Jay Mart Public Company Limited

The boards of Singer Thailand (SINGER) and SGC Capital (SGC) are set to propose to the extraordinary shareholders' meetings on September 29, 2026, to transfer legal reserves and share premium to offset the companies' accumulated losses in their separate financial statements. SINGER will transfer a total of 12,417.75 million baht to clear losses of 1,439.57 million baht, while SGC will transfer a total of 856.37 million baht to clear all accumulated losses. This will leave both companies with no accumulated losses in their separate financial statements, allowing them to resume dividend payments. Although SINGER's consolidated financial statements still show accumulated losses of 1,594.81 million baht and SGC's show 856.37 million baht, this move benefits JMART, which is the major shareholder of SINGER and, through SINGER, the major shareholder of SGC. As a result, JMART will receive dividends from both companies. SGC will be a cash cow with its Lock Phone business as a flagship, while JMT remains a growth stock due to its debt investment activities.

VGI reported net profit for the first quarter of fiscal 2026/27 at 261 million baht, up 484% from 45 million baht in the same period last year. The sharp increase came mainly from share of profit from investments in joint ventures and associates, which rose to 173 million baht from 28 million baht in the first quarter of fiscal 2025/26. Service and sales revenue was 1.14 billion baht, up only 2.3%, comprising 444 million baht from advertising media, down 2.3%, 433 million baht from digital services, up 7.6%, and 263 million baht from distribution, up 2%. VGI booked no investment impairment this quarter because it has already sold its stake in Kerry Express Thailand. Jaymart Group Holdings, in which VGI holds a 13.53% stake, saw improved performance, with second-quarter 2026 net profit of 213 million baht, up 91.9% from 111 million baht a year earlier. As of 30 June 2026, VGI had cash and cash equivalents and other current financial assets totalling more than 20.84 billion baht and no interest-bearing debt.

Krungsri Securities has raised its profit forecasts for VGI Public Company Limited, or VGI, for 2027 to 2029 after first-quarter results for fiscal 2026 recovered with net profit of more than 261 million baht, beating expectations. The broker increased its estimate of share of profit from associates by 50 to 60 percent to 500 to 600 million baht per year, mainly driven by the recovery at JMART, and slightly raised gross profit for the core business by 11 to 13 percent, reflecting better-than-expected trends at RCare, RCash and RBytes. The research team lifted normalized profit forecasts for 2027 to 2029 to 460 million baht, 437 million baht and 445 million baht respectively, from 173 million baht, 174 million baht and 191 million baht previously. It maintained a Neutral rating but raised the 2027 target price to 1.19 baht from 1.00 baht, noting that the core business is still not strong, but is supported by share of profit from associates and has net cash of more than 20 billion baht ready for investment, with management expecting clarity by the end of this year.

