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ACG Eyes Another Record Profit in Q4, Buoyed by Post-Flood Auto Repairs
AutoCorp Holding Public Company Limited, or ACG, reported its highest profit ever since listing on the stock exchange, driven by its car dealership business, which has grown and remained consistently profitable. Its independent auto service center business, Autoclick, is still loss-making, but its loss rate has narrowed markedly, lifting the company's consolidated financial statements. The company expects earnings this year to grow from last year. For the fourth-quarter outlook, services are expected to benefit from demand to repair vehicles damaged by flooding, especially at Autoclick, which currently has 8 branches in Bangkok and its vicinity and expects more vehicles to come in for service once floodwaters recede. Chief Executive Officer Phanumas Rangkakulnuwat said that by around mid-2027, the company expects cash flow from operations to be sufficient to fund working capital and business expansion on its own, without relying on bank credit lines, which will help reduce interest expenses. The company believes its financial position is strong enough that it does not need to raise a large amount of capital. In its services business, the company is focusing on sales promotion campaigns and customer assistance measures rather than raising prices; while unit margins may not increase, this will help drive sales volume higher. Most recently, the company has moved forward with assistance for car users affected by flooding, offering advice and basic help free of charge, and Autoclick is letting car users bring their vehicles in for a free 37-point vehicle inspection at every Autoclick branch.
ACG.BK · Demand · Positive Q4 services expected to benefit from demand to repair flood-damaged vehicles, especially at Autoclick, driving record profit.
PTG opens new Lam Luk Ka 10 station, bolstering Non-Oil lineup to drive fourth quarter
PTG Energy Public Company Limited, or PTG, has officially opened a new service station named PT Lam Luk Ka 10 (Khlong 6), and is running a promotional campaign from October 10 to 16, 2026, to boost traffic in the fourth quarter. The new station comes with a full range of Non-Oil businesses, including a Punthai Coffee shop, Punthai Boat Noodles, Max Mart, and Coffee World. Customers who fill up with at least 900 baht of fuel receive one free pack of snacks. Punthai Coffee offers a 10-baht discount on its stuffed sandwich when customers buy one beverage, while Punthai Boat Noodles runs a buy-two-get-one-free promotion. Max Mart is offering special prices and buy-one-get-one deals, along with benefits for Max Card members. Coffee World is giving a buy-one-get-one drink offer to customers who fill up with at least 500 baht of fuel, limited to 100 redemptions per day. The opening of this new service station is part of PTG's network expansion and its effort to diversify its Non-Oil businesses in order to generate revenue and increase customer spending opportunities within its service stations.
PTG.BK · Demand · Positive PTG opened a new Lam Luk Ka 10 station with full Non-Oil lineup and promotions to drive Q4 traffic and customer spending.
Coffee World · Demand · Positive Coffee World is included in the new station's Non-Oil lineup with a buy-one-get-one drink offer tied to fuel purchases.
Punthai Coffee · Demand · Positive Punthai Coffee is featured at the new station with a discount promotion to attract customers.
PTG opens PT service station at Lam Luk Ka 10 with promotions from 10-16 October 2026
PTG Energy Public Company Limited, or PTG, has officially opened its PT service station at Lam Luk Ka 10 (Khlong 6), expanding its service station network to cover travellers in the Lam Luk Ka area. The new station features a variety of service zones, including a Punthai Coffee shop, Punthai Boat Noodles, Max Mart, and Coffee World, each offering promotions and special privileges to celebrate the new branch. PTG is also rolling out a full slate of promotions with its quality fuel services and a range of non-oil products and services from 10 to 16 October 2026.
PTG opens new Lam Luk Ka 10 Khlong 6 station with promotions from 10-16 October 2026
PTG Energy Public Company Limited, or PTG, has officially opened its new PT service station at Lam Luk Ka 10 Khlong 6, expanding its service station network to reach more travellers. A special promotion will run from 10 to 16 October 2026. The station offers quality fuel alongside a full range of non-oil products and services, including Punthai Coffee, Punthai Boat Noodles, Max Mart and Coffee World, each running its own promotions and special privileges to celebrate the new branch opening.
ACG Benefits from Floods, AutoClik Service Centers Buzzing
Panumas Rangkulnuwat, Chief Executive Officer of Autocorp Holding Public Company Limited, or ACG, told "Than Hoon" that the business outlook for the remainder of the year is improving, especially in the vehicle service and maintenance center business. Following flooding in many areas, more cars are expected to gradually come in for inspection and maintenance, boosting service volume and the company's operating results. For the auto service center business under the AutoClik brand, which is ACG Group's fast-fit service center, the company has introduced relief measures for car users during the floods, offering free initial advice and assessment for affected vehicles, along with free 37-point vehicle inspections. Currently, AutoClik has a branch network covering Bangkok, its vicinity, and key cities such as Phuket and Chiang Mai. Panumas also said that the overall car dealership business has been continuously recovering, reflecting positive signals for ACG's overall business toward the end of the year.
ACG.BK · Demand · Positive Flooding is expected to bring more cars into ACG's AutoClik service centers for inspection and maintenance, boosting service volume and operating results.
MGC to Provide BMW Fleet for IMF-World Bank 2026, Eyes Profit Above 900 Million Baht
Millennium Group Corporation (Asia) Public Company Limited, or MGC, has been tasked with allocating and managing vehicles for transportation and guest hospitality at the IMF-World Bank Annual Meetings 2026, to be held from October 12 to 18, 2026, at the Queen Sirikit National Convention Center. The company will use BMW vehicles for all services and plans to resell the cars as rentals after the mission concludes. Miss Jerdnaphang Thamchuanwiriya, Chief Financial and Accounting Officer of the group, disclosed that performance in the final stretch of this year will continue to grow strongly from the third quarter of 2026, with full-year net profit potentially exceeding the original target of 900 million baht. In its vehicle sales business, MGC is moving forward with deliveries of the XPENG L03 starting in October, after accumulating nearly 2,000 bookings within a month and a half of its launch. The company also plans to launch two more new models in the fourth quarter of 2026, namely the XPENG G9L and one additional SUV model, targeting combined bookings of more than 1,000 units for the new models and total sales of around 2,000 to 3,000 vehicles in the year-end period. Deliveries are expected to gradually begin from the fourth quarter of 2026 onward.
MGC.BK · Capital · Positive CFO said full-year net profit could exceed the original 900 million baht target on continued strong growth.
MGC.BK · Demand · Positive MGC won the contract to allocate and manage BMW vehicles for the IMF-World Bank 2026 meetings, plus strong XPENG bookings and new model launches.
BMW.XETRA · Demand · Positive MGC will use BMW vehicles for all IMF-World Bank 2026 services and resell them as rentals afterward, implying BMW fleet purchases.
