Analyst forecasts and estimates — revised targets and outlooks — and where the Street sees each stock heading.
Timeline
What happened in Analyst Forecasts
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AI hardware and memory forecasts surge; consumer and autos cut
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AI hardware and memory guidance raised across the board Micron guided fiscal Q1 revenue to $61.5B (vs $57B expected) and said 75% of fiscal 2027 shipments are committed; Broadcom lifted fiscal 2027 AI-chip revenue to ~$115B; KLA's backlog jumped to $12.57B; HPE, Jabil, Arista, Intel and TD Synnex all raised outlooks. Chip, memory, server, networking and equipment suppliers gain.
This is the period's dominant new guidance shift, lifting the whole AI hardware supply chain.
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AI software and services guidance defy disruption fears Microsoft guided fiscal Q1 revenue to 16-17% growth with Azure up ~45% and capex above $50B; Accenture guided fiscal 2027 revenue growth of 3-6%, beating estimates, and its shares rose 15.8%; Salesforce authorized a $50B buyback. Enterprise software and IT services names gain as AI demand, not disruption, drives forecasts.
New guidance from Microsoft, Accenture and Salesforce shows AI spending lifting software and services forecasts, not killing them.
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Autonomous trucking forecasts arrive, but timelines slip Tesla opened its Nevada Semi factory with a 2,500-truck order and Morgan Stanley sees $17B of software revenue by 2040; Aurora targets 30,000 driverless trucks and $5B revenue by 2030, but pushed breakeven gross margin to H1 2027 from late 2026. Tesla and Aurora gain long-term optionality; slower ramp is the counterweight.
New long-range forecasts for autonomous trucking set expectations for Tesla, Aurora and their customers.
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Consumer and auto guidance cut on China weakness Nike guided fiscal 2027 revenue down high-single-digit, with Greater China down 26% for a ninth straight quarter; BMW targets only a 3-5% auto margin by 2028 after a China-linked profit warning and 8,000 job cuts; Vail Resorts guided to a fiscal 2027 rebound after weak snowfall and pass units down 12%. Consumer discretionary and autos face a demand reset.
These are the period's clearest negative guidance shifts, showing consumer and auto demand weakness.
Q3 2026
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AI spending boom continues but bubble warnings and demand cracks emerge
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AI infrastructure demand stays strong Nvidia projects $3–4 trillion in data-center spending by 2030, cloud capital spending may reach $1.4 trillion by 2027, and Broadcom, Dell, Micron and others raised guidance, with memory makers gaining pricing power.
This is the main positive force driving tech and semiconductor stocks in the quarter.
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Defense and oil forecasts jump Defense and oil forecasts also jumped on restocking and Hormuz risk, signaling higher expected demand for these sectors.
This highlights a secondary positive driver for defense and energy stocks.
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AI bubble warnings and spending cuts 60% of businesses curbed AI software spending; Cuban and Burry warned of a bubble; off-balance-sheet commitments, Broadcom's debt raise, Oracle's 55% plunge and Alphabet's $692B value loss raised alarms.
This captures the major risks and negative sentiment that emerged around AI investments.
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Consumer and auto demand resets Consumer, auto, delivery and healthcare demand reset, with Lululemon, Nike, BMW and Uber cutting guidance or jobs, indicating broader economic softening.
This shows the negative impact on non-tech sectors from weakening demand.
LatestAnalyst Forecasts
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Analyst Forecasts
Panmure Liberum expects the S&P 500 to fall 35% to 5,000 points in 2027
Panmure Liberum, a British securities firm, warns that the current stock market bull run may end sooner than many investors expect, and forecasts that the U.S. S&P 500 index will fall to 5,000 points by the end of 2027, compared with its latest close of 7,722.72 points, a decline of more than 35%, amid pressure from elevated bond yields and interest rates. The S&P 500 is still continuing the bull market that began in October 2022 and has risen 12.8% since the start of 2026. Joachim Klement, an analyst in Panmure Liberum's research division, said that if bond yields and interest rates continue to rise, the end of the bull market may be closer than many investors expect. The upcoming third-quarter earnings season, as well as companies' disclosure of business outlooks for 2027 early next year, will be key tests. This view differs sharply from that of many securities firms, which expect the S&P 500 to close 2026 at 8,000 points or higher and see the bull market continuing into 2027. Panmure Liberum also holds a negative view on European stock markets, expecting the STOXX 600 index to fall to 430 points by the end of next year and the UK's FTSE 100 index to fall to 8,260 points, both significantly below current levels. Klement also warned that if the U.S. Federal Reserve and the Bank of England raise interest rates further, it could accelerate the end of the current bull market. This follows last month's rate hikes by several major central banks, including the Fed and the European Central Bank, to curb inflationary pressures amid higher energy costs and an economy that remains strong.
Panmure Liberum · · Neutral Panmure Liberum is the firm issuing the bearish S&P 500 forecast; the article reports its own prediction, not a company-specific driver.
Brokers recommend buying GUNKUL after JV deal with GULF unlocks 26 billion baht in debt
Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Capital
GUNKUL.BK · Capital · Positive JV with GULF keeps 26 billion baht of project debt off GUNKUL's balance sheet and brokers upgraded/raised targets and profit forecasts.
GUNKUL.BK · Demand · Positive GUNKUL signed PPAs for an additional 261.8 MW in phase 2 renewable projects, opening EPC backlog not yet in estimates.
GULF.BK · Capital · Positive GULF acquires a 50% stake in seven GUNKUL renewable SPVs totaling 673.4 MW for 467 million baht, expanding its power portfolio.
XSpring AM upgrades Thai stocks to Neutral, sets end-2026 SET target at 1,650 points, eyeing 1,700
XSpring Asset Management, or XSpring AM, announced it is raising its weighting on the Thai stock market from Underweight to Neutral, viewing current valuations as neither cheap nor expensive, with a dividend yield of 3-3.5% per year. It set an end-2026 SET index target of 1,650 points, which does not yet include the impact of the flood situation, with a chance of reaching 1,700 points next year if the Stock Exchange of Thailand succeeds in drawing large companies or quality family businesses to list via IPO. Yosakorn Follett, Chief Executive Officer of XSpring AM, said the supporting factors for Thai stocks come from a stable government and an experienced economic team, as well as foreign investment flows that have begun to show momentum returning this year after continuous outflows over the previous three years. On investment strategy, the focus is on consumer goods and semiconductors, while commercial banks must be selected on a stock-by-stock basis. For the overall business, XSpring AM aims to push total AUM across the company to 16 billion baht, growing about 60% from last year's 10 billion baht. Mutual funds currently stand at around 3.4-4.5 billion baht, with an end-2026 target of 5-6 billion baht, while private funds are at roughly 6.8-7 billion baht and are expected to exceed 10 billion baht by the end of this year. In the fourth quarter of 2026, the company plans to launch two new funds: a diversified commodity fund and a US small-cap value equity fund.
XSpring Asset Management Company Limited · Capital · Positive XSpring AM upgrades Thai equities to Neutral and targets AUM growth to 16 billion baht with two new funds planned.
