InnovestX sees strong Q2 2026 earnings, upgrades market profit outlook, highlights laggard and high-dividend stocks

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

InnovestX says second-quarter 2026 results for Thai listed companies are nearly complete. Based on data through August 11, about 300 companies have reported, representing almost 70% of market capitalisation. Combined net profit came to 229 billion baht, up 4% from the same period last year and 23% higher than the first quarter. Sectors with profit growth both year-on-year and quarter-on-quarter were tourism and hotels, communications, and packaging. Petrochemicals swung back to a profit from a loss a year earlier, while food and beverage earnings fell in both periods. Looking only at the 55 companies with earnings estimates, more than 50% beat expectations, 29% were in line, and only 21% missed. InnovestX therefore believes the previously expected second-quarter combined net profit of 230 to 240 billion baht could come in better than forecast. Consensus has also raised 2026 earnings per share estimates to 106.4 baht per share and 2027 to 114 baht per share, up from 97.2 and 103.9 baht respectively. After the reporting season, investors will turn their attention to second-quarter GDP due on August 17. The market expects growth of 1.7%, slowing from 2.8% in the first quarter. The investment strategy recommends selective buying through four themes. First, laggard plays such as AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, BCPG, MTC, and TIDLOR. Second, GDP plays in banking, including KBANK, BBL, and KTB, and retail, including CPALL and CPN. Third, policy plays from the Thai Travel Plus measures and government budget, such as ERW, CENTEL, AWC, CPALL, CPN, STECON, CK, SCC, and SCCC. Fourth, high dividend plays with expected interim yields above 2%, such as SCCC, ADVANC, SAT, SPALI, AH, PTT, SIRI, and TQM.

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