Up Garage September Same-Store Sales Rise 11.4%, Extending Gains
Up Garage Group's September same-store sales rose 11.4% year on year, and the company's shares extended their gains. In monthly sales figures announced on the 5th, direct-operated stores posted a 25.3% increase in total sales, while franchise stores saw same-store sales rise 6.7% and total sales climb 10.2%, showing solid momentum. Combined direct-operated and franchise total sales for the cumulative first half of the fiscal year ending March 2027 rose 13.7% from a year earlier. Buying and selling of used tires and wheels, rider gear, and car accessories remained strong, with resilient reuse demand amid rising prices supporting results. The closing price on the 6th was 1,452 yen, up 25 yen from the previous day.
Yuanta rates MGC a Buy with 20.20 baht target, expects record Q4/69 profit of about 500 million baht
Yuanta Securities (Thailand) recommends buying shares of Millennium Group Corporation (Asia) Public Company Limited, or MGC, with a target price of 20.20 baht. It expects normal profit for the third quarter of 69 to come in at 300-350 million baht, up about 30% from the same period a year earlier but slightly lower than the previous quarter, even though this is the low season, supported by deliveries of the XPENG X9 and revenue from the World Bank shuttle service. For the fourth quarter of 69, the research team expects MGC's operating results to potentially hit a new high, with profit of about 500 million baht, driven by the high season, the start of XPENG LO3 deliveries, and revenue from the World Bank shuttle service. It sees second-half profit trends as stronger than previously expected, while concerns over the XPENG tax are likely to be limited if the cars qualify for Tier 2 as expected. Yuanta's research team expects that in 2570 MGC's performance will continue to grow on the back of XPENG expanding to 4-5 models, branch expansion, and the humanoid business, which could be a new S-Curve further out. It also sees a chance for MGC shares to re-rate and recover quickly once the structure of car import taxes becomes clear. MGC shares closed the midday session at 6.65 baht, up 0.15 baht, or 2.31%, with trading value of 13.19 million baht.
Yuanta expects MGC Q3 profit to grow 30% on XPENG deliveries, target 20.20 baht
Yuanta Securities (Thailand) estimates that MGC, or Millennium Group Corporation (Asia) Public Company Limited, will post normal profit of around 300-350 million baht in the third quarter of 2026, up about 30% from the same period a year earlier and down only slightly from the previous quarter, despite this being the low season. The result is supported by deliveries of the XPENG X9 electric vehicle, as well as revenue from the shuttle service business related to World Bank work. For the fourth quarter of 2026, profit is expected to have a chance to hit a new record high of around 500 million baht, driven by the start of the high season, the beginning of deliveries of the XPENG L03, and revenue recognition from the World Bank shuttle service business. Profit for the first nine months of 2026 is expected to account for about 76% of the full-year profit forecast, creating room to raise the 2026 profit estimate by another 7-15%. Meanwhile, concerns about the impact of tax measures on XPENG vehicles are likely to be limited if the cars can be classified under Tier 2 as expected. In 2027, MGC still has growth drivers from expanding its XPENG lineup to four to five models, branch expansion, and extending into the humanoid business. The research team maintains a Buy recommendation and a target price of 20.20 baht, seeing a chance for MGC shares to be re-rated and recover quickly if there is greater clarity on the import tax structure for vehicles.
MGC.BK · Capital · Positive Yuanta maintains Buy and 20.20 baht target, expecting Q3 profit up ~30% and potential record Q4, with room to raise 2026 estimates.
MGC.BK · Demand · Positive Profit growth is driven by XPENG X9 and L03 EV deliveries plus World Bank shuttle service revenue.
Yuanta keeps MGC target at 20.20 baht, expects record 4Q26 profit of 500 million
Yuanta Securities said Millennium Group Corporation (Asia) Public Company Limited, or MGC, is likely to post better-than-expected third-quarter results this year and is expected to set another record profit in the fourth quarter. It preliminarily estimates third-quarter normalized profit in a range of 300 to 350 million baht, down only slightly from 359 million baht in the second quarter despite seasonal pressure, and up a strong 30% year-on-year on accelerating deliveries of the X9 vehicle, as well as partial revenue recognition from shuttle services for the World Bank event. If profit comes in close to expectations, nine-month 2026 normalized profit would account for 76% of the full-year forecast. For the fourth quarter, the high season for all businesses, preliminary net profit is expected to reach around 500 million baht, give or take, supported by the first deliveries of the XPENG L03, which has already received more than 2,000 orders against a quota of 3,000 units, revenue from the World Bank conference between October 12 and 18, and demand for new car purchases after flooding in Bangkok. This leaves upside risk of about 7% to 15% to the 2026 profit forecast. On the tax issue, Yuanta views XPENG vehicles as falling under the Tier 2 tax group, lower than the market's concern that it could reach 30% to 39%, and once the factory is completed, the tax will fall to the lowest level, equal to Tier 1. From the fourth quarter of this year through the first quarter of 2027, two more new XPENG models will be launched, and in 2027 growth is expected to be driven by an expanded lineup of four to five models, along with clarity on investment in the humanoid business in the fourth quarter of this year. The stock currently trades at a 2027 price-to-earnings ratio of only 5.0 times, and a second-half 2026 dividend of 0.30 baht is expected, offering a 5% yield. The research team maintains its target price of 20.20 baht and its buy recommendation, believing that once there is clarity on taxes, MGC shares will rebound strongly.
MGC.BK · Capital · Positive Yuanta keeps MGC target at 20.20 baht, forecasting better-than-expected Q3 and record ~500M baht Q4 profit with 7-15% upside to 2026 forecasts.
MGC.BK · Demand · Positive Accelerating X9 deliveries, World Bank shuttle/conference revenue, and over 2,000 XPENG L03 orders against a 3,000-unit quota drive the profit outlook.
O'Reilly Automotive Reportedly Makes Roughly $10 Billion Bid for Genuine Parts' NAPA Auto Parts Business
O'Reilly Automotive has reportedly made a roughly $10 billion bid for the automotive parts business of Genuine Parts Company, which includes the well-known NAPA Auto Parts brand, though neither company has confirmed a deal. The reported offer, if completed, would meaningfully expand O'Reilly's reach with professional repair shops. O'Reilly's revenue grew 8.5% to $18.6 billion over the past year while earnings grew 10.3%, and the company generated $2.8 billion from operations last fiscal year, leaving $1.6 billion in free cash after spending on stores and equipment. The stock trades at about 27 times its past year's earnings, versus roughly 18.5 times for its peer group, and has fallen around 20% over the past year even as earnings per share rose. Analysts' average price target implies about 26% upside from current levels, and 69 hedge funds held the stock at the end of the second quarter, up from 67 the prior quarter, while short interest stands at just 3.30% of shares available for trading.
GPC · Capital · Positive O'Reilly reportedly made a roughly $10 billion bid for Genuine Parts' NAPA Auto Parts business, a potential M&A event for the company.