Adisak Sukumvitaya, Chief Executive Officer of Jaymart Group Holdings Public Company Limited, or JMART, presented the company's business overview at the Opportunity Day event organized by the Stock Exchange of Thailand on August 17, 2026. He said the group is ready to move toward a new phase of growth by focusing on using technology to drive the mobile phone business in which the company has more than 30 years of expertise, especially the locked-phone business segment, which is expected to be a key supporting factor. The smartphone market is about 17 million units per year, and consumers are shifting toward higher-priced smartphones. The company is therefore joining forces with leading brands through the platforms of SG Capital Public Company Limited, or SGC, and KBJ Capital Company Limited, which have been able to generate profits continuously. This growth is also supported by distribution networks such as Jaymart Mobile and Singer Thailand Public Company Limited, or SINGER, as well as support from JMT Network Services Public Company Limited, or JMT, in using databases to screen customer quality more accurately. As for JMT's debt management business direction, it is expected to continue growing well in the second half of the year. Although new debt purchases may not be as high in volume as in the past, the company believes that non-performing loans in the system will continue to flow out steadily. For future growth plans, JMART aims to list three subsidiaries on the Stock Exchange of Thailand: Suki Tee Noi, KBJ, and J Ventures, which is the company that oversees the group's technology operations. All three companies are currently ready and are in the process of considering the appropriate timing for fundraising. Regarding the financial stability of the JMART group, it is currently very strong, with an interest-bearing debt to equity ratio of only 0.61 times. The company has already prepared funding sources to support the repayment of debentures maturing this October totaling 1.612 billion baht, from cash on hand, liquid assets, a plan to issue new debentures to replace the existing ones, and dividends from subsidiaries. The company is therefore confident that there will be no problem in repaying the debentures. Meanwhile, on the progress of BNN Restaurant Group Company Limited, the operator of Suki Tee Noi restaurants, the company currently has five restaurant brands under its umbrella: Suki Tee Noi, Suki Tee Noi Plus, Tee Noi Go, Tee Noi Barbecue, and Nai Pan Moo Krata. As of the end of July, there were 134 branches in total covering 42 provinces, with plans to open branches in 17 more provinces within this year, which will bring total coverage to 59 provinces before expanding to all 77 provinces nationwide next year. For the operating performance of the Suki Tee Noi restaurant business, in the second quarter total sales were 2.915 billion baht, growing 13 percent compared with the previous quarter, driven by continuous new branch openings averaging four to five branches per month. Net profit was 165 million baht, down slightly from the previous quarter due to selling expenses and promotional activities during new branch openings, as well as higher set-up costs for new branches, even though the company was able to manage raw material costs better overall.

Jaymart Group Holdings has unveiled a plan to drive profit through its business ecosystem, targeting net profit of 2 billion baht by 2028 under the JUMP+ plan, with mobile phone lending as a key mechanism. The lock phone portfolios of SGC and KB J Capital together exceed 21 billion baht, supporting Jaymart Mobile's first-half net profit of 128 million baht, up 146 percent from the same period last year. The company expects second-half growth to outpace the first half and aims for a record full-year profit this year. Meanwhile, JMT has set a debt purchase budget of about 2 billion baht this year and expects ECL to trend lower. SGC targets new lending of no less than 14 billion baht. SINGER is preparing to launch new products and lock appliance offerings in September. Suki Tee Noi is accelerating branch expansion to 160 locations, and JAS Asset is pushing Hotel and Wellness as an additional growth driver. The group is preparing to list Suki Tee Noi, KB J Capital, and J Ventures on the stock exchange.

Jaymart Group reported a strong recovery in second-quarter 2026 results, with JMART posting a net profit of 313.6 million baht, up 57.7% from a year earlier, bringing first-half profit to 588.9 million baht, an increase of 20.1%. SINGER swung to a net profit of 148.84 million baht, surging 1,193.92% from a loss of 13.61 million baht a year ago, while SGC posted a net profit of 203.50 million baht, up 186.45%. J narrowed its loss to 56.14 million baht from a loss of 101.41 million baht. JMT reported a profit of 233.96 million baht, down 5.08%. Share prices have risen sharply across almost the entire group since the start of 2026. As of 11 August 2026, JMART stood at 10.70 baht, up 55.07%; SINGER at 11.70 baht, up 139.75%; SGC at 1.64 baht, up 95.24%; J at 0.85 baht, up 21.43%; and JMT at 11.90 baht, up 36% from the end of 2025. The key driver of the recovery is the Lock Phone lending business, which JMART has positioned as one of its growth engines, using the networks of Jaymart Mobile, SINGER, SGC and KBJ Capital to expand its customer base for phone financing and digital lending.

