Target: Bt70.00)
- KCE reported a 3Q26 net profit of Bt485m (+63% yoy, +76% qoq). The earnings miss was mainly due to the floods in late-3Q26. The tone during the analyst meeting was slightly positive. Management expects to raise PCB prices by 13-15% qoq in 4Q26 (vs its previous guidance of 8-10%), with a further 8-10% increase expected in 2027. We upgrade KCE to BUY with a target price of Bt70.00, as its valuation appears more attractive following the semiconductor sector sell-off.
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt144.00/Target: Bt190.00)
- We are positive on the development prospects of both the LLB and Yadana projects. PTTEP expects to reach FID for LLB within the next 2-3 years, following the completion of the transaction in 1Q27. Meanwhile, Yadana offers significant upside potential from both a possible concession extension and the development of nearby gas fields through shared infrastructure, which could enhance project economics and extend the production life. Maintain BUY. Target price: Bt190.00.
Top Stories
Company Update | CP Axtra (CPAXT TB/BUY/Bt14.30/Target: Bt17.00)
- Upgrade to BUY, with a higher target price of Bt17.00 (from Bt14.50). CPAXT reported a 3Q26 net loss of Bt563m. Excluding one-off expenses, core profit came in at Bt1.65b, down 11% yoy but above our expectation by 7%. Management guided that the closure of 673 loss-making stores could reduce retail revenue by 6%, but save Bt400m–500m in quarterly EBIT. Hence, 3Q26 marks an earnings trough, with a recovery in 4Q26.
Company Update | KCE (Thailand) (KCE TB/BUY/Bt58.25/Target: Bt70.00)
- KCE reported a 3Q26 net profit of Bt485m (+63% yoy, +76% qoq). The earnings miss was mainly due to the floods in late-3Q26. The tone during the analyst meeting was slightly positive. Management expects to raise PCB prices by 13-15% qoq in 4Q26 (vs its previous guidance of 8-10%), with a further 8-10% increase expected in 2027. We upgrade KCE to BUY with a target price of Bt70.00, as its valuation appears more attractive following the semiconductor sector sell-off.
Company Update | PTT Exploration and Production (PTTEP TB/BUY/Bt144.00/Target: Bt190.00)
- We are positive on the development prospects of both the LLB and Yadana projects. PTTEP expects to reach FID for LLB within the next 2-3 years, following the completion of the transaction in 1Q27. Meanwhile, Yadana offers significant upside potential from both a possible concession extension and the development of nearby gas fields through shared infrastructure, which could enhance project economics and extend the production life. Maintain BUY. Target price: Bt190.00.
Key Indices
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