ORLY · Capital · Positive O'Reilly reportedly bid roughly $10 billion for Genuine Parts' NAPA business, an M&A move that would expand its professional repair-shop reach.
Morgan Stanley downgrades AutoNation and Group 1 on dealer headwinds
Morgan Stanley downgraded AutoNation to Equal-weight from Overweight and Group 1 Automotive to Underweight from Equal-weight, citing negative earnings revisions, higher rates and oil prices, and regulatory and technological overhangs facing franchise auto dealers. Analysts led by Daniela Haigian cut AutoNation's price target to $175 from $250 and lowered Group 1's target to $232 from $300, implying about 7% downside. The team said waves from AutoNation's guidance cut at its Laguna Conference continue to ripple through the market, and it cut third-quarter and fiscal 2027 EPS estimates across franchise dealers by about 7% and 5% on average, trimmed price targets by 18% on average, and lowered implied multiples by 1.2 turns. For AutoNation, the analysts pointed to a roughly 10% quarter-over-quarter decline in new-vehicle gross profit per unit, moderating parts and service growth as consumers defer elective work, and softer finance and insurance profitability, cutting its third-quarter and 2027 EPS by 8% and 6%, leaving it 9% and 6% below consensus. On Group 1, Morgan Stanley cited company-specific execution risk including U.S. rebranding disruption, used-vehicle sourcing challenges and the upcoming Hennessy integration, cutting third-quarter and 2027 EPS by 11% and 6%, which is 13% and 8% below consensus. The bank reiterated Carvana as its favorite idea in auto retail.
AN · Capital · Negative Morgan Stanley downgraded AutoNation to Equal-weight and cut its price target to $175 from $250 on negative EPS revisions and dealer headwinds.
GPI · Capital · Negative Morgan Stanley downgraded Group 1 Automotive to Underweight and cut its price target to $232 from $300, citing execution risk and lower EPS estimates.
CVNA · Competition · Positive Morgan Stanley reiterated Carvana as its favorite idea in auto retail while downgrading franchise dealers AutoNation and Group 1.
MS · Capital · Neutral Morgan Stanley is the author of the downgrades and estimate cuts, but the article reports its analyst actions rather than a company-specific development affecting Morgan Stanley itself.
SBI Picks PTG as Top Pick for Second-Half High Season, Broker Sets Target at 8.40 Baht
SBI Thai Online Securities Company Limited, in an analysis dated October 2, 2026, selected PTG Energy Public Company Limited, or PTG, as a Top Pick stock, taking a positive view of its second-half 2026 earnings outlook on the recovery of the oil business alongside the expansion of its non-oil business. For its second-quarter 2026 results, PTG reported a net profit of 74 million baht, up 76.3% from the same period a year earlier, and a turnaround to profit from a loss of more than 205 million baht in the first quarter of 2026. Revenue from sales and services came to approximately 61.9 billion baht, up 9.5% from a year earlier and 8.9% from the previous quarter. The oil business was supported by improved marketing margins, with gross profit per liter at about 1.83 baht per liter, up from 1.66 baht per liter in the second quarter of 2025 and 1.29 baht per liter in the first quarter of 2026. Meanwhile, the non-oil business, especially the Punthai coffee brand, continued to grow on branch expansion, with about 2,467 branches as of the end of the second quarter of 2026, and the company aims to expand to about 2,751 branches by the end of 2026. SBI estimates PTG's EBITDA growth at around 0-5% from a year earlier. PTG's share price at the time of the analysis was 8.30 baht, while the average consensus target price for 2026 stood at 8.40 baht.
AutoZone Fair Value Trimmed 4.1% to US$3,708.71 on Softer Q4 Comps
AutoZone's modeled fair value has been trimmed from about US$3,867.91 to roughly US$3,708.71, a reduction of around 4.1% reflecting updated assumptions in recent research. Analysts link the shift to softer Q4 comps and pressure in the DIY channel, while also weighing AutoZone's push into commercial and do it for me customers and its ongoing store expansion. Several firms including Raymond James, BMO Capital, Roth Capital, Barclays and TD Cowen kept positive ratings while trimming price targets, and Bernstein initiated coverage with an Outperform rating and a US$3,698 target, pointing to a fragmented auto parts aftermarket and the do it for me channel as a key area for share gains. Mizuho took a more cautious stance with a Neutral rating and a cut to US$3,000, questioning AutoZone guidance that embeds transaction growth in fiscal 2027 while same SKU inflation is cited in the 4% to 5% range. In the model, the revenue growth assumption moved from roughly 7.59% to about 6.94%, the net profit margin assumption eased from around 13.17% to about 12.82%, the future P/E shifted from about 22.82x to roughly 22.29x, and the discount rate moved slightly from 8.83% to about 8.81%.
AZO · Capital · Negative Analysts trimmed AutoZone's fair value ~4.1% and cut price targets on softer Q4 comps and DIY-channel pressure, with Mizuho downgrading to Neutral.
PTG wins Product and Service of the Year 2026 award, propelling MaxCard Plus and Max Me into a Lifestyle Ecosystem
PTG Energy Public Company Limited, or PTG, has received the BUSINESS+ PRODUCT OF THE YEAR AWARDS 2026, as the company pushes ahead with expanding its business from energy into a Lifestyle Ecosystem through the development of PT MaxCard Plus and the Max Me application, elevating itself from a fuel station membership card to a platform that seamlessly connects members with products and services across the group. MaxCard Plus combines benefits including fuel discounts, privileges from partners, and insurance protection, while Max Me serves as a digital platform that brings together Max Wallet, financial services, product ordering, ticket booking, and point accumulation and redemption in a single system. In addition, Punthai Coffee Company Limited also won first place in the consumer products category, coffee shop business type, based on votes from consumers who most favor and choose to use its services, reflecting the potential of the group's brands and reinforcing PTG's image in seriously expanding its business from Energy into Lifestyle and Non-Oil.
PTG.BK · Technology · Positive PTG's MaxCard Plus and Max Me platform won the BUSINESS+ Product of the Year 2026 award, advancing its Lifestyle Ecosystem expansion.
Punthai Coffee · Demand · Positive Punthai Coffee won first place in the consumer products category based on consumer votes favoring its services.
PTG Tightens Pump Standards to Cope with Flooding, AUTOBACS Accelerates Branch Expansion in 2027
PTG Energy Public Company Limited, or PTG, has announced strict standards for its fuel service stations to cope with flooding. Rangson Puangprang, Chief Financial and Sustainability Officer, said fuel service stations are equipped with grease traps and oil traps to capture residue before water is discharged into public drains in line with standards, and all new service stations already comply with the new standards. On the fuel retail business in the final quarter, normally a tourism season, PTG acknowledged that flooding in many areas may slightly reduce overall fuel consumption in the short term, because people must allocate part of their budgets to repairing damaged cars. But if there is no further severe flooding, travel and refueling during the long New Year holiday are still expected to recover well. Meanwhile, AUTOBACS Thailand, a full-service automotive repair and maintenance center that is part of the PTG group, is expected to see a significant increase in customers coming for inspections and maintenance after flooding in Bangkok begins to ease. AUTOBACS generated revenue of about 1.433 billion baht last year, compared with the PTG group's total revenue in the hundreds of billions of baht, which for the full year 2025 stood at 224.918 billion baht. AUTOBACS revenue this year is expected to grow 10-20% from last year, before it accelerates full-scale branch expansion in 2027 to drive growth clearly higher than this year.
