Asia Plus Group Holdings PCL

Krungthai Card, or KTC, reported second-quarter 2026 net profit of a record 2.2 billion baht, up 17.4% year on year and 2.5% from the previous quarter, driven by fee income growth, cost control and lower provisions. Its net interest margin rose to 13.31% after funding costs fell to 2.62%, bringing first-half profit to about 4.4 billion baht, with a credit cost of 5.0% and a cost-to-income ratio of just 34.8%. The second-half outlook remains positive on both margin and fee income, but expenses are expected to rise with the new IT system, as amortization of the Core System begins to be recognized gradually from July. The company expects its full-year cost-to-income ratio at around 36%, plus or minus, compared with 34.8% in the first half. Asia Plus Securities raised its 2026 profit forecast by 5% to 8.48 billion baht, up 12.2% from a year earlier, and maintained its Buy rating with a target price of 50.00 baht, viewing the insurance brokerage business as a new S-curve that has yet to generate its full revenue. It expects a digital license in the fourth quarter of 2026 and a dividend yield of about 4.8% a year.

CPF forecasts strong earnings growth in the second half of 2026, supported by higher hog and chicken prices, as well as the "Thai Helps Thai Plus" measure that boosts sales, particularly through about 25,000 fresh market stalls, of which 60-70% participate, and franchises and food carts with 100% participation. Overseas businesses continue to grow, especially in the UK from chicken sales to KFC and Wingstop, while operations in Denmark, Sweden, and Japan are also improving. Broker Asia Plus expects Q3 2026 profit to grow quarter-on-quarter on better gross margin, with a "Buy" recommendation and a fair price of 25 baht per share. Meanwhile, CPFFB, a subsidiary (99.99% owned by CPF), will invest 51% in Brew Factory (BREW), a drinking water producer, for 334.7 million baht, which is only 0.06% of net assets, so it will not affect financial position but is considered a strategic investment.

Ngern Tur Capital Public Company Limited (TURBO) has filed a draft registration statement with the Securities and Exchange Commission (SEC) to issue and offer high-risk, unsubordinated, callable debentures with quarterly interest payments to institutional and high-net-worth investors. The offering comprises two tranches: Tranche 1 has a tenor of 2 years, 1 month, and 2 days, maturing in 2028, with an annual interest rate of 5.20%; Tranche 2 has a tenor of 3 years, 1 month, and 1 day, maturing in 2029, with an annual interest rate of 5.60%. The subscription period runs from October 5 to 7, 2026. There are eight underwriters, led by Asia Plus Securities, which also acts as the debenture holders' representative. The company will use the proceeds to acquire assets, invest, or cover expenses related to its current business operations. Tris Rating assigned a credit rating of BBB- on May 28, 2026.

Asia Plus Securities (ASPS) and The Capital Law have signed a cooperation agreement to provide advisory services to business-owning families and high-net-worth individuals, enhancing Family Wealth Advisory services to cover both legal and wealth management aspects. Under this collaboration, Asia Plus will combine its expertise in wealth management, financial planning, and asset allocation with The Capital Law's expertise in business law, shareholder structuring, succession planning, and family asset management, including systematic planning for the transfer of family assets (gongsi) to the next generation. This service aims to address the needs of business-owning families who must manage business, assets, and family relationships simultaneously, covering everything from reviewing asset holding structures, defining roles for each generation, preparing heirs, to establishing family governance frameworks. Ms. Kulthida Kulwiboonanan, Executive Director of Asia Plus, stated that this collaboration will enable the company to offer more comprehensive advice that integrates financial and legal dimensions. Meanwhile, Mr. Chatree Trakulmaneenate, Senior Partner at The Capital Law, noted that planning for the transfer of family assets and business succession requires careful execution, and this partnership will help clients plan their wealth management effectively and in compliance with legal frameworks.

