Computer & Electronics Retail

Comseven Public Company Limited, or COM7, informed the Stock Exchange of Thailand that its board of directors approved a registered capital increase by iCare Insurance Public Company Limited, or iCare, a subsidiary 86.17% held by COM7, through the issuance of 1.1 billion new ordinary shares, representing 46.28% of the registered capital after the increase, to Plan B Media Public Company Limited, or PLANB, at an offering price of 860 million baht. As a result, COM7's stake in iCare will fall to 46.28% after the capital increase. Research from Asia Plus Securities views this as positive for COM7, given the added liquidity for iCare to support future business expansion and synergies with PLANB, which specializes in media and marketing and will help strengthen the iCare brand. It estimates the dilution effect will reduce net profit in 2027 by about 3%-4%, but this is not significant, and maintains a Buy recommendation with a 2027 target price of 37.25 baht. It expects net profit of 5.3 billion baht in 2026, up 31% from the previous year, and 5.9 billion baht in 2027, up 12%. Krungsri Securities has a neutral view on the deal, expecting COM7's D/E to fall to about 2.3 times from nearly 2.5 times in the second quarter of 2026 after iCare ceases to be a subsidiary, meaning iCare's liabilities of about 1.0 billion baht will no longer be consolidated in COM7's statements. It also expects an after-tax gain of about 444 million baht from revaluing the iCare investment, while the capital injection will boost iCare's asset base by about 50% from 1.72 billion baht at the end of the second quarter of 2026. However, the lower shareholding will cut COM7's 2027 normalized profit forecast by about 3%, excluding synergies. It maintains a Buy on COM7 with a target price of 35 baht and a dividend yield of about 3.9-4.3% per year.

COM7 has established a new subsidiary named UFun Money Company Limited with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. UFun Capital Company Limited will hold 99.9996% of the shares, using cash flow from operations, and the registration is expected to be completed within the first quarter of 2027. The new company will engage in leasing, hire-purchase, and installment sales of products covering mobile phones, smartphones, tablets, accessories, computers, IT systems, and various types of technology equipment, in order to strengthen the IT product distribution business of the COM7 group with more comprehensive services. At the same time, the COM7 board has resolved to propose to the extraordinary general meeting of shareholders, the second of 2026, the approval of a capital increase for iCare Insurance Public Company Limited, or iCare, which is currently a subsidiary of COM7 through the 86.17% holding of Comseven Holding Company Limited. iCare will increase its registered capital by 281.58 million baht through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, offered through a private placement to Plan B Media Public Company Limited, or PLANB, for a total value of 860 million baht. The goal is to add a strategic partner to support the expansion of iCare's business after continued growth from non-motor insurance products, especially all-risks electronic equipment protection insurance and extended warranty insurance for electronic equipment, which are currently sold mainly through the COM7 group's channels. After the capital increase, COM7's shareholding in iCare will fall from 86.17% to 46.28%, causing iCare to cease being a subsidiary of COM7. This transaction qualifies as a disposal of assets with a maximum size of 3.14% based on the net profit criterion. Because PLANB is a major shareholder of COM7 with an 11.01% stake, the offering of new shares also qualifies as a connected transaction with a maximum size of 7.95% of COM7's net asset value, which exceeds the 3% threshold. COM7 must therefore seek approval from the shareholders' meeting with a vote of not less than three-quarters of the total votes of shareholders attending the meeting and entitled to vote, excluding shareholders with an interest in the matter. It has appointed Silverlining Advisory Company Limited as an independent financial adviser to give shareholders an opinion on the appropriateness of the price and conditions of the transaction. COM7 has scheduled the extraordinary general meeting of shareholders, the second of 2026, for 6 November 2026 at 10:00 a.m. through electronic means, and has set 14 October 2026 as the record date for shareholders entitled to attend the meeting. The iCare capital increase transaction still requires approval from iCare's shareholders' meeting and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2026.