5 brokerages recommend buying TU with targets of 13.90-16 baht, expecting 3Q profit of 1.309-1.420 billion baht
Analysts from 5 securities firms recommend "buying" shares of Thai Union Group (TU) with target prices in the range of 13.90 - 16 baht, expecting third-quarter profit of 1.309 - 1.420 billion baht, with strong growth, and believe that the surge in tuna costs has already passed its peak, with long-term positive factors beginning to provide support. Yuanta Securities raised its 2026 - 2027 profit forecasts by 18% and 4% respectively, and set a new target price of 16.00 baht, an upside gain of 29%, expecting normal profit in 3Q26 of 1.420 billion baht, up 4.3% QoQ and 17.4% YoY, on revenue of 35.882 billion baht. Krungsri Securities maintained its Buy recommendation with a target price of 15.50 baht, expecting normal profit in 3Q26F of about 1.349 billion baht and normal profit forecasts for 2026-2027F of 5.135 billion baht and 5.970 billion baht respectively. Maybank Securities recommends buying with a target price of 14.50 baht, expecting net profit in 3Q69 of 1.3 billion baht, with results scheduled for reporting on 2 November. Pi Securities assesses fair value at 15.4 baht, expecting normal profit in 3Q26 of 1.400 billion baht, and states that flooding has not affected the group's production in any way. Meanwhile, Trinity Securities gives a target price of 13.90 baht, expecting profit in 3Q69 of 1.309 billion baht, up 4% QoQ and flat YoY, with gross margin expected at 20.6%, and maintains its 2026 profit forecast at 4.7 billion baht.
TU.BK · Capital · Positive Five brokerages recommend buying TU with target prices of 13.90-16 baht and raised 2026-2027 profit forecasts, expecting strong 3Q profit growth.
Tisco says Thai stocks are becoming attractive, sets SET target at 1,660 points as listed-company profits hit new highs
Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.
Phillip keeps Buy rating on WHAUP with 9.45 baht target on data centre water demand
Phillip Securities (Thailand) said in an analysis dated 2 October 2026 that it expects WHA Utilities and Power, or WHAUP, to post normalised third-quarter 2026 profit of about 499 million baht, flat from the same period a year earlier and down slightly by 0.5% from the previous quarter. The result is supported by higher revenue from the solar business as commercial operation dates continue to come on stream, a share of profit from the Gheco-one power plant returning to above-normal levels, and coal prices trending higher than a year earlier. These factors are partly offset by the water business, where volumes rose but recognition of capacity charges remained below the high base of the third quarter of 2025, while the SPP power plant business still faces pressure from higher natural gas costs, with no adjustment to the Ft tariff for industrial power sales during the period. For the water business outlook in the second half of 2026, capacity charges are expected to be lower than in the first half, but data centres will gradually begin operations from the fourth quarter of 2026 through 2027, which should drive a significant acceleration in water usage. The research team also expects normalised profit for the first nine months of 2026 to be about 1.202 billion baht, up 25.3% from the same period a year earlier, on the back of a still-strong power and utilities business. Phillip therefore maintains its Buy rating on WHAUP with a 2027 target price of 9.45 baht per share.
Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▲Demand
WHAUP.BK · Capital · Positive Phillip maintains Buy rating on WHAUP with a 9.45 baht target price, forecasting 9M26 normalised profit up 25.3% year-on-year.
WHAUP.BK · Demand · Positive Data centres gradually beginning operations from Q4 2026 through 2027 should drive a significant acceleration in WHAUP's water usage.
DBS says AI stocks are not a bubble yet, with Nvidia trading at just 17 times earnings
Hou Wey Fook, Chief Investment Officer of DBS Group, believes the rally in artificial intelligence-related technology stocks is far from bubble territory, citing Nvidia as a key example. Data compiled by Bloomberg shows Nvidia trades at about 17 times its forecast earnings over the next 12 months, or forward P/E, while the company is expected to grow earnings by 70% next year. Hou compared that level with Cisco Systems, which once traded at roughly 100 times earnings before the dot-com bubble burst, and said that if Nvidia, one of the key bellwethers of the AI trend, still trades at a P/E in the teens, it is hard to view the stock as being in a bubble. He also believes semiconductor and AI stocks still have support from earnings growth. However, Hou advises investors to use a barbell strategy to control overall portfolio volatility, rather than weighting only toward AI stocks, holding technology and AI shares as growth assets alongside allocations to investment-grade bonds, some of which offer yields above 5%, while using hedge funds and gold as diversifying assets.
CGSI expects Q3/2026 bank profits to shrink 9.2%, names KBANK as Top Pick
CGS International Securities (Thailand), or CGSI, estimates that the combined net profit of the eight banks covered by its analysts in the third quarter of 2026 will come to 57.4 billion baht, down 9.2% from the same period a year earlier but up 1.8% from the previous quarter. The decline is pressured by an overall commercial banking sector loan book that is trending toward slower expansion, based on monthly loan data from the Bank of Thailand for August 2026, which showed that large corporate customers of Bangkok Bank, or BBL, and Kiatnakin Phatra Bank, or KKP, made substantial debt repayments. As a result, the combined loans of the banks covered by the analysts fell 0.1% in August from the previous month, though they still grew 3.0% from the same period a year earlier and are up 2.4% since the start of the year. The banks still posting positive loan growth are led by Thai Credit Bank, or CREDIT, Krung Thai Bank, or KTB, and Tisco Financial Group, or TISCO. Pre-provision operating profit is expected to fall 6.8% from the same period a year earlier but rise 1.7% from the previous quarter, while the net interest margin is expected at 2.89% and the non-performing loan ratio at 3.66%. Breaking it down bank by bank, KKP is expected to post the strongest performance, with net profit growing as much as 32.2% from the same period a year earlier, followed by TMBThanachart Bank, or TTB, whose net profit is expected to grow 4.6% from the same period a year earlier. On the other hand, BBL is expected to post the weakest results, with net profit down 24.5% from the same period a year earlier, followed by KTB, whose net profit is expected to fall 16% from the same period a year earlier. On investment strategy, CGSI recommends maintaining a Neutral weighting and selects Kasikornbank, or KBANK, as its Top Pick for the sector, given that fee income from wealth management accounted for as much as 18% of its non-interest income in 2025, and it expects a dividend yield of as much as 6.2% in 2026, beating the sector average of 5.6%.
BBL.BK · Capital · Negative BBL expected to post the weakest results with net profit down 24.5% YoY, pressured by large corporate debt repayments.
KBANK.BK · Capital · Positive CGSI selects Kasikornbank as its Top Pick with a Neutral sector weighting.
KKP.BK · Capital · Positive KKP expected to post the strongest performance with net profit growing 32.2% YoY.
KTB.BK · Capital · Negative KTB expected to post net profit down 16% YoY, among the weakest results.
CREDIT.BK · Capital · Positive Thai Credit Bank is among the banks still posting positive loan growth.
TISCO.BK · Capital · Positive CGSI notes TISCO is among the banks still posting positive loan growth, a favorable mention in the Q3/2026 earnings preview.
Tisco Recommends Overweighting Foreign Bonds to Capture High Yields
Tisco Wealth Advisory, through Tisco Bank, is recommending that investors increase their allocation to foreign bonds in order to capture returns from elevated bond yield levels, while also helping to cushion the portfolio against the impact if the Fed resumes accelerating rate hikes in the period ahead. The yield on 10-year US government bonds remains steady at around 5.2%, reflecting that the market has already priced in at least one more rate increase by the US central bank this year. Data from CME FedWatch indicates the market expects the Fed to hold rates steady at its October meeting, while there is roughly a 67.3% chance that the Fed will raise rates by 0.25% at its December meeting. However, weakening US labor market figures in September, particularly nonfarm payrolls rising by only 29,000, down from 133,000 the previous month, are a factor helping to ease pressure on the Fed to accelerate increases in its policy rate.
US-10Y.GB · Monetary · Negative Tisco recommends overweighting foreign bonds to capture elevated yields, with 10Y US yields steady around 5.2% and market pricing in another Fed hike, keeping upward pressure on the yield.
