Yuanta Securities said Berli Jucker Public Company Limited, or BJC, is likely to post year-on-year growth in normalised profit in 3Q26 on higher revenue across all business groups. Same-store sales growth for Big C in Thailand recovered to plus 4 to 6 percent year on year in September 2026, turning positive for a second consecutive month, giving 3QTD same-store sales growth a chance to turn positive for the first time in six quarters. In Vietnam, the MMVN retail business saw 3QTD same-store sales growth of 7 to 9 percent year on year and began recognising a full quarter of revenue, expected to add roughly 100 to 200 million baht per quarter to profit, which is already included in the forecasts. The packaging business continues to receive glass bottle orders after competitors halted production, helping profit in 4Q26 turn up both quarter on quarter and year on year and reach its highest level of the year, driven by the high season for Big C and MMVN, as well as tourist spending that accounts for about 10 to 15 percent of retail sales. The research team maintains its Buy recommendation and has switched to a fair value at end-2027 of 20.80 baht, implying 16.2 percent upside. It expects a second-half 2026 dividend of 0.43 baht per share, a dividend yield of 2.4 percent, and names the stock its top pick in the retail sector for 4Q26.
Berli Jucker PCLYuanta maintains Buy and sets a 20.80 baht fair value, naming BJC its top retail pick for 4Q26.
MMVN retail saw 3QTD same-store sales growth of 7-9% y/y and began recognising a full quarter of revenue, adding roughly 100-200 million baht per quarter to profit.
