Thai information technology retailers are expected to maintain robust growth, despite forecasts of a domestic economic slowdown in the second half of 2025, according to Financia Syrus Securities.
The brokerage sees continued strong demand for IT products, driven by a new cycle of device upgrades, advancements in technology, and greater consumer access to credit.
Financia Syrus projects that the sector’s earnings will post an average compound annual growth rate (CAGR) of 11.6% from 2025 to 2027, outpacing many other Thai retail segments. At present, IT retail stocks such as COM7 and Synnex (SYNEX) are trading at relatively conservative price-to-earnings (P/E) multiples of 14 to 15 times, lower than those seen in staple goods and home-related retail, despite the superior growth outlook.
For 2025, Financia Syrus expects COM7’s net profit to climb 21% year-on-year, while SYNEX is forecast to expand by 14%. Notably, share prices in this group have yet to reflect these fundamentals, having underperformed the broader market.
Financia Syrus remains “Overweight” on the sector, highlighting SYNEX as its top pick with a target price of THB 14.5. The broker points to SYNEX’s valuation discount and strong earnings profile as key reasons for its preference.