Brokers Expect TU's Q3/2026 Normal Profit to Grow 13-17%, With Dividend Yield of 5.7-7%
Analysts from 13 leading securities firms estimate that Thai Union Group Public Company Limited, or TU, will report normal profit in the third quarter of 2026 in the range of 1.349 billion to 1.42 billion baht, growing 13% to 17% year-on-year and 3% to 9% quarter-on-quarter. Total revenue is expected at 35.729 billion to 36 billion baht, growing 4% to 4.6% year-on-year, driven by the pet food business, where sales grew 12% to 17%, and the processed seafood business, which grew about 3% to 4%. The gross profit margin is expected at 20.3% to 20.7%, with a dividend yield of 5.7% to 7%. However, tuna prices surged to 2,200 to 2,300 US dollars per ton in August and September, up 34% to 42% year-on-year, and are expected to pressure fourth-quarter margins by about 0.5%. Meanwhile, SG&A expenses as a proportion of sales reached 14.6% to 14.8%, and a foreign exchange loss of about 100 million baht is expected in the third quarter of 2026.
UBS Downgrades Hermès to Sell, Cuts Price Target to €1,168
UBS downgraded French luxury goods maker Hermès International to "sell" from "neutral" on Monday and cut its 12-month price target to €1,168 from €1,695, saying the brand's growing scale is reducing scarcity and making demand more cyclical. The bank cut its earnings-per-share estimates for 2026, 2027 and 2028 by 1%, 10% and 11%, respectively, citing weaker sales, lower benefits from scale and a higher assumed long-term tax rate of 33%, up from 28.5%. Its 2027 EPS forecast of €43.98 is 11% below consensus of €49.22, while its 2028 forecast of €46.53 is 14% below the €53.98 consensus. UBS expects Hermès' 2027 operating margin to fall to 38.3%, down 100 basis points from the prior year, and forecasts 5% organic sales growth in 2027, including 7% growth in leather goods. For third-quarter results due on Oct. 22, UBS expects sales of €4.1 billion, up 5% organically, with leather goods sales up 10%, silk and textiles up 8%, other activities up 7%, ready-to-wear and accessories up 1%, while watches and beauty decline 5%.
RMS.PA · Capital · Negative UBS downgraded Hermès to sell and cut its price target to €1,168, slashing 2026-2028 EPS estimates on weaker sales and margin outlook.
Alm. Brand Lifts 2026 Outlook on Low Claims, Run-off Gains
Alm. Brand raised its 2026 outlook on Monday after a favorable third quarter, helped by a low level of major and weather-related claims and gains from run-offs. The Danish insurer now expects a pre-tax profit before other income and expenses of 1.65 billion to 1.75 billion Danish crowns for the year. Full-year guidance for the insurance service result, excluding run-offs in the fourth quarter, was lifted by 250 million crowns to 1.5 billion-1.6 billion crowns, from a previous range of 1.2 billion-1.4 billion crowns. The combined ratio is now expected at 86.5-87.5, improved from the earlier 88-90 range, while the expense ratio guidance is unchanged at around 17%. Alm. Brand cut its investment result forecast to 150 million crowns from 250 million crowns, citing the rise in interest rates, and said other income and expenses, including amortization of intangible assets, are still expected to total an expense of roughly 500 million crowns. The company will publish its full third-quarter results on October 28.
Climate Adaptation & Water › Property/Casualty & Reinsurance Underwriting ▲Capital
Climate Adaptation & Water › Climate Risk Analytics & Insurance Capital
0DJI.LSE · Capital · Positive Alm. Brand raised its 2026 profit and insurance-service guidance on low major/weather claims and run-off gains, though it cut its investment-result forecast.
Micron Posts 87% Gross Margin as Customer Deposits Surge to $12.9 Billion
Micron reported fiscal Q4 revenue of $54.23 billion, up from $11.32 billion a year earlier, with non-GAAP earnings of $33.42 a share and non-GAAP gross margin of 87.0% versus 45.7% a year earlier. The company's Core Data Center unit generated $18.00 billion of revenue at a 90% gross margin, compared with $1.58 billion a year ago, and Micron is the only U.S.-based maker of high-bandwidth memory, working with Nvidia on the first custom HBM design. Micron has signed Strategic Customer Agreements, and noncurrent customer contract liabilities rose to $12.9 billion from $568 million a quarter earlier, while customer deposits brought in $12.75 billion during fiscal 2026. Fiscal 2026 operating cash flow was $89.68 billion and adjusted free cash flow was $62.31 billion, with fiscal Q1 2027 guidance calling for $61.5 billion of revenue plus or minus $1.5 billion and $38.15 of non-GAAP EPS plus or minus $1. Micron spent $27.37 billion net on capital projects in fiscal 2026, up from $13.80 billion in fiscal 2025, and at about 6 times expected earnings the stock trades far below its five-year average P/E of 74.27, with 184 hedge funds holding the stock in the most recent quarter, up from 154.
4 brokerages expect Q3/2026 bank group profits to slow to 49,400-54,980 million baht
Four leading brokerages estimate that the combined net profit of seven commercial banks in the third quarter of 2026 will slow compared with a year earlier and hold steady to edge down from the previous quarter, with combined net profit expected at around 49,400 to 54,980 million baht, according to Yuanta Securities (Thailand), Bualuang Securities, Finansia Syrus Securities, and Kasikorn Securities. The main pressures come from net interest margins narrowing along the rate-cutting cycle, lower investment and FVTPL gains from a high base a year earlier, and still-limited growth in retail and SME loans. These are partly offset by lighter provisioning after many banks front-loaded reserves in the first half, a steady average non-performing loan ratio of about 3.5%, and fee income beginning to recover on wealth management and capital markets business. For the fourth-quarter outlook, the brokerages see the overall picture weakening further both year on year and quarter on quarter, possibly marking the year's low, while for the full year 2026 they expect the bank group's combined net profit to fall about 3.5% to 5.3% before returning to roughly 5% growth in 2027. On top picks, Yuanta chose KKP with a target price of 130 baht, Bualuang chose KKP, TISCO, BBL, KBANK and TTB, Finansia Syrus chose BBL with a target price of 240 baht and KTB with a target price of 47.30 baht, while Kasikorn chose KTB and KKP, raising their target prices by 1% to 3%.
KKP.BK · Capital · Positive KKP is a top pick for both Yuanta (130 baht target) and Kasikorn Securities, which raised its target price.
KTB.BK · Capital · Positive Finansia Syrus picks KTB with a 47.30 baht target and Kasikorn Securities also selects KTB while raising target prices.
BBL.BK · Capital · Neutral Bualuang and Finansia Syrus name BBL a top pick with a 240 baht target, but the group's Q3/2026 profits are seen slowing on margin pressure.
KBANK.BK · Capital · Neutral Bualuang lists KBANK among top picks, yet the bank group's Q3/2026 net profit is expected to slow on narrowing NIMs and lower FVTPL gains.
TTB.BK · Capital · Negative Brokerages expect the bank group's Q3/2026 combined net profit to slow on narrowing net interest margins and lower investment/FVTPL gains, with TTB named among Bualuang's top picks.
TISCO.BK · Capital · Positive TISCO is named among Bualuang Securities' top picks for the bank group.
AGNT Fair Value Estimate Raised to US$6.00 After Analyst Target Changes
AGNT's fair value estimate has been lifted to US$6.00 from the prior US$5.375 level after analysts updated their price targets on the stock. The revised central estimate sits within a wider target range of US$4.75 to US$6.00, reflecting a mix of bullish and more cautious views on how AGNT might track against its revenue and earnings goals. Benchmark kept a Buy rating on AGNT Inc. and set a US$6.00 target at the upper end of that range, while DA Davidson cut its target to US$4.75 from US$6.50 and maintained a Neutral view. Both firms have reduced their targets since early August 2026, putting more focus on AGNT meeting its operational milestones. Alongside the fair value change, revenue growth assumptions moved from about 5.14% to roughly 5.51%, net profit margin expectations shifted from about 6.80% to roughly 5.77%, future P/E changed from about 3.38x to roughly 4.40x on expected earnings, and the discount rate moved from 8.35% to about 8.16%.
