Asia Plus Securities forecasts that Berli Jucker Public Company Limited, or BJC, will post a net profit in the second quarter of 2026 as high as 2.9 billion baht, surging 189% from the same period last year. The main drivers are an extraordinary gain from the sale of 19 land plots worth 1.64 billion baht and growth in the packaging business, both glass and cans. Normalised profit is expected at 1.22 billion baht, up 9% year-on-year. Although the modern retail business under the Big C brand slowed due to a roughly 3% drop in same-store sales and some store closures, total revenue still expanded 2%, supported by packaging. The gross profit margin is expected to rise to 20.1% from 19.7% in the second quarter of 2025. If in line with expectations, first-half profit would account for 52% of the full-year 2026 profit forecast of 4.5 billion baht. The research team maintains a buy recommendation and a target price of 17.80 baht, viewing the share price as still lagging the commerce sector, while same-store sales in July have started to recover thanks to economic stimulus measures.
Berli Jucker PCLExtraordinary gain from land sale and analyst upgrade with buy recommendation and target price.