Krungsri Securities has upgraded its recommendation on Thai Airways International to buy from hold, and raised its target price to 7.90 baht from 5.70 baht, after the carrier's performance during the war in the second quarter of 2026 was not as dire as feared. It estimates a normalised profit of 726 million baht, better than an earlier forecast of a loss of more than 5 to 6 billion baht. The research team has revised up its 2026 normalised profit forecast to 15.285 billion baht from a previously expected loss of 3.335 billion baht, and expects earnings to continue recovering in the second half of 2026 as war-related pressures ease. However, in the near term there is still pressure from the unlocking of more than 20 billion debt-to-equity conversion shares, which will begin trading on 4 August 2026.
Thai Airways International Public Company LimitedBroker upgrade to buy with higher target price and improved profit forecast.