TOA reported its 2Q26 results with a net profit of 718 million baht, down 24.7% from the previous quarter but up 10.1% year-on-year. Sales slowed seasonally, but were supported by sales in April-May as customers rushed to complete projects. Meanwhile, the first-half GPM stood at 40.2% after price adjustments. However, management expects that the margin in 3Q26 may be 1-1.5 percentage points lower than the first-half level, due to the weakening baht and rising costs of some raw materials. The company targets 5% sales growth in 2026, driven mainly by Construction Chemicals and the Vietnamese market. It has also revised its CAPEX plan down to approximately 600 million baht. The recommendation is "Buy," with support at 15.00-14.80 and resistance at 15.70-15.80.
TOA Paint (Thailand) Public Company LimitedNet profit up 10.1% YoY and Buy recommendation despite margin concerns.
