The research team expects COM7 to post a net profit of 1.2 billion baht in 3Q69, down 8% QoQ but up 38% YoY. The decline from the previous quarter stems from a 1% QoQ drop in sales, reflecting low-season demand for electronic devices, and a slight 0.1% rise in selling and administrative expenses to sales, to 8.0%. The strong year-on-year growth was driven by a 24% YoY increase in sales and service revenue, supported by higher iPhone 18 sales in both unit volume and average selling price, after Apple raised product prices due to surging memory chip costs, while demand has remained solid. Higher iPhone sales also helped lift revenue at the UFUND and iCare businesses. At the same time, the gross margin is expected to rise 0.4% to 14.4%, driven by the expansion of the higher-margin UFUND and iCare businesses, while selling and administrative expenses to sales are expected to decline on the back of higher revenue. The research team also expects profit in 4Q69 to accelerate both QoQ and YoY to a peak for the year, helped by the high season for iPhone sales and additional support from Apple's planned launch of the foldable-screen iPhone Duo in October. The electric vehicle distribution business, Gold Integrate, will get a boost from automaker AION, which plans to unveil its new i60 BEV model at the Motor Expo 2026 in early December 2569. Because first-half 2569 profit accounted for 53% of the previous profit estimate, and given a more positive view on second-half 2569 profit, the research team raised its 2569 net profit forecast by 11% to 5.3 billion baht, up 31% YoY, and its 2570 forecast by 12% to 5.9 billion baht, up 12% YoY. It also raised its 2570 target price from 33.0 baht to 37.25 baht, keeping the PER at 14.9 times, in line with the long-term average, and upgraded its recommendation to Buy from Trading.
Com7 PCLBrokerage upgraded COM7 to Buy and raised its target price to 37.25 baht on a raised 2569 profit forecast.
Apple Inc.Apple raised product prices due to surging memory chip costs, lifting iPhone 18 average selling prices and COM7's sales.
