Synnex Thailand Public Company Limited, or SYNEX, reported second-quarter 2026 core profit of 197 million baht, up 19% from the same period last year and about 5% above analyst expectations. Core revenue came in at 11.8 billion baht, edging up 1.3% from a year earlier. While Apple product sales fell 10.7% due to supply constraints, the smartphone and wearables segment grew 9.7%, consumer IT grew 4.8%, commercial IT surged 43.1% on large project deliveries and demand for Windows 11 and AI PC transitions, enterprise solutions rose 11.3%, and gaming grew 13.6% off a low base last year. Gross margin improved to 4.0%, supported by inventory gains amid rising product prices. Share of profit from associates was 50 million baht, up 33% year-on-year, with associate NCAP posting a record quarterly net profit of 197 million baht, growing 34.1% from a year earlier. Total loans grew 3.8% from the previous quarter, and net interest margin widened to 12.2%, while the non-performing loan ratio edged down from 1.4% to 1.3%, reflecting strong asset quality. SYNEX announced an interim dividend for the first half of 2026 of 0.10 baht per share, representing a dividend yield of about 1.0%, with the XD date set for 19 August 2026. Analysts at Yuanta Securities noted that first-half 2026 core profit accounts for 53% of the full-year estimate of 705 million baht, and they see room for a further roughly 10% upgrade to that estimate on better-than-expected NCAP performance. They raised the end-2026 target price to 12.00 baht per share and upgraded the recommendation to buy, saying market concerns have passed their peak.
Synnex (Thailand) Public Company LimitedCore profit beats expectations, dividend announced, and analyst upgrades target price to 12.00 baht.
Next Capital Public Company LimitedAssociate NCAP posts record quarterly net profit, boosting Synnex's share of profit.