XPeng Inc., the Chinese smart electric vehicle maker, reported August 2026 deliveries of 39,107 units, up 3.7% year-on-year and 2.8% month-on-month. This marks the third consecutive month of delivery growth and the second-highest monthly total this year, trailing June's 40,126 units. In the first eight months of 2026, XPeng delivered a cumulative 243,111 units, down 10.5% year-on-year but improving from the 12.8% decline in the first seven months. For Q3 2026, the company targets deliveries of 115,000-121,000 units. With July-August combined deliveries at 77,134 units, XPeng needs to deliver an additional 37,866-43,866 units in September to meet its target. Asia Plus Securities views this as a positive factor for XPeng's share price in the short term, as deliveries have resumed growth and sales trends show signs of recovery, supported by product line expansion, including the MONA L03, which has begun deliveries, and the G9L, which launched and started deliveries in September. However, XPeng still needs to significantly accelerate sales to achieve its target of over 60,000 units per month in Q4 2026, which is about 53% higher than August deliveries. It remains to be seen whether increased sales volume from new models will enhance profitability. For investment strategy, Asia Plus Securities recommends investors look for opportunities to buy for short-term trading on the positive news flow. For medium-to-long-term investment, it suggests accumulating shares on price weakness. If Q4 2026 deliveries meet targets and profit margins improve, it would be a clearer confirmation of recovery. XPeng shares listed on the Hong Kong Stock Exchange under code 9868 HK are currently trading at 44.48 Hong Kong dollars, while Bloomberg Consensus gives a 1-year target price of 74.37 Hong Kong dollars. As for the Depositary Receipt (DR) referencing XPeng shares under the name XPENG03, it is currently trading at 1.90 baht with a reference target price of 3.15 baht, based on an exchange rate of 4.25 baht per Hong Kong dollar and a conversion ratio of 1 to 100. On the technical front, Asia Plus Securities assesses XPENG03's price movement as sideways, with support at 1.70-1.80 baht and resistance at 2.00-2.40 baht.

Asia Plus Group Holdings reported first-half 2026 net profit of 324.92 million baht, up 516% from the same period last year, while total revenue reached 1,534 million baht, up 57%. Net profit margin increased to 20.9% from 5.4%. The Asset Management business became the main revenue source, with revenue of 652 million baht, accounting for 43% of total revenue. Meanwhile, the securities brokerage business generated 377 million baht, investment banking and capital markets 155 million baht, and the Investment business 349 million baht. Assets under management (AUM) for the mutual fund business increased to 80,117 million baht, growing 16.4% from the start of the year. The company continues to expand its Wealth Management and mutual fund businesses to strengthen recurring income.

ADVANC has announced an interim dividend payment of 8.69 baht per share, while setting a target for core service revenue growth of 3 to 5 percent in 2026, supported by the digital economy and 5G adoption. Capital expenditure is budgeted at 30 to 35 billion baht to expand networks and digital businesses. For the second quarter of 2026, net profit came in at 13.7 billion baht, up 25 percent from a year earlier, helped by a rise in gross margin to 44.6 percent following the expiry of the 2100 megahertz spectrum agreement with NT. Asia Plus Securities has upgraded its recommendation to Buy with a target price of 428 baht, viewing ADVANC as a standout stock for growth and consistent dividends.

I-Tail Corporation, or ITC, reported second-quarter 2026 net profit of 844 million baht, up 21 percent from the same period last year but down 3 percent from the previous quarter. The profit exceeded Asia Plus Securities' forecast by 13 percent, thanks to a net US import tax refund of 131 million baht. This lifted the gross margin to 29.7 percent, compared with 24.3 percent in the prior quarter and 25 percent a year earlier. Excluding the tax refund, the gross margin would have been 24 percent, down due to higher costs. The research team expects a stronger second half than the first half, driven by seasonal factors, robust demand, innovative product launches, a higher revenue share from premium products, and selling price adjustments that will take effect in the third quarter of 2026. The team raised its 2026 profit forecast by 7.5 percent to 3.48 billion baht, after a better-than-expected first half and the company's upward revision of its revenue growth target to 14 to 17 percent from 8 to 11 percent. On the M&A front, the first deal with a Chinese pet food manufacturing partner is in price negotiations, with clarity expected in the second half of 2026, while a second deal with a US manufacturer is under initial study to expand market reach and mitigate US tariff impacts. The research team recommends a buy rating and raised its target price to 20.30 baht. The company also announced a first-half dividend of 0.55 baht per share, representing a dividend yield of 3.2 percent, with the XD date set for August 11, 2026.

Three brokers have assessed the outlook for the Thai stock market this afternoon. Asia Plus Securities expects the index to move sideways, with resistance at 1,645 to 1,648 points and buy-back support at 1,603 and 1,580 to 1,595 points. It noted that Thai exports in June expanded 20.8 percent year-on-year, higher than the market expectation of 15.2 percent. Meanwhile, ASL Securities viewed that the index swung in negative territory this morning in line with overseas markets due to concerns over escalating tensions in the Middle East, pushing WTI crude oil prices above 90 US dollars per barrel and Brent to 100 US dollars per barrel, causing the US 10-year government bond yield to rise to 4.70 percent. Globlex Securities estimated the afternoon index range at 1,630 to 1,645 points. The morning session closed at 1,636.31 points, down 4.72 points or 0.29 percent, with a trading value of 51.203 billion baht.