Krungsri sees upside to COM7's 3Q26F profit, reaching 1.3–1.4 billion baht on better-than-expected iPhone sales

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Summary · why it matters

Krungsri Securities Public Company Limited said COM7 is a Conviction Call in the IT retail sector, taking a more positive view on normal profit momentum in 2H26F continuing into 2027F after 3QTD sales grew more than 20% y-y, above the company's assumption of 16% y-y, while bookings for the iPhone 18 Pro and Pro Max remain strong even though average selling prices rose 8–11% y-y. This gives normal profit in 3Q26F a chance of upside from the current estimate of 1.1 billion baht to 1.3–1.4 billion baht. On the lending business, Ufund Capital plans a private placement capital increase for some alliance partners, raising registered capital from 600 million baht to 2.04 billion baht, which is expected to ease D/E constraints that are currently close to the loan covenant of 2.5 times and to increase capacity to support the next phase of UFUND loan portfolio expansion. The company is also considering revising up its 2026–27F profit estimates from the current forecast growth of 13% and 9% y-y, with every 1% of sales above assumption adding about 2% to normal profit and about 0.75 baht per share to the target price, while maintaining a Buy recommendation and a 2027F target price of 35.0 baht.

Impact on stocks 1

Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
▲ PositiveDemandrelevance

3QTD sales grew over 20% y-y, above the company's 16% assumption, with strong iPhone 18 Pro/Pro Max bookings lifting 3Q26F profit outlook to 1.3–1.4bn baht.

Off-coverage companies 1

Thunder Finfin Co., Ltd. (UFUND)Private▲ Positive
Capitalrelevance

Ufund Capital plans a private placement raising registered capital from 600m to 2.04bn baht, easing D/E covenant constraints and supporting loan portfolio expansion.

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