Yuanta recommends trading 13 stocks with strong Q3 2026 earnings, expects SET profit to grow 39%
Yuanta Securities assesses that the third-quarter 2026 earnings outlook for SET-listed companies remains notably strong compared with the same period last year, and recommends watching stocks expected to post robust Q3 2026 results with momentum likely to continue into next year. It gives weight to groups benefiting from the new investment cycle in both the public and private sectors, such as GULF, GUNKUL, SSP, EPG, SINGER, SGC, BEM, SMT, TEAM, MINT and CHG. It expects Q3 2026 earnings for the SET Index at 350 billion baht, up 39% year on year, which is high compared with the historical quarterly profit range of 150 to 250 billion baht. The gain is driven by the energy and petrochemical groups, which remain strong on rising oil prices late in the quarter and a low base last year due to border unrest and flooding in several areas. The groups expected to post profit growth both quarter on quarter and year on year are mid-to-small finance, hospitals, tourism, transport and autos, while the groups expected to see flat or slower year-on-year profit are construction contracting, entertainment and commercial banks. If Q3 2026 earnings come in as the research team expects, nine-month 2026 profit will reach 1.1 trillion baht. Looking to the fourth quarter of 2026, which is expected to keep growing year on year on accelerating investment by the public sector focused on energy infrastructure and by the private sector focused on upgrading production to serve the high-end semiconductor supply chain, full-year 2026 profit has a chance to set a new record of about 1.4 to 1.5 trillion baht, growing as much as 30% to 40% year on year, equal to earnings per share of 112 to 115 baht, compared with the Bloomberg Consensus estimate of 110 baht per share. It is therefore highly likely that earnings upgrades will be seen, helping support the SET Index's movement over the remainder of the year.
Land and Houses expects CK earnings to recover QoQ and KKP to grow 21% in the third quarter of 2026
Land and Houses Securities Public Company Limited has issued an analysis focusing on investment trends in CK and KKP shares, expecting CK's third-quarter 2026 earnings to recover from the previous quarter. Although the construction contracting business may slow seasonally and gross margins return to normal levels, support is expected from its share of profit at CKP, which is entering the high season for hydropower plants, as well as from BEM, which is trending better on passenger numbers. In the medium term, support comes from the government infrastructure investment cycle, which is becoming clearer, especially Phase 2 of the double-track railway project, where three routes worth a combined 106 billion baht have already been approved. Meanwhile, high-speed rail, expressways, motorways, and airports are still awaiting progress. CK currently has a backlog of about 146 billion baht, supporting revenue for several years. The analyst team gives a buy recommendation on CK with a target price of 23.1 baht, support at 17.8 and 18.1 baht, and resistance at 19.6 and 20.1 baht. For KKP, third-quarter 2026 profit is expected at 2.0 billion baht, still growing a strong 21% year on year despite a slight 4.8% decline quarter on quarter. The main drivers are a return to loan growth, especially business loans and Lombard loans, a NIM that holds steady at a good level, and fee income from wealth management, the capital markets business, and Dime!, which is growing strongly. Meanwhile, lower losses from repossessed vehicles help ease cost pressure. Asset quality remains manageable, with the NPL ratio expected to hold steady at around 3.5% and the coverage ratio near 150%. Full-year 2026 profit is likely to grow more than 30% year on year, with ROE returning to around 12%, while a dividend yield of about 6% helps limit the downside for the share price. The analyst team gives a buy recommendation on KKP with a target price of 128 baht, support at 108.5 and 113 baht, and resistance at 118.5 and 120 baht.
Broker says Thailand's first SAF plant boosts BCP profit, target 57 baht
Bualuang Securities said that BCP's sustainable aviation fuel (SAF) plant, the first in Thailand, began operating in May 2026 with a production capacity of 7,000 barrels per day, or 1 million liters per day, and can switch production between SAF and renewable diesel. The main feedstock is used cooking oil, about 40% of which comes from domestic sources and 60% is imported, while the company has long-term feedstock supply contracts with major food and retail operators in Thailand. SAF demand is being driven by increasingly stringent fuel blending mandates worldwide, with the EU starting at 2% in 2025 and rising to 6% in 2030, while Thailand begins with a 1% target in 2026 before increasing to 1-2% in 2027-29 and 3-5% in 2030-32. Global SAF demand is expected to rise from 3.6 billion liters in 2026 to 4.5 billion liters in 2027, although rising supply may pressure margins somewhat going forward. The business's highlight is its profitability, with the SAF spread rising from about 1,000 US dollars per ton in 2025 to roughly 1,300 US dollars per ton in 2026 year-to-date, or about 3 times the spread of conventional jet fuel. The plant generated EBITDA of about 1 billion baht in the second quarter of 2026, and SAF EBITDA is expected at 4 billion baht in 2026 and 6 billion baht in 2027. Even in a worst case where the margin falls to 800 US dollars per ton, it would still be about 2 times the spread of conventional jet fuel and generate 2027 EBITDA of about 4 billion baht. There is also upside from a 43% capacity expansion to 10,000 barrels per day, which is not yet fully reflected in long-term estimates and would be additional upside if the company proceeds with the project. Bualuang Securities maintained its Hold recommendation with a target price of 57 baht and an equal-weight stance on the energy sector. Key issues to watch are the direction of SAF margins as new supply gradually enters the market and clarity on further capacity expansion.
BCP.BK · Capital · Positive Bualuang says BCP's first-in-Thailand SAF plant boosts profit, with SAF EBITDA forecast at 4bn baht in 2026 and 6bn in 2027, and maintains Hold with 57 baht target.
FTC Solar Fair Value Raised to US$10.20 as Analysts Split on Orders and Covenant Risk
FTC Solar's fair value estimate has been lifted from US$8.88 to US$10.20, a roughly 15% increase in the updated model, as analysts weigh product traction and new orders against balance sheet risk. UBS lifted its price target slightly to US$3.60 from US$3.50, citing a product driven turnaround and pointing to recent U.S. and Australian orders plus initial shipments on the Fraser Coast project as evidence that the one module in portrait and First Solar compatible tracker solutions are gaining customer acceptance. Roth Capital cut its price target to US$7 from US$10 after what it called light Q2 results and a weak Q3 outlook, flagging execution risk around near term revenue and margin delivery. Roth also noted that FTC Solar breached debt covenants in Q2 2026 and obtained a lender waiver, the third covenant amendment since November 2025, and that Q3 guidance sits below the covenant threshold so further issues may occur. The updated model raised the revenue growth assumption from 42.00% to 47.33% and the future P/E multiple to 33.1x from 22.0x, while lowering the net profit margin assumption to 2.65% from 3.81% and raising the discount rate to 11.68% from 11.44%.
FTCI · Capital · Neutral Fair value raised to US$10.20 and UBS lifted its price target, but Roth cut its target on light Q2 results, weak Q3 outlook and covenant breach risk.
FTCI · Demand · Positive UBS cited recent U.S. and Australian orders plus initial Fraser Coast shipments as evidence the new tracker products are gaining customer acceptance.
UBSG.SW · Capital · Neutral UBS lifted its FTC Solar price target slightly to US$3.60 from US$3.50; no impact on UBS itself.
