TQM vs Brown & Brown: why the prices moved differently

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

TQM Corporation Public Company Limited (TQM.BK)

Q3 202614 Aug – 30 Sep 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 202614 Aug – 30 Sep 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.

Latest14 Aug – 30 Sep 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.

Brown & Brown Inc (BRO)

Q3 202623 Jul – 9 Oct 2026

▲3

AI push and deal-driven growth offset weak organic revenue

AI-first overhaul with Anthropic, McKinsey, Accenture Brown & Brown is rolling out AI across all 23,000 staff with outside partners, targeting faster workflows and up to 2x-8x productivity gains in early tests. If it works, it should lift profit margins over the next few years, which supports the stock price.
This is the main new strategic driver of future earnings and the biggest positive force in the period.
Q2 revenue beat on growth but organic sales slipped Second-quarter revenue rose 30.4% to about $1.7 billion, mostly from acquisitions, but organic revenue fell 0.7% and missed analyst estimates. Adjusted profit matched expectations. The weak underlying growth is a real counterweight to the headline growth story.
It shows the core business is not growing on its own, which tempers the positive acquisition-driven numbers.
Cost savings and buybacks support per-share value Management expects $30-40 million of cost savings this year from recent deals, and the company bought back $250 million of stock while raising its dividend 10%. Fewer shares and lower costs help per-share earnings even when revenue growth is uneven.
These capital actions directly support the stock price and are new details from the quarter.
Canada expansion of Marcus & Millichap partnership Brown & Brown's preferred partner program with Marcus & Millichap expanded into Canada, giving its commercial real estate clients access to Brown & Brown's insurance and risk services. This opens a new source of customer demand outside the U.S.
It is a fresh demand-side growth avenue that could add revenue over time.

August 202623 Jul – 9 Oct 2026

▲3

AI push and deal-driven growth offset weak organic revenue

AI-first overhaul with Anthropic, McKinsey, Accenture Brown & Brown is rolling out AI across all 23,000 staff with outside partners, targeting faster workflows and up to 2x-8x productivity gains in early tests. If it works, it should lift profit margins over the next few years, which supports the stock price.
This is the main new strategic driver of future earnings and the biggest positive force in the period.
Q2 revenue beat on growth but organic sales slipped Second-quarter revenue rose 30.4% to about $1.7 billion, mostly from acquisitions, but organic revenue fell 0.7% and missed analyst estimates. Adjusted profit matched expectations. The weak underlying growth is a real counterweight to the headline growth story.
It shows the core business is not growing on its own, which tempers the positive acquisition-driven numbers.
Cost savings and buybacks support per-share value Management expects $30-40 million of cost savings this year from recent deals, and the company bought back $250 million of stock while raising its dividend 10%. Fewer shares and lower costs help per-share earnings even when revenue growth is uneven.
These capital actions directly support the stock price and are new details from the quarter.
Canada expansion of Marcus & Millichap partnership Brown & Brown's preferred partner program with Marcus & Millichap expanded into Canada, giving its commercial real estate clients access to Brown & Brown's insurance and risk services. This opens a new source of customer demand outside the U.S.
It is a fresh demand-side growth avenue that could add revenue over time.

Latest23 Jul – 9 Oct 2026

▲3

AI push and deal-driven growth offset weak organic revenue

AI-first overhaul with Anthropic, McKinsey, Accenture Brown & Brown is rolling out AI across all 23,000 staff with outside partners, targeting faster workflows and up to 2x-8x productivity gains in early tests. If it works, it should lift profit margins over the next few years, which supports the stock price.
This is the main new strategic driver of future earnings and the biggest positive force in the period.
Q2 revenue beat on growth but organic sales slipped Second-quarter revenue rose 30.4% to about $1.7 billion, mostly from acquisitions, but organic revenue fell 0.7% and missed analyst estimates. Adjusted profit matched expectations. The weak underlying growth is a real counterweight to the headline growth story.
It shows the core business is not growing on its own, which tempers the positive acquisition-driven numbers.
Cost savings and buybacks support per-share value Management expects $30-40 million of cost savings this year from recent deals, and the company bought back $250 million of stock while raising its dividend 10%. Fewer shares and lower costs help per-share earnings even when revenue growth is uneven.
These capital actions directly support the stock price and are new details from the quarter.
Canada expansion of Marcus & Millichap partnership Brown & Brown's preferred partner program with Marcus & Millichap expanded into Canada, giving its commercial real estate clients access to Brown & Brown's insurance and risk services. This opens a new source of customer demand outside the U.S.
It is a fresh demand-side growth avenue that could add revenue over time.