VGI Public Company Limited, or VGI, reported net profit for the first quarter of fiscal year 2026/27 at 261 million baht, swinging from a net loss of 1.271 billion baht in the previous quarter and rising 484% from a year earlier. The result included an extraordinary item from a reversal of expected credit loss allowance of 86 million baht. Excluding that item, normalised profit was 175 million baht, compared with a normalised loss of 107 million baht in the previous quarter and normalised profit of 45 million baht a year earlier. The strong growth was driven mainly by higher share of profit from investments in PLANB and JMART, as well as a gain on disposal of an investment in an associate, which was a non-recurring item. Revenue from services and sales was 1.14 billion baht, up 1.5% from the previous quarter and 2.3% from a year earlier. Digital Services revenue was 433 million baht, up 7.6% from a year earlier, supported by insurance commission and lead generation revenue at Rabbit Care, as well as higher Rabbit Cash revenue following loan portfolio expansion. Media advertising revenue was 444 million baht, down 2.3% from a year earlier, with media utilisation at 49.1%, down from 51.0% a year earlier. Distribution revenue was 263 million baht, up 2.0% from a year earlier, helped by high-margin product sales at Rabbit Bytes, despite softer retail revenue at Turtle. Gross margin rose to 36.3% from 31.4% in the previous quarter but was stable from a year earlier. Selling, general and administrative expenses were 478 million baht, down 7.2% from a year earlier, due to the 86 million baht reversal of expected credit loss allowance. Excluding that item, selling, general and administrative expenses would have been 564 million baht, up 9.5% from a year earlier, and core operating results before other income would have shown a loss of 151 million baht, wider than the loss of 114 million baht a year earlier. Share of profit from joint ventures and associates rose to 173 million baht, up 523% from a year earlier, reflecting a full quarter of profit recognition from PLANB after it became an associate on 24 July 2025, as well as higher share of profit from JMART and a gain on disposal of an investment in an associate, which was a non-recurring item. The shareholders' meeting approved the elimination of accumulated losses of 2.327 billion baht on 17 July 2026 by transferring capital reserves and share premium to offset the deficit. This is expected to be reflected in the second quarter of fiscal year 2026/27 ending September 2026. It does not affect total shareholders' equity, but it clears the way for the company to consider paying dividends in the future. At the end of the first quarter, the company had cash, cash equivalents and other current financial assets totalling 20.843 billion baht, or about 1.0 baht per share. In addition, its 24.13% stake in PLANB was worth about 0.23 baht per share.

Jaymart Group Holdings Public Company Limited, or JMART, reported net profit attributable to shareholders for the first six months of 2026 at 375.7 million baht, up 49.5% from the same period last year. Second-quarter net profit was 213.0 million baht, up 91.9% from 111.0 million baht a year earlier. Key drivers included the mobile phone and accessories distribution business and higher profit sharing from joint ventures and associates, especially JK AMC, KB J, SINGER, and Suki Tee Noi. JMART recognized profit sharing from joint ventures of 80.4 million baht in the second quarter, up 19.3%, and 195.4 million baht in the first half, up 34.2%. Profit sharing from associates in the first half was 272.0 million baht, up 7.4%. The mobile business under Jaymart Mobile Company Limited posted second-quarter net profit of 71.2 million baht, up 137%, and first-half net profit of 128 million baht, up 146%, with first-half revenue of about 5.07 billion baht. JMART is driving its Synergy Ecosystem through three core engines: the mobile phone lending business under KB J, which had a loan portfolio of 12.58 billion baht across 1.40 million accounts as of 30 June 2026, and SG Finance+ with a loan portfolio of 8.44 billion baht, together exceeding 21 billion baht; the non-performing asset management business under JMT; and investments and partnerships. Suki Tee Noi posted second-quarter revenue of 2.97 billion baht and net profit of 165 million baht, with first-half net profit of 335 million baht. JMART holds a 30% stake and recognized profit sharing of 100.5 million baht. Suki Tee Noi targets 2026 revenue of 13 billion baht. It currently has 134 branches across 42 provinces, plans to enter 17 more provinces this year, and is looking at another 18 provinces over the long term. JMT reported second-quarter total revenue of 1.13 billion baht and net profit of 234.0 million baht, with first-half total revenue of 2.25 billion baht and net profit of 486.2 million baht. It invested 1.13 billion baht in purchasing non-performing loans. JMT and JK AMC collected 2.15 billion baht in the second quarter, up 0.4% from the previous quarter, and 4.29 billion baht in the first half. As a result, JMT recognized profit sharing from JK AMC of 195.8 million baht in the first half, up 35.8%. JMT's board approved an interim dividend of 0.27 baht per share, with the ex-dividend date on 24 August 2026 and payment on 11 September 2026. SINGER posted second-quarter net profit of 149 million baht, its highest since early 2023, while SGC posted net profit of 203.5 million baht, up 186.4%, a record high since its listing on the stock exchange.

