On Friday, the share price of Com7 Public Company Limited (SET: COM7) at the time of 11.26 was at THB 21.90, a THB 0.70 or 3.30% increase with a total trading value of THB 251.46 million.
Krungsri Securities (KSS) maintains its “Buy” recommendation for COM7, reflecting the company’s robust core profit growth prospect in 4Q25 and throughout 2026, which is projected to grow by 16% year-on-year. The estimated 4Q25 core profit is THB 1.2 billion, up 17% YoY and 37% from the previous quarter, mainly driven by strong sales of the iPhone 17.
Furthermore, the target price calculated using the Sum-of-the-Parts (SoTP) method remains at THB 32. The key catalyst for a share price re-rating comes from the likelihood of the market upgrading its earnings forecast. KSS’ core profit forecasts for 2026/2027 are about 8% higher than market estimates. Moreover, COM7 is trading at only 11 times the 2026 Price-to-Earnings ratio (P/E), the lowest among retail stocks, despite boasting a high Return on Equity (ROE) of 39%.
KSS’ analysts expect 4Q25’s core profit growth to be supported by an 11% increase in revenue from iPhone 17 sales, as well as expanded gross margins due to smaller price discounts compared to 4Q24, and a higher revenue contribution from the UFUND and iCare Insurance businesses. Quarter-on-quarter profit growth is attributed to a full-quarter realization of iPhone 17 sales.
Meanwhile, revenue in January 2026 continued to grow at a double-digit pace YoY, despite the absence of the government’s “Easy E-Receipt” tax reduction scheme. The main drivers are still robust iPhone 17 sales and a rebound in Android smartphone sales, following a contraction in the third and fourth quarter of 2025.
For 2026, core profit is expected to grow by 16%, boosted by the UFUND business (9.9% contribution), IT retail (5.4%), and the EV Taxi business (1.0%). UFUND’s net profit is projected to reach THB 489 million in 2025 and THB 890 million in 2026, accounting for 12% and 19% of COM7’s core profit, respectively.
Additionally, UFUND is expected to end 2025 and 2026 with loan portfolios of THB 4.3 billion and THB 6.6 billion, respectively. The 2026 growth will be supported by expanded distribution channels—including 500 franchise stores in 2Q26 and another 7,000 partner outlets in the year’s second half.
For the IT retail business, key growth drivers in 2026 include the launch of an improved AI version for the iPhone, expected in 2Q26, and the first foldable iPhone model, which is anticipated to be released around September.
