Consumer Discretionary Distribution & Retail

Japan Exchange Group announced on the 7th that it will add 35 companies, including Seria, to the TOPIX index as part of the periodic reshuffle of constituents of the Tokyo Stock Exchange's stock price index, which begins at the end of this month. The new additions, besides Seria, include Japan McDonald's Holdings, Toei Animation, and GO, comprising 23 companies from the Standard Market and 12 from the Growth Market; until now, only companies from the former TSE First Section were eligible. The number of constituent stocks is expected to rise from the current 1,634 to 1,669. Meanwhile, 683 companies that do not meet criteria such as market capitalization will be designated as transition-measure stocks, with their index weightings reduced in stages. If no improvement is seen in a reassessment to be conducted in October next year, they will be removed from TOPIX at the end of July 2028.

Japan Exchange Group announced on the 7th that it will add 35 companies, including Seria, to the TOPIX stock index as part of the periodic reshuffle of constituent stocks beginning at the end of this month. The new additions, besides Seria, include Japan McDonald's Holdings, Toei Animation, and GO, among 23 companies from the Standard market and 12 from the Growth market; until now, only companies from the former TSE First Section, now the Prime market, had been eligible. The number of constituent stocks is expected to rise from the current 1,634 to 1,669. Meanwhile, 683 companies that do not meet criteria such as market capitalization will be designated as transitional stocks, with their weighting reduced in stages. If no improvement is seen in a reassessment to be conducted in October next year, they will be removed from TOPIX at the end of July 2028.

PTG Energy Public Company Limited, or PTG, has officially opened a new service station named PT Lam Luk Ka 10 (Khlong 6), and is running a promotional campaign from October 10 to 16, 2026, to boost traffic in the fourth quarter. The new station comes with a full range of Non-Oil businesses, including a Punthai Coffee shop, Punthai Boat Noodles, Max Mart, and Coffee World. Customers who fill up with at least 900 baht of fuel receive one free pack of snacks. Punthai Coffee offers a 10-baht discount on its stuffed sandwich when customers buy one beverage, while Punthai Boat Noodles runs a buy-two-get-one-free promotion. Max Mart is offering special prices and buy-one-get-one deals, along with benefits for Max Card members. Coffee World is giving a buy-one-get-one drink offer to customers who fill up with at least 500 baht of fuel, limited to 100 redemptions per day. The opening of this new service station is part of PTG's network expansion and its effort to diversify its Non-Oil businesses in order to generate revenue and increase customer spending opportunities within its service stations.

Kasikorn Securities estimates that IT City Public Company Limited, or IT, will report a net profit of 95 million baht for the third quarter of 2026, an increase of 141% year on year, driven by strong sales growth, expanding gross margins, and effective control of selling and administrative expenses. However, the figure is down 13% quarter on quarter as gross margins on IT products returned to normal levels. For the first nine months of 2026, profit is expected to reach 296 million baht, up 153% year on year, accounting for 79% of the full-year 2026 forecast of 375 million baht. IT City is scheduled to report its third-quarter 2026 results on November 5 and will take part in Opportunity Day that same afternoon. The research team expects third-quarter 2026 sales of 3.0 billion baht, up 21% year on year and 3% quarter on quarter, supported by strong smartphone and tablet sales as well as IT products, particularly PCs and notebooks. Gross margin is expected to rise to 18.7% from 17.3% in the third quarter of 2025, but to decline from 19.3% in the second quarter of 2026. On the investment view, the research team maintains a Buy rating on IT with a mid-2027 target price of 10.83 baht, seeing the recent share price of 7.1 baht as an attractive accumulation level, reflecting a 2026 price-to-earnings ratio of just 6.9 times, even though 2026 earnings per share are expected to grow 118% year on year, the strongest in the gadget sector, while the stock also offers an attractive 2026 dividend yield of 5.8%.

