Top Stories
Sector Update | Banking
Banks under our coverage reported a combined net profit of Bt63.7b, down 1% yoy and 3% qoq, in line with our and the market’s expectations. Many banks reported a strong bottom line, driven by strong fee and service income amid favourable US and domestic stock markets. The banking sector reported a yoy and qoq reduction in credit cost. We expect an improvement in banking asset quality and credit cost in 2H26. Maintain OVERWEIGHT. Our top picks are KBANK and KTB.
Company Update | Praram 9 Hospital (PR9 TB/BUY/Bt18.00/Target: Bt24.60)
PR9 is expected to deliver a strong 2Q26 earnings growth, driven by the rapid recovery of Middle Eastern patient numbers, robust Myanmar patient numbers growth, and improved margins on lower SG&A and effective cost management. The outlook for 2H26 remains positive as Middle Eastern patient arrivals continue to strengthen, with Kuwait referrals showing encouraging signs of resuming. PR9's budget-premium positioning, differentiated specialty services, and planned treatment price increases further support earnings growth. Maintain BUY with a target price of Bt24.60.
Company Update | Thai Oil (TOP TB/HOLD/Bt63.00/Target: Bt66.00)
We forecast 2Q26 net profit at Bt7.52b (-61% qoq), mainly dragged by stock losses. However, core profit is expected to improve significantly qoq, supported by a stronger market GRM. Looking ahead, the government's second round of diesel ex-refinery price cuts in 3Q26 is expected to reduce TOP's earnings by no more than Bt890m but reinforces concerns over continued government intervention in the refining sector. Maintain HOLD. Target price: Bt66.00 (previously Bt50.00).
Company Update | WHA Corporation (WHA TB/BUY/Bt5.45/Target: Bt6.30)
We expect WHA to report its 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq). Revenue should edge up 0.7% yoy and 6.0% qoq, driven by higher revenue from the industrial estate and utility businesses. We expect gross margin to ease from 50.1% in 1Q26 to around 48.5% in 2Q26 due to lower-margin land transfers. Management retains its 2026 Thailand land sales target of 2,300 rai. Maintain BUY with a higher target price of Bt6.30.
What’s Inside
Company Update | PTT Oil and Retail (OR/HOLD/Bt12.60/Target: Bt11.90)
We expect OR to report a net loss of Bt1.23b in 2Q26, mainly due to significant stock losses impacting marketing margins, coupled with the seasonal low period for its businesses. However, we expect OR’s earnings to recover and turn profitable in 3Q26. Nevertheless, the recent acceleration in oil prices could increase the risk of government intervention measures, which may pressure fuel marketing margins. Maintain HOLD. Target price Bt11.90.
Top Stories
Sector Update | Banking
Banks under our coverage reported a combined net profit of Bt63.7b, down 1% yoy and 3% qoq, in line with our and the market’s expectations. Many banks reported a strong bottom line, driven by strong fee and service income amid favourable US and domestic stock markets. The banking sector reported a yoy and qoq reduction in credit cost. We expect an improvement in banking asset quality and credit cost in 2H26. Maintain OVERWEIGHT. Our top picks are KBANK and KTB.
Company Update | Praram 9 Hospital (PR9 TB/BUY/Bt18.00/Target: Bt24.60)
PR9 is expected to deliver a strong 2Q26 earnings growth, driven by the rapid recovery of Middle Eastern patient numbers, robust Myanmar patient numbers growth, and improved margins on lower SG&A and effective cost management. The outlook for 2H26 remains positive as Middle Eastern patient arrivals continue to strengthen, with Kuwait referrals showing encouraging signs of resuming. PR9's budget-premium positioning, differentiated specialty services, and planned treatment price increases further support earnings growth. Maintain BUY with a target price of Bt24.60.
Company Update | Thai Oil (TOP TB/HOLD/Bt63.00/Target: Bt66.00)
We forecast 2Q26 net profit at Bt7.52b (-61% qoq), mainly dragged by stock losses. However, core profit is expected to improve significantly qoq, supported by a stronger market GRM. Looking ahead, the government's second round of diesel ex-refinery price cuts in 3Q26 is expected to reduce TOP's earnings by no more than Bt890m but reinforces concerns over continued government intervention in the refining sector. Maintain HOLD. Target price: Bt66.00 (previously Bt50.00).
Company Update | WHA Corporation (WHA TB/BUY/Bt5.45/Target: Bt6.30)
We expect WHA to report its 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq). Revenue should edge up 0.7% yoy and 6.0% qoq, driven by higher revenue from the industrial estate and utility businesses. We expect gross margin to ease from 50.1% in 1Q26 to around 48.5% in 2Q26 due to lower-margin land transfers. Management retains its 2026 Thailand land sales target of 2,300 rai. Maintain BUY with a higher target price of Bt6.30.
What’s Inside
Company Update | PTT Oil and Retail (OR/HOLD/Bt12.60/Target: Bt11.90)
We expect OR to report a net loss of Bt1.23b in 2Q26, mainly due to significant stock losses impacting marketing margins, coupled with the seasonal low period for its businesses. However, we expect OR’s earnings to recover and turn profitable in 3Q26. Nevertheless, the recent acceleration in oil prices could increase the risk of government intervention measures, which may pressure fuel marketing margins. Maintain HOLD. Target price Bt11.90.
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