Krungsri keeps Buy on ADVANC with 430 baht target, expects Q3 2026 profit of 13,426 million baht
Krungsri Securities maintains a "Buy" rating on Advanced Info Service Public Company Limited, or ADVANC, with a target price of 430 baht based on the DCF method. Against the latest closing price of 349 baht, that implies 23% upside. It expects net profit for the third quarter of 2026 at 13,426 million baht, up 11.5% year on year but down 2.1% quarter on quarter. The sequential slowdown stems from higher network-related costs and a larger share of losses recognized from the Virtual Banking business. Core revenue excluding IC is expected at 45,600 million baht, up 4.8% year on year and 0.5% quarter on quarter, driven by the mobile and fixed broadband businesses. Total revenue is expected at 57,739 million baht, up 6.2% year on year and 2.2% quarter on quarter. EBITDA is expected at 32,829 million baht, up 4.5% year on year but down 0.3% quarter on quarter. On the subscriber base, total mobile users are expected at 47.247 million numbers, up 2.1% year on year and 0.3% quarter on quarter, split into 14.022 million postpaid and 33.225 million prepaid numbers. Blended ARPU is 242 baht per month, up 3.5% year on year and 0.9% quarter on quarter. Fixed broadband customers stand at 5.386 million, up 3.5% year on year and 0.7% quarter on quarter. Krungsri also maintains its 2026 profit forecast at 53,325 million baht, growing 15.9% year on year. If third-quarter 2026 results come in as expected, they would represent 76% of the full-year profit forecast, and profit momentum is expected to reaccelerate in the fourth quarter of 2026 on seasonal tourism and high levels of consumer spending. It also sees upside risk to its profit forecast of about 3% to 4% and expects a dividend yield of 4.9% for 2026. For 2026, it forecasts revenue of 236,447 million baht, EBITDA of 126,968 million baht, and net profit of 53,325 million baht.
ADVANC.BK · Capital · Positive Krungsri maintains Buy rating with 430 baht target and forecasts Q3 2026 net profit of 13,426 million baht, up 11.5% YoY.
Tisco says September retail SSSG turns positive at 0.9%, picks BJC as standout
Tisco Securities released an analysis of retail sector stocks, noting that same-store sales growth, or SSSG, improved by 0.9% in September, recovering from a contraction of 1.5% in July and 0.4% in August, driven by stockpiling of goods related to the flood situation as well as a recovery in fundamentals. It expects SSSG at 7-Eleven under CPALL to come in at positive 3%, while Makro under CPAXT is seen at positive 1.5% and Big C under BJC at positive 2%. Overall, SSSG in the third quarter of 2026 is expected to decline 0.3% under pressure from the high base effect of previous government economic stimulus measures, but strong operating results in September should partially offset the weakness in July and August. Tisco's research team recommends BJC, expecting September SSSG to be positive at 2% on the benefit of flood-related stockpiling and store improvements, as well as the broad-based recovery that began to emerge in August. BJC's stores showed significantly better development across all product categories, and SSSG is expected to accelerate again once the impact of government stimulus spending fades and customer numbers return to normal in December 2026. CPALL, meanwhile, is expected to report September SSSG in positive low- to mid-single-digit territory, improving from the previous two months, with 7-Eleven benefiting from consumer stockpiling in late September amid heavy rain and flood risk. It also received support from extended alcohol sales hours and an increase in Chinese tourist numbers, while the impact of branch closures due to flooding remained limited.
BJC.BK · Demand · Positive Tisco recommends BJC, expecting September SSSG positive at 2% on flood-related stockpiling and store improvements.
CPALL.BK · Demand · Positive CPALL's 7-Eleven expected to post positive low- to mid-single-digit September SSSG on consumer stockpiling, extended alcohol hours, and more Chinese tourists.
CPAXT.BK · Demand · Positive Makro under CPAXT is seen at positive 1.5% September SSSG amid the retail sector recovery.
Concentrix Trades at Forward P/E of 2.68 After $1.05 Billion Goodwill Impairment
Concentrix Corporation is trading at a forward P/E of 2.68 as of October 2, a valuation that reflects deep skepticism about the customer experience company's earnings durability. The company reported a $988.1 million GAAP net loss for the quarter, driven primarily by a $1.05 billion non-cash goodwill impairment tied to where its stock traded, while adjusted EPS came in at $2.92 and adjusted operating margin expanded 30 basis points to 12.6%. Third-quarter revenue of $2.45 billion fell 0.5% in constant currency, slightly below the low end of guidance, and management guided fourth-quarter constant currency revenue down 3% to 5% as two hyperscale clients end support for certain customer groups sooner than planned and AI automation shrinks billable work. Management said half of quarterly revenue now comes from business won and deployed over the past three years, ahead of its own expectations, with that newer work expected to grow about 30% this year at better margins and four times better client retention than the traditional book. Net debt sits near $4.119 billion, with $375 million of term loans due in December that management plans to repay from cash flow and existing liquidity while also funding the CastleHill acquisition, and no shares were repurchased in the quarter. Hedge fund ownership fell to 21 funds from 25 a quarter earlier, short interest stands at 16.55% of the float, and the company has issued no fiscal 2027 guidance.
CNXC · Capital · Negative Reported a $988.1M GAAP net loss driven by a $1.05B non-cash goodwill impairment, with Q4 revenue guided down 3-5%.
CNXC · Demand · Negative Two hyperscale clients ending support for certain customer groups sooner than planned and AI automation shrinking billable work weigh on revenue.
Micron Technology reported fiscal fourth-quarter non-GAAP earnings of $33.42 per share on September 30, with quarterly revenue of $54.23 billion and operating cash flow of $43.97 billion, ending the year with $73.48 billion in cash and investments. Data center core revenue climbed to $18.00 billion from $11.52 billion in the prior quarter as AI buildouts widened, and management said agentic AI is pushing server unit growth into the high teens. The company has signed 26 strategic customer agreements covering roughly 35% of its production through 2030, with more than 75% of fiscal 2027 shipments already committed, and it raised HBM prices significantly for calendar 2027 while guiding next quarter's gross margin to about 86.3%. Capital spending reached $27.37 billion this fiscal year, most of the increase going into clean rooms in Idaho and Singapore that will not produce bits until late 2028, and about three-quarters of agreement revenue carries a defined pricing framework with floors and ceilings. Bit shipments in mobile and client fell for a second straight quarter, research spending is set to rise by more than $1 billion in fiscal 2027, and the stock trades at a forward P/E of 7.02 as of October 2, with 184 hedge funds holding it in the most recent quarter, up from 154, and short interest at just 2.45% of float.
Artificial Intelligence › HBM & AI Memory ▲Pricing
Artificial Intelligence › AI Compute & Accelerator Silicon ▲Pricing
MU · Capital · Positive Micron reported blowout fiscal Q4 results with $33.42 EPS, $54.23B revenue, $43.97B operating cash flow, and trades at a low 7.02 forward P/E.
MU · Demand · Positive Data center core revenue jumped to $18.00B from $11.52B as AI buildouts widened, with 26 strategic customer agreements covering ~35% of production through 2030.
MU · Pricing · Positive Micron raised HBM prices significantly for calendar 2027 and guided next quarter's gross margin to about 86.3%.
BLS picks 10 stocks for a quick recovery after the floods recede, with standout Q3/2026 earnings through 2027
Bualuang Securities (BLS) said in an analysis that the flood situation has widened, covering 30 provinces and 191 districts in Bangkok as of 1 October 2026, affecting 1.18 million households and about 3.35 million people. The impact on the economy remains limited, however, if the situation does not drag on and does not hit core production bases. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10%, while the research team expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The key thing to watch is the length of production stoppages in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. Other groups saw fairly limited impact. Consumer finance firms are expected to see about a 2% hit to 2026 earnings for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with an estimated 1–2% impact on earnings, larger than the effect on interest income. BGRIM said its SPP power plants in Amata City Chonburi and its floating solar operations are still running normally. Bualuang sees the flood-driven volatility as a chance to gradually accumulate stocks with resilient earnings and quick recovery prospects, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL, DELTA, KCE and HANA, which still have support from demand for AI and data centers.
