Berli Jucker Public Company Limited, or BJC, is likely to see normalised profit in the second quarter of 2026 recover by 14% compared to the same period last year, faster than the market had anticipated. Yuanta Securities estimates normalised profit at 1.2 billion baht and total net profit as high as 2.9 billion baht, which includes an extraordinary gain from land sales of about 1.6 billion baht. Core revenue is expected at 43 billion baht, growing 14% from the previous quarter and 13% from a year earlier, supported by the acquisition of a retail business in Vietnam, MMVN, since mid-May. Meanwhile, the packaging business is growing strongly by 30% from last year after competitors reduced production capacity and major customers placed more orders. Gross profit margin is expected to increase by 30 basis points, and the effective tax rate is expected to fall to 18% due to the use of tax incentives. The broker has raised its normalised profit forecasts for 2026 and 2027 by 7 to 10% to 4.8 billion baht and 5.3 billion baht respectively, upgraded its recommendation to buy, and set a new target price of 18.00 baht, noting that the current share price trades at a price-to-earnings ratio of only 11 to 12 times and below book value.
Berli Jucker PCLBroker raises target price to 18 baht, upgrades to buy, and raises profit forecasts.