PTG Energy Public Company Limited, or PTG, has officially opened its PT service station at Lam Luk Ka 10 (Khlong 6), expanding its service station network to cover travellers in the Lam Luk Ka area. The new station features a variety of service zones, including a Punthai Coffee shop, Punthai Boat Noodles, Max Mart, and Coffee World, each offering promotions and special privileges to celebrate the new branch. PTG is also rolling out a full slate of promotions with its quality fuel services and a range of non-oil products and services from 10 to 16 October 2026.

PTG Energy Public Company Limited, or PTG, has officially opened its new PT service station at Lam Luk Ka 10 Khlong 6, expanding its service station network to reach more travellers. A special promotion will run from 10 to 16 October 2026. The station offers quality fuel alongside a full range of non-oil products and services, including Punthai Coffee, Punthai Boat Noodles, Max Mart and Coffee World, each running its own promotions and special privileges to celebrate the new branch opening.

Advice IT Infinite Public Company Limited, or ADVICE, opened its doors to welcome the Thai Value Investors Association (Thailand), or Thai VI, at a COMPANY VISIT event, where it also unveiled its plan to aggressively target the IT market during the high season. Chief Executive Officer Nat Nattanitikarat, Chief of Sales Management Sarun Panha, and Chief of Finance and Accounting Piyathida Papakhi shared information with investors on 2 October 2026. The company is building on its first-half 2026 results, which saw total revenue of 8,846 million baht, up 10.6%, and net profit up 82.7% from the same period a year earlier, with in-store sales growing 9.2% and online channels growing 20.1%. For the late-year period, the company is preparing to meet purchasing demand alongside opportunities from new technology products, including AI PCs, NVIDIA products, and iPhone, as well as opportunities from government fiscal year-end procurement through its dealer and system integrator groups. On the Advice iStore side, the company aims to expand its network to 29 branches within the fourth quarter of 2026 and to 36 branches in the first quarter of 2027, with several branches already open approaching or reaching breakeven. Meanwhile, Advice Business Solutions is expanding its role into providing full-service solutions spanning Cloud, Cybersecurity, and AI, alongside its Apple Business Partner business, to target organizations and educational institutions, especially in the provinces.

Panumas Rangkulnuwat, Chief Executive Officer of Autocorp Holding Public Company Limited, or ACG, told "Than Hoon" that the business outlook for the remainder of the year is improving, especially in the vehicle service and maintenance center business. Following flooding in many areas, more cars are expected to gradually come in for inspection and maintenance, boosting service volume and the company's operating results. For the auto service center business under the AutoClik brand, which is ACG Group's fast-fit service center, the company has introduced relief measures for car users during the floods, offering free initial advice and assessment for affected vehicles, along with free 37-point vehicle inspections. Currently, AutoClik has a branch network covering Bangkok, its vicinity, and key cities such as Phuket and Chiang Mai. Panumas also said that the overall car dealership business has been continuously recovering, reflecting positive signals for ACG's overall business toward the end of the year.

Amazon's Prime Video will become the new home of the Emmy Awards from 2027 under a six-year agreement with the Television Academy, the Wall Street Journal reported. Prime Video will hold global rights to the ceremony and plans to keep it available outside its paywall, allowing viewers without an Amazon Prime subscription to watch for free. Financial terms were not disclosed, though the Emmy rights have previously rotated among ABC, CBS, Fox, and NBC, with the annual fee valued at about $9.5 million in the Television Academy's latest annual report, while production costs are separate and borne by the rights holder. The move comes as major entertainment awards shows increasingly shift toward streaming platforms, with the Oscars set to move to YouTube in 2029 and Netflix having carried the Screen Actors Guild Awards, now known as the Actor Awards, since 2024. Emmy viewership has declined from its historic highs, although it has recovered from a record low two years ago, and the latest ceremony, broadcast by NBC, averaged 6.7 million viewers, down 10% from the previous year's CBS telecast, according to Nielsen data. Prime Video head Mike Hopkins said the company sees an opportunity to bring a younger audience to the ceremony and reimagine the broadcast.

