Com7 PCL

Krungsri Securities has maintained its buy recommendation on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method and a WACC of 8.1%. It assesses that the investment in iCare, a subsidiary of COM7, has the potential to generate incremental profit of approximately 170 million baht per year after deducting financial costs, representing an upside of about 11% to profit in 2027. If profit share before financial costs is considered, it is expected at approximately 200 million baht per year, or an upside of 11-13%. PLANB subscribed to 1,126 million newly issued iCare shares worth 860 million baht at 0.764 baht per share, giving it a 46.28% stake after the capital increase, with COM7 holding an equal proportion. Krungsri stated that the purchase price of the iCare shares represents a P/E of only 6 times, below the insurance business group average of 9 times, and it expects PLANB's net profit in 2026 and 2027 to grow 14% and 25% respectively from recognition of its profit share from COM7. These projections do not yet include the positive effects of the iCare deal, which therefore represents upside to the previous profit forecast for 2027. However, the share purchase still requires approval from the shareholders' meetings of COM7 and iCare, as well as consent from the Office of the Insurance Commission, or OIC. The process is expected to be completed by the end of 2026, and iCare will not have the status of a subsidiary of PLANB.

Trinity Securities assesses that the Thai stock market index in the fourth quarter of 2026 will fluctuate within a range of 1,500-1,700 points, noting that the current index level has fallen into a zone where reward clearly outweighs risk. For those who still hold Thai stocks at low levels, or who need to invest to reduce taxes this year, the current index area is seen as an opportunity to gradually accumulate (Buy the Dip). As for the investment strategy for the fourth quarter, the research department recommends a defensive approach focused on its quarterly recommended stocks, namely BTG, TFG, AWC, ERW, CRC, COM7, STA, TVO, AMATA and STECON.

Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.

Koraphat Worachet, Head of Research at Krungsri Securities Public Company Limited, or KSS, said on the stock-focused market news program on October 1, 2026, that the Thai stock market has a chance to begin forming a base from now on if there are no additional significant negative factors from the flood situation. He assessed that overall water conditions have about a 65% chance of having already passed their peak, although some areas still face the risk of another round of flooding, the severity is not expected to exceed that of the past weekend. On the impact, KSS stated that water levels in the northern region that could flow down and add to the situation remain at about 70-75% of the level seen during the great flood of 2011, and if the impact is limited to one to two weeks, it could affect GDP by about 0.3%, compared with 2011, when the impact on GDP reached as much as about 3%. On investment strategy, KSS recommended six standout stocks: KBANK and KTB in the banking group, on the trend of large corporate customer loans growing in line with investment in data centers and AI infrastructure; KCE and DELTA in the electronic components group, with KSS raising its target price for KCE to 69.70 baht; PTTGC in the petrochemical group, on its joint venture cooperation with the Siam Cement Group and the chance of support from the MSCI index review in November; and COM7 in the consumer and finance group, on the trend of continued growth in smartphone and IT equipment sales. It also gave a support range for the SET Index at 1,545-1,550 points and a resistance level at 1,580 points.

Asia Plus Securities estimates the SET index target at the end of 2026 at 1,720 points, based on an assumption of 2026 earnings per share of 95 baht per share. It notes that the overall investment picture in the fourth quarter faces the risk of accelerating inflation from the Middle East war that has dragged on for more than 7 months, which pressured the average September 2026 WTI crude oil price to 95.6 dollars per barrel, up 50% compared with the previous year. Meanwhile, the United States is collecting import tariffs from trading partners at an effective rate as high as 12.5% to 19%, up from the previous 2% to 2.5%, and investment in data centers and AI infrastructure has pushed prices of software and computer equipment up 25.4% compared with the previous year, hitting a new high. On the Thai economy, the ratio of public debt to GDP stands at 67.45%, close to the fiscal discipline ceiling of 70%, while the impact of flooding is estimated at approximately 5 billion to 10 billion baht, which could drag third-quarter GDP growth down to 2.2% to 2.5%. The research department has adjusted its strategy from index selection to selective stock selection, focusing on stocks that benefit from the high season and the low base effect, namely CPN, CBG, THAI, BDMS, BBL, COM7, STECON, and GUNKUL, and recommends holding cash at around 10% to 15% of the portfolio.

