JMT Network Services Public Company Limited

The Stock Exchange of Thailand (SET) is set to host Thailand Focus 2026 from August 26-28, with 78 listed companies participating, representing a combined market capitalization of approximately 15 trillion baht, or about 74% of the total Thai stock market value. For the first time, stock exchanges from five ASEAN countries will also participate, aiming to attract foreign investment. Among the participants, 16 companies are part of the JUMP+ program, which have unveiled their three-year business value enhancement plans through 2028. For instance, BBIK targets a net profit of 700-800 million baht in 2028, an increase of 105-135% from 2025; JMT targets a net profit of 1.8 billion baht, up 75%; and AAV targets EBITDA of 17 billion baht, up 117%. Meanwhile, Krungsri Securities noted that in the three weeks following Thailand Focus, the Thai stock market tends to deliver an average return of 2.44%, with an 80% probability of positive returns. The sectors to watch have shifted to electronic components, banks, industrial estates, and construction, driven by investment in AI and infrastructure.

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.

Bualuang Securities released analysis on JMT, MINT, BAM, KCE and MTC following analyst meetings. JMT expects cash collections in the third quarter of 2026 to recover both year on year and quarter on quarter after seeing improvement since May, supported by collections from new debt purchased in the first quarter. The research team therefore recommends buying MINT, maintaining its profit growth target of 15 to 20 percent per year during 2026 to 2028 and net debt to equity of 0.75 to 0.85 times, while keeping plans for a food IPO and asset sales. BAM still targets 2026 net profit of 2 billion baht, up 10 percent year on year, but the research team sees the slow economic recovery pressuring that target and recommends sell. KCE expects third quarter 2026 revenue to grow 13 to 15 percent quarter on quarter with a gross margin of 25 percent, with a chance for 2027 profit to exceed 2 billion baht and the share price to break above 50 baht. MTC has cut this year's loan growth target to 8 to 10 percent year on year from 10 to 15 percent previously because of stricter lending after the Middle East conflict, but the research team still recommends buy and expects third quarter 2026 net profit to reach a new high.

Boy Tha Phra Chan, also known as Atthawit Sirisitthidongchai, is set to receive interim dividends totaling 16.69 million baht before tax from his major holdings in JMT Network Services Public Company Limited, or JMT, and Plan B Media Public Company Limited, or PLANB. JMT announced an interim dividend of 0.27 baht per share, giving Boy Tha Phra Chan, who holds 46,050,000 shares, a pre-tax dividend of approximately 12,433,500 baht. Meanwhile, PLANB approved an interim dividend for the first six months of 2026 at 0.0435 baht per share, resulting in a pre-tax dividend of 4,262,130 baht for Boy Tha Phra Chan, who holds 97,980,000 shares.

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%.

JMT views the digital lending market as a significant opportunity for its debt management business, expecting non-performing loans from digital lending to gradually enter the debt trading market within three to six months as borrowers begin to default. Chief Executive Officer Sutthirak Traichiraarporn told Stock Vision news team that digital lending is like water filling a dam, while the company is a downstream operator waiting to take on non-performing loans for management. He noted that digital lending naturally tends to generate higher NPLs than traditional bank lending due to differences in customer base and credit assessment methods, as well as the ease of access to credit which may increase the likelihood of default. However, the company is well-prepared in terms of capital and expertise in managing non-performing loan portfolios, and therefore sees the rise in bad debt from the digital lending market as an opportunity to expand its portfolio rather than a risk. Regarding cash collection in the second quarter of 2026, it slowed in April due to seasonal factors and high oil prices, before recovering in May and June. The company expects to announce its financial results around August 11 to 12.

Krungsri Securities, or KSS, says the extension of the Thai Chuay Thai Plus measures into the fourth quarter of 2026 is a positive factor for the Thai stock market. Retail lenders such as MTC, KTC, and JMT will benefit, while ICHI is likely to gain from higher sales. KSS estimates MTC will post a net profit of 1.88 billion baht in the second quarter of 2026, up 14 percent from a year earlier, and sees a chance for full-year 2026 profit to beat estimates if loan-loss provisions decline. It gives a 2026 target price of 40 baht. For ICHI, KSS expects a core profit of 306 million baht in the second quarter of 2026, up 7 percent from both a year earlier and the previous quarter, with a standout dividend yield. It forecasts a 2026 yield of about 6.8 percent and expects an interim dividend for the first half of 0.50 baht per share to be announced this August.

Krungsri Securities expects JMT to have passed its trough and sees a profit recovery trend in the second half of 2025, raising its target price to 16.00 baht per share from 13.00 baht per share, while maintaining a buy recommendation. It forecasts second-quarter 2025 net profit of 258 million baht, up 4 percent from a year earlier and 2 percent from the previous quarter, driven by lower ECL provisioning and a continued recovery in profit contributions from JK. The broker has also raised its 2025 to 2027 net profit estimates by an average of 12 percent to 1.18 billion baht, 1.29 billion baht, and 1.39 billion baht, respectively, and expects second-half 2025 net profit to rise to a range of 300 to 350 million baht per quarter, supported by government policies and easing provisioning.