TISCO Securities wrote that, based on the compiled 2Q26 financial results from 678 listed companies—representing 95% of all companies on the Stock Exchange of Thailand (SET) and accounting for 98% of total market capitalization—combined net profits reached THB 390 billion. This marked a 13% increase year-on-year and a 12% rise from the previous quarter, setting a new record high for the second consecutive quarter.
The five industry groups contributing the most to total market profits—altogether making up 70% of the total—were Energy & Utilities (34%), Banking (18%), Information & Communication Technology (7%), Commerce (6%), and Petrochemicals & Chemicals (5%).
Within these, the Energy & Utilities sector saw net profits climb 22% year-on-year and 30% quarter-on-quarter. The Information & Communication Technology sector experienced gains of 41% over the previous year and 29% from the prior quarter. The Petrochemicals & Chemicals group returned to profit, with net income nearly ten times higher than the preceding quarter.
Conversely, sectors that saw declines both year-on-year and quarter-on-quarter included Food & Beverage, with profits dropping 37% from the previous year and by 6% compared to the last quarter, and Transportation & Logistics, which posted a 55% decrease year-on-year and a 56% decline from the first quarter.
Comparing the declared 2Q26 net profits from 140 companies to Bloomberg Consensus estimates, TISCO found that 45% reported earnings above expectations, 32% were in line, and 23% came in below consensus.
Large-cap firms delivering better-than-expected results were primarily in the Energy & Utilities and Petrochemicals & Chemicals sectors, particularly companies in the PTT Group, which posted higher-than-expected profits due to improved petrochemical spreads, refinery margins, and gas business performance. In the construction materials sector, SCC’s performance was driven by the recovery in SCGC’s petrochemical business, SCGP’s packaging operations, and additional dividend income.
In the transportation and logistics segment, Airports of Thailand (AOT) exceeded forecasts in part thanks to a reversal of bad debt provisions related to Thai Airways (THAI) after its business rehabilitation exit, along with reduced employee benefit costs. The banking sector benefited from high fee-based income, especially in wealth management services, and effective cost management, leading to several large banks outperforming market expectations.
TISCO Securities also noted that, following the second quarter earnings season, market profit forecasts have continued to be raised. The 2026 SET Index EPS has been revised up by 8.4% to THB 110.4 per share, and by 2.7% to THB 115.1 per share for 2027, marking all-time highs. Since the onset of the U.S.-Iran conflict, the 2026 and 2027 SET EPS forecasts have been raised by 15.6% and 13% respectively, reflecting a positive earnings outlook for Thai listed firms and supporting the broader equity market.
TISCO commented that, if company earnings grow in line with projections, Thai equities remain attractively valued compared to historical averages. Excluding Delta Electronics (Thailand) (DELTA), the 12-month forward price-to-earnings ratio would decrease from 14.5 times to 12.5 times.
Currently, almost 60% of listed Thai companies are trading below book value. The Thai market’s dividend yield remains relatively high compared to regional peers. TISCO sees potential for continued upside in Thai equities for the rest of 2026, maintaining its SET Index target at 1,670 for this year and 1,714 for 2027.
For short-term investment, TISCO recommends stocks likely to benefit from positive earnings revisions and favorable second-half outlooks. These include AMATA Corporation (AMATA), Bangchak Corporation (BCP), Berli Jucker (BJC), Central Plaza Hotel (CENTEL), GFPT, IRPC, PTT, and Tipco Asphalt (TASCO).
The tourism sector is expected to benefit from the ‘Thai Tiew Thai Plus’ campaign, the peak travel season, and various end-of-year events, with companies such as Asset World Corp (AWC), CENTEL, The Erawan Group (ERW), Minor International (MINT), Siam Wellness Group (SPA), Airports of Thailand (AOT), and Thai Airways (THAI) among the main beneficiaries.
Interesting mid- and large-cap stocks participating in this year’s Thailand Focus event include AMATA, BJC, Carabao Group (CBG), CH. Karnchang (CK), Com7 (COM7), Central Pattana (CPN), Kasikornbank (KBANK), Krung Thai Bank (KTB), Plan B Media (PLANB), and SCGJWD Logistics (SJWD).
Furthermore, TISCO also noted that stocks with dividend yields over 2% and more than 10% upside on price dips present accumulation opportunities, such as AMATA (THB 0.60 dividend per share), Ichitan Group (ICHI, THB 0.45 dividend), and Mega Lifesciences (MEGA, THB 0.85 dividend)—all of which mark an ex-dividend (XD) date on August 26, 2026.
