Key Indices
Top Stories
Company Results | i-Tail Corporation (ITC TB/BUY/Bt16.90/Target: Bt23.00)
- ITC reported 3Q26 core profit at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus. We remain positive on ITC due to continued industry growth and further expansion in the premium segment. We expect 4Q26 earnings to increase both yoy and qoq on the back of the seasonal peak. Maintain BUY with a higher target price of Bt23.00.
Company Results | PTT Exploration and Production (PTTEP TB/BUY/Bt165.00/Target: Bt190.00)
- PTTEP’s reported 3Q26 net profit dropped 46% qoq to Bt14.71b, below our and market consensus estimates, partly due to an impairment loss on its Malaysia projects. Excluding extra losses, 3Q26 core profit was flat qoq, in line with our estimate, supported by lower unit costs that more than offset the declines in ASP and sales volume. We expect core profit to remain strong in 4Q26, supported by higher crude oil prices. Maintain BUY. Target price: Bt190.00 (previously Bt170.00).
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.15/Target: Bt9.00)
- GLOBAL reported a 3Q26 net profit of Bt551m, spiking 40% yoy and 10% above our and consensus estimates due to a higher-than-expected margin. House brand sales accelerated, reflecting consumers’ increasing preference for lower-priced products amid a sluggish economic recovery. Maintain BUY with a target price of Bt9.00, based on 2027F PE of 17x.
Company Update | Bangkok Expressway and Metro (BEM TB/BUY/Bt6.20/Target: Bt8.50)
- We are confident that the delivery and commercial opening schedules of the MRT Orange Line will be met. 3Q26 earnings are expected to reach a new all-time high, with an even stronger momentum in 4Q26. Maintain BUY with a target price of Bt8.50. BEM is trading at 24x EV/EBITDA, in line with peers, but earnings are more promising.
What’s Inside
Company Update | Plan B Media (PLANB TB/BUY/Bt8.20/Target: Bt9.20)
- PLANB is expected to report a 3Q26 net profit of Bt274m (+5.8% yoy, -7.9% qoq). The decrease is expected to be driven by higher interest expenses, while the share of profit from COM7 will not reflect a full quarter of contributions. We expect PLANB’s 4Q26 earnings to reach a record high on the back of: a) the peak season for the OOH business, b) growth in engagement revenue, and c) a full-quarter contribution from its share of profit from COM7. Maintain BUY with a higher target price of Bt9.20.
Top Stories
Company Results | i-Tail Corporation (ITC TB/BUY/Bt16.90/Target: Bt23.00)
- ITC reported 3Q26 core profit at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus. We remain positive on ITC due to continued industry growth and further expansion in the premium segment. We expect 4Q26 earnings to increase both yoy and qoq on the back of the seasonal peak. Maintain BUY with a higher target price of Bt23.00.
Company Results | PTT Exploration and Production (PTTEP TB/BUY/Bt165.00/Target: Bt190.00)
- PTTEP’s reported 3Q26 net profit dropped 46% qoq to Bt14.71b, below our and market consensus estimates, partly due to an impairment loss on its Malaysia projects. Excluding extra losses, 3Q26 core profit was flat qoq, in line with our estimate, supported by lower unit costs that more than offset the declines in ASP and sales volume. We expect core profit to remain strong in 4Q26, supported by higher crude oil prices. Maintain BUY. Target price: Bt190.00 (previously Bt170.00).
Company Results | Siam Global House (GLOBAL TB/BUY/Bt7.15/Target: Bt9.00)
- GLOBAL reported a 3Q26 net profit of Bt551m, spiking 40% yoy and 10% above our and consensus estimates due to a higher-than-expected margin. House brand sales accelerated, reflecting consumers’ increasing preference for lower-priced products amid a sluggish economic recovery. Maintain BUY with a target price of Bt9.00, based on 2027F PE of 17x.
Company Update | Bangkok Expressway and Metro (BEM TB/BUY/Bt6.20/Target: Bt8.50)
- We are confident that the delivery and commercial opening schedules of the MRT Orange Line will be met. 3Q26 earnings are expected to reach a new all-time high, with an even stronger momentum in 4Q26. Maintain BUY with a target price of Bt8.50. BEM is trading at 24x EV/EBITDA, in line with peers, but earnings are more promising.
What’s Inside
Company Update | Plan B Media (PLANB TB/BUY/Bt8.20/Target: Bt9.20)
- PLANB is expected to report a 3Q26 net profit of Bt274m (+5.8% yoy, -7.9% qoq). The decrease is expected to be driven by higher interest expenses, while the share of profit from COM7 will not reflect a full quarter of contributions. We expect PLANB’s 4Q26 earnings to reach a record high on the back of: a) the peak season for the OOH business, b) growth in engagement revenue, and c) a full-quarter contribution from its share of profit from COM7. Maintain BUY with a higher target price of Bt9.20.
Key Indices
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