Synnex (Thailand) Public Company Limited

Panya Poonpermphonsiri, Chief Sales and Marketing Officer of Synnex (Thailand) Public Company Limited, or SYNEX, said at an online seminar for institutional investors titled "Expensive Chips, Tight Supply: How IT Operators Are Changing the Game," organized by Krungsri Securities Public Company Limited, that IT operators are facing simultaneous pressure from higher chip costs, supply volatility, and cautious consumer spending behavior, making inventory management, product mix allocation, and margin preservation more important than ever. The company believes the response requires adjusting business models to accommodate the changing structure of the IT market. SYNEX assesses that the IT market still has room to grow through higher-value technologies and services, especially artificial intelligence, data centers, cloud systems, cybersecurity, subscription software, and managed services. Under its plans, the company will extend from its distribution business into developing products and technologies into solutions and services that customers can put to practical use, while expanding partnerships to create new revenue streams and reduce dependence on growth from any single business. It will support partners from generating market demand, designing and delivering solutions, through to developing services that generate recurring revenue, particularly in cloud and artificial intelligence, and will set up teams of specialists to advise customers and connect after-sales services, product buyback, financial services, and product protection services to add value throughout the product lifecycle. Panya said the company will maintain the strength of its core business while expanding into solutions and services to accommodate long-term changes in the technology industry.

Globlex Securities estimates that the Thai stock index will fluctuate in a range of 1,560 to 1,600 points this week, still pressured by crude oil prices and US government bond yields, amid tensions in the Middle East that warrant close monitoring. Wilasinee Boonmasungsong, Assistant Managing Director of Globlex Securities, said the negative factors weighing on investment include data from CME Group's FedWatch Tool indicating that investors assign a 53.1% probability that the US central bank will raise interest rates by another 0.25% at its October meeting, up from 27.2% a week earlier, as well as the attack on oil tankers in the Strait of Hormuz by the Iranian navy, and the Houthi group in Yemen stating that Saudi warplanes carried out 40 airstrikes across three provinces of Yemen within 24 hours. Meanwhile, Thai household debt, according to a survey by the Center for Economic and Business Forecasting at the University of the Thai Chamber of Commerce, surged to 794,945.49 baht per household, up 7.3%, the highest in 17 years. On the positive side, the yield on 10-year US government bonds fell to 4.93%, and the Bank of England's Monetary Policy Committee voted 6 to 3 to hold the policy rate at 3.75% as expected. Wacharant Jongyanyong, Director of the Research Department at Globlex Securities, recommended an investment strategy focused on stocks with specific positive factors, especially those expected to benefit from the launch of three new iPhone smartphone models, namely COM7, SYNEX, SPVI, CPW and ADVICE.

Finansia Syrus Securities stated that government economic stimulus measures are expected to remain a supporting factor in 4Q26, with the Thai Help Thai Plus Phase 2 scheme expected to be extended during October to November 2026. It estimates additional government spending of around 35 to 71 billion baht. Meanwhile, stricter credit term criteria for SMEs are expected to have limited impact, since the proportion of sales from SME products is low and current credit terms are mostly already within the 30 to 45 day range. The Thai Help Thai Plus Phase 2 measure is expected to support the continued recovery of same-store sales in the second half of 2026, driven by improving same-store sales in the consumer staple group and a positive effect from the low base in the second half of 2025 following the Thai-Cambodian clashes. In the third quarter of 2026, DOHOME and COM7 are expected to lead the group's normal profit growth at around 35 to 45 percent year on year, followed by CRC and BJC at around 15 to 20 percent year on year, while CPAXT is expected to remain a laggard due to weak same-store sales at Lotus. For the second half of 2026, the group's normal profit is expected to grow by an average of around 9.6 percent year on year, close to the momentum in the first half of 2026, and the brokerage estimates there is still upside of around 2 to 3 percent to group profits. The stocks with more notable upside than the group are COM7, SYNEX, GLOBAL and DOHOME. The research team maintains a Neutral investment weighting for the group, selecting BJC with a Buy rating and a target price of 19.5 baht, and COM7 with a Buy rating and a target price of 35 baht, as top picks. It also likes CPALL with a Buy rating and a target price of 63 baht on a wider valuation discount, and MRDIYT with a Hold rating and a target price of 10.4 baht, which is starting to look interesting.