Plan B Media Public Company Limited, or PLANB, reported second-quarter 2026 results with a net profit of 297 million baht, up 10.0% year on year, on total revenue of 2,582 million baht, up 14.3% year on year, driven by growth in both its out-of-home media business and its engagement marketing business. For the first half of 2026, total revenue reached 5,076 million baht, up 12.3% year on year, and net profit was 504 million baht, up 9.0% year on year. In the quarter, the company invested in Com Seven Public Company Limited, or COM7, to build a long-term partnership base between the two companies, while continuing to expand cooperation with VGI and Hello Bangkok LED and launching the Exchange Tower Iconic Wrap, a building wrap media format covering more than 1,600 square meters at the Asok-Sukhumvit intersection. On its financial position, the company generated free cash flow of 1,844 million baht in the first half, even as its debt-to-equity ratio rose to 1.13 times due to borrowing to support the strategic investment in COM7, remaining within the financial covenant limit of no more than 1.50 times.

The research team at Asia Plus Securities recommends three Thai stocks with company-specific positive factors and clear growth prospects, amid rising bond yields and a volatile stock market. COM7 is expected to post year-on-year profit growth in the third quarter of 2026, driven by its UFUND lending business and ICARE insurance, with momentum likely to accelerate in the fourth quarter of 2026 during the high season. ADVANC is expected to show both quarter-on-quarter and year-on-year profit growth in the third quarter of 2026, while its share price remains a laggard, up about 10% year-to-date, compared with TRUE, which is up 17% year-to-date. CK has seen its litigation risk ease, state budget disbursement for 2027 is proceeding normally, and its subsidiaries BEM, CKP and TTW help reduce volatility in its consolidated earnings. The research team notes that the surge in Thai bond yields directly affects stock market valuations, cutting the market's appropriate P/E level as estimated by the ASPS research team from 18.18 times to 16.39 times, pressuring the SET Index over the remainder of the year down to 1,550 points if all assumptions remain unchanged. However, the index target could recover to 1,720 points if the market earnings yield based on the 10-year bond yield falls from 3.7% to 3.10%, or if earnings per share of listed companies rises from 95 baht per share to 105 baht per share, offsetting the lower P/E. US bond yields have risen quickly and sharply across both short and long maturities, driven by expectations of inflation risk from higher energy prices, boosting the chance that the Fed may raise rates or hold them longer than expected, plus an oversupply of US Treasuries. In Thailand, long-term bond yields rose significantly in line with the global bond mechanism from February to September, with the 10-year bond yield in particular climbing from 1.80% on 25 February to 2.17% on 31 August, then accelerating sharply over the following month to 2.40% on 29 September, comparable to a near one-time rate hike. Meanwhile, the short-term one-year bond yield remains at its previous level, as Thailand's policy rate stays unchanged in line with the direction of the Monetary Policy Committee.

Plan B Media Public Company Limited, or PLANB, has disclosed a plan to make a strategic investment in iCare, a company within the COM7 group that specialises in mobile phone insurance and electronic device protection products. PLANB sees smartphones as increasingly valuable and central to daily life, from work and finance to a wide range of activities, leading consumers to place greater importance on caring for and protecting their devices, especially premium smartphones priced in the tens of thousands of baht, where damage or repair costs can become a financial burden for consumers. Another key factor is the growth in purchasing smartphones through credit and instalment plans. A major strength of iCare is its position within the COM7 ecosystem, which has a large distribution network for smartphones and IT devices, along with a customer base and sales channels that can link insurance products directly to device purchases. PLANB believes that the strength of iCare, combined with the COM7 ecosystem, will serve as an important foundation for capturing the long-term growth opportunities in the mobile phone insurance business.

Piriyapol Kongwanich, Director of Investment Analysis for Wealth Management at Bualuang Securities, assesses that the Thai stock market remains on an uptrend from the fourth quarter of 2026 through the first half of 2027, with a chance of hitting a best-case target of 1,780 points before moving into a more range-bound phase. Three key tailwinds support this view: the global technology wave, an upcycle in global industry, and foreign capital inflows, all of which are supporting upward revisions to SET earnings forecasts. For the base case, the SET is projected to end 2027 at 1,710 points, based on SET EPS of 106 baht, down 4% year on year, and a target PER of 16.0 times. For fourth-quarter 2026 strategy, a barbell approach is recommended: the first core focuses on energy and petrochemicals, namely PTT and PTTGC, while the other core focuses on structural growth and stocks with earnings momentum, through the power group such as GULF, GPSC and GUNKUL, alongside retail stocks such as CRC and COM7, tourism stocks such as AOT, AWC and CENTEL, and hospital stocks such as BH and BDMS. For the first half of 2027, the recommendation is to gradually shift from Cyclical Winners toward greater Sector Rotation and Stock Selection, while in the second half of 2027 the focus should be on high-dividend stocks and companies with strong cash flows as the core of the portfolio.