Millennium Group Corporation (Asia) Public Company Limited, or MGC, has been tasked with allocating and managing vehicles for transportation and guest hospitality at the IMF-World Bank Annual Meetings 2026, to be held from October 12 to 18, 2026, at the Queen Sirikit National Convention Center. The company will use BMW vehicles for all services and plans to resell the cars as rentals after the mission concludes. Miss Jerdnaphang Thamchuanwiriya, Chief Financial and Accounting Officer of the group, disclosed that performance in the final stretch of this year will continue to grow strongly from the third quarter of 2026, with full-year net profit potentially exceeding the original target of 900 million baht. In its vehicle sales business, MGC is moving forward with deliveries of the XPENG L03 starting in October, after accumulating nearly 2,000 bookings within a month and a half of its launch. The company also plans to launch two more new models in the fourth quarter of 2026, namely the XPENG G9L and one additional SUV model, targeting combined bookings of more than 1,000 units for the new models and total sales of around 2,000 to 3,000 vehicles in the year-end period. Deliveries are expected to gradually begin from the fourth quarter of 2026 onward.

Advice IT Infinite Public Company Limited, or ADVICE, has outlined its business direction for late 2569, preparing to meet demand for IT products during the high season and moving to capture opportunities from new technology products, including AI PCs, NVIDIA products, and iPhone, which are expected to spur consumers to upgrade their IT devices. For its performance in the first half of 2569, ADVICE reported total revenue of 8.846 billion baht, up 10.6% from the same period a year earlier, while net profit rose 82.7%, driven by efficient expense management and operating leverage. In-store sales grew 9.2% and online sales rose 20.1%. In its Advice iStore business, the company aims to expand its network to 29 branches within the fourth quarter of 2569 before increasing to 36 branches within the first quarter of 2570, adjusting the pace of store openings to match product availability and the potential of each area, while focusing on return on investment and operating efficiency. The company is also continuing to expand its corporate market through Advice Business Solutions toward providing comprehensive solutions spanning cloud, cybersecurity, and AI, as well as building on its business as an Apple Business Partner to grow its corporate and educational customer base, especially in provincial areas where it already has a broad network of branches and distribution channels.

Advice IT Infinite Public Company Limited, or ADVICE, has unveiled its late-year business plan to capture High Season purchasing demand, spotlighting AI PCs, products in the NVIDIA group, and the iPhone as drivers of IT device upgrades. At the same time, the company is pushing ahead with expanding its enterprise market through Advice Business Solutions, offering end-to-end solutions spanning Cloud, Cybersecurity, and AI, alongside its Apple Business Partner business, to target enterprises and educational institutions, especially in the provinces. On its Advice iStore retail network, the company aims to expand to 29 branches within the fourth quarter of 2026 and to 36 branches in the first quarter of 2027, adjusting the pace of store openings to align with product availability and the potential of each area. For its first-half 2026 results, the company reported total revenue of 8.846 billion baht, up 10.6%, and net profit up 82.7% from the same period a year earlier, with in-store sales growing 9.2% and the online channel growing 20.1%. Executives provided this information at a THAI VI company visit activity on October 2, 2026.

Up Garage Group's September same-store sales rose 11.4% year on year, and the company's shares extended their gains. In monthly sales figures announced on the 5th, direct-operated stores posted a 25.3% increase in total sales, while franchise stores saw same-store sales rise 6.7% and total sales climb 10.2%, showing solid momentum. Combined direct-operated and franchise total sales for the cumulative first half of the fiscal year ending March 2027 rose 13.7% from a year earlier. Buying and selling of used tires and wheels, rider gear, and car accessories remained strong, with resilient reuse demand amid rising prices supporting results. The closing price on the 6th was 1,452 yen, up 25 yen from the previous day.

