SINGER launches S-PRO Series appliances, targets 516% profit growth in 2026

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Summary · why it matters

Singer Thailand Public Company Limited, or SINGER, is pressing ahead with its expansion in home appliances, launching products under the SINGER brand in its S-PRO Series, focusing on televisions, commercial freezers, air conditioners and washing machines. The products are manufactured by a new OEM, giving them a more modern design and higher gross margins. The company aims to lift product margin to 40% from 31.4% in the first half of 2026. The appliances also feature a device lock function similar to that on smartphones, allowing them to be sold on instalment plans through SGC's SG Finance+ system, with risk controlled by remote locking or tracking and repossession of the goods. Interest rates on appliance loans are close to those on Lock Phone at 25% per year. In its Solar Roof business, the company plans to expand through the joint venture JGS, in which JMART holds 50%, GUNKUL 40% and SINGER 10%. It will open Solar Roof Shop branches and offer loans through SGC, and will launch a new service, SG Subscribe+, a product rental service starting with Solar Roof. On branch expansion, the company aims to open 146 new branches this year, up from 101 in the second quarter of 2026, and to add 1,000 sales staff, after already adding 443 in the second quarter of 2026. Yuanta Securities estimates that SINGER's net profit in the third quarter of 2026 will accelerate markedly both year on year and quarter on quarter, driven by higher profit from appliance sales and interest income from the Lock Phone business, while the fourth quarter of 2026 is expected to keep growing both year on year and quarter on quarter. That supports an estimated net profit of 647 million baht for all of 2026, up 516% year on year, and further growth of 21.5% year on year in 2027. A shareholders' meeting will be held today to approve the clearing of accumulated losses. With the current share price still offering 18.1% upside to the 2027 base-case valuation of 13.70 baht, the recommendation remains Buy.

Impact on assets 4

Consumer Discretionary▲
Financials▲
SG Capital PCL
SGC
▲ PositiveDemandrelevance

SINGER's new S-PRO appliances sold on instalment via SGC's SG Finance+ and Solar Roof loans through SGC expand its lending volume.

Energy Transition & Power Demand▲
Digital Finance & Tokenization▲

Off-coverage companies 2

JGS (JMART-GUNKUL-SINGER JV)i
Private± Mixedrelevance

Yuanta Securities (Thailand) Company Limitedi
Private± Mixedrelevance