KGI Securities (Thailand) has raised its rating on Com7 Public Company Limited (SET: COM7) to ‘Outperform’ from ‘Neutral,’ citing surging demand for the recently launched iPhone 18 Pro series and optimistic prospects for the upcoming iPhone Duo.
During a recent online meeting with COM7 management, the company reported double-digit growth in iPhone 18 unit sales over its predecessor, with a record-high delivery volume achieved within the first three days of pre-order pickup.
Competitive pricing—an increase of only $100 on the iPhone 18 compared to more significant hikes for Chinese flagship brands—was identified as a key factor behind the robust consumer response. Pre-orders for the highly anticipated iPhone Duo, set to begin on October 16 with an official sales date of October 23, are also expected to attract strong demand.
Notably, KGI’s research anticipates Apple will ship 6 million foldable iPhones in 2026, increasing to 14 million by 2027, making the tech giant the second-largest foldable smartphone brand worldwide.
COM7’s earnings outlook continues to improve amid resilient iPhone demand and growth in non-IT business, such as U-Fund and iCare. KGI forecasts third-quarter 2026 earnings of THB 1.3 billion, up 50% year-on-year and flat quarter-on-quarter, bringing nine-month 2026 earnings to THB 3.8 billion, which represents an increase of 34% year-on-year.
The brokerage has revised up its 2026-2027 earnings forecasts for COM7 by 10% and 12%, respectively, and rolled its end-2027 target price to THB 36.00 from THB 30.00 per share.
With anticipated earnings growth of 32% in 2026 and 13% in 2027, and approximately 15% upside to the new target price, KGI expects continued earnings momentum through the high season in 4Q26, supported by iPhone Duo demand.
