Listed company profits in Q2 2026 at 276 billion baht, down 10.5% year-on-year

Analyst
โดย thunhoon.com·Read original
Summary · why it matters

CGS International Securities Thailand forecasts that net profits of Thai listed companies in the second quarter of 2026, covering 127 firms or 86.7 percent of market capitalization, will total 276 billion baht, a decline of 10.5 percent from the same period last year and down 5.3 percent from the previous quarter. The main drag came from the energy sector due to weaker refining margins, and the transport sector which was hit by the low season for airlines. Meanwhile, petrochemicals, electronics, ICT, and tourism were key supports for the market. Energy sector profits are expected to fall 26.6 percent year-on-year and 11.3 percent quarter-on-quarter. Transport sector profits are seen dropping 72.1 percent year-on-year and 74.5 percent quarter-on-quarter, weighed by weaker results at AAV and THAI. Petrochemical profits are forecast to surge 326.4 percent from a low base last year, led by IVL and PTTGC. Electronics profits are expected to grow 89 percent, and ICT profits to rise 26 percent, helped by easing competition and improved ARPU at ADVANC and TRUE. Tourism benefited from the European travel season for MINT. Stocks expected to show outstanding profit growth both year-on-year and quarter-on-quarter include IVL, PSL, and BGRIM. Stocks with accelerating profit momentum from the previous quarter include MINT, SC, and 3BBIF. The stocks forecast to grow the most year-on-year are BGRIM, up 7,305.8 percent, IVL up 982.9 percent, PSL up 771.9 percent, SPRC up 666.8 percent, and AMATA up 599.1 percent, mostly driven by low profit bases last year and industry recovery. In terms of quarter-on-quarter momentum, the stocks expected to see the biggest profit increases are MINT, up 452 percent, SC up 441.7 percent, IVL up 263.3 percent, PSL up 169 percent, and PTTEP up 121.2 percent, supported by seasonal factors, a recovery in the hotel business, property transfers, and improved sales volumes and margins in energy and petrochemicals. CGSI has also selected top picks under its Quality and Earnings Momentum strategy, focusing on stocks with profit growth both year-on-year and quarter-on-quarter, Outperform recommendations, and low volatility. These include PTTEP, MINT, SC, BAREIT, TVO, IVL, TNP, ZEN, BANPUU, and PR9.

Impact on stocks 19

Energy± Mixed · 3 stocks
Star Petroleum Refining Co Ltd
SPRC
▼ NegativeSupplyrelevance

Energy sector profits expected to fall 26.6% YoY due to weaker refining margins, impacting Star Petroleum Refining.

Industrials± Mixed · 2 stocks
Consumer Discretionary▲ · 2 stocks
Cloud & Digital Infrastructure▲ · 2 stocks
Consumer Staples▲ · 2 stocks
Materials▲ · 1 stocks
Aerospace & Aviation▼ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
Critical Materials & Supply Chain▲ · 1 stocks
Indorama Ventures PCL
IVL
▲ PositiveCapitalrelevance

IVL expected to show outstanding profit growth both YoY and QoQ, up 982.9% YoY.

Real Estate▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Health Care▲ · 1 stocks
Others▲ · 1 stocks

Off-coverage companies 1

3BB Internet Infrastructure FundPrivate▲ Positive
Capitalrelevance

Listed as stock with accelerating profit momentum from previous quarter.

© 2026 MarketDXNews