PTG.BK · Supply · Neutral PTG tightens flood-related standards at fuel stations and warns flooding may slightly cut short-term fuel consumption, partly offset by expected New Year holiday recovery.
AUTOBACS Thailand · Demand · Positive AUTOBACS expects a significant increase in customers for vehicle inspections and maintenance after Bangkok flooding eases, with revenue guided 10-20% higher this year.
AutoZone Opens Record 374 Stores as Margins Face LIFO Pressure
AutoZone, Inc. AZO opened a record 374 stores in fiscal 2026 and ended the year with 8,031 locations globally, while domestic commercial sales rose 10.6% on improved inventory availability and Hub and Mega Hub expansion. The company finished fiscal 2026 with 6,443 domestic commercial programs, 172 Mega Hubs, 1,001 stores in Mexico and 167 in Brazil, and management expects roughly 400 new stores and more than 40 additional Mega Hubs in fiscal 2027. Gross margin declined 29 basis points in fiscal 2026 to 52.3%, partly on inventory cost dynamics and LIFO charges, and management guides fiscal 2027 gross margin to be flat to up 25 basis points on a GAAP basis with approximately $85 million to $90 million of LIFO charges. Domestic DIY same-store sales fell 0.6% in the fourth quarter of fiscal 2026, and management expects domestic same-store sales to be flat to up low single digits in fiscal 2027. AutoZone generated approximately $1.8 billion in free cash flow and repurchased $2 billion of stock during fiscal 2026, ending the year with $9.1 billion in debt and leverage of 2.5X EBITDAR, while the Zacks Consensus Estimate implies fiscal 2027 sales and EPS growth of 7.6% and 13.4%.
AZO · Demand · Positive Record 374 new stores opened and domestic commercial sales up 10.6% on improved inventory availability and Hub/Mega Hub expansion.
AZO · Pricing · Negative Gross margin fell 29 bps to 52.3% on inventory cost dynamics and LIFO charges, with further LIFO charges guided for fiscal 2027.
CarMax Q2 Earnings Beat Estimates as Revenue Jumps 19.5%
CarMax reported second-quarter fiscal 2027 earnings of $1.16 per share, up 81.3% year over year and beating the Zacks Consensus Estimate of 68 cents by 70.6%, while revenues rose 19.5% to $7.88 billion and surpassed the consensus mark of $7.06 billion by 11.5%. For the quarter ended Aug. 31, 2026, used vehicle sales increased 19.7% to $6.31 billion, total retail used vehicle unit sales rose 13.8% to 227,391, and the average retail selling price climbed 6.3%, or approximately $1,600 per unit, to $27,623. Wholesale vehicle sales increased 18.2% to $1.36 billion on wholesale unit sales of 160,344, up 15.9%, though gross profit per wholesale unit declined by $135 to $858. CarMax Auto Finance income increased 32.1% to $135.6 million, aided by a lower provision for loan losses, and the company said it did not repurchase shares during the quarter but plans to resume buybacks at a modest level in the third quarter, with $1.31 billion remaining under its authorization as of Aug. 31, 2026. CarMax also said it remains on track to achieve $200 million in targeted SG&A exit-rate savings by the end of fiscal 2027.
Carnival, CarMax, Vail Resorts Beat Estimates; Fair Isaac Plunges 26.5%
Carnival Corp. Ltd. shares jumped 13.4% after the company reported third-quarter fiscal 2026 adjusted earnings of $1.43 per share, surpassing the Zacks Consensus Estimate of $1.36 per share. CarMax Inc. shares climbed 4.7% after posting second-quarter fiscal 2027 adjusted earnings of $1.16 per share, outpacing the Zacks Consensus Estimate of $0.68 per share. Vail Resorts Inc. shares rose 2.3% after the company posted a fourth-quarter fiscal 2026 adjusted loss of $5.34 per share, narrower than the Zacks Consensus Estimate of a loss of $5.40 per share. Fair Isaac Corp. shares plunged 26.5% following Federal Housing Finance Agency director Bill Pulte's introduction of a single pricing grid to mortgage pricing.
CCL · Capital · Positive Carnival reported Q3 fiscal 2026 adjusted EPS of $1.43, beating the $1.36 consensus estimate.
FICO · Regulation · Negative FHFA director Bill Pulte introduced a single pricing grid for mortgage pricing, hitting Fair Isaac's credit-scoring business.
KMX · Capital · Positive CarMax posted Q2 fiscal 2027 adjusted EPS of $1.16, far outpacing the $0.68 consensus estimate.
MTN · Capital · Positive Vail Resorts posted a Q4 fiscal 2026 adjusted loss of $5.34 per share, narrower than the expected $5.40 loss.
ASL maintains Buy on PTG with 8.70 baht target, expects second-half profit growth both HoH and YoY
ASL Securities stated that PTG's operating results showed a net profit of 74 million baht in 2Q26, down 76.3% YoY and 22% below expectations, due to high tax expenses of 66 million baht, or an ETR of 40.4%. Total revenue was 61 billion baht, up 8.9% QoQ and 9.5% YoY, benefiting from high global oil prices and the government's removal of pump price caps, the main factor supporting the recovery of marketing margin, which reached 1.83 baht per liter, up 41% from the previous quarter. As a result, GPM stood at 7.4%, flat from 7.5% in 1Q26 and below 7.7% in 2Q25. SG&A/Sales was at 7%, down from 7.7% in the previous quarter, reflecting efficient cost control, especially through adjustments to marketing plans. For the 2H26F outlook, net profit is expected to expand both HoH and YoY. In 3Q26F, sales may slow due to seasonal factors, but growth will be prominent in 4Q26F, the high season for travel, which supports traffic at gas stations, along with marketing margin rising about 10-15% compared with 1H26. The brokerage views positively management's 2H26F plan to cut capital expenditure to 3,000-4,000 million baht from 3,500-4,000 million baht, especially the Pantai coffee portion to 800-1,000 million baht from 1,000-1,500 million baht, as it aims to slow expansion of PTG-owned branches while continuing to expand through franchises, which helps reduce costs for hiring and training new employees. SG&A/Sales is expected to fall to 7.0% from 7.3% compared with 1H26. The YoY growth factors come from the benefit of high oil prices, improved performance in the non-oil business, especially Pantai coffee from the increase in the number of branches, and lower operating expenses due to reduced marketing budget. We maintain our Buy recommendation with a 2027F TP of 8.70 baht, based on PBV of 1.22 times, close to the three-year historical average of 1.69 times minus 1S.D. Currently PBV is 1.39, an attractive level. We view that PTG has room to recover in the remainder of the year, given marketing margin returning to normal in line with market mechanisms, flexibility in its business plan to cope with current conditions, and business restructuring to reduce the impact of global oil price volatility.
