Stocks to Watch: Banking Group Enters Q3 2026, FSS Expects 7 Banks to Post Combined Profit of 55 Billion Baht

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Summary · why it matters

Banking stocks are entering the third-quarter 2026 earnings season amid pressure from a falling interest-rate cycle. FSS estimates that seven stocks, namely BBL, KBANK, KTB, SCB, TTB, KKP and TISCO, will report combined net profit of 54.98 billion baht, down 0.7% QoQ and down 11.6% YoY. The main pressure comes from three policy rate cuts, or 0.75%, over the past 12 months, which pushed loan yields lower, although cheaper funding costs and loan growth have partly offset the impact. Meanwhile, Thai Airways has made no progress in its search for a new CEO, with applicants saying they have only received an email confirming they passed qualification screening but have not yet been told the date for their vision presentations. AOT is set to sign two AOTGA contracts tomorrow, covering the ground services and the third cargo terminal projects, with a combined value of 67.3 billion baht over 25 years, starting operations in 2027. Brokers note that AOTGA is a key piece in strengthening airport revenue after it earned a profit of 898 million baht in 2025, and expect Airports of Thailand to post normal profit of 4.7 billion baht in the fourth quarter of 2026, with the full quarter of the new PSC, and to raise its 2027 target with profit surging 45% to 28 billion baht, with a target price of 73 baht. As for MGC, brokers expect normal profit in the third quarter of 2026 to jump 30% to 350 million baht on XPENG X9 deliveries, and expect a new high of about 500 million baht in the fourth quarter of 2026, with a buy recommendation and a target of 20.20 baht per share. Meanwhile, three real estate associations are joining forces to hold the 50th House and Condo Expo from 29 October to 1 May 2026 at the Queen Sirikit National Convention Center, targeting sales of more than 10 billion baht. GRAMMY reported that GMM MUSIC had total revenue of 2.1612 billion baht in the first half of 2026, up 12.2%, and net profit of 280.7 million baht, up 29.2%. For TRUE, brokers recommend buying and expect record third-quarter 2026 profit of nearly 7 billion baht, with a maximum target of 19 baht. DIF is expected to post investment profit of 3.138 billion baht in the third quarter of 2026, up 3% from a year earlier, and to pay a dividend of 0.222 baht per unit, with an average full-year yield of 8.7% and a target of 10.60 baht.

Impact on assets 12

Financials▼
Digital Finance & Tokenization▼
SCB X Public Company Limited
SCB
▼ NegativeMonetaryrelevance

SCB is among the seven banks FSS expects to post lower combined profit, pressured by three policy rate cuts that reduced loan yields.

Bangkok Bank PCL
BBL
▼ NegativeMonetaryrelevance

FSS expects BBL among seven banks to post combined profit down 11.6% YoY, pressured by three policy rate cuts lowering loan yields.

Industrials▲
Airports Of Thailand PCL
AOT
▲ PositiveDemandrelevance

AOT to sign two AOTGA contracts worth 67.3 billion baht covering ground services and third cargo terminal, strengthening airport revenue.

Aerospace & Aviation▲
Communication Services▲
Consumer Discretionary▲
Cloud & Digital Infrastructure▲

Off-coverage companies 1

AOT Ground Aviation Services Company Limited (AOTGA)i
Private▲ PositiveDemandrelevance

AOTGA is set to sign two contracts worth 67.3 billion baht covering ground services and the third cargo terminal, strengthening airport revenue.