The board of directors of Comseven Public Company Limited, or COM7, has approved the establishment of a new subsidiary named UFun Money Company Limited with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each, held through UFun Capital Company Limited at a ratio of 99.9996%. The business will engage in leasing, hire-purchase, and instalment sales of mobile phones, smartphones, tablets, computers, and all types of technology equipment. The company is expected to complete its registration within the first quarter of 2570. In addition, the meeting resolved to propose to the extraordinary general meeting of shareholders, 2/2569, the approval for iCare Insurance Public Company Limited, or iCare, in which COM7 currently holds shares through Comseven Holding Company Limited at a ratio of 86.17%, to increase its registered capital by 281.58 million baht through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, offered for sale to a limited group of persons, namely Plan B Media Public Company Limited, or PLANB, for a total value of 860 million baht, so that iCare can gain a strategic partner with expertise in out-of-home advertising media to help expand its customer base beyond the group's own channels. After the capital increase, COM7's shareholding in iCare will fall to 46.28%, resulting in iCare ceasing to be a subsidiary of COM7. This transaction qualifies as a connected transaction because PLANB is a major shareholder of COM7 with an 11.01% stake. The company must therefore seek approval from the shareholders' meeting with a vote of not less than three-quarters of the total votes, and has appointed Silverlining Advisory Company Limited as an independent financial advisor. COM7 has scheduled the extraordinary general meeting of shareholders, 2/2569, for 6 November 2569 at 10.00 a.m. via electronic means, and has set a record date of 14 October 2569. The transaction still requires approval from iCare's shareholders and the Office of the Insurance Commission, or OIC. It is expected to be completed within the fourth quarter of 2569.

Newegg Commerce announced on September 24 that Newegg Business is collaborating with Western Digital to help IT teams select and scale high-performance storage solutions, with Newegg Business hosting a live webinar titled "Realize the Full Power of Your AI NAS with WD Red Pro" on September 30, 2026. The session will highlight how Western Digital's purpose-built WD Red Pro HDDs power AI-driven Network Attached Storage systems for 24/7 multi-user IT environments. The partnership leans on Newegg's strengthening business and wholesale demand, which helped drive net income to $2.2 million in Q2 2026 even as overall net sales dipped 8.1% year-over-year to $320.4 million. For Western Digital, the tie-up extends a strong cycle in which Q4 FY26 revenue grew 44% year-over-year to $3.75 billion, non-GAAP gross margin reached 54.4%, and free cash flow hit $1.28 billion. Newegg still faces memory and flash shortages that pushed Q2 2026 GMV down 3.9% year-over-year to $403.2 million, while Western Digital remains exposed to cyclical storage demand and volatile component pricing.

Comseven Public Company Limited, or COM7, informed the Stock Exchange of Thailand that its board meeting No. 6/2569 on 28 September 2569 approved the establishment of a new subsidiary named Ufun Money Company Limited to operate a leasing, hire-purchase, and instalment-sale business for IT products, including mobile phones, smartphones, tablets, computers, and various types of IT equipment. The company is expected to be registered within the first quarter of 2570 with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. Ufun Capital Company Limited will hold 499,998 shares, or 99.9996%, and the company will use cash flow from its operations as the funding source for the establishment. In addition, the board resolved to propose to the extraordinary shareholders' meeting No. 2/2569 the approval of a registered capital increase at iCare Insurance Public Company Limited, or iCare, of 281.58 million baht, from 326.78 million baht to 608.36 million baht, through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, to be offered on a private placement basis to Plan B Media Public Company Limited, or PLANB, which is a major shareholder of iCare with an 11.01% stake of all issued and outstanding shares. The new shares represent 46.28% of iCare's total issued and outstanding shares after the capital increase, with total offering value of 860 million baht. As a result, after the transaction, COM7, which holds iCare through Comseven Holding Company Limited, will see its shareholding fall from 86.17% to 46.28%, equal to PLANB's stake. COM7 stated that bringing PLANB in as a strategic partner is intended to support iCare's business expansion in the next phase, after growth driven by non-motor general insurance products, particularly all-risks electronic device protection insurance and extended warranty insurance, which are currently sold mainly through COM7 group channels, and to reduce revenue concentration risk. The company therefore wants to expand its customer base to a broader group of consumers, seeing PLANB as having expertise in media, marketing, and brand building, especially its out-of-home advertising network spanning digital media, mass transit systems, airports, and shopping malls. After the transaction, COM7, iCare, and PLANB plan to jointly develop marketing and build awareness of the iCare brand through PLANB's media network, as well as expand new distribution channels outside the COM7 group and develop information technology systems to support additional products. COM7 has scheduled its extraordinary shareholders' meeting No. 2/2569 for 6 November 2569 at 10.00 a.m. via electronic means, with a record date of 14 October 2569. The transaction still requires approval from iCare shareholders and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2569.