The research team expects COM7 to post a net profit of 1.2 billion baht in 3Q69, down 8% QoQ but up 38% YoY. The decline from the previous quarter stems from a 1% QoQ drop in sales, reflecting low-season demand for electronic devices, and a slight 0.1% rise in selling and administrative expenses to sales, to 8.0%. The strong year-on-year growth was driven by a 24% YoY increase in sales and service revenue, supported by higher iPhone 18 sales in both unit volume and average selling price, after Apple raised product prices due to surging memory chip costs, while demand has remained solid. Higher iPhone sales also helped lift revenue at the UFUND and iCare businesses. At the same time, the gross margin is expected to rise 0.4% to 14.4%, driven by the expansion of the higher-margin UFUND and iCare businesses, while selling and administrative expenses to sales are expected to decline on the back of higher revenue. The research team also expects profit in 4Q69 to accelerate both QoQ and YoY to a peak for the year, helped by the high season for iPhone sales and additional support from Apple's planned launch of the foldable-screen iPhone Duo in October. The electric vehicle distribution business, Gold Integrate, will get a boost from automaker AION, which plans to unveil its new i60 BEV model at the Motor Expo 2026 in early December 2569. Because first-half 2569 profit accounted for 53% of the previous profit estimate, and given a more positive view on second-half 2569 profit, the research team raised its 2569 net profit forecast by 11% to 5.3 billion baht, up 31% YoY, and its 2570 forecast by 12% to 5.9 billion baht, up 12% YoY. It also raised its 2570 target price from 33.0 baht to 37.25 baht, keeping the PER at 14.9 times, in line with the long-term average, and upgraded its recommendation to Buy from Trading.

Krungsri Securities Public Company Limited, or KSS, estimates that the government's new economic stimulus package, with a combined value of more than 50 billion baht, will add roughly 0.2% of GDP to Thailand's near-term economic momentum, and possibly 0.3% when including the money people contribute into the system. The Cabinet on 22 September 2026 approved raising the state welfare card purchase allowance by another 700 baht per person, from 300 baht to 1,000 baht per person in October 2026, and also approved the Thai Chuay Thai Plus (additional) project, which covers the welfare allowance increase and the extension of the Thai Chuay Thai Plus 60/40 project under a combined framework of 42 billion baht. The additional 60/40 project will run from 1 October to 30 November 2026, with the state co-paying 60% of the value of goods and services, capped at no more than 200 baht per person per day and no more than 1,000 baht per person over the whole project. Meanwhile, the disaster insurance project has been allocated a budget of 15.5 billion baht, split into 15 billion baht for group residential insurance premiums and 500 million baht for group accident insurance, covering floods, windstorms and earthquakes from 1 October 2026 to 1 October 2027. KSS named the beneficiary stocks as TNP, MTC, KTC, JMT and COM7, while not yet naming any insurance stock as its top pick from the disaster insurance theme, and said the insurance group is suitable for speculative monitoring until project details become clearer.

COM7 expects iPhone sales in the second half to grow no less than 10%, driven by strong reception for the iPhone 18 from pre-order day through device pickup day, especially the Pro Max model. Thakol Niyomthai, investor relations officer at Comseven Public Company Limited, or COM7, told Than Hoon that iPhone sales in the third and fourth quarters of 2026 will grow at a double-digit rate, and the company is therefore confident that total revenue in 2026 will grow 10-15% and may exceed its target. The iPhone Duo will begin selling in October 2026, and the company still needs to assess the response again after the official launch. Meanwhile, the standard iPhone 18 model will have to wait for its launch next year. As for the partnership with PLANB, concrete signs of cooperation are expected to emerge in the fourth quarter after approval from the board.

Globlex Securities estimates that the Thai stock index will fluctuate in a range of 1,560 to 1,600 points this week, still pressured by crude oil prices and US government bond yields, amid tensions in the Middle East that warrant close monitoring. Wilasinee Boonmasungsong, Assistant Managing Director of Globlex Securities, said the negative factors weighing on investment include data from CME Group's FedWatch Tool indicating that investors assign a 53.1% probability that the US central bank will raise interest rates by another 0.25% at its October meeting, up from 27.2% a week earlier, as well as the attack on oil tankers in the Strait of Hormuz by the Iranian navy, and the Houthi group in Yemen stating that Saudi warplanes carried out 40 airstrikes across three provinces of Yemen within 24 hours. Meanwhile, Thai household debt, according to a survey by the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce, surged to 794,945.49 baht per household, up 7.3%, the highest in 17 years. On the positive side, the yield on 10-year US government bonds fell to 4.93%, and the Bank of England's Monetary Policy Committee voted 6 to 3 to hold the policy rate at 3.75% as expected. Wacharant Jongyanyong, Director of the Research Department at Globlex Securities, recommended an investment strategy focused on stocks with specific positive factors, especially those expected to benefit from the launch of three new iPhone smartphone models, namely COM7, SYNEX, SPVI, CPW and ADVICE.

