← TQM overview

TQM vs Arthur J Gallagher &: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

TQM Corporation Public Company Limited (TQM.BK)

Q3 2026
▲3

TQM lifts dividend payout above 100%, profit up 8%

  • Dividend policy raised to over 100% payout TQM will now pay out more than all of its yearly profit as dividends. Analysts expect yields of 7.7% to 8.2% through 2028, backed by cash at its units. This makes the stock more attractive to income investors and helped push one broker's target price up 20% to 19.1 baht.

    This is the biggest new force behind the stock, directly raising expected shareholder payouts and the target price.

  • Q2 profit up 8% with better margins TQM's second-quarter profit rose 8% from a year earlier to 185 million baht. Renewal rates for auto insurance improved, health insurance grew sharply, and admin costs fell, lifting the profit margin. The company expects further recovery in the second half and high season in the fourth quarter.

    It shows the core business is getting healthier, which supports the stock's value.

  • Second share buyback completed TQM finished buying back 12.5 million of its own shares, about 2.1% of all shares, spending 177.7 million baht. Buying back shares reduces the number outstanding, which can lift earnings per share and supports the stock price.

    It is a completed capital return action that shrinks share count and supports the price.

  • Q2 profit missed estimates, margin slipped One broker noted TQM's Q2 profit was 7.8% below market expectations and gross margin fell to 45.1% from 46.8% a year earlier due to higher sales support costs. The broker still kept a buy rating and 20 baht target, expecting a second-half recovery.

    It is the main counterweight: profit missed forecasts and margins narrowed, even though the broker stayed positive.

September 2026
▲3

TQM lifts dividend payout above 100%, profit up 8%

  • Dividend policy raised to over 100% payout TQM will now pay out more than all of its yearly profit as dividends. Analysts expect yields of 7.7% to 8.2% through 2028, backed by cash at its units. This makes the stock more attractive to income investors and helped push one broker's target price up 20% to 19.1 baht.

    This is the biggest new force behind the stock, directly raising expected shareholder payouts and the target price.

  • Q2 profit up 8% with better margins TQM's second-quarter profit rose 8% from a year earlier to 185 million baht. Renewal rates for auto insurance improved, health insurance grew sharply, and admin costs fell, lifting the profit margin. The company expects further recovery in the second half and high season in the fourth quarter.

    It shows the core business is getting healthier, which supports the stock's value.

  • Second share buyback completed TQM finished buying back 12.5 million of its own shares, about 2.1% of all shares, spending 177.7 million baht. Buying back shares reduces the number outstanding, which can lift earnings per share and supports the stock price.

    It is a completed capital return action that shrinks share count and supports the price.

  • Q2 profit missed estimates, margin slipped One broker noted TQM's Q2 profit was 7.8% below market expectations and gross margin fell to 45.1% from 46.8% a year earlier due to higher sales support costs. The broker still kept a buy rating and 20 baht target, expecting a second-half recovery.

    It is the main counterweight: profit missed forecasts and margins narrowed, even though the broker stayed positive.

Latest
▲3

TQM lifts dividend payout above 100%, profit up 8%

  • Dividend policy raised to over 100% payout TQM will now pay out more than all of its yearly profit as dividends. Analysts expect yields of 7.7% to 8.2% through 2028, backed by cash at its units. This makes the stock more attractive to income investors and helped push one broker's target price up 20% to 19.1 baht.

    This is the biggest new force behind the stock, directly raising expected shareholder payouts and the target price.

  • Q2 profit up 8% with better margins TQM's second-quarter profit rose 8% from a year earlier to 185 million baht. Renewal rates for auto insurance improved, health insurance grew sharply, and admin costs fell, lifting the profit margin. The company expects further recovery in the second half and high season in the fourth quarter.

    It shows the core business is getting healthier, which supports the stock's value.

  • Second share buyback completed TQM finished buying back 12.5 million of its own shares, about 2.1% of all shares, spending 177.7 million baht. Buying back shares reduces the number outstanding, which can lift earnings per share and supports the stock price.

    It is a completed capital return action that shrinks share count and supports the price.

  • Q2 profit missed estimates, margin slipped One broker noted TQM's Q2 profit was 7.8% below market expectations and gross margin fell to 45.1% from 46.8% a year earlier due to higher sales support costs. The broker still kept a buy rating and 20 baht target, expecting a second-half recovery.

    It is the main counterweight: profit missed forecasts and margins narrowed, even though the broker stayed positive.

Arthur J Gallagher & Co (AJG)

Q3 2026
▲3▼1

AJG's growth engine shifts from rate hikes to execution and dealmaking

  • Brokerage organic growth outlook trimmed to 5% Four analysts cut AJG price targets after the company lowered its full-year Brokerage organic growth outlook to 5% from 5.5%, partly because slower-growing AssuredPartners joins the organic figures in Q4. With property renewals down 10% and only about one point of growth from rates, the pricing tailwind is fading. That pressures the stock until the Q4 test.

