Key Indices
Top Stories
Company Update | Amata Corporation (AMATA TB/BUY/Bt30.50/Target: Bt38.00)
- We attended AMATA’s 2Q26 analyst meeting, which had a neutral tone. The land transfer momentum is expected to continue into 2H26 and 2027, supported by a more consistent transfer pace. The company has over 1,000 rai of high-potential customers, including around 300 rai from six data centre operators. Vietnam land transfers are expected in 4Q26, while gross margin may soften slightly on a lower contribution from the Rayong Smart City site. Maintain BUY with an unchanged target price of Bt38.00.
Company Update | Carabao Group (CBG TB/BUY/Bt57.00/Target: Bt66.00)
- We remain positive on CBG with 3Q26 earnings expected to return to yoy growth and increase qoq. 3Q26 top-line growth is expected to be supported by continued growth in domestic sales, which should increase both yoy and qoq. International sales are also expected to gradually recover, led by the Myanmar market, and should offset the absence of Cambodia sales, supporting an international sales return to yoy growth in 4Q26. Maintain BUY with a target price of Bt66.00.
Company Update | Thai Airways (THAI TB/BUY/Bt5.80/Target: Bt6.80)
- THAI’s 3Q26 outlook is improving, supported by stronger bookings and cabin factors, particularly on European routes, while Sep 26 bookings are also growing yoy. Lower fuel costs and stable maintenance and employee expenses should drive a qoq unit margin improvement. THAI retains flexibility to raise fares through fuel surcharges if jet fuel prices rise, while 40% fuel hedging provides further protection. Domestic promotions should support market share gains. Maintain BUY with a target price of Bt6.80.
Top Stories
Company Update | Amata Corporation (AMATA TB/BUY/Bt30.50/Target: Bt38.00)
- We attended AMATA’s 2Q26 analyst meeting, which had a neutral tone. The land transfer momentum is expected to continue into 2H26 and 2027, supported by a more consistent transfer pace. The company has over 1,000 rai of high-potential customers, including around 300 rai from six data centre operators. Vietnam land transfers are expected in 4Q26, while gross margin may soften slightly on a lower contribution from the Rayong Smart City site. Maintain BUY with an unchanged target price of Bt38.00.
Company Update | Carabao Group (CBG TB/BUY/Bt57.00/Target: Bt66.00)
- We remain positive on CBG with 3Q26 earnings expected to return to yoy growth and increase qoq. 3Q26 top-line growth is expected to be supported by continued growth in domestic sales, which should increase both yoy and qoq. International sales are also expected to gradually recover, led by the Myanmar market, and should offset the absence of Cambodia sales, supporting an international sales return to yoy growth in 4Q26. Maintain BUY with a target price of Bt66.00.
Company Update | Thai Airways (THAI TB/BUY/Bt5.80/Target: Bt6.80)
- THAI’s 3Q26 outlook is improving, supported by stronger bookings and cabin factors, particularly on European routes, while Sep 26 bookings are also growing yoy. Lower fuel costs and stable maintenance and employee expenses should drive a qoq unit margin improvement. THAI retains flexibility to raise fares through fuel surcharges if jet fuel prices rise, while 40% fuel hedging provides further protection. Domestic promotions should support market share gains. Maintain BUY with a target price of Bt6.80.
Key Indices
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