JMT expects Q4/2026 profit to be the year's best; broker recommends Buy with 13 baht target

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ASL Securities said JMT Network Services Public Company Limited, or JMT, reported net profit of 234 million baht in the second quarter of 2026, down 5% QoQ and 3% YoY, on a 30% QoQ decline in JK AMC's profit. Total revenue weakened 3% YoY but recovered 4% QoQ on better debt collection and insurance business. Cash collection was flat at 2.15 billion baht, with JK AMC growing 9% YoY, helping offset a 5% YoY decline in JMT's collection. As a result, first-half 2026 profit stood at 486 million baht, down 15.7% YoY, or 45% of the full-year estimate. The second-half outlook is expected to recover better than the first half of 2026, and the fourth quarter of 2026 has a chance to be the year's best quarter on accelerating collection and rising supply of non-performing loans coming to auction. The company raised its debt purchase budget this year to 2 billion baht from 400-500 million baht a year earlier, after using 1.13 billion baht in the first half of 2026. It is focusing on unsecured loans with an average debt of 100,000 to 300,000 baht per borrower and considering expanding into a digital loan debt portfolio to grow its debt management portfolio toward nearly 600 billion baht. Meanwhile, expected credit losses are seen slowing to about 250-270 million baht per quarter, and JK AMC is expected to gradually recover from the fourth quarter of 2026. The broker maintained its net profit forecasts for 2026-2027 at 1.08 billion baht, up 6.4% YoY, and 1.14 billion baht, up 5.0% YoY. It recommends Buy with an end-2027 target price of 13.00 baht, based on a price-to-book value of 0.76 times, and expects a dividend yield of 5.2% this year.

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JK AMCi
Private± MixedCapitalrelevance

JK AMC's Q2/2026 profit fell 30% QoQ but its cash collection grew 9% YoY and is expected to gradually recover from Q4/2026.