Globlex rates MGT a Buy with 2.70 baht target, flags 6% dividend yield and M&A upside

Thunhoon··TH·Read original
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Globlex Securities, or GBS, has issued an analysis recommending a Buy on shares of Mega Chem (Thailand) Public Company Limited, or MGT, with a fair value for 2027 set at 2.70 baht, expecting a dividend yield of around 6% per year. The call follows MGT's report of second-quarter 2026 operating revenue of 346.5 million baht, up 7.7% from the previous quarter and 17.7% from the same period a year earlier. The gross profit margin came in at 32.1%, close to 31.5% in the same period last year but down from 33.1% in the first quarter of 2026, due to higher imported chemical costs. As a result, net profit for the second quarter of 2026 stood at 36.9 million baht, up 20.8% from the previous quarter and 59.9% from the same period a year earlier. First-half 2026 net profit was 67.4 million baht, representing 66.4% of the full-year estimate. The research team maintained its net profit forecasts for 2026 and 2027 at 101.4 million baht and 106.5 million baht, growing 1.3% and 4.9% respectively, and noted that MGT continues to expand its specialty chemicals portfolio, targeting high-margin businesses such as Lifestyle Biotech, Health and Personal Care, and Food Ingredients, while seeking M&A or joint venture opportunities with new partners to support long-term growth.

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