Specialty Retail

Home Product Center Public Company Limited, or HMPRO, has announced a 130 million baht investment to revamp its MegaHome Rangsit branch into one that serves a broader range of needs, covering tradespeople, contractors, the industrial sector and general customers, in order to support the expansion of northern Bangkok. Managing Director Weeraphan Angsumalee said the investment aims to boost capacity and broaden the product range. For the tradespeople and contractor segment, the branch has added machinery and tools for large-scale industrial work, such as air compressors and generators from leading brands. For household customers, it has expanded the Black Series kitchen zone, the The Power electrical appliance zone, which now offers large televisions of up to 100 inches, and a new bedding department under the new brand SNAZZ. A pick-up point has also been added to connect the online and in-store shopping experience. To celebrate the revamp, MegaHome Rangsit will hold a major 10-day campaign from 9 to 18 October 2026. Shoppers who spend 10,000 baht receive up to 2,000 baht back, along with promotions for trade members during the first three days, 9 to 11 October, such as mixed cement at 99 baht per bag, a discount sticker worth up to 1,000 baht for spending 3,000 baht, an additional discount of up to 5%, and a 250 baht coupon for new members, plus a limited-edition tradesperson shirt for spending 2,000 baht. General customers can receive discounts of up to 8,000 baht on electrical appliances, and a trade-in privilege worth an additional discount of up to 5,000 baht. HomePro Visa Platinum credit card members receive an immediate 3% discount and interest-free instalments of up to 24 months. The new-look MegaHome Rangsit will officially open on 9 October 2026, open daily from 07.00 to 21.00.

Chewy posted second quarter fiscal 2026 results with adjusted earnings matching forecasts and net sales ahead of expectations, then raised its outlook as Autoship and AI driven efficiencies took center stage. The update lands after a tough stretch for the stock, with the share price down 43.42% year to date and the 1-year total shareholder return declining 51.45%, even as the 3-year total shareholder return remains positive at 11.47%. A 7-day share price return of 4.29% suggests investors are tentatively reassessing the balance between future growth potential and perceived risk at the current US$18.95 level. Chewy is priced at $18.95 against a widely followed fair value estimate of $28.64 that uses an 8.56% discount rate, a gap that turns the Autoship, pet health and AI cost story into a valuation question rather than just an earnings story. On the earnings multiple, Chewy trades at 27.8x earnings compared with a fair ratio of 20.7x, the US Specialty Retail average of 16.5x and a 15.6x peer average, a richer tag that increases the risk any stumble in the thesis affects the multiple first.

HORNBACH Holding KGaA reported higher sales and net income for both the second quarter and the first half, while management kept its 2026/27 revenue expectations steady. The reaffirmed guidance came alongside the fresh quarterly results, with the company continuing to target organic growth across Europe, particularly in markets outside Germany. HORNBACH is also investing in Click & Collect and Direct Delivery to link its online and offline channels, which it expects to improve the customer experience and net margins. On the most followed analyst narrative, the shares screen as 16% undervalued against an implied fair value of €99.69, compared with a last close of €83.7. Soft consumer sentiment in HORNBACH's core markets, along with higher wage and store opening costs, could still cap earnings progress.

Signet Jewelers reported second-quarter fiscal 2027 adjusted earnings of $2.19 per share, surpassing the Zacks Consensus Estimate of $1.69 and up 36% from $1.61 a year earlier, while sales of $1,528.1 million slightly missed the $1,529 million consensus and declined 0.5% year over year. Same-store sales grew 2.2%, the fifth positive quarter in the past six, and average merchandise unit retail rose about 6%, though e-commerce sales fell 5.5% to $300 million, or 19.6% of quarterly sales, largely on the decommissioning of the James Allen website. Gross margin expanded 80 basis points to 39.4%, helped by roughly $15 million of tariff refunds, and adjusted operating income rose 25.5% to $107.2 million. Signet maintained its fiscal 2027 sales outlook of $6.7-$6.9 billion but raised same-store sales guidance to flat to 2.5% growth, adjusted operating income to $535-$605 million, adjusted EBITDA to $730-$800 million and adjusted EPS to $10.45-$12.15. The company also renewed its consumer credit partnership with Bread Financial through December 2035, a deal management expects to generate more than $1 billion of incremental non-comp revenues and operating income over its life, and plans a $125-million accelerated share-repurchase program in September after repurchasing about 1 million shares for $87 million in the quarter.

