Krungsri Securities assesses that TOA Paint Thailand, or TOA, will continue to deliver solid results in the second quarter of 2026. Core profit is expected at 822 million baht, up 6 percent year on year but down 10 percent from the first quarter. Revenue is forecast at 5.6 billion baht, up 5 percent year on year and flat quarter on quarter, helped by an average 4 percent selling price increase and higher sales volumes as trade partners built inventory. Gross margin is projected at 39.0 percent, up from 38.0 percent a year earlier but down from 40.4 percent in the first quarter, with the price hike and volume growth offsetting higher raw material costs, including oil prices, titanium dioxide, and a weaker baht. Krungsri Securities has raised its 2026 and 2027 core profit estimates by an average of 10 percent, forecasting 2026 profit at 2.97 billion baht, down 8 percent year on year, and 2027 profit at 2.96 billion baht, broadly flat. However, cost pressures will become more evident in the second half of 2026, especially in the third quarter, which is the low season, with sales likely to slow. Titanium dioxide prices in the second quarter of 2026 stood at around 2,400 US dollars per tonne, up 20 percent year on year and 21 percent quarter on quarter, as excess supply conditions eased. The broker maintains a Neutral rating and lifts its 2026 target price to 16.10 baht from 14.50 baht.
TOA Paint (Thailand) Public Company LimitedTOA raised selling prices by 4%, supporting margins and profit growth.