Yuanta Securities (Thailand) recommends buying shares of Millennium Group Corporation (Asia) Public Company Limited, or MGC, with a target price of 20.20 baht. It expects normal profit for the third quarter of 69 to come in at 300-350 million baht, up about 30% from the same period a year earlier but slightly lower than the previous quarter, even though this is the low season, supported by deliveries of the XPENG X9 and revenue from the World Bank shuttle service. For the fourth quarter of 69, the research team expects MGC's operating results to potentially hit a new high, with profit of about 500 million baht, driven by the high season, the start of XPENG LO3 deliveries, and revenue from the World Bank shuttle service. It sees second-half profit trends as stronger than previously expected, while concerns over the XPENG tax are likely to be limited if the cars qualify for Tier 2 as expected. Yuanta's research team expects that in 2570 MGC's performance will continue to grow on the back of XPENG expanding to 4-5 models, branch expansion, and the humanoid business, which could be a new S-Curve further out. It also sees a chance for MGC shares to re-rate and recover quickly once the structure of car import taxes becomes clear. MGC shares closed the midday session at 6.65 baht, up 0.15 baht, or 2.31%, with trading value of 13.19 million baht.

KGI Securities issued an analysis estimating third-quarter 2026 earnings for three construction materials retail stocks: GLOBAL, DOHOME, and HMPRO, expecting profits to remain divergent. DOHOME stands out the most with 30% year-on-year growth on positive same-store sales growth and recovering margins, while GLOBAL and HMPRO grow only slightly. KGI estimates GLOBAL's net profit for Q3/2026F at 402 million baht, up 3% year on year but down 58% quarter on quarter, with higher margins from its house-brand product strategy likely offsetting negative same-store sales growth. It maintains a buy recommendation with a target price of 7.80 baht, implying roughly 20% upside. For HMPRO, KGI estimates Q3/2026F net profit at 1.3 billion baht, up 1% year on year but down 18% quarter on quarter, bringing nine-month 2026 net profit to 4.3 billion baht, down 3% year on year, while maintaining a buy recommendation with a 2027F target price of 7.20 baht. For DOHOME, KGI estimates Q3/2026F net profit at 132 million baht, up 30% year on year but down 57% quarter on quarter, expecting it to outperform other stocks in the group on positive same-store sales growth and year-on-year margin recovery, while maintaining a hold recommendation with an end-2027F target price of 3.80 baht.

Yuanta Securities (Thailand) estimates that MGC, or Millennium Group Corporation (Asia) Public Company Limited, will post normal profit of around 300-350 million baht in the third quarter of 2026, up about 30% from the same period a year earlier and down only slightly from the previous quarter, despite this being the low season. The result is supported by deliveries of the XPENG X9 electric vehicle, as well as revenue from the shuttle service business related to World Bank work. For the fourth quarter of 2026, profit is expected to have a chance to hit a new record high of around 500 million baht, driven by the start of the high season, the beginning of deliveries of the XPENG L03, and revenue recognition from the World Bank shuttle service business. Profit for the first nine months of 2026 is expected to account for about 76% of the full-year profit forecast, creating room to raise the 2026 profit estimate by another 7-15%. Meanwhile, concerns about the impact of tax measures on XPENG vehicles are likely to be limited if the cars can be classified under Tier 2 as expected. In 2027, MGC still has growth drivers from expanding its XPENG lineup to four to five models, branch expansion, and extending into the humanoid business. The research team maintains a Buy recommendation and a target price of 20.20 baht, seeing a chance for MGC shares to be re-rated and recover quickly if there is greater clarity on the import tax structure for vehicles.

