Bualuang Securities (BLS) stated that the aggregated earnings of listed companies for the first quarter of 2026, based on its analysis, totaled THB 344.2 billion. This represents a 29% increase year-on-year and a 56% increase from the previous quarter, surpassing market expectations by 14.7%.
The most outstanding sector was the energy and utilities industry, which posted a combined net profit of THB 107.07 billion. This was an increase of 84% year-on-year and 77% quarter-on-quarter, driven by higher energy prices.
Commercial banks continued to generate the second-highest profit among industry groups, reporting a net profit of THB 70.5 billion, up 1% from the same period last year and rising 9% from the prior quarter.
The commerce sector reported a net profit of THB 22.88 billion, reflecting a 13% year-on-year increase and a 34% gain from the previous quarter, while the transportation sector posted a net profit of THB 22.91 billion, up 2% year-on-year and marking a substantial 128% rise quarter-on-quarter.
In the telecommunications sector, net profit reached THB 21.39 billion, a 20% increase from the same period last year, though down slightly by 1% from the previous quarter. This performance was supported by higher service revenues and a 4-5% increase in average revenue per user (ARPU).
The technology sector remained a market highlight. Electronic components companies recorded a net profit of THB 10.56 billion, up 46% year-on-year and 28% from the previous quarter, buoyed by sustained demand for products connected to AI and data centers.
Meanwhile, the construction materials sector achieved a net profit of THB 9.86 billion, representing a 131% increase year-on-year, driven by higher cement prices and improved product margins.
According to Bualuang, the profit outlook for 2Q26 remains positive, particularly for the energy and petrochemical sectors. This is underscored by the average refining margin rising to $25.1 per barrel during April-May, up 366% from the same period last year.
The favored investment strategy continues to emphasize market-leading stocks with exposure to infrastructure development and direct foreign investment (FDI). The recommended stocks include GULF, AMATA, and ADVANC, while companies expected to see continued earnings growth in the second quarter include COM7 and CPN.