Kasikorn Securities, or KS, said in an analysis that it maintains a positive view on the growth outlook for Synnex (Thailand), or SYNEX, in the second half of 2026 after attending the company's Partner Connect 2026 event on September 10, 2026. SYNEX estimates that Thailand's information technology spending in 2026 will be approximately 1.1 trillion baht, up 8.4% from the previous year, while Gartner data as of April 2026 showed device spending up 8.2%, IT services up 9.0%, software up 15.1%, and data center systems up 55.8%. The company expects sales of Apple products to grow from the previous year, driven by new products in the iPhone 18 Series, and maintains its 2026 sales target at 53 billion baht, up 12% from the previous year. KS expects SYNEX's sales in the third quarter of 2026 to grow both year-on-year and quarter-on-quarter, supported by still-strong hardware replacement demand in both the private and public sectors, together with higher average selling prices for Android smartphones and Apple products. It maintains a buy recommendation with a target price of 11.47 baht, viewing any share price weakness after the launch of new iPhone models as an opportunity to accumulate at 9.20 baht or below, which reflects SYNEX's lowest PER in 14 years. It expects normal profit in 2026 to grow 14%, while Core EPS over the three-year period has an average annual growth rate of 10.4%.

SYNNEX (Thailand) Public Company Limited, or SYNNEX, hosted the event "SYNNEX PARTNER CONNECT 2026: Empowering the Future." Chief Executive Officer Suthida Mongkolsuthree said the company is elevating its role from Technology Distributor to Value Creation Partner. The event featured technology and solutions from more than 30 leading brands, spanning Consumer, Commercial and Enterprise Solution products, as well as Software, Cloud, Artificial Intelligence, and Green Energy Solution. The company also presented services from its affiliates, including "SWOPMART Trade-In," a device trade-in service, and "SERVICE POINT," an end-to-end technology service provider covering Solar, CCTV, Network, Data Center, Security, System Integration and Cloud. It is further expanding its ecosystem through "Prompt Money," a financial support platform, and "Ice Cream," an insurance partner. In addition, the company is launching "SYNNEX Care+," a service for insurance and protection of technology devices in the Consumer Device group, covering repair or replacement of devices under the applicable conditions. The event was held at the Grand Center Point Lumphini Hotel in Bangkok and also included an awards ceremony honoring outstanding partners.

SBI Thai Online stated in an analysis dated September 14, 2026, that it holds a positive view on the second-half 2026 earnings outlook for Synnex (Thailand) Public Company Limited, or SYNEX, expecting support from the IT product sales season and the launch of new flagship smartphones and products, as well as accelerated disbursement of the government budget, a factor that directly benefits the commercial IT product group and the enterprise solutions group. SYNEX reported second-quarter 2026 net profit of 224 million baht, up 17.8% from the same period a year earlier, supported by its share of profit from Encapital Public Company Limited, or NCAP. Total revenue came in at 11.8 billion baht, up slightly 1.3% from the same period a year earlier, as it was affected by a shortage of Apple products stemming from conflict in the Middle East and a delay in orders ahead of new product launches late in the year. The gross margin rose to 3.96% from 3.83% in the same period a year earlier, in line with its plan to shift its revenue mix. In the second quarter of 2026, revenue from the commercial group grew 43.1% from the same period a year earlier, while the enterprise group grew 11.3%. The company maintained its 2026 total revenue target at 53 billion baht, and SBI Thai Online selected SYNEX as its top pick, with the latest share price in the analysis at 9.85 baht compared with the average analyst target price for 2026 of 11.39 baht. On the technical side, it gave support levels at 9.70 and 9.35 baht, with resistance at 10 and 10.50 baht.

