Kasikorn Securities estimates that the normal profit of SIS Distribution (Thailand) Public Company Limited, or SIS, in the third quarter of 2026 will be 252 million baht, up 17% year-on-year and 11% quarter-on-quarter, after management provided information during a call with the CFO on September 23 that the business outlook for this year remains strong. Third-quarter 2026 sales are expected to grow both year-on-year and quarter-on-quarter across all business groups, including the commercial customer group, the consumer group, the enterprise customer group, and others, except smartphones, which are expected to weaken year-on-year. The commercial and consumer groups are likely to grow at double-digit rates year-on-year on the back of a strong PC and notebook replacement cycle in both the private and public sectors. Overall gross margin is expected at 7.4–7.6%, down slightly from 7.6% in the third quarter of 2025, due to a higher proportion of lower-margin government project sales. Solar products account for roughly 2–3% of revenue this year. Under the assumptions of 12% year-on-year sales growth in the third quarter of 2026, a 7.3% gross margin, and SG&A at 3.7% of revenue, normal profit for the first nine months of 2026 will be 673 million baht, up 4% year-on-year, or 76% of the full-year 2026 normal profit forecast. The research team maintains a Buy recommendation with a mid-2027 target price of 26.63 baht, expecting earnings per share to grow 13% in 2026 and offering a dividend yield of 5.8%. It also notes that a price level of 23 baht or below is an attractive point to re-enter the investment.
SiS Distribution (Thailand) Public Company LimitedKasikorn Securities maintains Buy with a 26.63 baht target, forecasting Q3 2026 normal profit up 17% YoY and 13% EPS growth in 2026.
