Pi Securities expects Synnex (Thailand) Public Company Limited (SET: SYNEX) to report net profit in 3Q26 at THB 227 million, growing by 1.8% QoQ and 14.4% YoY. The company is also expected to record a foreign exchange gain of THB 27 million, leading to a normalized profit estimate of THB 200 million, representing an increase of 1.4% QoQ and 11.8% YoY.
Total revenue is projected to grow by 4.5% QoQ and 1.9% YoY to THB 12,341 million, with more detailed performance as follows:
- Revenue from the Apple segment is estimated at THB 3,495 million, declining 12% QoQ and 15% YoY due to ongoing product shortages carried over from the first half of 2026. The iPhone 18 Pro/Pro Max was only available for half a month (released September 18), and delivery was further delayed in the last four days of the quarter due to flooding in the Bangkok metropolitan area.
- The IT Consumer segment is forecasted to achieve revenue of THB 3,192 million, increasing by 11% QoQ and 10% YoY, mainly due to higher prices of computer components.
- The IT Commercial segment is projected to generate revenue of THB 2,090 million, up by 9% QoQ and a robust 44% YoY, driven by the private sector entering a new cycle of computer upgrades despite elevated prices.
- The Smartphone & Wearable segment is expected to see revenue of THB 2,032 million, growing 33% QoQ and 5% YoY, primarily supported by increased sales of Huawei smartwatches.
Gross margin is anticipated at 4%, improving by 4 basis points QoQ and 14 basis points YoY. This improvement is attributed to a reduced revenue contribution from the lower-margin Apple segment, which is expected to drop to 29%, compared to 34% in 2Q26/3Q25, combined with higher gross margins in the IT Consumer and IT Commercial segments, benefiting from increased prices of computer components since 1Q26.
Looking ahead to 4Q26, Pi Securities expects Apple segment revenue to recover QoQ, as the full-quarter revenue recognition from iPhone 18 Pro/Pro Max will be recorded, along with delayed shipments caused by the earlier flooding. Management revealed that the company has received a larger volume of products compared to the previous year.
However, the new iPhone Duo, launching October 23, will be available in limited quantities, with customers booking now expecting delivery in January 2027.
Pi Securities maintains its full-year profit estimates for 2026-27 at THB 856 million and THB 839 million, respectively, as the 9M26 normalized profit has reached 73% of the yearly forecast. Meanwhile, the revenue estimate for 2026 at THB 49.51 billion is set conservatively and remains below management’s target of THB 53 billion.
As a result, the brokerage reiterates a ‘Buy’ recommendation for SYNEX, with a target price of THB 11.10 per share.
