Berli Jucker Public Company Limited (SET: BJC) posted a strong financial performance for the second quarter of 2026, reporting a net profit of THB 2,882 million, representing a significant growth of 191.1% year-on-year and 172.5% quarter-on-quarter, according to a recent analysis by FSS International Investment Advisory Securities (FSSIA).
Excluding one-off items such as a THB 1.65 billion gain from land sales, foreign exchange gains, and the MM Mega Market Vietnam (MMVN) transfer tax, BJC’s normalized net profit for 2Q26 stood at THB 1,224 million. This marks a 6.7% YoY and 13.9% QoQ growth. The growth was primarily supported by the packaging segment and consistent profit contributions from MMVN, which was recognized over two months, although the operation line ran a full quarter.
Total sales increased by 13.4% YoY, largely attributed to the full consolidation of MMVN. However, if using restated figures that assume MMVN was already included in the base year, sales grew by a modest 2.6% year-on-year. This was driven by robust sales in both glass and can packaging due to higher prices and volumes, along with MMVN sales—which now account for 10% of total sales—growing by 8-9% YoY. Meanwhile, Big C Thailand’s sales declined by about 3% YoY.
Gross profit margin (GPM) for 2Q26 remained steady YoY despite MMVN’s lower margins, thanks to improved packaging margins driven by economies of scale. Based on restated figures, GPM actually increased from the previous year, supported by better margins from both MMVN and the packaging business.
MMVN’s 2Q26 performance notably improved, with same-store sales (SSS) up 6% YoY, GPM improving by 100 basis points, and profit contribution in the quarter at around THB 25 million (THB 100 million profit offset by a one-off THB 45 million transfer tax and THB 30 million in interest costs). FSSIA expects profit contributions from MMVN to be about THB 100 million per quarter in the second half of 2026.
Looking forward, two updates stand out: 1) Management has indicated there is an additional THB 1.9 billion in gains from land sales pending recognition in 2H26, depending on land transfers. 2) Big C’s SSS in July 2026 declined by 2 – 3%, but showed signs of stabilization in August, while MMVN’s SSS continued to grow by about 11-13% YoY in July.
The outlook for 3Q26 remains positive, FSSIA stated, with expectations of continuing profit growth YoY, supported by sustained performances in packaging and MMVN, as well as a stabilizing core business at Big C. The analyst firm maintains its projection for a 5.4% profit growth in 2026, with a further 8.6% increase anticipated in 2027.
FSSIA maintains its “Buy” recommendation for BJC, with a target price of THB 19.5, citing operational improvements and growing exposure to high-growth markets. These positive trends are expected to support future price-to-earnings ratio re-rating, as BJC currently trades at only 13.8x 2026 P/E, below the sector average of 15 – 16x.
In addition, BJC has announced a dividend payout of THB 0.17 per share (yielding 1%), with the ex-dividend (XD) date set for August 27, 2026.