Chewy shares have dropped about 10.3% in the month since its last earnings report, underperforming the S&P 500. The company reported second-quarter fiscal 2026 adjusted earnings of 36 cents a share, up 9.1% year over year and in line with the Zacks Consensus Estimate, while net sales rose 7.3% to $3,330.2 million, topping the consensus mark of $3,322 million. Chewy added 208,000 net active customers sequentially, excluding additions related to Modern Animal, and active customers increased 3.8% to 21.705 million. Autoship customer sales climbed 9.3% to $2,817.2 million, representing 84.6% of total net sales, and adjusted EBITDA rose 23.7% to $226.7 million. The company raised its fiscal 2026 net sales outlook to between $13.46 billion and $13.57 billion, implying reported growth of 6.8% to 7.7%, and guided third-quarter net sales of $3.323 billion to $3.358 billion with adjusted earnings of around 39 cents a share.

American Eagle Outfitters posted fiscal second-quarter 2026 earnings of 79 cents per share, up 75.6% year over year and well above the Zacks Consensus Estimate of 21 cents, with net revenue rising 7.5% to $1.38 billion and beating the consensus mark of $1.37 billion. The beat was aided by tariff-refund benefits, while Aerie and OFFLINE momentum supported sales growth, and consolidated comparable sales increased 6%. Aerie revenue increased 24.9% year over year to $535.8 million with comparable sales up 19%, while American Eagle brand revenue rose 0.7% to $805.9 million but comparable sales declined 1%. Gross profit climbed 34.4% to $672.1 million and gross margin expanded 980 basis points to 48.7%, helped by a net $179 million tariff-refund benefit in gross profit that contributed 1,300 basis points to the margin expansion, and operating income rose 105.1% to $211.4 million. For fiscal 2026, the company expects comparable sales to increase in the mid-single digits and operating income between $540 million and $550 million, inclusive of tariff-refund benefits, while for the fiscal third quarter it expects comparable sales growth in the mid-to-high single digits.

MINISO Group reported that total GMV for its MINISO Chinese mainland business grew 25% to 30% year over year in the three months ended September 30, 2026, accelerating from the first half of 2026 on the back of high-single-digit same-store sales growth. During the National Day holidays from October 1 to October 7, 2026, MINISO Chinese mainland kept up its momentum with total GMV growth of 20% to 25% year over year, powered by low-single-digit SSSG. The company's flagship proprietary IP, YOYO, generated GMV of over RMB1 billion in the first nine months of 2026, entering the global IP One Billion Club, and has expanded into 53 countries and regions since its first product launch in June 2025. In overseas markets, MINISO USA posted GMV growth of around 20% year over year in 26Q3 and rebounded to over 30% GMV growth with positive SSSG in September 2026, helped by new product arrivals. Founder, Chairman and CEO Guofu Ye said YOYO has validated MINISO's strategic capability as a world-leading IP operation platform and that the company will empower more Chinese original IPs to scale up globally.

Fast Retailing said it will lift its year-end and full-year dividend for 2026, a major payout change the company linked to stronger profitability and cash generation cited in its latest guidance update. The apparel group, which operates the Uniqlo and other clothing chains, guided to a full-year dividend of JPY 850.00 per share for 2026, followed by a year-end 2027 dividend of JPY 450.00 per share. The revised shareholder return approach pairs the larger 2026 cash payout with continued spending on growth projects across the group, including store expansion and brand investment globally. The clearest test of whether that balance holds comes with the 2027 interim results and second quarter dividend of JPY 450.00 per share, which will show how the cash return compares with profit attributable to owners and earnings per share for the period. Fast Retailing, a ¥23.0 trillion apparel group, is leaning harder into income today while still talking up heavy reinvestment, making the payout ratio a figure to track rather than assume.

KGI Securities (Thailand) said in an analysis that it expects MRDIYT's net profit in 3Q69F to come in at 660 million baht, up 9% YoY but down 13% QoQ, bringing net profit for the 9M69F period to 2.1 billion baht, up 18% YoY, or 69% of the full-year profit forecast. The YoY profit increase came from continued store expansion and lower financial costs, partly offset by a lower gross margin. The QoQ decline reflects seasonal factors. The company is expected to open another 50 new stores in 3Q69F, bringing the total number of stores to 1,298, or an increase of 171 stores since the start of the year, against a full-year target of 210 new stores. Same-store sales growth is expected to be positive at 0.5%, so 3Q69F sales are forecast at 5.9 billion baht, up 19% YoY and 1% QoQ, putting 9M69F sales at 17.1 billion baht, up 19% YoY, or 72% of the full-year sales forecast. The gross margin is expected to be 51.1% in 3Q69F, down 1.3 percentage points YoY and 0.9 percentage points QoQ, due to promotional campaigns and clearance sales, bringing the 9M69F gross margin to 51.7%, down 0.2 percentage points YoY, still within the company's target range of 51-52%. The analyst maintains a year-end 2570F target price of 11.00 baht, based on a PER of 19.0x, raised from 10.30 baht, and keeps a buy recommendation. The company is expected to maintain its plan to open 200 new stores in 2570F, which will support future growth.

