Kasikorn Securities (KS) expressed a positive view on Com7 Public Company Limited (SET: COM7), following the company’s discussion via the Opportunity Day event for the first quarter of 2026. The company reaffirmed its 2026 revenue growth target, projecting a 10% year-on-year (YoY) increase.
Net profit is also expected to grow by 10-15% YoY, with an ambitious target for the U-Fund loan portfolio maintained, aiming for THB 6-7 billion, a significant growth of 73-102% YoY. The number of branches by the end of the year is anticipated to reach 1,400.
Year-to-date revenue through May continues to exhibit strong double-digit growth YoY, driven primarily by the performance in the smartphone segment. The company commented that the iPhone supply situation has normalized when compared with the more constrained conditions experienced in March.
COM7 also reaffirmed its target for electric vehicle (EV) sales at 4,400 units for the year, which represents a 20% YoY increase. As of the most recent update, year-to-date EV sales have reached 999 units. Currently, EVs contribute less than 5% to the company’s total revenue.
Solar product sales in 1Q26 grew by 45% YoY. The company noted that government policies encouraging solar installation have supported robust year-to-date sales, with the figures for March and April surging by 300% YoY. However, the proportion of solar revenue to total revenue was not disclosed.
As of now, the U-Fund interest rates for personal loans range from 0.99% to 1.99% per month, while student loans are offered at a rate of 2.75% per month.
Kasikorn maintains a ‘Buy’ recommendation for COM7, with a target price of THB 25.56 per share. Although the share price has declined by 4-5% on Wednesday, which the brokerage attributes to a ‘sell on fact’ reaction following the strong first quarter results, an appropriate entry point for investors is expected to be at the THB 21-22 level.
This corresponds to a 2026 price-to-earnings ratio (PER) of 11x, aligned with a projected 10% earnings growth over the next three years and compared to Advice, which is currently trading at a 2026 PER of 11.7x. Thus, Kasikorn views this price range as an attractive opportunity for re-entry.