Yuanta Securities said Millennium Group Corporation (Asia) Public Company Limited, or MGC, is likely to post better-than-expected third-quarter results this year and is expected to set another record profit in the fourth quarter. It preliminarily estimates third-quarter normalized profit in a range of 300 to 350 million baht, down only slightly from 359 million baht in the second quarter despite seasonal pressure, and up a strong 30% year-on-year on accelerating deliveries of the X9 vehicle, as well as partial revenue recognition from shuttle services for the World Bank event. If profit comes in close to expectations, nine-month 2026 normalized profit would account for 76% of the full-year forecast. For the fourth quarter, the high season for all businesses, preliminary net profit is expected to reach around 500 million baht, give or take, supported by the first deliveries of the XPENG L03, which has already received more than 2,000 orders against a quota of 3,000 units, revenue from the World Bank conference between October 12 and 18, and demand for new car purchases after flooding in Bangkok. This leaves upside risk of about 7% to 15% to the 2026 profit forecast. On the tax issue, Yuanta views XPENG vehicles as falling under the Tier 2 tax group, lower than the market's concern that it could reach 30% to 39%, and once the factory is completed, the tax will fall to the lowest level, equal to Tier 1. From the fourth quarter of this year through the first quarter of 2027, two more new XPENG models will be launched, and in 2027 growth is expected to be driven by an expanded lineup of four to five models, along with clarity on investment in the humanoid business in the fourth quarter of this year. The stock currently trades at a 2027 price-to-earnings ratio of only 5.0 times, and a second-half 2026 dividend of 0.30 baht is expected, offering a 5% yield. The research team maintains its target price of 20.20 baht and its buy recommendation, believing that once there is clarity on taxes, MGC shares will rebound strongly.

Star Money Public Company Limited, or STARM, expects its third-quarter 2026 operating results to show improved sales compared with the same period a year earlier, driven by growth in its hire-purchase portfolio and a clear improvement in debt quality management, even though interest income will decline slightly due to stricter lending, particularly in the truck loan segment, which has reduced the size of the portfolio. Chusak Wiwatwongkasem, Managing Director, told "Than Hoon" that third-quarter 2026 results will slow from the second quarter of 2026 due to seasonal factors, as the onset of the rainy season pressures air conditioner sales, while flooding in the eastern region affects the business only in the short term. The company views this as an opportunity once the waters recede, from demand to buy new electrical appliances and household equipment to replace damaged items. Currently, the NPL level stands at approximately 4%. The company is preparing to expand into new markets in electric motorcycles and second-hand smartphones, which will begin in the fourth quarter of 2026, while maintaining its total loan portfolio target at approximately 2.4 billion baht and expecting profit to grow clearly over the previous year.

New World recently held its results briefing for the first half of 2026. The company achieved total operating revenue of 534 million yuan, up 1.12% year on year. Net profit attributable to the parent company was 47.3949 million yuan, up 4.23% year on year. Net profit excluding non-recurring items was 30.6859 million yuan, up 11.89% year on year. Net cash flow from operating activities was 78.7719 million yuan, up 648.44% year on year. In response to investor questions about why the company's share price has long been below net asset value per share, yet it has not launched a share buyback plan like other Shanghai-listed retail companies such as Yuyuan Inc. and Bailian Group, New World said share price movements are affected by multiple factors including the market environment and the macro economy. Matters such as share buybacks will be prudently assessed based on actual operating conditions and relevant policy requirements. If there are any relevant plans, the company will make timely announcements in strict accordance with information disclosure requirements. The company also disclosed that the Xu Zhongdao traditional Chinese medicine decoction pieces production base project began preparations for GMP compliance inspection in May 2026. By September, it had completed the submission of materials related to the drug production licence and GMP compliance inspection, and is currently waiting for the Shanghai Municipal Medical Products Administration to conduct review and on-site inspection. On the marketing side, New World City will launch a themed campaign called 'Fortune-filled Mid-Autumn, Golden Joy National Day' from 25 September to 7 October, combined with the Nanjing Road Pedestrian Street 'spend a certain amount and draw gold' activity, as well as debut economy, super brand day, IP pop-up, and premium wedding scene experiences. In addition, inbound consumption at New World City continues to heat up. The mall handles nearly 1,500 tax refund transactions every month. Huangpu District has partnered with Alipay+ to launch the 'Enjoy Shopping in Huangpu' inbound consumption vouchers. Tourists staying at Radisson hotels can also stack exclusive shopping subsidies at New World City.

