Kasikorn Securities remains optimistic about Thailand’s gadget sector, highlighting Apple products as a primary driver for revenue and profit growth in 2026. Insights gathered from a recent C-series event with SPVI’s CEO revealed that the company has set a revenue growth target of 10% year-on-year (YoY), aligning with the positive outlook across the gadget sector.
SPVI’s growth strategy centers around strong sales of Apple devices such as the iPhone 17, iPhone N-1, iPad, and related accessories. The company also plans to improve profitability by closing unprofitable branches and expanding into the education and enterprise solutions market. While April sales are expected to remain stable YoY, the launch of the MacBook Neo is anticipated to boost sales figures in the second quarter of 2026.
Kasikorn believes SPVI’s trajectory reflects the broader sector trend, supported by robust double-digit Apple product growth. Other leading players, such as COM7, ADVICE, and SYNEX, share this optimistic view. Sector-wide, first-quarter earnings for 2026 are expected to remain strong, despite possible short-term consumer sentiment pressure from geopolitical tensions—risks that could be mitigated by Apple’s upcoming product launches.
For Q1/2026, ADVICE is projected to lead profit growth with a net profit of THB 86 million (+36% YoY, +37% QoQ), followed by COM7 with THB 1.18 billion (+18% YoY, -8% QoQ) and SIS with THB 217 million (+16% YoY, -18% QoQ). The expansion of gross profit margins has been cited as a key positive factor.
Kasikorn Securities continues to favor COM7 (“Buy,” target price THB 25.56) and SIS (“Buy,” target price THB 25.35) as top sector picks, citing attractive valuations and solid dividend yields. Both trade at appealing P/E ratios for 2026—11.6x for COM7 and 7.8x for SIS—against core EPS growth CAGRs of 10% and 9%, respectively.
KS expects a robust smartphone replacement cycle and higher margins from increased memory and storage product prices to fuel further growth in 2026. Upcoming Apple Inc. earnings on April 30 could deliver additional momentum to sector sentiment and share prices.
