Bualuang Sees Q3 Earnings Growth, Favors Stock Picking

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Summary · why it matters

Bualuang Securities stated that Q2/2026 earnings results continue to show positive signals, with net profit of stocks in the group analyzed by BLS Research growing 13% year-on-year and 12% quarter-on-quarter, beating market expectations by 10%. Meanwhile, stocks with better-than-expected earnings accounted for 48%, higher than the 5-year average of 37%. However, the beat-to-miss ratio declined from 6.8 times to 3.4 times, though still above the 5-year average of 1.1 times, reflecting that market expectations are returning to a more balanced level. For Q3/2026, earnings are expected to grow year-on-year but slow down from the previous quarter. The strategy therefore focuses on selective play, choosing stocks with strong earnings growth, no significant downward earnings revisions over the past three months, and supported by specific factors. Notable stocks with supportive factors include KCE, CBG, ITC, BH, BDMS, AOT, CENTEL, and GPSC. Meanwhile, energy, petrochemical, and construction materials sectors are expected to see earnings growth year-on-year but slow down from the previous quarter. Electronics continues to benefit from AI and data centers, while transportation and banking face pressure from energy costs and interest rate spreads. For the SET Index target for mid-2027, it stands at 1,650 points in the base case and 1,710 points in the best case.

Impact on assets 8

Consumer Staples▲ · 2 stocks
Industrials▲ · 1 stocks
Aging Population▲ · 1 stocks
Consumer Discretionary▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
Semiconductors▲ · 1 stocks
Health Care▲ · 1 stocks
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