TJX closed at $134.41, up 1.3% and ahead of the S&P 500's 0.66% gain, as investors look toward the retailer's upcoming earnings report. The parent of T.J. Maxx and Marshalls is expected to post quarterly earnings of $1.33 per share, a 3.91% increase from a year earlier, on revenue of $15.81 billion, up 4.61%. For the full year, the Zacks Consensus Estimates forecast earnings of $5.22 per share and revenue of $63.91 billion, changes of +10.36% and +5.86% respectively. TJX currently carries a Zacks Rank of #3 (Hold), with no change in the consensus EPS estimate over the past month, and trades at a Forward P/E of 25.42 versus its industry average of 23.11. The Retail - Discount Stores industry holds a Zacks Industry Rank of 23, placing it in the top 10% of more than 250 industries.

GigaCloud Technology Inc. is projected to report earnings per share of $1.28 for its forthcoming quarter, a 29.29% increase from the same quarter a year earlier, on revenue of $394.8 million, up 18.69%. For the full year, the Zacks Consensus Estimates project earnings of $4.92 per share and revenue of $1.59 billion, representing changes of +37.05% and +23.37%, respectively, from the preceding year. The Zacks Consensus EPS estimate has moved 17.7% higher within the past month, and GigaCloud Technology Inc. currently holds a Zacks Rank of #1 (Strong Buy). The stock closed the recent trading session at $54.66, a gain of 1.69%, and trades at a Forward P/E ratio of 10.93 versus an industry average of 15.91.

O'Reilly Automotive has reportedly made a roughly $10 billion bid for the automotive parts business of Genuine Parts Company, which includes the well-known NAPA Auto Parts brand, though neither company has confirmed a deal. The reported offer, if completed, would meaningfully expand O'Reilly's reach with professional repair shops. O'Reilly's revenue grew 8.5% to $18.6 billion over the past year while earnings grew 10.3%, and the company generated $2.8 billion from operations last fiscal year, leaving $1.6 billion in free cash after spending on stores and equipment. The stock trades at about 27 times its past year's earnings, versus roughly 18.5 times for its peer group, and has fallen around 20% over the past year even as earnings per share rose. Analysts' average price target implies about 26% upside from current levels, and 69 hedge funds held the stock at the end of the second quarter, up from 67 the prior quarter, while short interest stands at just 3.30% of shares available for trading.

Amazon Web Services Chief AI and Technology Officer Matt Wood said the cost of delivering a given level of AI intelligence is falling by one or two orders of magnitude every three to six months outside the most advanced frontier models, a decline he attributed to improving efficiency as companies learn to operationalize frontier models at lower cost. Speaking to CNBC on Thursday, Wood rejected the idea that more capable AI agents must become less safe, saying developers can surround models with controls, guardrails, security and privacy protections while still improving the underlying technology, and pushed back on the notion that companies must choose between development speed and safety. Wood also defended AWS's $220 billion infrastructure investment, pointing to customer demand and internal business metrics, and said he expects additional computing capacity and greater operating efficiency to bring AI to more businesses and users. Accelerating AWS growth helped push Amazon above $3 trillion in market value for the first time in August 2026, after second-quarter results showed AWS revenue growing at its fastest pace since 2021; the stock surged more than 15% in one session, adding nearly $400 billion in market value, before gaining as much as another 5.3% as it crossed the threshold. TD Cowen analyst John Blackledge said AWS's AI business exited a quarter at roughly a $25 billion annual run rate, its fifth consecutive quarter of accelerating revenue growth, and pointed to CEO Andy Jassy's view that AWS could eventually generate $1 trillion in revenue, compared with the $600 billion long-term opportunity Jassy discussed in his April shareholder letter. Amazon expects AWS to remain capacity constrained through 2026 and 2027 because of AI demand, even as it plans to double AWS capacity by the end of 2027.