The research team expects COM7 to post a net profit of 1.2 billion baht in 3Q69, down 8% QoQ but up 38% YoY. The decline from the previous quarter stems from a 1% QoQ drop in sales, reflecting low-season demand for electronic devices, and a slight 0.1% rise in selling and administrative expenses to sales, to 8.0%. The strong year-on-year growth was driven by a 24% YoY increase in sales and service revenue, supported by higher iPhone 18 sales in both unit volume and average selling price, after Apple raised product prices due to surging memory chip costs, while demand has remained solid. Higher iPhone sales also helped lift revenue at the UFUND and iCare businesses. At the same time, the gross margin is expected to rise 0.4% to 14.4%, driven by the expansion of the higher-margin UFUND and iCare businesses, while selling and administrative expenses to sales are expected to decline on the back of higher revenue. The research team also expects profit in 4Q69 to accelerate both QoQ and YoY to a peak for the year, helped by the high season for iPhone sales and additional support from Apple's planned launch of the foldable-screen iPhone Duo in October. The electric vehicle distribution business, Gold Integrate, will get a boost from automaker AION, which plans to unveil its new i60 BEV model at the Motor Expo 2026 in early December 2569. Because first-half 2569 profit accounted for 53% of the previous profit estimate, and given a more positive view on second-half 2569 profit, the research team raised its 2569 net profit forecast by 11% to 5.3 billion baht, up 31% YoY, and its 2570 forecast by 12% to 5.9 billion baht, up 12% YoY. It also raised its 2570 target price from 33.0 baht to 37.25 baht, keeping the PER at 14.9 times, in line with the long-term average, and upgraded its recommendation to Buy from Trading.

Best Buy and Amazon announced an expanded multiyear Fire TV partnership focused on connected TV advertising and media tools. The agreement keeps Fire TV as the exclusive operating system on all Insignia branded televisions sold through Best Buy. Brands using Best Buy Ads and Amazon Ads gain access to new programmatic and AI powered tools to plan and optimize Fire TV campaigns, with Best Buy Ads connecting to Amazon Ads' programmatic and AI tools starting in February 2027. The deal gives Best Buy Ads direct access to Fire TV ad inventory across all Insignia TVs, allowing store traffic, BestBuy.com browsing and streaming behavior to be linked for deeper ad targeting and measurement. The partnership supports Best Buy's existing aim of deriving a larger share of higher margin revenue from retail media and marketplace activity rather than only hardware sales.

COM7 expects iPhone sales in the second half to grow no less than 10%, driven by strong reception for the iPhone 18 from pre-order day through device pickup day, especially the Pro Max model. Thakol Niyomthai, investor relations officer at Comseven Public Company Limited, or COM7, told Than Hoon that iPhone sales in the third and fourth quarters of 2026 will grow at a double-digit rate, and the company is therefore confident that total revenue in 2026 will grow 10-15% and may exceed its target. The iPhone Duo will begin selling in October 2026, and the company still needs to assess the response again after the official launch. Meanwhile, the standard iPhone 18 model will have to wait for its launch next year. As for the partnership with PLANB, concrete signs of cooperation are expected to emerge in the fourth quarter after approval from the board.

Yamada Holdings announced on the 24th that it will transfer its entire stake in a home appliance sales subsidiary in Shenyang, Liaoning Province, China, to a local company. The transfer price is 130 million yuan, or about 3 billion yen. The company had been considering disposing of the assets it held since closing the store in June 2020, and the two sides reached an agreement on terms. With this, all of its assets in the "electric appliance segment," including home appliances, held in the Chinese market will be eliminated. Although Yamada Holdings has not factored the impact of the transfer into its earnings forecast for the fiscal year ending March 2027, it expects the deal to boost net profit through tax effects and other factors, and said it will disclose any revision to the forecast promptly.