PTG reports 2Q/26 net profit of 74 million baht, missing estimates by 22% on high taxes
PTG reported second-quarter 2026 net profit of 74 million baht, down 76.3% from a year earlier and 22% below analyst estimates, due to tax expenses of 66 million baht, or an effective tax rate of 40.4%. Total revenue came in at 61 billion baht, up 8.9% from the previous quarter and 9.5% from a year earlier, helped by high global oil prices and the government's removal of the cap on pump prices, the main factor supporting the recovery in marketing margin, which reached 1.83 baht per liter, up 41% from the previous quarter. As a result, gross profit margin stood at 7.4%, flat from 7.5% in the first quarter of 2026 and below 7.7% in the second quarter of 2025. SG&A as a proportion of sales was 7%, down from 7.7% in the previous quarter, reflecting efficient cost control, particularly through adjustments to its marketing plan. For the outlook in the second half of 2026, analysts expect net profit to expand both half-on-half and year-on-year. In the third quarter of 2026, sales may slow seasonally, but growth should be strong in the fourth quarter of 2026, the high season for travel that boosts traffic at gas stations, along with a roughly 10-15% increase in marketing margin compared with the first half. Analysts also view the management's second-half plans positively, following a cut in capital expenditure to 3,000-4,000 million baht from 3,500-4,000 million baht, particularly for the Punthai Coffee business, which was reduced to 800-1,000 million baht from 1,000-1,500 million baht, as the company wants to slow the expansion of PTG-owned branches while continuing to expand through franchising, which helps reduce costs for hiring and training new employees. SG&A as a proportion of sales is expected to fall to 7.0% from 7.3% in the first half. Analysts maintain a Buy rating with a 2027 target price of 8.70 baht, based on a P/BV of 1.22 times, close to the three-year average of 1.69 times minus one standard deviation. The current P/BV of 1.39 is at an attractive level. Analysts see PTG as having room to recover over the remainder of the year, supported by marketing margin returning to normal in line with market mechanisms, flexibility in its business plans to cope with current conditions, and business restructuring to reduce the impact of global oil price volatility. On the technical side, the short term has seen a test and a hold of the uptrend line without creating a new low below 8.05-8.00, with the trend still swinging upward. Intraday resistance is a double top at 8.50-8.60; a break above and hold with increased trading volume would be a buy signal for a continuation of the V-shaped pattern, with major resistance at the previous high of 9.00. For investment recommendations, investors holding the stock should hold or add to positions, with a chance to test resistance at 8.50-8.60 and 9.00. Investors without the stock should buy short term, focusing on holding support at 8.05-8.00, which should not be breached.
PTG.BK · Capital · Negative 2Q/26 net profit of 74 million baht missed estimates by 22% and fell 76.3% year-on-year on a 40.4% effective tax rate.
PTG.BK · Pricing · Positive Removal of the government pump-price cap lifted marketing margin to 1.83 baht per liter, up 41% quarter-on-quarter.
Punthai Coffee · Capital · Neutral Punthai Coffee capex was cut to 800-1,000 million baht as PTG slows company-owned branch expansion in favor of franchising.
Case-Shiller July Home Prices Rise 1.9%, CarMax Beats Fiscal Q2 Estimates
Case-Shiller home prices rose 1.9% in July, with the 20-city survey up 2.5% and the 10-city up 3.4%, though the report marked the 14th-straight decline in real home prices. Chicago posted the biggest gain for a fifth-straight month at 6.9%, followed by New York City at 5.8% and Cleveland at 4.2%, while Seattle fell 1.6%, Las Vegas 1.3% and Denver 1.1%. CarMax shares rose 5% after the auto dealer reported a 70.6% earnings surprise to $1.16 per share in its fiscal Q2, with revenues up 11.54% to $7.88 billion. Ahead of the open, the August JOLTS report is expected to show job openings easing to 7.2 million from 7.27 million, and the Conference Board's September Consumer Confidence reading is expected to dip to 89 from 89.4 in August. Pre-market futures were modestly higher, with the Dow up 70 points, the Nasdaq up 94, the S&P up 10 and the Russell 2000 up 4, as WTI traded at $90 per barrel and Brent at $103 per barrel.
CarMax Beats Fiscal Q2 Estimates as Pre-Market Futures Rebound
CarMax shares rose 5% after the auto dealer reported a 70.6% earnings surprise to $1.16 per share in its fiscal Q2, with revenues up 11.54% to $7.88 billion. Pre-market futures were moderately higher following Monday's selloff, with the Dow up 70 points, the Nasdaq up 94, the S&P up 10 and the Russell 2000 up 4, helped by cooling oil prices at $90 per barrel on WTI and $103 per barrel on Brent. Bond yields remained elevated at 5.226% on the 10-year, 4.922% on the 2-year and 5.55% on the 30-year. The Case-Shiller Home Prices report for July showed 1.9% growth overall, 2.5% on the 20-city survey and 3.4% on the 10-city survey, marking the 14th-straight decline in real home prices, with Chicago leading gains at 6.9% for a fifth-straight month. Later today, the August JOLTS report is expected to show job openings easing to 7.2 million from 7.27 million, while the Conference Board's September Consumer Confidence reading is expected to dip to 89 from 89.4 in August.
AstraZeneca Invests $2 Billion in Summit; FICO Sinks on FHFA Mortgage Pricing Change
AstraZeneca agreed to make a $2 billion strategic equity investment in Summit Therapeutics, sending the biopharmaceutical company's shares up 17.1% in premarket trading. The investment supports a collaboration combining Summit's flagship bispecific antibody, ivonescimab, with AstraZeneca's oncology pipeline, and AstraZeneca will acquire convertible preferred shares at a price equivalent to $18.36 per common share, a 10% premium to Summit's five-day volume-weighted average price. Fair Isaac tumbled 15% after the Federal Housing Finance Agency announced changes to mortgage pricing that will introduce competition to FICO's longstanding role in the mortgage credit-scoring market; FHFA Director Bill Pulte said Fannie Mae and Freddie Mac will consolidate their separate pricing matrices into a single unified grid that will incorporate VantageScore alongside the traditional FICO Classic score. CarMax rose 3.7% after reporting fiscal second-quarter earnings of $1.16 per share, beating analyst expectations of 68 cents, with revenue of $7.88 billion topping forecasts of about $7.06 billion. AAR Corp. surged 6.9% after announcing an agreement to acquire a 65% controlling interest in MRO Holdings at an implied enterprise value of $4 billion, alongside adjusted diluted EPS of $1.49 and revenue of $918 million that beat expectations. Netflix rose 1.4% after Deutsche Bank upgraded the streaming giant to Buy from Hold with a $95 price target, while AbCellera Biologics gained 2.1% on a JPMorgan Overweight initiation with a $17 price target and Q32 Bio rose 9.4% ahead of a key clinical data presentation at the European Academy of Dermatology and Venereology Congress in Vienna beginning Sept. 30.