Synnex (Thailand) Public Company Limited, or SYNEX, announced its business direction for 2027 at the SYNNEX PARTNER CONNECT 2026: Empowering the Future event, advancing its shift from a technology product distributor to a value creator. The company aims to harness artificial intelligence, or AI, to develop solutions that deliver concrete business results. Ms. Suthida Mongkolsuthree, Chief Executive Officer of SYNEX, said the technology industry is transitioning into an era where technology must create greater value and business outcomes, especially AI, which is transforming the way people work, how businesses operate, and customer demands. The company plans to build on its strengths in products, brands, logistics, and its partner network to expand into Solution, Service, Platform, and Ecosystem services, creating new opportunities in the Commercial and Enterprise markets under the concept The Next Chapter of SYNNEX – From Distribution to Value Creation. Currently, SYNEX has more than 70 global technology brand partners and a distribution channel network of over 6,000 channels nationwide, and views AI and Cloud as key engines driving future growth. At the SYNNEX PARTNER CONNECT 2026 event, products, innovations, and solutions from more than 30 partners were presented, covering the Consumer, Commercial, and Enterprise markets. At the same time, the company continues to expand its SWOPMART Trade-In and Prompt Money services, and plans to broaden cooperation with insurance broker partners to develop product warranty services for devices in the Consumer Device group. SYNEX has been engaged in the IT and technology product distribution business in Thailand for more than 39 years under the symbol TRUSTED BY SYNNEX.

Ms. Suthida Mongkolsuthree, Chief Executive Officer of Synnex (Thailand) Public Company Limited, or SYNEX, disclosed that the company is not concerned about the higher prices of the iPhone 18 and the iPhone Duo, Apple's first foldable-screen smartphone, because the most expensive models have always sold the best in the past, and new stock has already begun arriving at the company in batches. The company expects the volume of new stock to be no less than last year. Meanwhile, price increases and the discontinuation of certain iPhone models have not affected the company much, because Apple products have been in short supply since the start of the year, so there is no leftover old inventory and no need to run clearance promotions. The Android market remains lively, driven by Korean and Chinese brands that continue to launch new products throughout the year. For its first-half results, SYNEX reported net profit of 445 million baht, up 17.7%, and total revenue of 23.122 billion baht, up 1.3%. The company is confident that its 2026 results will meet its revenue target of 53 billion baht, even though first-half revenue was affected by the absence of Apple product deliveries, as its remaining businesses grew across all segments. It expects the second half to be better than the first half now that Apple products are starting to fill in. In addition, the company is looking for new growth in the robotics business, with plans to travel to China to inspect operations and negotiate business with partners, focusing mainly on the commercial and industrial segments in the initial phase. It also sees opportunities from the new PDP plan covering data centers, AI, and the transition to electric vehicles. Meanwhile, an analysis by Kasikorn Securities Public Company Limited views the launch of the iPhone Duo as a positive sentiment driver for shares of electronic component makers and Apple product distributors in Thailand, with the main beneficiaries being COM7, ADVICE, SYNEX, and SPVI.

SYNEX Public Company Limited, or SYNEX, has set its 2026 revenue target at 53 billion baht, confident it will meet or exceed the goal after first-half sales reached 23.122 billion baht, with most sales expected to come in the second half. Chief Executive Officer Suthida Mongkolsuthi said key drivers come from new product launches and sales, especially in the Apple product group, where the company aims for sales growth through its many distribution channels and partners. Even though the overall IT industry remains under pressure from supply chain tightness, demand for Apple products in particular is still so high that the company is confident products will sell out as soon as they reach the market. Meanwhile, costs for memory and storage products are likely to keep rising through the end of the year, driven by the AI growth trend that has hyperscalers competing for enormous amounts of hardware components and production capacity. The company manages this risk by diversifying its portfolio of product brands. As for future businesses, the company plans to travel to China in October to negotiate deals and study technology, focusing on commercial service robots, and expects clarity on the new product group and an actual product launch within the fourth quarter of 2026. At the same time, SYNEX is pressing ahead with its shift from distribution to value creation under the concept The Next Chapter of SYNNEX – From Distribution to Value Creation, building on partnerships with more than 70 global technology brands and over 6,000 distribution channels.

Brokers view the outlook for the IT retail and wholesale sector in Q3 2026 as still strong, supported by sales of Apple and Android smartphones as well as the commercial segment where demand is accelerating. They highlight three standout stocks: COM7, ADVICE, and IT City. Charnthawat Sukhanan, an analyst at Kasikorn Securities, said sales in July and August grew strongly, with COM7 expected to see sales growth of more than 15% YoY, ADVICE around 20% YoY, and IT City more than 20% YoY. Meanwhile, wholesaler SIS is expected to grow more than 10% YoY, and SYNEX has also reported growth. The research arm maintains a Positive view on the gadget group, favoring retailers over wholesalers, with target prices of 34.12 baht for COM7, 8.82 baht for ADVICE, and 10.83 baht for IT City. It also points to attractive entry points if prices weaken and recommends watching the launch event of Apple's iPhone 18 on September 9.