Shares of COM7 and CPW are benefiting from the buzz around the iPhone 18 Series, especially the Pro and Pro Max models, whose advance pre-orders are growing faster than those of the previous generation, while Trade-in registrations have jumped more than 100%. Kaewjirai Kemasit, Senior Director of the Apple Product Group at Comseven Public Company Limited, or COM7, said the iPhone 18 Pro Max in Burgundy and Glacier are the most popular models. COM7 is preparing offers of 0% installment plans through credit cards for up to 36 months and UFUND loans for up to 48 months, along with special privileges worth up to 10,000 baht, and will deliver products through a network of more than 1,300 branches nationwide. Paphavee Rujcharoentham, Director of Retail at Copperwired Public Company Limited, or CPW, said the atmosphere on the first day of sales on September 18, 2026, was lively. CPW is preparing for the launch of the iPhone Duo, which will open for pre-orders on October 16 and go on sale on October 23, 2026, and expects the fourth quarter of 2026, a high season, to be boosted by a full quarter of iPhone 18 Pro Series sales recognition. CPW currently has a total of 111 retail stores, covering Apple Brand Shops and leading technology stores such as iStudio by copperwired, U.Store by copperwired, Dotlife, and TECHHOUSE by Dotlife.

The Ministry of Finance is preparing to extend the Thai Help Thai Plus Phase 2 programme by another two months, covering October through November 2026, using the same 60:40 formula. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the extension will use remaining budget and will not divert funds from the second tranche earmarked for the energy transition, and that it will be submitted to the Cabinet meeting on 22 September 2026. Analysts at Dao Securities Thailand turned more positive after the timeline became clearer, with the stocks benefiting most from domestic revenue exposure being NEO, rated Buy with a target price of 31 baht, CBG, rated Buy with a target price of 67 baht, and OSP, rated Buy with a target price of 20 baht. Meanwhile, Finansia Syrus Securities estimates that the Phase 2 measure will inject an additional 3.5 to 7.1 billion baht into the system in the fourth quarter of 2026, helping consumption and same-store sales continue to recover. It expects third-quarter 2026 profits for DOHOME and COM7 to grow by around 35 to 45 percent year on year, and keeps its weighting on the commerce sector at NEUTRAL, selecting BJC and COM7 as its top picks.

Finansia Syrus Securities maintains a Buy rating on Comseven, or COM7, with a target price of 35 baht, after shareholders approved the appointment of two additional directors as expected: Mr. Parin Lojanagosin, Chief Executive Officer of Plan B Media, or PLANB, and Mr. Phinijsorn Luechaikhajornphan, a PLANB director. The move raises COM7's board to nine members from seven. The research team sees COM7 benefiting from its strategic alliance with PLANB, a major Thai out-of-home advertising operator, and is watching for further media collaboration, such as advertising inside Banana stores and on EV7 vehicles, which is initially expected to add roughly 1-2% upside to 2027 earnings. A key near-term catalyst is pre-orders for the new iPhone models. An initial check with COM7 found that pre-orders for the iPhone 18 Pro and iPhone 18 Pro Max, in unit terms, exceeded total pre-orders for all models in the iPhone 17 series, which the team views as positive for COM7's share sentiment. This is consistent with SIS Distribution (Thailand), or SYNEX, which saw pre-orders for those iPhone models rise from the same period a year earlier, with part of the increase likely due to a larger allocation of units compared with the iPhone 17 series. However, actual sales from the first day of availability on September 18, 2026 through the fourth quarter of 2026 still need to be monitored, along with the adequacy of supply of the new iPhone models going forward. The research team sees the trend as a supporting factor for Apple-related stocks and better than it and the market had previously expected, and reiterates its Buy rating on COM7 with a 35 baht target price and on SYNEX with a target price of 12.50 baht.

