On Friday, the share price of Com7 Public Company Limited (SET: COM7) at the time of 11:21 a.m. was at THB 20.60, a THB 1.50 or 7.85% increase with a total trading value of THB 264.92 million.
Maybank Securities (Thailand) (MST) reiterates its “Buy” recommendation on COM7 with a target price of THB 29.50, citing two main reasons: 1) Core profit in 2Q25 is expected to show robust growth, increasing 27% year-on-year, while the full-year 2025 core profit is forecast to rise 14% compared to last year; and 2) the dividend yield is projected to stand at approximately 5% for 2025-2026.
However, Maybank notes there is a potential downside of around 27% in 2025 core profit if economic conditions weaken, which could pressure both revenue and gross margin during the second half of the year. On the upside, a 5% boost to core profit in 2026 could materialize from the company’s EV rental and solar panel businesses.
For 2Q25, Maybank estimated COM7’s core profit at THB 929 million, up 27% year-on-year, on revenue of THB 20.4 billion, which is an 11% increase over the same period last year. This revenue growth is primarily supported by stronger sales of AI-featured Android smartphones, iPhone 16, and iPad.
Moreover, core profit is expected to outpace revenue growth owing to three factors: 1) an increase in gross margin; 2) a decline in SG&A-to-revenue ratio (as store rental and utility expenses remain stable); and 3) higher profit sharing from NCAP and Gold Integrate.