KCE.BK · Supply · Negative KCE has production bases in Ayutthaya affected by the widening floods, though it is also listed among stocks with quick recovery prospects.
DELTA.BK · Supply · Positive DELTA's Bang Pu and Wellgrow plants were not flooded and operations have returned to normal, and it is on BLS's recovery list.
MTC.BK · Capital · Negative Floods are expected to hit MTC's 2026 earnings by about 2%.
SAWAD.BK · Capital · Negative Floods are expected to hit SAWAD's 2026 earnings by about 1%.
TIDLOR.BK · Capital · Negative Floods are expected to hit TIDLOR's 2026 earnings by about 2%.
HANA.BK · Supply · Positive HANA has some production bases in Ayutthaya affected by floods but is on BLS's quick-recovery list with AI/data-center demand support.
InnovestX Expects SET to Rebound to 1,570-1,590 Range as Fed Seen Over 80% Likely to Hold Rates
Pobchai Pattarawit, equity and derivatives market strategist at InnovestX Securities Research, said on the stock market news program Stock Market Insight that the Thai stock market now has more external supporting factors after U.S. non-farm payrolls for September rose by only 29,000, significantly below market expectations. As a result, investors now assign more than 80% probability that the Fed will hold interest rates at its late-October meeting, while the chance of a rate hike has fallen to about 20% from a fairly high weighting previously. InnovestX estimates today's SET Index trading range at 1,570 points as the lower bound and 1,585-1,590 points as the upper bound, expecting the recovery to be gradual, with continued volatility from the domestic flood situation that must be monitored. Although the initial economic impact is estimated at about 0.1% of GDP and the SET has already fallen about 2%, reflecting those negatives to a reasonable extent. On foreign fund flows, foreign investors have sold Thai stocks on a net basis for nine consecutive trading days, totaling about 35 billion baht, partly due to risk reduction over the flood situation. If the situation is not as severe as feared, selling pressure could slow. For investment strategy, InnovestX recommends focusing on domestic play stocks and stocks that benefit from post-flood recovery, especially retail and construction materials, such as HMPRO, GLOBAL, CPALL, BJC, CRC and DCC, as well as tourism stocks like ERW, CENTEL and AOT, driven by the tourism season and China's Golden Week. For defensive stocks, it recommends the medical group such as BCH and PR9, and the communications group such as TRUE. For the banking group, it views BBL, trading at about 0.6 times book value with an expected dividend yield of about 5.4%, and KBANK, trading at about 0.9 times book value with an expected dividend yield of 6.8%, as starting to look attractive and suitable for gradual accumulation. As for KTB, its price has risen considerably and trades at about 1.2 times book value, leaving more limited upside, so it recommends waiting for a pullback before investing.
Yuanta maintains Buy on AP with 9.45 baht target, expects second-half profit to grow 35%
Yuanta Securities issued a research note maintaining its Buy recommendation on AP (Thailand) Public Company Limited, or AP, with a fair value of 9.45 baht per share, based on a PER of 6.4 times, representing an upside gain of 21.2% from the current price, and expects a 2026 dividend of 0.56 baht per share, representing a dividend yield of 7.18%. It expects normal profit in the second half of 2026 at 2,659 million baht, growing 35.2% compared with the first half and 8.7% compared with the same period last year, supported by a backlog of low-rise projects at an all-time high and the start of transfers at high-value condominium projects, namely Rhythm Charoennakhon Iconic, which is 85% sold, and Life Sathorn-Narathiwas 22, which is 35% sold, a joint venture project with a combined value of 6,800 million baht, as well as Life Charoennakhon-Sathorn, which is 68% sold with a value of 2,500 million baht. Second-half 2026 presales are expected at approximately 27,000 to 28,000 million baht, growing both half-on-half and year-on-year, driven by a plan to launch new projects worth a combined 33,820 million baht, up 47% half-on-half, comprising 31 new projects in total: 27 low-rise projects worth 28,820 million baht and 4 high-rise projects worth 4,500 million baht. Meanwhile, the impact from flooding is expected to be limited, with 22 of 246 low-rise projects affected and only 7 projects currently on sale, representing 3.5% of all 199 projects on sale. No condominium projects were affected.
KKP shares rise 2% as broker expects Q3 profit to grow 19% to 2 billion baht, raises target to 130 baht
Shares of Kiatnakin Phatra Bank, or KKP, rose 2.00 baht, or 1.79%, to 114.00 baht on trading value of 158.96 million baht, after Pi Securities estimated that third-quarter 2026 net profit will come in at about 2 billion baht, up 19% from the same period a year earlier but down 6% from the previous quarter. The gain is driven by higher net interest income on the back of a strong net interest margin of around 4%, along with expanding fee income, particularly in wealth management and the Dime business, while losses from repossessed cars continued to decline. Total loans are expected to expand 0.5% from the previous quarter, bringing loan growth for the first nine months of 2026 to 3.7% from the end of last year. On asset quality, the non-performing loan ratio is expected to hold steady at 3.5% and the coverage ratio at 149.5%. Pi Securities maintained its buy recommendation and raised its target price to 130 baht, based on 2027 fundamental value, and expects net profit to grow 35% in 2026 from a year earlier before slowing to 4.5% in 2027. Return on equity is expected to rise to 12.1% in 2026 and 12.3% in 2027, from 9.3% in 2025, while dividend yield is forecast at 6.3% in 2026 and 6.6% in 2027, after an interim dividend of 3.25 baht per share was already paid for the first half of 2026, with another 3.82 baht per share expected in the second half of the year.
KKP.BK · Capital · Positive Pi Securities raised its target price to 130 baht and expects Q3 2026 net profit to grow 19% to about 2 billion baht, maintaining a buy rating.
Finansia maintains Buy on GULF with 89.50 baht target, eyeing new PDP to drive 10 baht upside
Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Regulation
Energy Transition & Power Demand › Wind ▲Regulation
GULF.BK · Capital · Positive Finansia maintains Buy and raises GULF's target price to 89.50 baht on new PDP capacity upside and the GUNKUL acquisition.
GULF.BK · Demand · Positive New PDP 2026 bidding (~10GW renewables) and Direct PPAs for 2GW of data centers could add ~4GW of solar PPAs and ~10 baht/share upside.
GUNKUL.BK · Capital · Positive GULF is acquiring a 50% stake in GUNKUL's solar and wind projects totaling 339.5MW, a transaction involving GUNKUL's assets.
Electricity Generating Authority of Thailand · Regulation · Neutral EGAT is cited only as the body expected to open PDP bidding for ~10GW of new renewable projects, not as a directly affected party.
Kasikorn Securities sees Thai banks recovering, picks KKP and KTB as top stocks with targets of 153 and 48 baht
Kasikorn Securities assesses that the commercial banking sector's core operations are on a gradual recovery path. It expects the combined profit of the seven banks under its coverage in the third quarter of 2026 to reach 49.4 billion baht, down 2% from the second quarter of 2026 and down 15% from the third quarter of 2025, pressured by non-operating items. The main supporting factor comes from lower interest costs, with the net interest margin expected to rise 0.2% from the previous quarter, while loan-loss provisioning expenses are expected to fall 0.7% as management's additional reserves decline. For the fourth quarter of 2026 and continuing into 2027, loan growth is expected to accelerate, driven mainly by corporate and government lending, while retail and SME loans remain weak. On investment strategy, Kasikorn Securities maintains a positive view on the banking sector, selecting KKP and KTB as its top picks with buy recommendations and target prices of 153 baht and 48 baht respectively. It has also shifted the valuation base year for the entire banking sector from mid-2027 to the end of 2027 and raised individual target prices by 1-3%, without changing its earnings forecasts.