Synnex (Thailand) Public Company Limited, or SYNEX, has unveiled its plan to elevate its role from an IT distributor to an AI & Cloud Enabler under the strategy "From Distribution to Value Creation," aiming to add value and meet the growing demand for artificial intelligence, cloud, and digital solutions. The company will accelerate the increase of its recurring revenue share by expanding its business in Solutions & Cloud, Renewable Energy, Service, Financing, Insurance, and Trade-in segments, diversifying its revenue base and laying the foundation for long-term growth. This investor relations event reflects SYNEX's readiness to leverage technology as a business driver, while fostering understanding of its Technology Ecosystem structure, which spans from products and solutions to internal management systems.

SYNNEX (Thailand) Public Company Limited, or SYNNEX, has launched the "AI Hub" in Thailand, built on AWS's cloud and AI infrastructure under the concept of "Empowering Thailand's AI Transformation." The goal is to enable Thai organizations, from SMEs to enterprises, to quickly access, experiment with, and scale AI, turning AI potential into measurable business impact. The AI Hub comprises five pillars: Partner AI Solutions, Partner AI Delivery Capability, Internal Adoption of AI, Funding for AI Competency Partners, and Technology Showcase. SYNNEX reports that it has implemented AI internally in nearly 90 use cases, boosting productivity by 55%, reducing work time by 59%, and cutting errors by 60%. Meanwhile, 94% of employees use AI at least once a week. The AI Hub is driven by three mechanisms: AI Accessibility, Market Acceleration, and Local Expertise, to shorten the path from technology to business outcomes.

SYNEX has expressed confidence that total revenue this year will reach its target of 53 billion baht, supported by the AI trend and digital transformation investment from both the public and private sectors, as well as new product launches from key brands such as Apple during the high season in the second half of the year. Ms. Suthida Mongkolsuthi, Chief Executive Officer of Synnex Thailand Public Company Limited, said that second-half operating results will grow better than the first half due to demand for hardware upgrades to support AI and new smartphone releases. Most recently, the company has partnered with Amazon Web Services Thailand Company Limited, or AWS, to launch an AI Hub in Thailand under the concept of Empowering Thailand's AI Transformation, driven by three key mechanisms: AI Accessibility, Market Acceleration, and Local Expertise. It is also laying the foundation for growth through five main pillars covering Partner AI Solutions, Partner AI Delivery Capability, Internal Adoption of AI, Funding for AI Competency Partners, and Technology Showcase. SYNNEX stated that applying AI internally across nearly 90 use cases has helped increase productivity by up to 55 percent and reduce errors by 60 percent. Mr. Watson Thirapatpong, Country Manager of AWS for Thailand, added that this collaboration will help Thai organizations scale their AI adoption efficiently.

Netcap Public Company Limited, or NCAP, reported net profit for the second quarter of fiscal year 2026 at 196.6 million baht, up 9.7% from the previous quarter and 34% from a year earlier, supported by higher interest income as motorcycle loans expanded 7.34% since the start of the year. Net interest margin stood at 13.7%, improving slightly from 13.5% at the end of 2025, while financial costs fell to 2.3% from 2.5% due to debenture repayments. Asset quality continued to improve, with non-performing loans declining to 1.28% from 1.72% at the end of 2025 and 1.83% at the end of 2024. As a result, provisioning dropped 12.6% from a year earlier to 102.79 million baht, partly helped by a reversal of 10 million baht in excess reserves previously set aside for flood risk in Hat Yai. The coverage ratio at the end of the period was 366%, close to large non-bank peers. The company expects full-year loan growth of up to 15%, driven by expansion into new areas and dealer networks, especially in the north, and expects net interest margin could reach 14%. Asset quality remains under control, with a target of keeping non-performing loans no higher than in the second quarter of fiscal year 2026. Major shareholders COM7 and SYNNEX hold 34.3% and 27.0% respectively, strengthening the company's technology and funding capabilities. The stock trades at a price-to-earnings ratio of only 7.5 times, below the sector average of 12 times. Analysts at ASL recommend buying, with support at 3.60 to 3.58 baht and resistance at 3.72, 3.84, and 3.96 to 4 baht.