AIR · Capital · Positive AAR agreed to acquire a 65% controlling interest in MRO Holdings at a $4 billion enterprise value, alongside EPS and revenue beats.
AZN.LSE · Capital · Positive AstraZeneca agreed to a $2 billion strategic equity investment in Summit Therapeutics and a collaboration combining ivonescimab with its oncology pipeline.
FICO · Regulation · Negative FHFA's mortgage pricing change will add VantageScore competition to FICO's longstanding role in mortgage credit scoring.
KMX · Capital · Positive CarMax reported fiscal Q2 EPS of $1.16 and revenue of $7.88 billion, beating analyst expectations.
NFLX · Capital · Positive Deutsche Bank upgraded Netflix to Buy from Hold with a $95 price target.
QTTB · Technology · Positive Q32 Bio rose ahead of a key clinical data presentation at the EADV Congress, a product/R&D catalyst.
EVgo Unveils Next-Generation Charging System Capable of 750kW
EVgo Inc. has announced a next-generation charging system capable of delivering up to 750kW of charging power. Design, development, and testing of the new charger are being carried out at EVgo's Innovation Lab in El Segundo, California, with co-development support from longtime partner Delta Electronics, making EVgo one of the only American charging networks to design its own chargers. CEO Badar Khan said the 750kW architecture future-proofs the network, noting that charge rates on the EVgo network are up nearly 20% over the last two years. The design draws on learnings from 1.8 million customer accounts and data from over 10 million sessions per year, and includes better cable maneuverability, a touchless payment interface, and NACS connectors as part of EVgo's strategy to double its addressable market. The system is expected to charge the fastest charging vehicles in the U.S. market in around 10 minutes, and the final charger design is expected to be unveiled in 2027 as EVgo begins deploying the new architecture.
ACG Q2 2569 profit surges 81.99% on flood-damaged car repairs
AutoCorp Holding Public Company Limited, or ACG, reported net profit of 11.72 million baht for the second quarter of 2569, up 81.99% from 6.44 million baht in the second quarter of 2568. For the first six months, net profit was 21.80 million baht, up 27.04% from 17.16 million baht in the same period last year. Although total revenue in the second quarter of 2569 fell 5.02% to 294.70 million baht, total expenses dropped 6.97% to 275.80 million baht, pushing the net profit margin up to 3.98% from 2.08% in the same quarter a year earlier. For the first six months of 2569, ACG had total revenue of 614.15 million baht, down 11.98% from 697.76 million baht. Its maintenance and spare parts business generated revenue of 344.84 million baht, up 2.88%, with second-quarter 2569 revenue alone at 178.37 million baht, up 8.45%. Meanwhile, the Fast Fit express service center business for all car brands, under AutoClick by ACG Company Limited, posted first-half revenue of 100.24 million baht, down slightly 1.52%, though second-quarter 2569 revenue rose 1.22% to 50.46 million baht. The recent flooding in Bangkok and several provinces damaged a large number of submerged vehicles, drawing attention to whether AutoClick by ACG will benefit from repairs to affected cars. Book value per share stood at 1.22 baht.
ACG.BK · Capital · Positive ACG reported Q2 2569 net profit up 81.99% to 11.72 million baht as expenses fell faster than revenue, lifting net margin to 3.98%.
PTG eyes Q4 2026 recovery, Phaisan Capital set for Q3 2027 IPO
PTG Energy, or PTG, expects its operating results to recover in the fourth quarter of 2026 after marketing margins began to ease from the pressure seen in the first and second quarters. Rangsan Puangprang, Senior Assistant Managing Director, said government agencies and related bodies have begun to ease pressure on retail prices. The company is pressing ahead with expanding its B20 oil business, which continues to see steady demand and still receives subsidies. Its non-oil businesses are also likely to grow well in the fourth quarter of 2026, even though total oil sales volume for the full year may be affected and the company has trimmed some of its targets. On progress toward listing Phaisan Capital Co Ltd on the stock exchange, Rangsan said the plan remains unchanged, with operations expected to begin in the third quarter of 2027. The company is currently preparing its systems and documentation in line with Securities and Exchange Commission criteria. PTG holds a 33% stake in Phaisan Capital and expects that to fall to about 25% after the IPO fundraising. Sukrit Rianpinyawat, Chief Executive Officer of Phaisan Capital Co Ltd, said the company's loan portfolio currently stands at about 3.7 billion baht, nearly 90% of which is truck hire-purchase lending, and it aims to expand the portfolio to 10 billion baht within no more than five years after listing on the stock exchange.
PTG.BK · Pricing · Positive PTG expects operating results to recover in Q4 2026 as marketing margins ease and government pressure on retail prices abates.
PTG.BK · Demand · Positive PTG is expanding its B20 oil business, which sees steady demand and still receives subsidies, and non-oil businesses are likely to grow well.
PTG.BK · Capital · Positive PTG's 33% stake in Phaisan Capital is expected to fall to about 25% after the planned Q3 2027 IPO fundraising.
Phaisan Capital · Capital · Positive Phaisan Capital is preparing systems and documentation for a planned stock exchange listing in Q3 2027, aiming to grow its loan portfolio to 10 billion baht within five years.
PTG Partners with Phaisan Capital, Targets 10 Billion Baht Truck Loan Portfolio, Plans to File Early 2027 for SET Listing
PTG Energy, or PTG, has formed a joint venture with Phaisan Capital, holding a 33.33% stake since 2024, to extend its non-oil business into used truck loans. Sukrit Rianpinyawat, Chief Executive Officer of Phaisan Capital, disclosed that the company aims to expand its loan portfolio from 3.7 billion baht to 10 billion baht within no more than five years after listing on the stock exchange. Currently, more than 90% of the portfolio consists of truck hire-purchase loans, and since PTG joined as a partner, the business has seen portfolio growth of around 25 to 30%. The company plans to file its filing with general investors in early 2027 and targets listing on the SET within the third quarter of 2027. After the IPO, PTG's stake will decrease to approximately 25% from 33.33%. Phaisan Capital currently has nine branches including its head office, covering the northern, northeastern, central, western, and eastern regions, and keeps its NPL ratio at around 3 to 4%.
PTG.BK · Capital · Positive PTG's JV with Phaisan Capital targets a 10bn baht truck loan portfolio and an IPO filing in early 2027, expanding its non-oil business.