KKP.BK · Capital · Positive Kasikorn Securities names KKP a top pick with a buy rating and 153 baht target price, raising its target on the sector re-rating.
KTB.BK · Capital · Positive Kasikorn Securities names KTB a top pick with a buy rating and 48 baht target price, raising its target on the sector re-rating.
Penguin Solutions Expected to Post 54.2% Revenue Growth in Q3
Penguin Solutions will report third-quarter earnings this Tuesday after market hours, with the market expecting revenue to grow 54.2% year on year. That would mark an acceleration from the 8.6% increase the semiconductor maker recorded in the same quarter last year. Last quarter, Penguin Solutions beat analysts' revenue expectations with revenues of $478.7 million, up 47.6% year on year, and also beat EPS and operating income estimates. Analysts have generally reconfirmed their estimates over the last 30 days, though the company has missed Wall Street's revenue estimates multiple times over the last two years. Among its semiconductor peers, only Micron has reported so far, exceeding revenue estimates with year-on-year sales growth of 379% and trading up 2.9% on the results. Penguin Solutions shares are up 19.9% over the last month, ahead of the segment's average gain of 11.6%, and carry an average analyst price target of $74.29 versus a current share price of $61.75.
PENG · Capital · Neutral Penguin Solutions is expected to post 54.2% revenue growth in Q3, but has missed revenue estimates multiple times in the past two years.
MU · Capital · Positive Micron reported and exceeded revenue estimates with 379% year-on-year sales growth, cited as a peer comparison.
Asia Plus sees limited impact from THAI flight cuts, watches CEO suspension
The research department of Asia Plus Securities has issued an analysis of Thai Airways International Public Company Limited, or THAI, after the company's board resolved to investigate the facts surrounding the flood incident in late September 2026, as well as to review its crisis management process. During the investigation, the board resolved to suspend the CEO from duty. THAI resumed all flights from 3 October after cutting 15 and 9 flights on 1 and 2 October respectively. Asia Plus research views that the impact of the flight reductions, compared with all TG flights at Suvarnabhumi, which averaged about 120 flights per day in August, on the departure side alone, remains limited for fourth-quarter 2026 operating results. Going forward, the focus should be on the investigation and on long-term solutions to ground handling problems, including the adequacy of staffing, equipment, and emergency response processes, to reduce the chance of a repeat incident, especially before the high season. On management, although the CEO's term is due to end in January 2027, the situation may add uncertainty to the company's strategic direction, which bears continued monitoring. As for the overall effect on 2027 forecasts, jet fuel, which accounts for about 37% of OPEX, remains the key variable for profit recovery. Normal profit for 2027 is expected to recover 25% from a low base, assuming jet fuel at 117 US dollars per barrel, based on the IATA jet fuel year-to-date average through 25 September 2026 of 161 US dollars per barrel. The recommendation is to buy THAI with a 2027 target price of 6.80 baht.
Phillip expects MTC Q3 2026 profit to hit a record 2 billion baht
Phillip Securities (Thailand) Public Company Limited estimates that Muangthai Capital Public Company Limited, or MTC, will post net profit of about 2 billion baht in the third quarter of 2026, up 18.4% from the same period a year earlier and 7.2% from the previous quarter, marking a record high for a 13th consecutive quarter, driven by interest income growing in line with loan expansion while interest expenses trend lower, even as the company may face higher expenses and provisioning. The research team expects loans in the third quarter of 2026 to expand 3.1% from the previous quarter, accelerating from 2.6% in the second quarter of 2026, bringing loan growth from the end of 2025 to about 5.8% year-to-date. However, that acceleration may come with pressure on asset quality, with non-performing loans expected to continue rising. Phillip Securities maintains its net profit forecast for MTC in 2026 at 7.6 billion baht, up 13.4% from a year earlier, and keeps its 2027 target price at 42 baht per share with a buy recommendation.
MTC.BK · Capital · Positive Phillip Securities forecasts MTC's Q3 2026 net profit at a record 2 billion baht and maintains a buy rating with a 42 baht target price.
Asia Plus expects 8 banks' Q3/2026 profit at 65 billion baht, up 1.6% QoQ
Asia Plus Securities estimates the combined net profit of eight banks in the third quarter of 2026 at 65 billion baht, growing 1.6% from the previous quarter but falling 8.8% from a year earlier, due to the high base of securities trading revenue last year, particularly at Bangkok Bank. It expects only KKP, TISCO and TTB to post year-on-year profit increases. Quarter-on-quarter growth is led by Krungthai Bank, up 7%, on a recovery in net interest income in line with loans and trading revenue boosted by mark-to-market gains on low-cost THAI shares, followed by Bangkok Bank, up 5%, on expected seasonal declines in OPEX and ECL. Other banks are estimated to be flat to down 1% to 2%. If in line with expectations, first-nine-month profit for 2026 will be 194 billion baht, down 3.6% from a year earlier, accounting for 78% of the research house's full-year forecast and 76% of the BB Consensus. Group net interest income recovered 1.4% quarter on quarter, lifting NIM by 4 bps to 3.02%, while credit cost stood at 1.4%, down from 1.5% in the second quarter, and NPLs to loans are expected to be flat at 3.6%. The research house maintains a Neutral weighting, with KTB and then KBANK as its top strategic picks.
BBL.BK · Capital · Negative Q3/2026 profit expected down 8.8% YoY due to high base of securities trading revenue, particularly at Bangkok Bank, though QoQ up 5% on lower OPEX and ECL.
KTB.BK · Capital · Positive Krungthai Bank leads QoQ growth at 7% on recovery in net interest income and trading revenue, and is Asia Plus's top strategic pick.
KKP.BK · Capital · Positive KKP is one of only three banks expected to post year-on-year profit increases in Q3/2026.
TISCO.BK · Capital · Positive TISCO is one of only three banks expected to post year-on-year profit increases in Q3/2026.
KBANK.BK · Capital · Neutral Named as Asia Plus's second top strategic pick after KTB, but no specific Q3 profit estimate given; other banks flat to down 1-2%.
TTB.BK · Capital · Positive TTB is among only three banks expected to post year-on-year profit increases in Q3/2026, per Asia Plus Securities.
AutoZone Fair Value Trimmed 4.1% to US$3,708.71 on Softer Q4 Comps
AutoZone's modeled fair value has been trimmed from about US$3,867.91 to roughly US$3,708.71, a reduction of around 4.1% reflecting updated assumptions in recent research. Analysts link the shift to softer Q4 comps and pressure in the DIY channel, while also weighing AutoZone's push into commercial and do it for me customers and its ongoing store expansion. Several firms including Raymond James, BMO Capital, Roth Capital, Barclays and TD Cowen kept positive ratings while trimming price targets, and Bernstein initiated coverage with an Outperform rating and a US$3,698 target, pointing to a fragmented auto parts aftermarket and the do it for me channel as a key area for share gains. Mizuho took a more cautious stance with a Neutral rating and a cut to US$3,000, questioning AutoZone guidance that embeds transaction growth in fiscal 2027 while same SKU inflation is cited in the 4% to 5% range. In the model, the revenue growth assumption moved from roughly 7.59% to about 6.94%, the net profit margin assumption eased from around 13.17% to about 12.82%, the future P/E shifted from about 22.82x to roughly 22.29x, and the discount rate moved slightly from 8.83% to about 8.81%.
AZO · Capital · Negative Analysts trimmed AutoZone's fair value ~4.1% and cut price targets on softer Q4 comps and DIY-channel pressure, with Mizuho downgrading to Neutral.
