KGI raises 2026 SET target to 1,820 points after Q2 profit beats expectations

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Summary · why it matters

KGI Securities has raised its 2026 SET index target to 1,820 points after second-quarter 2026 profit for companies under its coverage came in 10% above expectations. Combined profit was 302 billion baht, up 13% from both a year earlier and the previous quarter. Excluding the energy and petrochemical sectors, however, profit fell 26% year-on-year and 6.2% quarter-on-quarter, due to a high base from GULF's special profit in the second quarter of 2025. The research team said 40% of stocks under coverage beat earnings expectations, 41% were in line, and 20% missed. Electronics, transport, and banking delivered strong results, while tourism and media were broadly neutral. Momentum in earnings-per-share upgrades is peaking and is expected to stabilise over the rest of the year. The new target still implies 12% upside from current levels, but it is quite challenging because earnings upgrades are concentrated in the energy sector, which is cyclical and trades at a lower price-to-earnings ratio than other sectors. Stocks that still offer upside to target prices include CPALL, CPN, KBANK, KTB, and GULF.

Impact on stocks 5

Financials▲ · 2 stocks
Digital Finance & Tokenization▲ · 1 stocks
Real Estate▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
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