Krungsri Securities states that COM7 has raised its 2026 growth target, now expecting sales growth of 10 to 15 percent and profit growth of 20 percent, compared with the start of the year when it targeted 10 percent sales growth and 10 to 15 percent profit growth. The IT products business, which accounts for 87 percent of revenue, is seeing accelerating momentum, with same-store sales in the third quarter to date picking up to nearly 10 percent from plus 2 to 3 percent in the second quarter of 2026, supported by better demand across all product categories as well as accelerated buying ahead of price increases. As a result, third-quarter sales to date are growing more than 10 percent year on year, compared with plus 9 percent in the second quarter of 2026. The company also sees IT and mobile product selling prices continuing to rise through the middle of 2027. The Ufund business, which accounts for 1 to 2 percent of revenue, still has room to roughly double its portfolio from the current level where its customers represent nearly 20 percent of COM7's customer base, compared with 40 percent for the main competitor's portfolio. The company is in the process of upgrading and developing back-end software systems to improve efficiency, with completion expected in the second half of 2026. The EV sales business, which accounts for 5 percent of revenue, is starting to generate profit from expanding services and adding sales channels opened alongside BaNANA IT stores. The company expects this business to be profitable in 2026, compared with a loss of 73 million baht in 2025. For 2027 momentum, growth is expected to come from the gradual launch of new models late this year. The tighter financial position is only temporary due to accelerated inventory buildup. The company estimates that the debt-to-equity ratio, which rose in the second quarter of 2026 to 2.46 times from 1.88 times at the end of 2025, will gradually decline over the rest of the year. In the second half of 2026, the company plans to increase capital in a subsidiary and is studying a long-term spin-off, so the debt-to-equity ratio is expected to gradually decline in the second half of 2026. The research team has a slightly positive view on COM7 because sales momentum is accelerating while the company has a clearer plan for managing its debt-to-equity ratio. The research team's current 2026 normalized profit estimate is 4.7 billion baht, or plus 13 percent year on year, based on sales growth of only 8 percent year on year, compared with the company's target of 10 to 15 percent. The team therefore sees room for its estimates to be raised by around 4 to 6 percent. Third-quarter 2026 normalized profit momentum is expected to grow year on year at an accelerating pace in line with IT product sales, while other businesses also continue to grow well. The team maintains a buy recommendation with a 2027 target price of 35.0 baht, favoring COM7 as a full-service IT products business covering product sales, installment credit, insurance, and after-sales service, which helps boost revenue and support margins. The stock trades at a 2026 price-to-earnings ratio of only 15.4 times, about 25 percent below its historical average of 20.5 times, and offers a dividend yield of around 4.0 to 4.4 percent per year.
Com7 PCLCompany raises 2026 growth targets on accelerating same-store sales and demand across all product categories.
