Bualuang sees Q2 stock profits up 13%, recommends continued recovery in H2

Earnings
โดย Thunhoon·TH·Read original
Summary · why it matters

Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.

Impact on stocks 11

Consumer Discretionary▲ · 2 stocks
Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

AOT's profits notably above market expectations, indicating strong demand for airport services.

Electrification & Mobility▼ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
PTT Public Company Limited
PTT
▲ PositiveDemandrelevance

PTT's profits notably above market expectations, supported by higher energy prices and petrochemical spreads.

Materials▲ · 1 stocks
Consumer Staples▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Financials▼ · 1 stocks
Artificial Intelligence▼ · 1 stocks
Health Care▲ · 1 stocks
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