Yuanta Securities said TQM Alpha reported second-quarter 2026 net profit of 171 million baht, down 7.8% from the previous quarter but up 4.3% from a year earlier, and 7.8% below market expectations. Gross margin fell to 45.1% from 46.8% in the second quarter of 2025 because of higher sales support expenses. The broker still keeps its 2026 net profit forecast at 765 million baht, up 3.9% from last year, and expects growth of 2.7% in 2027, seeing a second-half recovery from motor insurance and EV insurance policies that are gradually being renewed. TQM offers a high dividend yield of about 7% per year. It recently announced an interim dividend of 0.65 baht per share, with the stock trading ex-dividend on 26 August and payment on 10 September, representing a yield of 4%. Yuanta therefore maintains a buy rating with a 2027 fair value of 20 baht.
TQM Corporation Public Company LimitedQ2 profit missed estimates and gross margin fell due to higher sales support expenses.
