KGI Securities (Thailand) upgraded Comseven Public Company Limited, or COM7, to "Buy" from "Hold" and raised its end-2570 price target to 36.00 baht from 30.00 baht. It lifted its 2569 profit forecast by another 10% and its 2570 forecast by another 12% to reflect higher sales from recovering demand for the iPhone 18 Pro and the roughly 15% increase in iPhone 17 selling prices. It expects profit to grow 32% YoY in 2569 and 13% YoY in 2570. KGI's research team expects COM7's third-quarter 2569 results to weather the low season with net profit of 1.3 billion baht, up 50% YoY and flat QoQ, while the fourth-quarter 2569 outlook is positive on the high season and the upcoming iPhone Duo pre-order. iPhone 17 demand was strong early in the third quarter of 2569 after Apple adjusted selling prices in June, and iPhone 17 prices rose about 15% after the iPhone 18 launch to pass memory costs on to customers. Demand for the iPhone 18 Pro is strong, growing by double digits in both unit sales and selling prices, and the non-IT business continues to grow, including U-fund, which is expanding new loans by about 1.2 million baht per month.
Com7 PCLKGI upgraded COM7 to Buy and raised its target to 36 baht, lifting 2569/2570 profit forecasts on iPhone tailwinds.
Apple Inc.Strong double-digit demand growth for the iPhone 18 Pro and a ~15% iPhone 17 price increase lift Apple's sales, per KGI's upgrade note.
