AAI: Management believes the 12.5% US tariff on Thai products will have no material impact on the company, with orders expected to resume once tariff uncertainty is resolved. The company highlighted its structural advantage in wet pet food production, which requires skilled labour, and noted the large and growing US market while continuing its expansion into Europe. It also expects the weaker Thai baht to support profitability and anticipates stronger performance in 2H26 versus 1H26.

CENTEL: Reported advance bookings for two Pattaya hotels have exceeded 70%, with ADR expected to increase 10–15% YoY, driven by the Thailand edition of Tomorrowland, scheduled for 11–13 Dec 2026.

Comment: Tourism ftw, you are all underestimating Thailand’s tourism.

CBG: Maintains its FY earnings growth target of 10–20%, driven by a larger energy drink market share of 30–32%, expansion of CJ More stores, and continued growth in the Myanmar and Vietnam markets. Cost control initiatives and a new operating model that shifts production closer to destination markets are expected to reduce logistics costs, mitigate tariff impacts, and strengthen supply chain resilience.

Comment: And Cambodia.

DELTA: The Street is expected to lower its 2026–2027 net profit forecasts for Delta Electronics (Thailand) after the company reported weaker-than-expected quarterly earnings, as rising costs and raw material shortages weighed on margins. However, analysts expect 3Q26 earnings to improve seasonally, supported by existing customer orders. Raw material shortages are also expected to ease as the company sources from alternative suppliers, supporting production and sales.

Comment: A well-telegraphed slower growth 2q

KCE: The Street forecasts 2Q26 net profit of THB206mn, up 14% QoQ and 15% YoY. The sequential improvement is expected to be driven by a projected 10% QoQ increase in revenue to THB3.4bn, while SG&A-to-sales is forecast to decline to 11.8% from 12.0% as greater automation reduces labour costs.

ICHI: The Street has upgraded the stock on an optimistic outlook, raising 2026–2028 core earnings forecasts by 3–6%, driven by higher gross profit margins despite weaker-than-expected ready-to-drink tea sales. Analysts also expect around 10% YoY earnings growth in 2027, supported by continued growth in the alkaline water business, a clearer El Niño pattern, and lower PET resin costs.

Comment: In the past they would’ve said it’s the hot season, now what? It’s raining and therefore demand is up?

MTC: Secured a US$70mn (THB2.35bn) social loan package from Bank of China (Hong Kong) and Bank of China (Thailand) to support its microfinance business expansion.

Comment: MTC’s management argues they’re diversifying their funding sources. It’s interesting to see the difference in funding sources between MTC and TIDLOR/SAWAD etc. If MTC were purely focused on domestic financing, perhaps their NIMs could be a little higher, then again should things go haywire in the domestic markets they’re well protected.

SCB: SCB X, the financial technology holding company of SCB, is accelerating its transformation into an AI-first organisation by leveraging AI to gain deeper customer insights. Management expects the Thai economy in 2H26 to remain broadly in line with 1H26, with an uneven recovery amid persistent volatility and uncertainty. Against this backdrop, SCB X will continue prioritising customer support over aggressive loan growth.

TISCO: Expects earnings to remain flat HoH as the bank remains prudent on new lending amid an unfavourable macro environment and geopolitical uncertainty. The bank continues to focus on non-NII income and asset quality, while expecting loan loss provisions to moderate after front-loading provisions in 1H26.

Data as of 27 July 2026. Market caps converted at USD/THB 33.40. YTD calculated from last trading day of 2025 (30 Dec 2025 closes). Average daily value approximated from reported average volume × price. For informational purposes only.