Synnex Thailand Public Company Limited, or SYNEX, reported net profit for the second quarter and the first six months of 2026 grew 17.8% and 17.7% respectively from the same periods last year, significantly outpacing revenue growth. The company also announced an interim dividend of 0.10 baht per share. Chief Executive Officer Suthida Mongkolsuthi said the results reflect the success of its product mix enhancement strategy and growth in the IT commercial and enterprise solution segments, which are high value-added businesses. The company is pressing ahead with new growth engines including AI infrastructure, cloud, energy solutions, and device-as-a-service, alongside expanding partnerships with global allies.

SYNEX has set its second-half strategy to expand its New Growth Engine business, covering AI Infrastructure, Cloud, Energy Solution, and Device-as-a-Service, to increase the share of higher value-added revenue. Mr. Panya Poonpermpoonsiri, Chief Executive Officer of Sales and Marketing, said in an earnings call that new business groups delivered standout growth in the first six months. IT Commercial grew 49% from AI PCs and enterprise customer projects, Enterprise grew 14% from Energy Solution, while Solar grew 913%, Inverter grew 1,751%, Software & Cloud grew 9%, IT Security grew 81%, Gaming & Gadget grew 38%, and Wearable grew 113%. The company is moving forward with end-to-end AI Infrastructure, from AI servers, storage, networking, and cloud through to AI solutions and managed services, while accelerating its cloud business with AWS, targeting 2026 revenue to grow tenfold from 2025, and expanding energy infrastructure into solar energy solutions, energy storage solutions, and project and after-sales services. Another key strategy is increasing recurring revenue through Device-as-a-Service, which has recently been extended to Samsung Ready – AI-Powered Device-as-a-Service, supporting customers in enterprise, financial services, healthcare, manufacturing, education, and government. Ms. Natnicha Thurakit, Chief Financial Officer, said the company continues to maintain financial strength and aims to enhance profitability while managing its product mix and expanding its technology ecosystem through partnerships with global partners to drive toward its goal of being the No.1 IT Ecosystem in Thailand.

SYNEX held an analyst meeting to outline its second-half plan, focusing on expanding its New Growth Engine through AI infrastructure, cloud, energy solutions, and device-as-a-service to increase recurring revenue and broaden its enterprise and public-sector markets. The company expects clearer progress on its business transformation and continues to expand its technology ecosystem through global technology partners toward its goal of becoming the number one IT ecosystem in Thailand. For the first half, net profit was 445 million baht, up 17.7 percent from a year earlier, while second-quarter net profit was 224 million baht, up 17.8 percent. The company also announced an interim dividend of 0.10 baht per share.

The Ministry of Finance is preparing to provide a grant of 50,000 baht per household to those joining the Solar Rooftop program, against an average installation cost of around 100,000 to 150,000 baht per household, with a minimum installation size of 5 kilowatts. The project aims to assist 500,000 to 1,000,000 households with average monthly electricity bills of 3,000 to 4,000 baht, using a budget from a 200 billion baht loan source. Analysts at TTB Wealth Securities stated that this policy will directly benefit Gunkul Engineering, as well as building material and home improvement retailers such as Home Product Center, Siam Global House, and Do Home. Meanwhile, analysts at Land and Houses Securities view it as a positive factor for GUNKUL and Synnex Thailand shares. In addition, the Ministry of Finance is collaborating with the Ministry of Interior, the Metropolitan Electricity Authority, the Provincial Electricity Authority, and state specialized financial institutions, namely the Government Savings Bank and the Government Housing Bank, to support low-interest loans for the remaining costs not covered by the government subsidy.