Asia Plus Securities has raised its target price for JMART to 12.80 baht and upgraded its recommendation from Sell to Buy, after second-quarter 2026 net profit came in at 213 million baht, up 31% from the previous quarter and 92% from a year earlier. Total revenue slipped 1% to 3.77 billion baht. The mobile distribution business Jmart Mobile posted flat revenue of 2.5 billion baht, while the debt collection business JMT saw revenue fall 6% to 993 million baht. Profit still grew because gross margin rose to 31% from 28.5% and share of profit from associates increased. The research team expects second-half profit to keep improving both quarter on quarter and year on year, driven by Jmart Mobile expanding to 100 branches, a recovery in debt collection at JMT and JK, and the Thai Chuay Thai Plus measures starting in the third quarter, while credit loss provisioning expenses are likely to decline. First-half net profit accounted for 69% of the full-year estimate, prompting the broker to raise its 2026 profit forecast by 52% to 789 million baht, a turnaround from a net loss of 162 million baht, and to lift its 2027 forecast to 1.0 billion baht, up 32% from the previous year. The new target price uses a sum-of-the-parts method based on an average JMT target price of 12.75 baht from the IAA Consensus and narrows the discount to net asset value from 50% to 30%.

Suki Teenoi, under BNN Restaurant Group Company Limited, posted a net profit of 335 million baht for the six months ended 30 June 2026, while its full-year target is set to exceed 1 billion baht. Jaymart Group Holdings Public Company Limited, or JMART, which holds a 30 percent stake, recognised a profit share of 100.5 million baht before purchase price allocation. In the second quarter, the Suki Teenoi group launched a new brand, Nai Phran Moo Krata, its first buffet-style Thai barbecue restaurant, to expand its customer base and boost revenue going forward amid intense competition and government measures such as Thai Chuay Thai Plus that have significantly pressured sales.

JMART is expanding its financial and lifestyle ecosystem with the launch of a new version of J Wallet, and has partnered with CASA LAPIN to introduce the CASA LAPIN VISA CARD, a co-brand card offering cashback and J POINT rewards. Mr. Ekachai Sukhumvitaya, Executive Vice President of JMART, revealed that J Elite Company Limited, a marketing tech business under JMART, has developed J Wallet to fully support cashless spending, including top-ups, money transfers, bill payments, and spending via Visa card both in-store and online, while enhancing security with e-KYC and Visa Secure. CASA LAPIN VISA CARD holders will receive one free drink upon application, 6% cashback, and double J POINTs on spending at CASA LAPIN. Meanwhile, every 25 baht spent via the J Wallet Visa Card earns 1 J POINT, which can be redeemed for benefits at Jaymart-affiliated stores and partners across food, beverage, shopping, travel, and lifestyle categories. The new J Wallet is available for download and use starting from August 1, 2026.

Jaymart Group Holdings has filed a draft registration statement with the SEC to issue unsubordinated and unsecured bonds with a 3-year maturity, carrying a coupon of 5.75 to 6.00 percent per annum, with interest paid every three months. The bonds will be offered to retail and institutional investors, with subscription open from 21 to 23 September 2026. The joint lead arrangers include Asia Plus Securities, Maybank Securities Thailand, and KGI Securities Thailand. The bonds have been rated BBB minus for the issue and BBB for the corporate by TRIS Rating on 14 July 2026. The company intends to use the proceeds to repay debt from bond issuances and other obligations.