Krungsri Securities Public Company Limited said COM7 is a Conviction Call in the IT retail sector, taking a more positive view on normal profit momentum in 2H26F continuing into 2027F after 3QTD sales grew more than 20% y-y, above the company's assumption of 16% y-y, while bookings for the iPhone 18 Pro and Pro Max remain strong even though average selling prices rose 8–11% y-y. This gives normal profit in 3Q26F a chance of upside from the current estimate of 1.1 billion baht to 1.3–1.4 billion baht. On the lending business, Ufund Capital plans a private placement capital increase for some alliance partners, raising registered capital from 600 million baht to 2.04 billion baht, which is expected to ease D/E constraints that are currently close to the loan covenant of 2.5 times and to increase capacity to support the next phase of UFUND loan portfolio expansion. The company is also considering revising up its 2026–27F profit estimates from the current forecast growth of 13% and 9% y-y, with every 1% of sales above assumption adding about 2% to normal profit and about 0.75 baht per share to the target price, while maintaining a Buy recommendation and a 2027F target price of 35.0 baht.

Comseven Public Company Limited, or COM7, reported its second-quarter 2026 operating results, with net profit attributable to major shareholders of 1.30306 billion baht, up 29.9%, while first-half 2026 profit stood at 2.52925 billion baht, up 27.49%. Revenue from sales and services in the second quarter of 2026 was 24.111 billion baht, an increase of 3.398 billion baht, or 16.4%, compared with the same period last year, driven by smartphone demand growing across both the iOS and Android systems. Thakol Niyomthai, head of investor relations at Comseven Public Company Limited, or COM7, said on the company's earnings call that the company has raised its revenue growth target for this year to 10-15% compared with last year, up from an earlier expectation of 10% growth. Net profit after tax is expected to grow more than 20%, compared with an earlier target of 10-15% growth versus last year, supported by memory prices rising as much as 200-300% quarter on quarter. On the store front, the company expects to open a total of 1,400 branches this year across the BaNANA and Studio7 brands, having already reached 1,323 branches as of the end of the second quarter of 2026. In the electric vehicle business, it expects to sell 4,400 units this year, after selling 2,029 units of the AION i60 model in the first half. EV taxi leasing is expected to reach 5,000 units for the full year, after 3,829 units were leased out in the first half.

Krungsri Securities said Apple unveiled its new products, headlined by the iPhone Duo, its first foldable-screen iPhone, priced in Thailand from 79,900 baht up to 127,900 baht, with pre-orders opening October 16 and sales on October 23. Meanwhile, the iPhone 18 Pro and iPhone 18 Pro Max carry higher launch prices in Thailand, starting at 48,900 baht, compared with 43,900 baht for the iPhone 17 Pro, with pre-orders opening September 12 and sales starting September 18. Apple also discontinued sales of the iPhone 17 Pro, 17 Pro Max and 16 Plus through the Apple Store in line with its normal product cycle. Authorized resellers can still sell existing stock, but this round differs from last year because Apple did not cut prices on older models and instead raised them by 4,000 to 12,000 baht. The iPhone 16 rose 4,000 baht, the iPhone 17 rose 5,000 baht, the iPhone 17e rose 4,000 baht, and the iPhone Air rose 4,000 to 12,000 baht. As a result, Apple shares rose 1% in after-hours trading this morning following the launch. In the KSS Strategist View, the sentiment is positive for the Apple ecosystem on the chance of an upgrade cycle driven by the new form factor of the iPhone Duo, as well as higher margins from selling older models at higher prices. The Thai stocks that stand to benefit are COM7, SPVI and CPW, as well as ADVANC and TRUE on the opportunity to sell both device and 5G packages. Still, real demand after pre-orders open must be watched more than launch-day buzz, especially the effect of the higher prices.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

COM7 is gearing up for the launch of the iPhone 18, confident of a positive reception, highlighting artificial intelligence (AI) features to spur consumer upgrade decisions. The company will leverage its ecosystem strengths and U-Fund to support sales, expecting to start recognizing revenue from the new iPhone models from mid-September onward. Mr. Thakol Niyomthai, Head of Investor Relations, revealed that demand for new iPhone models remains continuous despite potential price changes, as customers wanting the latest models still exist. The added AI features could be a significant incentive for upgrades aligned with usage cycles. Regarding U-Fund, the company manages credit quality well, with a non-performing loan (NPL) ratio of 0.84% as of mid-year, below the target of no more than 3%. The third-quarter 2026 performance trend is expected to grow from the same period last year, driven not only by iPhone but also by Android smartphones, MacBook notebooks, and various gadgets. COM7 continues to expand its clean energy and electric vehicle (EV) businesses. The Solar Rooftop business has a backlog of approximately 2-4 months, while the EV Taxi business delivers an average of about 300 vehicles per month, and has partnered with Grab to deliver the first phase of 1,000 electric vehicles. The company maintains its 2026 targets, expecting total revenue to grow approximately 15% from the previous year, with net profit growth of no less than 20%.

