Strategy

报告摘要

We expect ITC to report a net profit of Bt790m, (-3% yoy and -6% qoq). Excluding one-off items, we estimate 3Q26 core profit at Bt805m (+2.3% yoy, but -6% qoq). However, adjusting for the tariff refund recognised in 2Q26, core profit would rise 2.3% yoy and 11% qoq. We expect 4Q26 earnings to increase both yoy and qoq. Maintain BUY with a higher target price of Bt22.00.