Gulf Energy Development Public Company Limited, or GULF, reported a record-high operating profit of 12.3 billion baht in the second quarter of 2026, up 74% from the same period last year, driven by its energy business and share of profit from ADVANC. In the second half, it plans to start commercial operation of an additional 700 megawatts of power plants and targets 12-15% growth in total revenue and EBITDA this year. ADVANC announced a second-quarter 2026 profit of 13.7 billion baht, up 25%, with its 5G user base surpassing 19.7 million and an interim dividend of 8.69 baht per share. TRUE is still awaiting clarity on the China Mobile issue. OR swung to a loss of over 1.77 billion baht in the second quarter of 2026 due to inventory valuation losses from falling global oil prices, even though revenue grew to 205 billion baht and Cafe Amazon achieved record sales of 117 million cups. MEDEZE reaffirmed its leadership in stem cell banking with international standards. NER is confident that third-quarter 2026 results will recover in line with rubber prices, despite cutting its sales volume target to 440,000-450,000 tons while maintaining its 2026 revenue target of 30 billion baht. KUN reported first-half revenue of 278 million baht, up 40%, driven by demand for detached houses priced at 5 million baht and above. TEKA reported a 66.8% surge in first-half 2026 profit to 40.46 million baht, with revenue exceeding one billion baht. SYNEX announced a second-quarter 2026 net profit of 224 million baht, up 17.8%, and an interim dividend of 0.10 baht per share, with the XD date set for August 19. PCE is confident that the palm oil industry will be supported by global palm prices and B7-B20 policies. TMI is accelerating resolution of power plant issues and sustaining its lighting equipment business. SPVI is unfazed by Apple's iPhone price adjustments, noting that it supports margins through selling price adjustments. POLY is benefiting from TOYOTA's sales dominance in the Thai auto market, pushing the revenue share of its automotive group past 60%. ALPHAX is expanding into the Lao financial sector with digital transformation and AI. AURA is preparing to offer its first bond issuance of 2026 to expand its gold ornament sale-with-repurchase portfolio.

SYNEX reported a net profit of 445 million baht for the first half of 2026, an increase of 17.7% from the same period last year, and announced an interim dividend payment of 0.10 baht per share. The ex-dividend date is set for August 19, 2026, with payment on September 2, 2026. For the second quarter of 2026, the company posted a net profit of 224 million baht, up 17.8% year-on-year, and revenue from sales and services of 11.81 billion baht, up 1.3%. This brought total revenue for the first six months to 23.122 billion baht, an increase of 1.3%. Profit growth was driven by the IT Commercial and Enterprise Solution businesses, which grew 43.1% and 11.3% respectively and accounted for more than 20% of total revenue in the second quarter. The company also improved its gross profit margin to 3.96%, nearing the 4.0% target for 2026, while continuing to expand its AI Infrastructure, Cloud, and Energy Solution businesses as long-term growth drivers.

Leading securities firms have raised their positive outlook on SYNEX after second-quarter 2026 net profit came in better than expected. Bualuang Securities gave the highest target price of THB 12.60 with a buy recommendation, as did Finansia Syrus Securities at THB 12.50, while KGI Securities and TISCO Securities set targets at THB 11.00. Krungsri Securities maintained a hold rating at THB 10.20. Net profit for the quarter was THB 223 million, up 17 percent from a year earlier, with normalised profit at approximately THB 197 to 234 million, growing 19 to 20 percent year-on-year. This was supported by strong growth in other revenue segments, offsetting an 11 to 13 percent decline in Apple product sales due to supply issues. Gross margin improved to 3.96 to 4.00 percent, and share of profit from NCAP rose 33 percent to THB 50 million. Finance costs dropped significantly by 38.6 percent to THB 25 million. The company also announced an interim dividend of THB 0.10 per share and expects normalised profit for 2026 to grow 8 to 12 percent from the previous year. However, risks remain from inventory rising 22 percent quarter-on-quarter to THB 5.75 billion and overdue receivables beyond 12 months increasing by THB 25 million to THB 489 million.

Pi Securities assesses that Thai stocks have a chance to outperform amid volatility in tech stocks and surging crude oil prices. The Dow Jones Industrial Average closed down 1,153 points, or 2.2 percent, pressured by semiconductor stocks and inflation concerns. Meanwhile, Brent crude oil prices rose 7.9 percent due to tensions in the Middle East, prompting a rotation from tech stocks into value stocks and Thai energy plays such as PTT and PTTEP. Pi Securities also recommends SYNEX with a target price of 11.10 baht and HMPRO with a target price of 7.50 baht, and estimates the SET Index range for the day at 1,600 to 1,640 points.