Brokers view the outlook for the IT retail and wholesale sector in Q3 2026 as still strong, supported by sales of Apple and Android smartphones as well as the commercial segment where demand is accelerating. They highlight three standout stocks: COM7, ADVICE, and IT City. Charnthawat Sukhanan, an analyst at Kasikorn Securities, said sales in July and August grew strongly, with COM7 expected to see sales growth of more than 15% YoY, ADVICE around 20% YoY, and IT City more than 20% YoY. Meanwhile, wholesaler SIS is expected to grow more than 10% YoY, and SYNEX has also reported growth. The research arm maintains a Positive view on the gadget group, favoring retailers over wholesalers, with target prices of 34.12 baht for COM7, 8.82 baht for ADVICE, and 10.83 baht for IT City. It also points to attractive entry points if prices weaken and recommends watching the launch event of Apple's iPhone 18 on September 9.

Bualuang Securities reports that second-quarter 2026 results confirm that the impact from external factors was not as severe as feared. The Management Guidance Reliability Index (MGRI) rose to 53 points from 48 points in the previous quarter, marking the first time above 50 in two years. Sectors previously viewed with excessive caution, such as banks, energy, IT retail, and tourism, performed better than expected. Meanwhile, management remains positive on the outlook ahead, with the proportion of positive views for the third quarter of 2026 at approximately 49% and for 2026 increasing to about 44%. Analysts have also begun to reduce caution, with the proportion of conservative estimates falling to 33% from 40%, while aggressive estimates rose to 8% from 6%. Stocks with continued confidence include TRUE, AMATA, and WHAUP. Meanwhile, the power plant group has a more aggressive outlook, and there are some sectors where management is more positive than analysts, such as mid-to-small hospitals BCH/PR9, IT products COM7/SYNEX, and department stores CPN/CRC. However, the market still favors stock-picking over buying entire sectors. Therefore, we recommend quality stocks that are lagging in price and have potential for surprises, namely BDMS, COM7, and TU.

Kasikorn Securities (KS) assesses that same-store sales growth (SSSG) for the retail sector in August 2026 is likely to expand slightly at 0-1%, supported by a low base in the previous year. Meanwhile, Asia Plus Securities (ASPS) views that SSSG will mostly turn slightly positive, led by BJC, CPALL, CRC, and DOHOME, but CPAXT and HMPRO remain negative due to not participating in the "Thai Helps Thai Plus" project. KS expects the average SSSG for the sector in July-August to turn positive at approximately 0.5%, from a negative 0.6% in Q2 2026, and selects CPALL, MOSHI, and CRC as top picks. ASPS, on the other hand, selects CRC, COM7, and BJC. The research side maintains a "Neutral" view on the commerce sector, and ASPS maintains an "Equal-weight" investment rating on the commerce sector, expecting sector profits in 2026 to grow 12% year-on-year.

Asia Plus Securities assesses retail stocks, expecting that the SSSG in August 2026 for most companies will trend slightly positive, including BJC, CPALL, CRC, and DOHOME, due to a low base in the previous year and product price adjustments. Meanwhile, CPAXT and HMPRO are expected to remain negative due to fragile purchasing power and the impact of not participating in the Thai Helps Thai Plus project. For the third quarter of 2026, the group's SSSG is expected to be slightly positive, with DOHOME likely to grow the most at around 4-5%, while HMPRO and CPAXT are likely to decline the most. The group's total profit is expected to decrease QoQ but grow well YoY, driven by positive SSSG, store expansion, and improved margins. The research department maintains a market-weight rating and selects CRC, COM7, and BJC as top picks due to their outstanding third-quarter profit trends.

Asia Plus Securities noted that COM7's shareholder meeting on September 17, 2026 is a key catalyst for PLANB, as the agenda to appoint two directors nominated by PLANB has a high chance of passing, given that COM7's top two shareholders, holding a combined stake of around 41%, are likely to support the deal. If approved, PLANB will immediately begin recognizing its share of profits from COM7 using the equity method, which will enhance its profit structure and create upside for future earnings. In the third quarter of 2026, it is expected to recognize only 13 days of earnings, compared to an increase in interest expenses of around 56 million baht, but from the fourth quarter of 2026 onward, it will recognize a full quarter of around 120-140 million baht. Meanwhile, PLANB plans to further its collaboration with COM7 through the development of in-store media and EV7 taxi media. The Asian Games 2026, held from September 19 to October 4, 2026, is expected to support the engagement marketing business, although higher licensing costs will keep profit margins at low-to-moderate levels. The research department maintains its 2026 earnings forecast but raises its 2027 forecast by 18%, reflecting the recognition of profit share from COM7 and potential synergies, resulting in an increase in fair value from 6.25 baht to 7.00 baht, while maintaining a "Buy" recommendation.