Paisal Capital · Capital · Positive Phaisan Capital plans to grow its loan portfolio from 3.7bn to 10bn baht and file for a SET listing in early 2027.
CarMax Set to Report Earnings Tuesday as Analysts Eye 5.4% Revenue Growth
CarMax will report its quarterly earnings on Tuesday morning, with the market expecting revenue to grow 5.4% year on year, a reversal from the 6% decrease it recorded in the same quarter last year. Last quarter, the used-vehicle retailer beat analysts' revenue expectations with revenues of $8.01 billion, up 6.2% year on year, and also beat analysts' EPS estimates. Most analysts covering the company have reconfirmed their estimates over the last 30 days, though CarMax has missed Wall Street's revenue estimates multiple times over the last two years. Among its peers in the automotive and marine retail segment, only AutoZone has reported so far, missing analysts' revenue estimates with year-on-year sales growth of 5.6%, and its stock traded up 1.4% on the results. CarMax shares are down 4.9% over the last month, and the stock heads into earnings with an average analyst price target of $57.15 compared to the current share price of $58.36.
KMX · Capital · Neutral CarMax is set to report quarterly earnings Tuesday with analysts expecting 5.4% revenue growth, a reversal from last year's 6% decline.
PTG backs Phaisan Capital, targets 30% growth in truck loans, plans to file early next year
PTG Energy Public Company Limited, or PTG, is pressing ahead with expanding its partnership with Phaisan Capital Company Limited to grow its truck and commercial vehicle lending business. Rangsan Puangprang, PTG's Chief Financial and Sustainability Officer, said that since the partnership began, loan volumes have risen by about 25–30%, and PTG wants to bring truck operators' funding needs into the formal credit system to reduce their reliance on informal loans. PTG currently holds about 33% of Phaisan Capital and expects that stake to fall to roughly 25% if the company lists on the stock exchange as planned. Sukrit Rianpinyawat, Chief Executive Officer of Phaisan Capital, said the company plans to file its securities offering registration statement, or filing, in early next year and expects to list within the year. It currently has a non-performing loan ratio of about 3–4% and operates roughly nine service locations covering the eastern, central, western and southern regions, with plans to expand nationwide. It focuses on truck loans as its core business and is extending into related businesses across the entire supply chain, from upstream to downstream, including truck bed and body fabrication, maintenance and other services.
PTG.BK · Demand · Positive PTG is expanding its truck and commercial vehicle lending partnership with Phaisan Capital, with loan volumes already up 25-30%.
Paisal Capital · Capital · Positive Phaisan Capital plans to file its securities offering registration statement early next year and list within the year.
AutoNation Lifts Revolving Credit Facility to US$2.00 Billion, Extends Maturity to 2031
AutoNation, Inc. amended and restated its unsecured credit agreement with JPMorgan Chase and other lenders, raising its revolving credit facility commitment from US$1.90 billion to US$2.00 billion. The accordion feature was expanded to as much as US$1.00 billion, and the maturity was extended to September 14, 2031. The company said the facility carries the same or lower fees and margins, with leverage and interest coverage covenants unchanged. The larger, longer-dated credit line could support future operational and capital allocation decisions, including transactions similar to the June 2026 acquisition of three premium luxury dealerships in the San Francisco Bay Area, which along with other luxury additions has added roughly US$1.0 billion of annual revenue. AutoNation's narrative projects $29.9 billion revenue and $816.2 million earnings by 2029, while some of the most optimistic analysts assume revenue of about US$31.6 billion and earnings near US$881.5 million by 2029.
AN · Capital · Positive AutoNation upsized its revolving credit facility to $2.00B and extended maturity to 2031 on same-or-lower fees, boosting financial flexibility for future deals.
AutoZone Tops US$20 Billion in Annual Sales With Record 374 Store Openings
AutoZone, Inc. reported fourth-quarter 2026 results with sales of US$6,594.88 million, net income of US$931.59 million, and diluted EPS of US$56.05, all higher than a year earlier. The company passed US$20.00 billion in annual sales and opened a record 374 stores, bringing its global footprint to 8,031 locations. Commercial business growth stayed strong even as DIY demand softened, and the company flagged rising costs, inflation and tariffs as the biggest near-term risks to margins and earnings. The quarter's results did not materially change that risk balance, with commercial momentum still seen as the key short-term catalyst.
AUCT set to close new business deal this month, aims to build automotive ecosystem
Sahakarn Pramoon Public Company Limited, or AUCT, disclosed that it is in negotiations with partners to establish a new business in the form of a joint venture and partnership, with a clear conclusion expected within this month. The business will be an extension into other services related to automobiles, similar to an automotive service center covering maintenance and various basic services, to serve customers who come to bid on cars with AUCT and want their vehicles refurbished after purchase. Mr. Suthi Samathi, Managing Director, said that this new business may not be large or generate significant revenue in the beginning, but it will build an additional service base and connect with the customer base in the future. In the next phase, there is also an opportunity to extend into the procurement or distribution of auto parts, and clear progress is expected by September 2026. The company is focused on building a network of partners with specific expertise to enhance its capabilities, and is currently in talks with several groups of partners, which need not be only auction yard operators. As for the current situation, the key issue is not sales capability but the volume of cars, or supply, brought in for sale, which remains limited. The company is therefore pushing ahead to add new supply sources, especially trucks. Most recently, it received several hundred trucks from a beverage manufacturer and distributor, and these have sold well.
AUCT.BK · Demand · Positive AUCT is negotiating a JV to add an automotive service center and later auto-parts distribution, extending services to its car-buying customers.
AUCT.BK · Supply · Positive Company says limited car supply is the key constraint and it is adding new supply sources, having received several hundred trucks from a beverage distributor that sold well.
Sonic Automotive Acquires Porsche Walnut Creek After Record Q2
Sonic Automotive announced on August 27 that it acquired Porsche Walnut Creek, adding a sixth Porsche store to its lineup and deepening its footprint in one of the country's priciest car markets. The dealership, previously run by Fletcher Jones Automotive Group and serving the Bay Area community since 2006, slots into a California portfolio that already spans BMW, Jaguar, Land Rover, Lexus, Mercedes-Benz, MINI, EchoPark and Harley-Davidson. The deal lands less than a month after Sonic posted its best second quarter on record, with revenue of $3.9 billion, up 8% year over year, gross profit of an all-time high $616.2 million, and reported net income up 226% to $57.4 million, or $1.79 per diluted share. Beneath those headline figures, adjusted net income fell 23% to $58.3 million and adjusted earnings per share dropped 17% to $1.82, while EchoPark segment income fell 38% to $7.2 million even as retail unit sales rose 17% to 19,601. Sonic, which holds about $676 million in total available liquidity and pays a quarterly dividend of $0.41 per share, is betting that luxury and Powersports expansion can outrun margin pressure that President Jeff Dyke attributed in part to a challenging consumer affordability backdrop.
