Key Indices
Top Stories
Company Results | Betagro (BTG TB/BUY/Bt22.50/Target: Bt27.00)
- BTG reported 3Q26 core profit of Bt1,268m (3.1% yoy and 80.2% qoq). Results are in line with market expectations but 8% below our estimate. As domestic swine prices have continued to rise in Nov 26, we expect BTG’s earnings to continue improving yoy in 4Q26 while remaining relatively flat qoq. Maintain BUY with a target price of Bt27.00.
Company Results | CP ALL (CPALL TB/BUY/Bt47.00/Target: Bt63.00)
- 3Q26 core profit grew 14% yoy, beating our expectations. CVS net profit grew 28% yoy, driven by positive SSSG, gross margin expansion, and lower SG&A-to-sales. The overhang from Lotus’s Go Fresh eased following the closure of 673 loss-making stores. We expect earnings momentum to improve in 2027. Maintain BUY with a higher target price of Bt63.00 (from Bt62.00), following a 7% earnings upgrade.
Company Results | PTT Global Chemical (PTTGC TB/HOLD/Bt41.50/Target: Bt45.00)
- PTTGC reported 3Q26 net profit of Bt9.76b, down 20% qoq, but 8% and 19% above our and consensus estimates respectively. Core profit is estimated at Bt5.9b, down 64% qoq, mainly due to lower polyethylene product prices and spreads, as well as a decline in market GRM. Going forward, the petrochemical industry remains weak due to oversupply while the GRM outlook should improve on seasonality and the maintenance season. Maintain HOLD. Target price: Bt45.00 (previously Bt54.00).
Company Results | Thaifoods Group (TFG TB/BUY/Bt9.65/Target: Bt13.00)
- TFG reported a 3Q26 core profit of Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market’s projection but beat our forecast by 8% due to better-than-expected gross profit margin and sales. Looking ahead, we maintain our positive outlook for 4Q26-1H27, supported by a domestic livestock price upcycle and continued retail store expansion. Maintain BUY with a target price of Bt13.00.
What’s Inside
Company Results | Central Retail Corporation (CRC TB/BUY/Bt31.25/Target: Bt36.00)
- 3Q26 core profit came in at Bt2.1b, up 66% yoy, beating our and consensus forecasts by 16% and 22%, respectively. Core EBITDA surged across all segments, with SSSG turning positive for the second consecutive quarter. Oct 26 SSSG gained stronger momentum at around +4% yoy. Maintain BUY with a higher target price of Bt36.00 (from Bt35.00).
Top Stories
Company Results | Betagro (BTG TB/BUY/Bt22.50/Target: Bt27.00)
- BTG reported 3Q26 core profit of Bt1,268m (3.1% yoy and 80.2% qoq). Results are in line with market expectations but 8% below our estimate. As domestic swine prices have continued to rise in Nov 26, we expect BTG’s earnings to continue improving yoy in 4Q26 while remaining relatively flat qoq. Maintain BUY with a target price of Bt27.00.
Company Results | CP ALL (CPALL TB/BUY/Bt47.00/Target: Bt63.00)
- 3Q26 core profit grew 14% yoy, beating our expectations. CVS net profit grew 28% yoy, driven by positive SSSG, gross margin expansion, and lower SG&A-to-sales. The overhang from Lotus’s Go Fresh eased following the closure of 673 loss-making stores. We expect earnings momentum to improve in 2027. Maintain BUY with a higher target price of Bt63.00 (from Bt62.00), following a 7% earnings upgrade.
Company Results | PTT Global Chemical (PTTGC TB/HOLD/Bt41.50/Target: Bt45.00)
- PTTGC reported 3Q26 net profit of Bt9.76b, down 20% qoq, but 8% and 19% above our and consensus estimates respectively. Core profit is estimated at Bt5.9b, down 64% qoq, mainly due to lower polyethylene product prices and spreads, as well as a decline in market GRM. Going forward, the petrochemical industry remains weak due to oversupply while the GRM outlook should improve on seasonality and the maintenance season. Maintain HOLD. Target price: Bt45.00 (previously Bt54.00).
Company Results | Thaifoods Group (TFG TB/BUY/Bt9.65/Target: Bt13.00)
- TFG reported a 3Q26 core profit of Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market’s projection but beat our forecast by 8% due to better-than-expected gross profit margin and sales. Looking ahead, we maintain our positive outlook for 4Q26-1H27, supported by a domestic livestock price upcycle and continued retail store expansion. Maintain BUY with a target price of Bt13.00.
What’s Inside
Company Results | Central Retail Corporation (CRC TB/BUY/Bt31.25/Target: Bt36.00)
- 3Q26 core profit came in at Bt2.1b, up 66% yoy, beating our and consensus forecasts by 16% and 22%, respectively. Core EBITDA surged across all segments, with SSSG turning positive for the second consecutive quarter. Oct 26 SSSG gained stronger momentum at around +4% yoy. Maintain BUY with a higher target price of Bt36.00 (from Bt35.00).
Key Indices
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