On Monday at 11:21 AM (Bangkok time), the share price of Com7 Public Company Limited (SET: COM7) rose by 1.54%, or THB 0.50, to THB 33.00, with a trading value of THB 86.52 million.
Phillip Securities (Thailand) views COM7 as transitioning from a conventional electronics retailer into a broader business ecosystem designed to generate recurring revenue from its existing customer base. The contribution of subsidiaries and other businesses to the company’s total profit has increased from 15% in 2018 to 31% in 2025 and 46% in 1H26.
UFUND, the company’s smartphone installment financing business, is a key contributor to this expansion. New loan disbursements reached THB 5.8 billion in the first half of 2026, surging 223% YoY, while its outstanding loan portfolio expanded to THB 6.7 billion. Despite the rapid growth, its non-performing loan ratio remained low at 0.84%.
Another contributor is iCare, the company’s insurance business, which recorded a 291% increase in profit during the first half of 2026. iCare is also undertaking a capital increase by offering additional shares to PLANB at 2.8x its book value.
Other businesses supporting COM7’s ecosystem include EV7, its electric taxi operation, which has expanded its fleet to 3,829 vehicles and is targeting more than 5,000 units by the end of 2026. The company also has exposure to the AION electric vehicle business and BaNANA Solar.
COM7’s net profit increased 27.5% in 1H26. Phillip estimates normalized profit for the third quarter at THB 1.25 billion, representing growth of 43% YoY—bringing nine-month earnings to approximately 72% of its full-year forecast, in line with the historical average.
The brokerage projects normalized net profit for 2026 at THB 5.26 billion, up 28% YoY, exceeding management’s target of at least 20% growth. The fourth quarter, traditionally the company’s strongest period, would require earnings of only THB 1.46 billion to meet the full-year estimate.
For 2027 and 2028, Phillip forecasts earnings growth of 8.4% and 8.1%, respectively, with profit reaching THB 5.7 billion and THB 6.16 billion. Earnings per share are projected at THB 2.42 in 2027 and THB 2.61 in 2028—supported by new branches, premium product offerings, and the development of additional businesses. Notably, growth is projected to moderate from 2026 levels following iCare’s transition from a subsidiary to an associated company.
Phillip initiates coverage of COM7 with a ‘Buy’ recommendation and a 2027 fundamental value of THB 36.25 per share. The valuation is based on a price-to-earnings ratio of 15x its projected 2027 EPS of THB 2.42.
The brokerage’s positive stance reflects four factors: expectations of consecutive record earnings, with potential upside from the fourth-quarter performance; improving earnings quality through the expansion of higher-margin businesses; an attractive valuation at approximately 13.5x its projected earnings for next year, below its target P/E multiple; and an estimated total return of around 15%, including an expected dividend yield of approximately 4.4%.
