Asia Plus Securities has raised its target price for JMART to 12.80 baht and upgraded its recommendation from Sell to Buy, after second-quarter 2026 net profit came in at 213 million baht, up 31% from the previous quarter and 92% from a year earlier. Total revenue slipped 1% to 3.77 billion baht. The mobile distribution business Jmart Mobile posted flat revenue of 2.5 billion baht, while the debt collection business JMT saw revenue fall 6% to 993 million baht. Profit still grew because gross margin rose to 31% from 28.5% and share of profit from associates increased. The research team expects second-half profit to keep improving both quarter on quarter and year on year, driven by Jmart Mobile expanding to 100 branches, a recovery in debt collection at JMT and JK, and the Thai Chuay Thai Plus measures starting in the third quarter, while credit loss provisioning expenses are likely to decline. First-half net profit accounted for 69% of the full-year estimate, prompting the broker to raise its 2026 profit forecast by 52% to 789 million baht, a turnaround from a net loss of 162 million baht, and to lift its 2027 forecast to 1.0 billion baht, up 32% from the previous year. The new target price uses a sum-of-the-parts method based on an average JMT target price of 12.75 baht from the IAA Consensus and narrows the discount to net asset value from 50% to 30%.
Jay Mart Public Company LimitedBroker raises target to 12.80 baht and upgrades to Buy after strong Q2 profit.
JMT Network Services Public Company LimitedBroker expects recovery in debt collection at JMT and raises profit forecasts, with JMT target price of 12.75 baht.