AutoZone reported fourth-quarter fiscal 2026 earnings per share of $56.05, up 15.1% year over year and ahead of the Zacks Consensus Estimate of $54.54 by 2.8%, though net sales rose 5.6% to $6.60 billion and missed the consensus mark of $6.69 billion by 1.4%. Gross margin expanded 182 basis points year over year to 53.3%, a gain that included a 145-basis-point benefit from tariff refunds and a 105-basis-point favorable net non-cash LIFO impact, partly offset by a higher commercial sales mix, and the quarter carried a $15 million LIFO charge versus $80 million a year earlier. Operating profit rose 10.1% to $1.32 billion and net income increased 11.3% to $931.59 million, with operating margin up 81 basis points to 20%. Domestic commercial sales reached $1.91 billion, up 8.6%, and the company ended the quarter with 6,443 domestic commercial programs, up 5.7% year over year and available in 94% of domestic stores. AutoZone opened 175 stores in the quarter, including 97 in the United States, 68 in Mexico and 10 in Brazil, bringing the global store count to 8,031 from 7,657 a year earlier, and repurchased 223,000 shares for $697.50 million at an average price of $3,125 per share, leaving $1.61 billion under its repurchase authorization.
AutoZone, THOR Beat Estimates; MillerKnoll Misses; Vicor Lifts Outlook
AutoZone reported fourth-quarter fiscal 2026 earnings of $56.05 per share, beating the Zacks Consensus Estimate of $54.54, sending its shares up 3.3%. THOR Industries posted fourth-quarter fiscal 2026 revenues of $2.31 billion, surpassing the Zacks Consensus Estimate of $2.15 billion, and its shares jumped 5.6%. MillerKnoll reported first-quarter fiscal 2027 revenues of $923.4 million, missing the Zacks Consensus Estimate of $942.7 million, and its shares slipped 0.2%. Vicor revised its third-quarter outlook for sequential revenue growth to more than 20% from an earlier projection of nearly 10%, driving its shares up 19.9%.
TD Cowen Cuts AutoZone Price Target to $3,400 After Q4 Comps Lag
TD Cowen lowered its price target on AutoZone to $3,400 from $3,500 while keeping a Buy rating, a day after the auto-parts retailer reported fiscal fourth-quarter results. AutoZone posted earnings per share of $56.05 and total company same-store sales growth of 1.5%, with revenue of about $6.6 billion falling just short of the roughly $6.71 billion analysts had expected. TD Cowen analyst Max Rakhlenko pointed to an improved fourth-quarter exit rate and momentum early in the first quarter, but flagged domestic comparable sales as the sticking point, calling AutoZone likely to stay a battleground stock until those trends improve. The firm expects same-SKU inflation to run hotter than it first thought in fiscal 2027, with do-it-yourself demand elasticity the variable to watch, while the do-it-for-me segment keeps taking share. Evercore ISI held its Outperform rating and $3,500 target, and AutoZone shares, down more than 30% over the past year, trade near a 52-week low of $2,797.
AZO · Capital · Negative TD Cowen cut its AutoZone price target to $3,400 from $3,500 after Q4 same-store sales growth of 1.5% and revenue missed estimates.
AutoZone Q4 Profit Tops Estimates as Sales Rise 5.6% to $6.6 Billion
AutoZone reported stronger-than-expected fourth-quarter results on September 22, sending shares up 3.26% for the session. Net sales rose 5.6% year over year to $6.6 billion, operating profit climbed 10.1% to $1.3 billion, and net income reached $931.6 million, up from $837 million a year earlier, while diluted earnings per share rose to $56.05 from $48.71. Gross profit as a percentage of sales reached 53.3%, up 182 basis points, helped by a 145-basis-point benefit from tariff refunds and a 105-basis-point net non-cash LIFO benefit, partly offset by a higher commercial mix. The company opened 175 new locations in the quarter, including 16 new Mega Hub stores in the US, bringing its total to 8,031 stores as of August 29, and management said sales momentum strengthened in the final eight weeks of the quarter and that it is well positioned for sales growth in fiscal 2027. Even so, the stock remained down nearly 30% over the past 12 months, and of the 31 analysts covering the company, 84% rate it a Buy with a median 12-month price target of $3,914.50.
AZO · Capital · Positive AutoZone's Q4 profit and EPS topped estimates with net income up to $931.6M and gross margin boosted by tariff refunds and LIFO benefit.
Phillip keeps Buy rating on PTG with 10.20 baht target, sees weaker oil supporting marketing margins
The research department of Phillip Securities (Thailand) Public Company Limited has maintained its Buy recommendation on PTG Public Company Limited, or PTG, with a 2026 target price of 10.20 baht per share. It assesses that the downward trend in crude oil prices will be a positive factor for the recovery of oil marketing margins, while the non-oil business has the opportunity to continue growing during the year-end tourism season. The research department noted that Brent crude fell about 3.4% from late last week to around 100 dollars per barrel, driven by expectations that the conflict involving Iran may ease, as well as a recovery in oil exports from Saudi Arabia, which helps reduce pressure on marketing margins that had been affected during the period of rising oil prices. However, the research department views that the direction of oil prices for the remainder of the year remains highly uncertain and that government policy must be monitored, with a possibility that authorities may consider cutting excise taxes on certain fuels, namely E20 gasohol and B20 diesel, to assist the agricultural sector, though details and clarity on such measures are still pending. For the non-oil business, the research department views that the Thai coffee brand will be one of the businesses benefiting from increased travel and tourism. In the first half of 2026, PTG's non-oil business accounted for approximately 44.8% of total gross profit, reflecting its growing role in supporting the company's earnings.
CarMax Cuts Corporate Jobs for Third Time in 12 Months
CarMax carried out its third round of corporate staff layoffs in 12 months earlier this month as part of a cost-cutting drive aimed at achieving US$200 million in annualized overhead savings by the end of fiscal 2027 amid pressure from higher interest rates. The move signals how central overhead reduction has become to CEO Keith Barr's turnaround plan, potentially reshaping how CarMax balances growth investment with profitability goals. The appointment of Keith Barr as President and CEO in March 2026 ties most directly to this cost-cutting news, with his turnaround plan now visibly leaning on overhead reduction alongside existing initiatives in digital sales, logistics efficiency, and full spectrum lending. CarMax's narrative projects $28.3 billion revenue and $642.5 million earnings by 2029, yielding a $54.85 fair value, a 4% downside to its current price, while some of the lowest ranked analysts assume roughly US$27.3 billion of revenue and about US$368 million of earnings by 2029. Investors should be aware of how rising loan loss provisioning at CarMax Auto Finance could offset the cost savings.
KMX · Capital · Negative CarMax is cutting corporate jobs for the third time in 12 months as part of a cost-cutting drive to save $200M annually amid higher interest rates.
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