Key Indices
Top Stories
Company Results | Kiatnakin Phatra Bank (KKP TB/BUY/Bt114.50/Target: Bt150.00)
- KKP reported a net profit of Bt2.4b for 3Q26, up 43% yoy and 13% qoq, beating our and consensus expectations by 24% and 15% respectively. The key positive surprise was non-II coming in 43% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) a gain on financial instruments. Asset quality remains healthy, and the bank has added more buffers for any uncertainties. Maintain BUY with a higher target price of Bt150.00.
Company Update | Charoen Pokphand Foods (CPF TB/BUY/Bt21.10/Target: Bt25.00)
- CPF is expected to report 3Q26 core earnings of Bt2,352m, (-62% yoy and -49% qoq), pressured by lower profitability amid sluggish international livestock prices and a lower share of profit. Looking ahead, we see the short-term decline in livestock prices as an attractive accumulation opportunity. We reiterate our expectation of an earnings recovery theme from 4Q26 through to 1H27, on the back of the livestock price upcycle in key markets. Maintain BUY. Target price: Bt25.00.
Top Stories
Company Results | Kiatnakin Phatra Bank (KKP TB/BUY/Bt114.50/Target: Bt150.00)
- KKP reported a net profit of Bt2.4b for 3Q26, up 43% yoy and 13% qoq, beating our and consensus expectations by 24% and 15% respectively. The key positive surprise was non-II coming in 43% higher than our expectation, mainly attributable to: a) an impressive fee and service income, and b) a gain on financial instruments. Asset quality remains healthy, and the bank has added more buffers for any uncertainties. Maintain BUY with a higher target price of Bt150.00.
Company Update | Charoen Pokphand Foods (CPF TB/BUY/Bt21.10/Target: Bt25.00)
- CPF is expected to report 3Q26 core earnings of Bt2,352m, (-62% yoy and -49% qoq), pressured by lower profitability amid sluggish international livestock prices and a lower share of profit. Looking ahead, we see the short-term decline in livestock prices as an attractive accumulation opportunity. We reiterate our expectation of an earnings recovery theme from 4Q26 through to 1H27, on the back of the livestock price upcycle in key markets. Maintain BUY. Target price: Bt25.00.
Key Indices
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