Apple Inc. has scheduled its "Surprise and Shine" event for September 9, 2026, or around noon on September 10, Thailand time. The event is expected to unveil the iPhone 18 Pro, iPhone 18 Pro Max, and the company's first foldable screen innovation, which may be called the iPhone Ultra. Analysts at Liberator Securities indicate that ICT stocks will receive positive short-term sentiment, with COM7 highlighted as a top pick due to its more than 100 Studio7 stores and roughly 25% market share in Thailand's smartphone market. Meanwhile, same-store sales from July to August grew by double digits year-on-year, reflecting strong momentum.

Globlex Securities, or GBS, has selected 6 stocks expected to benefit from government measures supporting Solar Roof installations, including GUNKUL, GULF, SOLAR, COM7, KUMWEL, and ASEFA. This comes amid a volatile Thai stock market trend in September 2026, with the SET Index estimated to range between 1,550 and 1,620 points. Meanwhile, July exports expanded 21.6% year-on-year to $34.7891 billion, and tourism remains a support after cumulative foreign arrivals reached 20.6 million, generating over 980 billion baht in revenue. Additionally, the "Thai Teaw Thai Plus 2026" measure will open registration for 1 million rights on October 1, 2026. However, attention must be paid to WTI crude oil prices surging to $90 per barrel and the stance of the Fed, which may maintain tight monetary policy after a 9-to-3 vote to keep interest rates at 3.50-3.75%.

Land and Houses Securities (LHS) assesses that the SET Index in September 2026 will move within a range of 1,550–1,630 points, with a tendency to swing sideways and fluctuate according to event risk, after a strong rally and facing profit-taking. Meanwhile, fundamentals remain strong due to good listed company earnings, prompting LHS to raise its 2026 SET EPS forecast to 106 baht per share and assess a fair value of 1,700 points. It views the weakness as a consolidation rather than a downtrend. Key international factors to monitor are the FOMC meeting and the Dot Plot, while US-Iran tensions may impact oil prices. On the domestic front, Q2/2026 GDP expanded 1.9%, but private investment grew 13.4% and exports grew 12.5%, reflecting a transition to investment and export-led growth, especially in data centers and clean energy. The strategy recommends selective buying on weakness, focusing on three themes: dividend and value plays, data centers and energy transition, and earnings growth. Recommended stocks are BCP, KKP, INSET, GUNKUL, and COM7.

Land and House Securities assesses that the SET Index in September 2026 will move within a range of 1,550–1,630 points, with a tendency to fluctuate sideways and be volatile according to event risk after a strong rally and profit-taking pressure. Meanwhile, the downside is supported by strong corporate earnings. The research department has raised its SET EPS forecast for 2026 to 106 baht per share and assesses the fair value at 1,700 points, viewing the weakness as a consolidation rather than a downtrend. Foreign factors to monitor include the FOMC meeting and the new Dot Plot, as well as US-Iran tensions and the risk in the Strait of Hormuz. Domestic factors remain positive due to the investment cycle, with 2Q69 GDP slowing to +1.9% YoY, but private investment accelerating +13.4% YoY and exports expanding +12.5%, reflecting a transition to investment and export-led growth, especially in FDI, Electronics/AI, Data Center, and Digital Infrastructure. The strategy recommends selective buying on weakness, focusing on three main themes: dividend and value play, data center and energy transition, and earnings growth, with five recommended stocks: BCP, KKP, INSET, GUNKUL, and COM7.