Bic Camera, in earnings announced at midday on October 9, reported that consolidated ordinary profit for the fiscal year ending August 2026 rose 21.9% from the previous year to 38.9 billion yen, and projected that it will grow another 1.5% to 39.5 billion yen in the fiscal year ending August 2027, marking a third consecutive year of record profit. That would be a fifth straight year of higher revenue and a fourth straight year of higher profit. At the same time, the company raised its annual dividend for the past fiscal year from 43 yen to 48 yen and said it plans to lift it by another 2 yen to 50 yen this term. In the most recent three-month period, the June-to-August quarter, consolidated ordinary profit fell 24.8% from a year earlier to 4.78 billion yen, while the operating profit margin on sales deteriorated to 1.7% from 2.4% a year earlier.

Best Buy is expanding its advertising and Marketplace businesses, with Best Buy Ads collections on track to grow 10% in fiscal 2027, building on $900 million last year. Marketplace domestic gross merchandise value reached approximately $300 million in the second quarter, prompting management to raise its full-year forecast to $1.3 billion, and plans to add international sellers open the platform beyond sellers with a U.S. physical presence. These businesses are driving margin improvement, with the domestic gross profit rate up 60 basis points year over year to 24%, helped by approximately $34 million in tariff refunds, and management expects annual gross profit rate expansion of 30-40 basis points. Alongside broader business momentum, Best Buy raised its fiscal 2027 adjusted operating income rate guidance to 4.4-4.5%.

Gap raised its fiscal 2026 adjusted operating margin and earnings outlook after better-than-expected second-quarter profitability, even as it narrowed its full-year sales growth expectations. The company now expects fiscal 2026 adjusted earnings per share between $2.35 and $2.45, implying year-over-year growth of 10-15%. The raised guidance follows a 25.3% share rally over the past three months, with the stock closing at $23.61 yesterday, about 19.5% below its 52-week high of $29.36. In the second quarter of fiscal 2026, Gap brand comparable sales increased 10%, the 11th consecutive quarter of positive comparable sales growth, while Banana Republic posted its fifth consecutive quarter of positive comparable sales growth. Old Navy and Athleta remain challenged, and management narrowed its full-year sales growth expectations to reflect softer Old Navy performance and continued Athleta difficulties. Gap recently traded at a forward 12-month P/E multiple of 9.22X, below the Retail – Apparel and Shoes industry average of 12.86X.

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.

Newegg announced it has integrated Universal Commerce Protocol powered checkout on Google, letting U.S. shoppers buy eligible Newegg products directly inside AI Mode in Google Search and Gemini without leaving the conversation. Newegg is the merchant of record for every order, and purchases are completed through Google Pay while Newegg fulfills and supports the order. Chief Information Officer Montaque Hou said AI is changing how the world buys technology and that Newegg moved early to make its catalog shoppable inside AI experiences. Google's Ashish Gupta, VP and GM of Merchant Shopping, called the move a new milestone in scaling agentic commerce. The capability is live now for shoppers in the United States and covers a growing selection of eligible Newegg products, adding to Newegg's existing presence in ChatGPT and its early in-conversation checkout on Perplexity, as well as its own Celeste AI shopping assistant on Newegg.com.

Fast Retailing, the Japanese parent company of the Uniqlo brand, reported that operating profit for the latest fiscal year rose 32%, setting a record high for a fifth consecutive year. Operating profit for the fiscal year ended August 31 came to 743.13 billion yen, or 4.7 billion US dollars, up from 564.3 billion yen a year earlier, and above the company's own forecast of 730 billion yen as well as the analysts' average estimate of 726.45 billion yen. For the fiscal year ending August 2027, the company expects operating profit to rise to 830 billion yen. However, the company warned that the weak yen is increasing pressure on its business in Japan through higher costs for imported goods, which is expected to weigh on fourth-quarter results and may force it to raise product prices. Its North American and European businesses were key drivers of overseas growth, helping offset sluggish performance in China, the company's largest overseas market. Meanwhile, Tadashi Yanai, the founder of Fast Retailing, told the Nikkei newspaper in August that the company aims to increase the number of its flagship stores in Japan to 20 over the next 10 years, roughly double the current number.