MercadoLibre reported second-quarter 2026 gross merchandise volume of $21.9 billion, up 44% year over year and 36% on an FX-neutral basis, with items sold rising 45% to 795.4 million. Brazil remained the primary growth engine, posting 39% FX-neutral GMV growth and a 56% rise in items sold, while Mexico grew 26% FX-neutral despite tax reform and a weaker macroeconomic environment, and Argentina delivered 38% FX-neutral growth. Cross-border trade added another layer, with FX-neutral GMV up 60% and triple-digit growth in Argentina, Brazil and other markets, and the company's China fulfillment center saw volume rise 170% sequentially. Unique active buyers reached 89.3 million, with items sold per buyer up 14% overall. The Zacks Consensus Estimate implies 44.7% year-over-year sales growth for the current fiscal year but a 2.8% decline in earnings per share, and the stock carries a Zacks Rank #4 (Sell).

Home Depot reported fiscal second-quarter sales rose 5.7% year over year to $47.9 billion, with comparable sales up 1.7% and 13 of 16 merchandising departments posting positive comps. Big-ticket transactions above $1,000 increased 2.4%, online comparable sales rose 11% for a fifth consecutive quarter of double-digit growth, and the Pro business outpaced DIY, though management said larger discretionary projects remain under pressure and housing turnover has stayed depressed for roughly four years with no clear inflection point. The company reaffirmed its fiscal 2026 guidance of flat to 2% comparable-sales growth. Among peers, Lowe's posted a 0.2% comparable-sales rise in the second quarter of fiscal 2026, its fifth straight positive quarter, while Floor & Decor's second-quarter 2026 sales rose 3% with Pro sales up about 4% and roughly 55% of total sales, even as comparable sales declined 2.1%. Home Depot shares have lost 27.3% in the past year versus the industry's 31.2% decline, and the stock trades at a forward price-to-earnings ratio of 18.01X against the industry's 16.67X average. The Zacks Consensus Estimate implies Home Depot fiscal 2026 and 2027 EPS growth of 2.3% and 6.8%, respectively, with the fiscal 2026 estimate up 0.1% in the past seven days and the fiscal 2027 estimate unchanged in the past 30 days.

JD.com is expected to post earnings of $1.05 per share for the current quarter, a year-over-year change of +101.9%, with the Zacks Consensus Estimate up +3.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $3.34 points to a change of +31% from the prior year and has moved +6.7% over the past 30 days, while the next fiscal year's estimate of $3.91 indicates a +16.9% change and has edged up +0.3% over the past month. The consensus sales estimate for the current quarter of $46.07 billion indicates a year-over-year change of +9.7%, and for the current and next fiscal years, $202.54 billion and $213.58 billion estimates indicate +10.3% and +5.5% changes, respectively. In the last reported quarter, JD.com reported revenues of $51.05 billion, up +2.5% year over year and a surprise of -0.96% versus the Zacks Consensus Estimate of $51.55 billion, while EPS of $0.93 compared with $0.69 a year ago for an EPS surprise of +8.14%. The company beat consensus EPS estimates in each of the trailing four quarters and topped consensus revenue estimates two times over that period, and it carries a Zacks Rank #3 (Hold) along with a Zacks Value Style Score of A.

SBI Thai Online Securities Company Limited, in an analysis dated October 2, 2026, selected PTG Energy Public Company Limited, or PTG, as a Top Pick stock, taking a positive view of its second-half 2026 earnings outlook on the recovery of the oil business alongside the expansion of its non-oil business. For its second-quarter 2026 results, PTG reported a net profit of 74 million baht, up 76.3% from the same period a year earlier, and a turnaround to profit from a loss of more than 205 million baht in the first quarter of 2026. Revenue from sales and services came to approximately 61.9 billion baht, up 9.5% from a year earlier and 8.9% from the previous quarter. The oil business was supported by improved marketing margins, with gross profit per liter at about 1.83 baht per liter, up from 1.66 baht per liter in the second quarter of 2025 and 1.29 baht per liter in the first quarter of 2026. Meanwhile, the non-oil business, especially the Punthai coffee brand, continued to grow on branch expansion, with about 2,467 branches as of the end of the second quarter of 2026, and the company aims to expand to about 2,751 branches by the end of 2026. SBI estimates PTG's EBITDA growth at around 0-5% from a year earlier. PTG's share price at the time of the analysis was 8.30 baht, while the average consensus target price for 2026 stood at 8.40 baht.

