Krungsri Securities has raised its profit forecasts for VGI Public Company Limited, or VGI, for 2027 to 2029 after first-quarter results for fiscal 2026 recovered with net profit of more than 261 million baht, beating expectations. The broker increased its estimate of share of profit from associates by 50 to 60 percent to 500 to 600 million baht per year, mainly driven by the recovery at JMART, and slightly raised gross profit for the core business by 11 to 13 percent, reflecting better-than-expected trends at RCare, RCash and RBytes. The research team lifted normalized profit forecasts for 2027 to 2029 to 460 million baht, 437 million baht and 445 million baht respectively, from 173 million baht, 174 million baht and 191 million baht previously. It maintained a Neutral rating but raised the 2027 target price to 1.19 baht from 1.00 baht, noting that the core business is still not strong, but is supported by share of profit from associates and has net cash of more than 20 billion baht ready for investment, with management expecting clarity by the end of this year.
VGI Public Company LimitedBroker raises profit forecasts and target price on higher associate profit and better core trends.
Jay Mart Public Company LimitedRecovery at JMART drives higher share of profit for VGI, but JMART itself is not the focus.