Best Buy raised its full-year adjusted EPS guidance to $6.70-$6.90 from a previous range of $6.30-$6.60 after second-quarter fiscal 2027 comparable sales rose 4.1% and revenue climbed to $9.78 billion from $9.44 billion a year earlier. Adjusted EPS for the quarter jumped 15% to $1.47. The company, which operates more than 1,000 stores across North America and generated $41.7 billion in revenue in fiscal 2026, pays a quarterly dividend of $0.96 per share, or $3.84 annually, for a yield of about 4.4% against a recent share price near $87. Using the midpoint of management's guidance, that annual dividend represents a payout ratio of about 56%, and dividends consumed less than half of the roughly $952 million in free cash flow the company generated in the first six months of fiscal 2027, when operating cash flow was $1.30 billion and capital expenditures were $344 million. The stock trades at around 13.6 times forward earnings, a forward earnings yield of roughly 7.4%, though Best Buy's operating margin was just 4.3% in the latest quarter.

In its consolidated financial results for the fiscal year ending August 2026, announced on the 8th, Fast Retailing reported revenue, equivalent to sales, of 3.9633 trillion yen, up 16.6% from the previous fiscal year and a new record high. This marks the company, which operates the casual clothing chain Uniqlo, reporting full-year results under International Financial Reporting Standards.

Kasikorn Securities maintains its "Buy" rating on Home Product Center Public Company Limited, or HMPRO, with an unchanged target price of 7.30 baht. It expects third-quarter 2026 net profit of 1.4 billion baht, up 9% year on year but down 11% quarter on quarter, driven by gross margin expansion despite still-sluggish demand and seasonal pressures. Sales are expected at 15.9 billion baht, up 1.6% year on year but down 6.2% quarter on quarter. HomePro posted same-store sales growth of minus 2% to minus 3%, while MegaHome was slightly negative, reflecting the impact of heavy rain and flooding in late September. Product mix helped offset cost pressures, with growth in house-brand products and price adjustments expected to lift gross profit margin to 27.6%, up 80 basis points year on year, while selling and administrative expenses as a share of revenue rose to 20.8%, up 30 basis points year on year and up 80 basis points quarter on quarter. Kasikorn Securities keeps its full-year 2026 net profit forecast at 6.2 billion baht, up 2.5% year on year. First-nine-month 2026 profit is expected at 4.4 billion baht, flat year on year and about 72% of the full-year estimate. HMPRO is scheduled to report third-quarter 2026 results on October 27.

Yuyuan Inc. announced on October 8 that as of September 30, 2026, the company had repurchased 39.2 million shares, accounting for 1.01% of total share capital, with a repurchase amount of 195 million yuan and a repurchase price range of 4.12 yuan to 5.44 yuan per share. In the first half of 2026, Yuyuan Inc. achieved revenue of 17.017 billion yuan and net profit attributable to the parent of 162 million yuan.

Avolta AG, through its Hudson brand and in partnership with local small businesses, has been awarded a 20-year duty-free contract at Seattle-Tacoma International Airport. The agreement covers more than 2,800 square meters of new travel retail space across three concourses, with duty-free stores to be developed at A Concourse, N Concourse and S Concourse. The new offer draws inspiration from Seattle and Washington State, featuring locally sourced foods and gifts, Washington State spirits, tasting experiences and an exclusive Exploring Seattle retail range. Steve Johnson, President and CEO, North America, Avolta, said the offer will transform the travel experience at SEA, while Port of Seattle Commissioner Sam Cho said the contract builds in opportunities for women, minority, and small-owned businesses. Avolta currently operates across both travel retail and food and beverage at SEA.

Best Buy Ads is expanding beyond the retailer's own properties through a partnership with LG Ad Solutions that gives advertisers access to LG's connected-TV inventory in the U.S., including its Home Screen. The deal lets consumer electronics brands using Best Buy Ads reach the retailer's first-party shopper audiences across LG's TV ecosystem, and the companies said Wednesday it marks the first time LG's Home Screen inventory has been made available through a retail media network. The inventory will be bought programmatically through Magnite, while Best Buy will provide closed-loop measurement linking advertising exposure to sales outcomes. The offering is available to advertisers immediately. Best Buy has increasingly positioned advertising as part of its broader retail-media strategy, allowing brands to use its first-party customer data to target shoppers and measure the resulting sales.

