JMT reported net profit of 234 million baht for the second quarter of 2026, down 5% QoQ and 3% YoY, mainly due to a 30% QoQ decline in profit at JK AMC. Total revenue weakened 3% YoY and ECL rose 6.9% YoY, but total revenue 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 to offset a 5% YoY decline in JMT's own collection. First-half profit came to 486 million baht, down 15.7% YoY and representing 45% of the full-year estimate. The company raised its debt purchase budget this year to 2 billion baht from 400 to 500 million baht last year, having already used 1.13 billion baht in the first half, focusing on unsecured loans with an average debt per borrower of 100,000 to 300,000 baht, and is considering expanding into a digital loan portfolio to grow its debt management portfolio toward 600 billion baht. It maintained its net profit forecasts for 2026 and 2027 at 1.08 billion baht, up 6.4% YoY, and 1.14 billion baht, up 5.0% YoY, respectively. The recommendation is buy with an end-2027 target price of 13.00 baht, based on a PBV of 0.76 times, and a projected dividend yield of 5.2% this year.
JMT Network Services Public Company LimitedQ2 2026 net profit fell 5% QoQ and 3% YoY, with H1 profit down 15.7% YoY, driven partly by a 30% QoQ drop at JK AMC.
JK AMC's profit fell 30% QoQ, the main cause of JMT's profit decline, though its cash collection grew 9% YoY.
