Key Indices
Top Stories
Sector Update | Retail
- Upgrade to OVERWEIGHT, with BJC as our top picks. The easing of competition in the modern grocery segment, margin enhancement in home improvement, and attractive valuations in lifestyle retail underpin our positive outlook for the retail sector. In Oct 26, SSSG turned positive in almost all segments, with 4Q26 expected to be promising. We raise BJC’s 2027 core earnings by 13% to reflect the structural recovery in the modern retail business and raise its target price to Bt24.50.
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.24/Target: Bt3.90)
- AWC is expected to deliver a strong 3Q26 core profit of Bt448m, driven by a 25% yoy RevPar growth, recovery in Chinese arrivals, and expanding EBITDA margins. Lower financing costs following debt refinancing should reduce interest expense by 17.6% yoy. Momentum is expected to continue into 4Q26, with forward bookings indicating a robust 20% yoy room revenue growth, supported by major events and continuous strong Chinese demand. Maintain BUY with a higher target price of Bt3.90.
Top Stories
Sector Update | Retail
- Upgrade to OVERWEIGHT, with BJC as our top picks. The easing of competition in the modern grocery segment, margin enhancement in home improvement, and attractive valuations in lifestyle retail underpin our positive outlook for the retail sector. In Oct 26, SSSG turned positive in almost all segments, with 4Q26 expected to be promising. We raise BJC’s 2027 core earnings by 13% to reflect the structural recovery in the modern retail business and raise its target price to Bt24.50.
Company Update | Asset World Corporation (AWC TB/BUY/Bt3.24/Target: Bt3.90)
- AWC is expected to deliver a strong 3Q26 core profit of Bt448m, driven by a 25% yoy RevPar growth, recovery in Chinese arrivals, and expanding EBITDA margins. Lower financing costs following debt refinancing should reduce interest expense by 17.6% yoy. Momentum is expected to continue into 4Q26, with forward bookings indicating a robust 20% yoy room revenue growth, supported by major events and continuous strong Chinese demand. Maintain BUY with a higher target price of Bt3.90.
Key Indices
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