Chewy launched a new version of its Chewy+ membership program, lowering the annual fee to $59 from $79. The subscription includes free shipping with no order minimum, shopping rewards, one free virtual veterinary visit annually, discounts on additional visits, 24/7 Pet Poison Helpline access, samples, and exclusive deals. Rewards are credits for future Chewy purchases rather than cash, and membership renews automatically unless canceled. Morgan Stanley analyst Nathan Feather said the lower fee and added benefits could drive incremental Chewy+ subscribers, noting the breakeven point on the 5% rewards program falls from roughly $1.6K in annual spending to about $1.2K, and that the company confirmed it expects to add more services without changing the price. Feather and his team believe Chewy still needs more features for high adoption, especially new pet health care options. Chewy shares are down 20% over the last six weeks and 44% lower year to date.

Japan Exchange Group announced on the 7th that it will add 35 companies, including Seria, to the TOPIX index as part of the periodic reshuffle of constituents of the Tokyo Stock Exchange's stock price index, which begins at the end of this month. The new additions, besides Seria, include Japan McDonald's Holdings, Toei Animation, and GO, comprising 23 companies from the Standard Market and 12 from the Growth Market; until now, only companies from the former TSE First Section were eligible. The number of constituent stocks is expected to rise from the current 1,634 to 1,669. Meanwhile, 683 companies that do not meet criteria such as market capitalization will be designated as transition-measure stocks, with their index weightings reduced in stages. If no improvement is seen in a reassessment to be conducted in October next year, they will be removed from TOPIX at the end of July 2028.

Japan Exchange Group announced on the 7th that it will add 35 companies, including Seria, to the TOPIX stock index as part of the periodic reshuffle of constituent stocks beginning at the end of this month. The new additions, besides Seria, include Japan McDonald's Holdings, Toei Animation, and GO, among 23 companies from the Standard market and 12 from the Growth market; until now, only companies from the former TSE First Section, now the Prime market, had been eligible. The number of constituent stocks is expected to rise from the current 1,634 to 1,669. Meanwhile, 683 companies that do not meet criteria such as market capitalization will be designated as transitional stocks, with their weighting reduced in stages. If no improvement is seen in a reassessment to be conducted in October next year, they will be removed from TOPIX at the end of July 2028.

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.

Kasikorn Securities estimates that IT City Public Company Limited, or IT, will report a net profit of 95 million baht for the third quarter of 2026, an increase of 141% year on year, driven by strong sales growth, expanding gross margins, and effective control of selling and administrative expenses. However, the figure is down 13% quarter on quarter as gross margins on IT products returned to normal levels. For the first nine months of 2026, profit is expected to reach 296 million baht, up 153% year on year, accounting for 79% of the full-year 2026 forecast of 375 million baht. IT City is scheduled to report its third-quarter 2026 results on November 5 and will take part in Opportunity Day that same afternoon. The research team expects third-quarter 2026 sales of 3.0 billion baht, up 21% year on year and 3% quarter on quarter, supported by strong smartphone and tablet sales as well as IT products, particularly PCs and notebooks. Gross margin is expected to rise to 18.7% from 17.3% in the third quarter of 2025, but to decline from 19.3% in the second quarter of 2026. On the investment view, the research team maintains a Buy rating on IT with a mid-2027 target price of 10.83 baht, seeing the recent share price of 7.1 baht as an attractive accumulation level, reflecting a 2026 price-to-earnings ratio of just 6.9 times, even though 2026 earnings per share are expected to grow 118% year on year, the strongest in the gadget sector, while the stock also offers an attractive 2026 dividend yield of 5.8%.

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 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.

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.

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.

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 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.

KGI Securities issued an analysis estimating third-quarter 2026 earnings for three construction materials retail stocks: GLOBAL, DOHOME, and HMPRO, expecting profits to remain divergent. DOHOME stands out the most with 30% year-on-year growth on positive same-store sales growth and recovering margins, while GLOBAL and HMPRO grow only slightly. KGI estimates GLOBAL's net profit for Q3/2026F at 402 million baht, up 3% year on year but down 58% quarter on quarter, with higher margins from its house-brand product strategy likely offsetting negative same-store sales growth. It maintains a buy recommendation with a target price of 7.80 baht, implying roughly 20% upside. For HMPRO, KGI estimates Q3/2026F net profit at 1.3 billion baht, up 1% year on year but down 18% quarter on quarter, bringing nine-month 2026 net profit to 4.3 billion baht, down 3% year on year, while maintaining a buy recommendation with a 2027F target price of 7.20 baht. For DOHOME, KGI estimates Q3/2026F net profit at 132 million baht, up 30% year on year but down 57% quarter on quarter, expecting it to outperform other stocks in the group on positive same-store sales growth and year-on-year margin recovery, while maintaining a hold recommendation with an end-2027F target price of 3.80 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.

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.