Kiatnakin Phatra Securities (KKPS) has upgraded its recommendation on Thai Airways International (THAI) from 'Hold' to 'Buy', and raised its target price to 9.20 baht from 7.00 baht. The brokerage expects core profit in the third quarter of fiscal year 2026 to be 2,000-3,000 million baht, up from 1,200 million baht in the second quarter of fiscal year 2026, with momentum accelerating into 2027. This is supported by higher fares, with passenger yield up 20% in the first quarter of fiscal year 2026, and market share gains from low-cost carriers and Middle Eastern airlines, from about 30% to 40% of international passengers. KKPS also raised its earnings estimates for 2026-2028 by 1-5%, projecting net profit of 19,332 million baht in 2026, rising to 23,973 million baht in 2027, and 27,623 million baht in 2028. Key risks include Middle East conflicts that could push oil prices higher than expected.
Thai Airways International Public Company LimitedKKPS upgrades THAI to Buy and raises target price to 9.20 baht, citing higher fares and market share gains.
