Reading third-quarter earnings signals to screen for strong-growth stocks

Earnings
โดย thunhoon.com·TH·Read original
Summary · why it matters

Third-quarter net profit of Thai listed companies is expected to expand from a year earlier but slow from the previous quarter, with the main support coming from higher energy prices, petrochemical spreads, mobile and internet service revenue, electronics demand, as well as new power generation capacity and profit from GULF's overseas power plant business. Meanwhile, higher jet fuel costs are pressuring the airline group, and narrowing interest margins are pressuring the banking group. Groups whose core profit is expected to grow from a year earlier are led by energy, petrochemicals and construction materials, supported by average Brent crude prices in July to August rising 28% from a year earlier and Singapore GRM refining margins rising 434% from a year earlier. The electronics group is supported by strong AI and data center demand, with DELTA Taiwan's power electronics sales in July growing 59% from a year earlier and 17% from the previous quarter. KCE expects PCB revenue may rise 17 to 19% from the previous quarter thanks to product price increases effective from July 1, which should lift average selling prices by about 9 to 10%. HANA is seeing IC capacity utilization recover, and AI-related products are expected to begin commercial production from the third quarter. The communications group is supported by mobile and internet service revenue. The hospital group expects revenue to return to growth both from a year earlier and from the previous month in July, supported by Thai and Middle Eastern patients, with flights from the Persian Gulf estimated to have recovered to pre-war levels since early July. The retail group saw same-store sales rise 1% from a year earlier in July, led by IT product retailers, with COM7 expecting total sales to grow 15% from a year earlier and ADVICE growing 17% from a year earlier. CPALL expects same-store sales to expand 0.5% from a year earlier on average in July to August, while Makro was flat and Lotus contracted 5% from a year earlier. The tourism group saw revenue per available room in July at AWC rise 26% from a year earlier, CENTEL rise 8% from a year earlier, ERW rise about 5% from a year earlier, and MINT rise 4% from a year earlier. Groups whose core profit is expected to decline from a year earlier are led by transport, pressured by higher jet fuel costs, banking, pressured by persistently narrowing interest margins, and meat, pressured by lower meat prices, with average pork prices in July falling 14% from a year earlier and chicken prices falling 1% from a year earlier. Meanwhile, the pet food export group expects sales to still grow 10% from a year earlier and 7% from the previous quarter in July. Analysts recommend being selective in stocks whose third-quarter earnings trends are still expected to grow strongly, have not seen sharp earnings downgrades over the past three months, and have clear positive factors supporting recovery. These include KCE in electronics, CBG in beverages, which expects domestic energy drink sales to grow 10% from a year earlier and Myanmar sales to grow 70% from a year earlier in the third quarter of 2026, ITC in pet food exports, BH and BDMS in hospitals, AOT and CENTEL in tourism and airports, and GPSC in power plants, which recognizes full-quarter profit from GHECO-One and Glow IPP power plants.

Impact on stocks 17

Consumer Discretionary▲ · 5 stocks
Com7 PCL
COM7
▲ PositiveDemandrelevance

COM7 expects total sales to grow 15% from a year earlier, led by IT product retailers.

Energy Transition & Power Demand▲ · 2 stocks
Semiconductors▲ · 2 stocks
Consumer Staples▲ · 2 stocks
Electrification & Mobility▲ · 1 stocks
Aging Population▲ · 1 stocks
Health Care▲ · 1 stocks
Bumrungrad Hospital PCL
BH
▲ PositiveDemandrelevance

Hospital group revenue expected to return to growth supported by Thai and Middle Eastern patients.

Industrials▲ · 1 stocks
Real Estate▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks

Theme Impact 4

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