S P V I Public Company Limited

Krungsri Securities said Apple unveiled its new products, headlined by the iPhone Duo, its first foldable-screen iPhone, priced in Thailand from 79,900 baht up to 127,900 baht, with pre-orders opening October 16 and sales on October 23. Meanwhile, the iPhone 18 Pro and iPhone 18 Pro Max carry higher launch prices in Thailand, starting at 48,900 baht, compared with 43,900 baht for the iPhone 17 Pro, with pre-orders opening September 12 and sales starting September 18. Apple also discontinued sales of the iPhone 17 Pro, 17 Pro Max and 16 Plus through the Apple Store in line with its normal product cycle. Authorized resellers can still sell existing stock, but this round differs from last year because Apple did not cut prices on older models and instead raised them by 4,000 to 12,000 baht. The iPhone 16 rose 4,000 baht, the iPhone 17 rose 5,000 baht, the iPhone 17e rose 4,000 baht, and the iPhone Air rose 4,000 to 12,000 baht. As a result, Apple shares rose 1% in after-hours trading this morning following the launch. In the KSS Strategist View, the sentiment is positive for the Apple ecosystem on the chance of an upgrade cycle driven by the new form factor of the iPhone Duo, as well as higher margins from selling older models at higher prices. The Thai stocks that stand to benefit are COM7, SPVI and CPW, as well as ADVANC and TRUE on the opportunity to sell both device and 5G packages. Still, real demand after pre-orders open must be watched more than launch-day buzz, especially the effect of the higher prices.

SPVI Public Company Limited is preparing to invest 30 to 40 million baht to renovate and upgrade three flagship stores in Rayong, Rama 9, and Seacon Square, with completion targeted within 2026 to support the launch of new iPhone models in the second half of the year. Managing Director Traisorn Worayankosol said the company is focusing on two key factors: the pricing of new products and the volume of stock allocated to it. Under the assumption that prices will be similar to those at the iPhone 17 launch, overall sales are expected to trend positively. The company will also enhance its trade-in services and develop store formats and after-sales services to create a complete customer experience. The Rayong branch has already been completed, while Rama 9 is expected to be finished in September 2026, and Seacon Square has secured a new space with higher potential than before.

SPVI stated that the iPhone price increase in Thailand will not affect costs and will help support profit margin growth, as the company can fully adjust selling prices accordingly. Existing inventory prices are not impacted, and even though unit sales may drop 10 to 20 percent, revenue and margin spread will remain the same because the higher unit price helps compensate. The company manages inventory within 30 days for agility and has restructured by reducing branches from 78 to 62, focusing on growth from existing branches. It is also running installment payment and trade-in campaigns to stimulate purchasing power. For 2026, it targets 10 percent revenue growth, with margins growing notably from cost control and expense reduction. First quarter 2026 results showed revenue of 2.03 billion baht and net profit of 54.23 million baht, and the second quarter 2026 trend continues to show good growth.