CK's Q2 2026 profit surges 101.6% quarter-on-quarter, supporting new target of 21.60 baht

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Summary · why it matters

Phillip Securities Thailand forecasts CK's Q2 2026 profit at 663 million baht, up 101.6% from the previous quarter, driven by a seasonal recovery in profit sharing from BEM and dividends from TTW, but down 23.1% year-on-year due to lower foreign exchange gains at CKP. Construction revenue was stable at around 12 billion baht from the prior quarter and grew from a year earlier, supported by progress on the Orange Line West rail project, the Luang Prabang power plant project, and the Den Chai–Chiang Khong double-track railway. The construction gross margin is expected at 7.5%, still within the 7-8% target range despite higher oil prices, reflecting effective cost management, while interest expenses declined due to gradual debt repayment. The profit trend has potential for continued growth into Q3 2026, following CKP's seasonal factors. Phillip Securities upgraded CK from accumulate to buy, with a target price of 21.60 baht, viewing that earnings have passed their trough and are likely to recover steadily through the rest of the year.

Impact on assets 4

Industrials▲
CH. Karnchang PCL
CK
▲ PositiveCapitalrelevance

Q2 profit surge and upgrade to buy with higher target price.

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