Cadence Launches RTL Generation Agent in ChipStack AI Super Agent
Cadence Design Systems introduced a new RTL Generation Agent within its ChipStack AI Super Agent in late September 2026, automating front-end digital design and verification from natural language. The announcement of the RTL Generation Agent came on 22 September 2026, extending ChipStack from verification into spec-to-RTL creation and updates, with early evaluations lined up with customers including Honda. Separately, Cadence tools helped Global Unichip Corp. deliver custom AI accelerators and hyperscale silicon on TSMC's advanced process technologies. Cadence's narrative projects $8.4 billion in revenue and $2.0 billion in earnings by 2029, requiring 12.9% yearly revenue growth and about a $0.6 billion earnings increase from $1.4 billion today, with a $405.47 fair value implying 15% upside to its current price. Some of the lowest ranked analysts were already assuming revenue of about US$8.1 billion and earnings near US$1.7 billion by 2029.
Artificial Intelligence › AI Compute & Accelerator Silicon Technology
CDNS · Technology · Positive Cadence launched a new RTL Generation Agent within ChipStack, extending its AI tooling from verification into spec-to-RTL creation.
CDNS · Capital · Positive Cadence's narrative projects $8.4B revenue and $2.0B earnings by 2029 with a $405.47 fair value implying 15% upside.
3443.TW · Demand · Positive Cadence tools helped Global Unichip deliver custom AI accelerators and hyperscale silicon on TSMC advanced processes.
Arcus Biosciences to Present New Casdatifan ARC-20 Kidney Cancer Data
Arcus Biosciences announced it will host an in-person investor event on October 20, 2026, in New York City to present new ARC-20 platform data on its investigational HIF-2a inhibitor casdatifan across first-, second-, and late-line clear cell renal cell carcinoma treatment settings. The data package spans TKI-free first-line combinations, long-follow-up second-line cabozantinib combinations, and translational HIF-2a pharmacodynamic correlations with overall survival. Arcus also plans to complete enrollment in the PEAK-1 Phase 3 trial and start PEAK-20 by year end 2026, with the ARC-20 datasets feeding into how credible those registrational bets look. The company's narrative projects $290.3 million revenue and $50.1 million earnings by 2029, yielding a $39.91 fair value and a 63% upside to its current price, while some of the lowest ranked analysts assume revenue could fall to about US$120.2 million by 2028.
Trade Desk Falls 77% in a Year as Growth Stalls and Short Interest Hits 24%
The Trade Desk closed at $11.95 on October 2, down 77.51% over twelve months while the wider market rose. The company earned $406.89 million of net profit over the past twelve months, a net margin of 13.61%, and holds $1.49 billion of cash against $434.11 million of debt, leaving enterprise value at $4.94 billion against a market capitalization of $6.00 billion. Free cash flow reached $582.99 million, close to a tenth of the entire market value in a single year. The decline followed a slowdown: revenue grew 3.00% in the most recent quarter and earnings fell 28.60% year over year, while 24.17% of the float is sold short. At 2.04 times sales, the market is paying roughly two dollars for every dollar of annual revenue, which is what it pays for businesses it expects to shrink.
THAI Board Suspends CEO Chai Eamsiri, Appoints Samrit as Acting CEO
The board of Thai Airways International Public Company Limited, or THAI, has resolved to suspend Chai Eamsiri from his duties as Chief Executive Officer pending a fact-finding investigation and review of crisis management procedures following the floods in late September 2026, which caused labour shortages, a large backlog of unclaimed baggage, flight delays, and the temporary suspension of cargo warehouse services. The board appointed Samrit Samniang, a THAI director, to serve as acting CEO in his place, effective from 2 October 2026 onwards. Parinthorn Kijjathornpitak, Director of Securities Analysis at KGI Securities (Thailand) Public Company Limited, estimates preliminary damage at around 100 to 160 million baht, which will be reflected in fourth-quarter 2026 operating results, but views it as not affecting fundamentals, since it occurred during the high season when advance ticket bookings were growing, particularly on European routes with an 85% passenger load factor. Meanwhile, THAI has raised its oil hedging ratio to 60% over a 24-month period, from 50% over a 12-month period, and maintained its 2026 net profit forecast at 19.5 billion baht, down 36.8% from the previous year, and its 2027 forecast at 23 billion baht, up 17.7% from the previous year. It also maintained its "Buy" recommendation and its 2027 target price of 7 baht.
AtriCure Fair Value Target Rises to US$54.89 as Analysts Split on Procedure Growth
AtriCure's fair value price target has shifted from about US$51.67 to about US$54.89, reflecting modest fine tuning in analyst models rather than a wholesale reset. BTIG raised its AtriCure price target to US$55 from US$45, pointing to the new STS Quality Metric, which it thinks could support greater use of the EnCompass Clamp in U.S. surgery patients with preoperative atrial fibrillation, and noting that only about 35% of atrial fibrillation patients undergoing cardiac surgery in the U.S. currently receive a surgical ablation. BTIG models potential upside to AtriCure's U.S. Open Ablation revenue of US$10m to US$25m in 2027 and US$20m to US$55m in 2028 compared with its prior forecasts. UBS keeps a Buy rating on AtriCure alongside a revised price target of US$50 from US$55, citing business growth excluding MIS as support for what it describes as sustainable double digit top line expansion. Freedom Capital downgraded AtriCure to Hold from Buy and lifted its target to US$57 from US$43, expecting BoX-NoAF POAF data in Q2 2027 to be positive but flagging that earlier supportive data carries caveats, which it thinks reduces the margin for error if results or execution fall short of expectations. Revenue growth assumptions are broadly steady, moving from about 12.33% to about 12.35%, net profit margin expectations remain around 4.55%, future P/E has moved from about 94.5x to about 101.3x, and the discount rate is broadly unchanged, moving from about 7.52% to about 7.55%.
Aging Population › Medical Devices for the Aging Body ▲Demand
ATRC · Capital · Positive Analyst fair-value target rises to ~US$54.89 with BTIG lifting its PT to US$55 on the new STS Quality Metric supporting EnCompass Clamp use.
SMT shares hit 6.80 baht as Yuanta expects 2026 profit to swing to 150 million baht
SMT shares closed the morning session at 6.80 baht, up 0.15 baht or 2.26%, after touching an intraday high of 6.90 baht, supported by three factors. First, positive sentiment in the electronics sector, with DELTA, HANA and KCE leading the market this morning after US employment figures came in below expectations, easing market worries that the Fed will accelerate rate hikes, while US semiconductor stocks surged on Friday night. Second, SMT has its own specific catalyst from its Optical business, which involves optical signal transmission and stands to grow with AI and data centers. Yuanta Securities expects orders from global Optical customers to gradually increase and sees a clearer impact on revenue and margin over the next two quarters. Third, Yuanta expects normal profit in the third quarter of 2026 to grow 65% quarter-on-quarter, and sees 2026 profit swinging from a loss of 146 million baht in 2025 to a profit of 150 million baht. For 2027, it expects profit to grow 88% year-on-year to 282 million baht. It has therefore raised its end-2027 fair value to 8.40 baht and maintained its buy recommendation. The closing price on 2 October already set a new 52-week high at 6.90 baht, while Yuanta's target price of 8.40 baht remains well above the current price.
SMT.BK · Capital · Positive Yuanta expects SMT's 2026 profit to swing to 150 million baht from a 2025 loss and raised its fair value to 8.40 baht with a buy rating.
SMT.BK · Demand · Positive Yuanta expects orders from global Optical customers to gradually increase, lifting revenue and margin over the next two quarters on AI/data-center growth.