Bualuang Securities stated that amid the still volatile market, its research team believes dividend yield will regain its role as a downside buffer. However, looking at yield based solely on base-case estimates may not be sufficient, so it conducted a Dividend Stress Test for 2027, setting worst-case scenarios according to each industry's risks, such as banks assuming a 5-10 basis point increase in credit costs and payout ratios returning to normal levels, retail with SSSG of -2% YoY, shopping malls with tenant sales of -2% YoY, hospitals with no revenue growth, ICT facing price competition and slowing cost savings, energy using Brent at $60 per barrel compared to the base case of $70 per barrel, and WHA/WHAUP assuming the transfer of 900 rai of data center land is postponed from 2027. The stress test found that even with DPS declining by an average of 7% from the base case, there are still 8 companies whose 2027 dividend yield is higher than the +1 standard deviation level of the 10-year historical average, namely CPALL, BDMS, CPN, TLI, WHA, COM7, OSP, and TU. This reflects that yields still have a buffer even if earnings come in below expectations. Among these, CPALL offers a yield of 4.1% in the worst case compared to the +1SD of 2.6%, BDMS 3.9% versus 2.7%, CPN 3.9% versus 2.9%, TLI 5.4% versus 4.8%, WHA 4.9% versus 4.5%, and COM7 4.0% versus 3.7%. Meanwhile, OSP and TU still offer high yields of 5.3% and 5.6%, respectively, compared to the +1SD level of 5.2% for both. In a situation where earnings and the market remain uncertain, the strategy should focus on quality yield rather than merely selecting stocks with high dividend yields. All 8 stocks above maintain yields above their historical ranges even after passing through negative assumptions.

COM7, or Comseven Public Company Limited, has raised its revenue and profit targets for 2026 following strong first-half results, supported by the buzz around the iPhone 18 launch in September and news of the first foldable iPhone, which has excited consumers and boosted upgrade demand in the second half. The company now targets 10-15% revenue growth for 2026, up from 10%, and net profit growth of at least 20%, up from 10-15%, after posting a first-half net profit of 2.529 billion baht, up 27.5%, and revenue of 47.624 billion baht, up 14.5%. It maintains its target of 1,400 branches and will open 77 more in the second half. It also raised its new loan disbursement target for the UFund business to 10 billion baht from 7 billion baht, after disbursing 5.827 billion baht in the first half, already surpassing the full-year 2025 figure.

Third-quarter net profit of Thai listed companies is expected to expand from a year earlier but slow from the previous quarter, with the main support coming from higher energy prices, petrochemical spreads, mobile and internet service revenue, electronics demand, as well as new power generation capacity and profit from GULF's overseas power plant business. Meanwhile, higher jet fuel costs are pressuring the airline group, and narrowing interest margins are pressuring the banking group. Groups whose core profit is expected to grow from a year earlier are led by energy, petrochemicals and construction materials, supported by average Brent crude prices in July to August rising 28% from a year earlier and Singapore GRM refining margins rising 434% from a year earlier. The electronics group is supported by strong AI and data center demand, with DELTA Taiwan's power electronics sales in July growing 59% from a year earlier and 17% from the previous quarter. KCE expects PCB revenue may rise 17 to 19% from the previous quarter thanks to product price increases effective from July 1, which should lift average selling prices by about 9 to 10%. HANA is seeing IC capacity utilization recover, and AI-related products are expected to begin commercial production from the third quarter. The communications group is supported by mobile and internet service revenue. The hospital group expects revenue to return to growth both from a year earlier and from the previous month in July, supported by Thai and Middle Eastern patients, with flights from the Persian Gulf estimated to have recovered to pre-war levels since early July. The retail group saw same-store sales rise 1% from a year earlier in July, led by IT product retailers, with COM7 expecting total sales to grow 15% from a year earlier and ADVICE growing 17% from a year earlier. CPALL expects same-store sales to expand 0.5% from a year earlier on average in July to August, while Makro was flat and Lotus contracted 5% from a year earlier. The tourism group saw revenue per available room in July at AWC rise 26% from a year earlier, CENTEL rise 8% from a year earlier, ERW rise about 5% from a year earlier, and MINT rise 4% from a year earlier. Groups whose core profit is expected to decline from a year earlier are led by transport, pressured by higher jet fuel costs, banking, pressured by persistently narrowing interest margins, and meat, pressured by lower meat prices, with average pork prices in July falling 14% from a year earlier and chicken prices falling 1% from a year earlier. Meanwhile, the pet food export group expects sales to still grow 10% from a year earlier and 7% from the previous quarter in July. Analysts recommend being selective in stocks whose third-quarter earnings trends are still expected to grow strongly, have not seen sharp earnings downgrades over the past three months, and have clear positive factors supporting recovery. These include KCE in electronics, CBG in beverages, which expects domestic energy drink sales to grow 10% from a year earlier and Myanmar sales to grow 70% from a year earlier in the third quarter of 2026, ITC in pet food exports, BH and BDMS in hospitals, AOT and CENTEL in tourism and airports, and GPSC in power plants, which recognizes full-quarter profit from GHECO-One and Glow IPP power plants.