    This is the main new negative force on AJG's price this period.

  • Risk Management unit outgrows Brokerage Gallagher Bassett, AJG's claims and risk management arm, grew revenue 16% with 12% organic growth, far ahead of Brokerage's 5%. Only about 1% of that came from higher insurance rates, so the growth is real new business and client retention. This diversification helps AJG keep growing even as insurance pricing cools.

    Shows a new, concrete source of growth that offsets the slowing brokerage pricing cycle.

  • HSBC UK referral deal adds SME customers HSBC UK will refer its commercial banking customers to Gallagher for insurance advice and products. This gives AJG a steady pipeline of small and mid-sized UK business clients without heavy marketing spend. It is a modest but real new demand channel that supports future organic growth.

    A new partnership that adds a distribution channel and future revenue.

  • Three acquisitions expand specialty and geography AJG announced three bolt-on deals: Albany Insurance in New Zealand, Winter & Co maritime law in London, and Ornella Underwriting in Ireland. These add niche expertise and regional reach, funded by roughly $10 billion of acquisition capacity. Dealmaking is a core growth engine, though integration risk and slower acquired growth are worth watching.

    New M&A activity is a key driver of AJG's growth story and capital deployment.

September 2026
▲3▼1

AJG's growth engine shifts from rate hikes to execution and dealmaking

  • Brokerage organic growth outlook trimmed to 5% Four analysts cut AJG price targets after the company lowered its full-year Brokerage organic growth outlook to 5% from 5.5%, partly because slower-growing AssuredPartners joins the organic figures in Q4. With property renewals down 10% and only about one point of growth from rates, the pricing tailwind is fading. That pressures the stock until the Q4 test.

    This is the main new negative force on AJG's price this period.

  • Risk Management unit outgrows Brokerage Gallagher Bassett, AJG's claims and risk management arm, grew revenue 16% with 12% organic growth, far ahead of Brokerage's 5%. Only about 1% of that came from higher insurance rates, so the growth is real new business and client retention. This diversification helps AJG keep growing even as insurance pricing cools.

    Shows a new, concrete source of growth that offsets the slowing brokerage pricing cycle.

  • HSBC UK referral deal adds SME customers HSBC UK will refer its commercial banking customers to Gallagher for insurance advice and products. This gives AJG a steady pipeline of small and mid-sized UK business clients without heavy marketing spend. It is a modest but real new demand channel that supports future organic growth.

    A new partnership that adds a distribution channel and future revenue.

  • Three acquisitions expand specialty and geography AJG announced three bolt-on deals: Albany Insurance in New Zealand, Winter & Co maritime law in London, and Ornella Underwriting in Ireland. These add niche expertise and regional reach, funded by roughly $10 billion of acquisition capacity. Dealmaking is a core growth engine, though integration risk and slower acquired growth are worth watching.

    New M&A activity is a key driver of AJG's growth story and capital deployment.

Latest
▲3▼1

AJG's growth engine shifts from rate hikes to execution and dealmaking

  • Brokerage organic growth outlook trimmed to 5% Four analysts cut AJG price targets after the company lowered its full-year Brokerage organic growth outlook to 5% from 5.5%, partly because slower-growing AssuredPartners joins the organic figures in Q4. With property renewals down 10% and only about one point of growth from rates, the pricing tailwind is fading. That pressures the stock until the Q4 test.

    This is the main new negative force on AJG's price this period.

  • Risk Management unit outgrows Brokerage Gallagher Bassett, AJG's claims and risk management arm, grew revenue 16% with 12% organic growth, far ahead of Brokerage's 5%. Only about 1% of that came from higher insurance rates, so the growth is real new business and client retention. This diversification helps AJG keep growing even as insurance pricing cools.

    Shows a new, concrete source of growth that offsets the slowing brokerage pricing cycle.

  • HSBC UK referral deal adds SME customers HSBC UK will refer its commercial banking customers to Gallagher for insurance advice and products. This gives AJG a steady pipeline of small and mid-sized UK business clients without heavy marketing spend. It is a modest but real new demand channel that supports future organic growth.

    A new partnership that adds a distribution channel and future revenue.

  • Three acquisitions expand specialty and geography AJG announced three bolt-on deals: Albany Insurance in New Zealand, Winter & Co maritime law in London, and Ornella Underwriting in Ireland. These add niche expertise and regional reach, funded by roughly $10 billion of acquisition capacity. Dealmaking is a core growth engine, though integration risk and slower acquired growth are worth watching.

    New M&A activity is a key driver of AJG's growth story and capital deployment.