Siam Global House Public Company Limited, or GLOBAL, reported net profit for the second quarter of 2026 of 947 million baht, up 82.5% year on year, setting a new record high, even as sales were flat at 8.17 billion baht and same-store sales growth, or SSSG, remained negative at 3.98% amid weak purchasing power. The profit surge came from a record gross profit margin, or GPM, of 31.59%, up from 25.42% in the second quarter of 2025, supported by a rising share of Private Brand products, which reached 27.5% of sales and carry a GPM of roughly 40 to 45%. EBITDA rose 50.4% year on year to 1.55 billion baht. Its financial position strengthened, with Net Debt to EBITDA falling to 1.18 times and D/E at 0.48 times, along with free cash flow of approximately 3.75 billion baht. For its 2026 business plan, GLOBAL plans to open five new stores in Thailand, namely Phon Phisai, Wang Thong, Trakan Phuet Phon, Ban Phue and Chiang Kham, bringing its domestic store count to 101, and to renovate another eight stores. Its overseas network totals 41 stores through partners in Laos, Myanmar, Indonesia and Cambodia, with plans to open one to two more stores in northern Laos, expand by two more stores in Indonesia this year, and open new stores in Myanmar. ASL Securities sees the easing of the flood situation as an opportunity to spur demand for repairs and home restoration, with GLOBAL deriving about 30 to 35% of sales from construction materials, which should help SSSG recover in late 2026 and continue into 2027. The stock currently trades at a P/E of 13.7 times, below peers DOHOME at 16.7 times and HMPRO at 13.9 times, with an average target price from the IAA Consensus of 8.63 baht per share.

The extraordinary general meeting of shareholders No. 1/2569 of AJA Advance Technology Public Company Limited, or AJA, held on October 2, 2569, resolved to approve all agenda items proposed by the board, covering the capital restructuring, the issuance and offering of convertible bonds, and the capital increase and allocation of newly issued ordinary shares. The meeting approved a reduction of registered capital by 408.82 million baht, from 983.14 million baht to 574.32 million baht, by cutting approximately 4,088.22 million unissued ordinary shares. It also approved the issuance and offering of convertible bonds to AO Fund and AO Fund 1 with a total value of not more than 700 million baht, to be used as working capital and to enhance liquidity. In addition, shareholders approved an increase in registered capital of 135 million baht, from 574.32 million baht to 709.32 million baht, along with the allocation of not more than 1,350 million newly issued ordinary shares with a par value of 0.10 baht per share, representing 23.51% of the total issued and paid-up shares as of August 26, 2569, to accommodate the exercise of conversion rights under the said bonds. With this approval, AJA can proceed with its capital structure plan, increasing financial flexibility and liquidity while supporting the business operations and future growth opportunities of the group.

PTG Energy Public Company Limited, or PTG, has received the BUSINESS+ PRODUCT OF THE YEAR AWARDS 2026, as the company pushes ahead with expanding its business from energy into a Lifestyle Ecosystem through the development of PT MaxCard Plus and the Max Me application, elevating itself from a fuel station membership card to a platform that seamlessly connects members with products and services across the group. MaxCard Plus combines benefits including fuel discounts, privileges from partners, and insurance protection, while Max Me serves as a digital platform that brings together Max Wallet, financial services, product ordering, ticket booking, and point accumulation and redemption in a single system. In addition, Punthai Coffee Company Limited also won first place in the consumer products category, coffee shop business type, based on votes from consumers who most favor and choose to use its services, reflecting the potential of the group's brands and reinforcing PTG's image in seriously expanding its business from Energy into Lifestyle and Non-Oil.