Best Buy and Amazon announced an expanded multiyear Fire TV partnership that keeps the Fire TV experience on Insignia TVs and opens Fire TV advertising inventory to Best Buy Ads, powered by Amazon Ads technology. Beginning February 2027, Best Buy Ads will use Amazon Ads' programmatic technology, including AI-powered tools, to help brands plan, activate, optimize and measure advertising campaigns. Fire TV will remain the exclusive TV software experience on all Insignia TVs produced by Best Buy, spanning 24- to 85-inch models, with the latest Fire TV user interface and Alexa+ integrated across the majority of models, and Best Buy will remain the exclusive retailer for these devices in store and on Amazon.com, sold by Best Buy. Best Buy Ads will now offer brands access to Fire TV advertising inventory on all new and existing Insignia TVs, extending campaigns to Fire TV audiences. The companies first partnered in 2018 on Insignia and Toshiba smart TVs with Fire TV built in, and have since introduced more than 100 TV models that have earned hundreds of thousands of 4-star ratings from customers.

KGI Securities (Thailand) upgraded Comseven Public Company Limited, or COM7, to "Buy" from "Hold" and raised its end-2570 price target to 36.00 baht from 30.00 baht. It lifted its 2569 profit forecast by another 10% and its 2570 forecast by another 12% to reflect higher sales from recovering demand for the iPhone 18 Pro and the roughly 15% increase in iPhone 17 selling prices. It expects profit to grow 32% YoY in 2569 and 13% YoY in 2570. KGI's research team expects COM7's third-quarter 2569 results to weather the low season with net profit of 1.3 billion baht, up 50% YoY and flat QoQ, while the fourth-quarter 2569 outlook is positive on the high season and the upcoming iPhone Duo pre-order. iPhone 17 demand was strong early in the third quarter of 2569 after Apple adjusted selling prices in June, and iPhone 17 prices rose about 15% after the iPhone 18 launch to pass memory costs on to customers. Demand for the iPhone 18 Pro is strong, growing by double digits in both unit sales and selling prices, and the non-IT business continues to grow, including U-fund, which is expanding new loans by about 1.2 million baht per month.

KGI Securities (Thailand) raised its end-2027 target price for COM7 shares to 36.00 baht from 30.00 baht and upgraded its recommendation from "Hold" to "Buy" after disclosing the results of an online meeting with management: demand for the iPhone 18 Pro grew by double digits in unit terms compared with the iPhone 17, and the iPhone 18 set a new record for the number of units delivered to customers in the first three days of availability for devices that had been pre-ordered. The company also expects the iPhone Duo, which opens for pre-order on October 16 and goes on official sale on October 23, 2026, to receive a strongly positive reception, with the iPhone 18 Pro priced US$100 higher, while flagship models from Chinese smartphone brands rose by 1,000 to 3,000 yuan. The KGI Taiwan research team expects the iPhone Duo, with a starting price of US$1,999, to ship 6 million foldable iPhones in 2026 and 14 million units in 2027, or 24% of the foldable smartphone market, ranking second. The drivers include strong iPhone 17 demand, an roughly 15% increase in the iPhone 17 selling price after the launch of the iPhone 18, demand for the iPhone 18 Pro, and continued growth in the non-IT business, including U-fund, which is expanding new loans by about 1.2 million baht per month, and iCare. KGI expects COM7's net profit for the third quarter of 2026 to come in at 1.3 billion baht, up 50% year on year and flat quarter on quarter, while net profit for the first nine months of 2026 is expected at 3.8 billion baht, up 34% year on year. It also raised its profit forecasts by another 10% for 2026 and another 12% for 2027, expecting profit growth of 32% in 2026 and 13% in 2027, with a further 15% of upside.

Analysts at KGI Securities (Thailand) Public Company Limited expect COM7 to post net profit of 1.3 billion baht in the third quarter of 2026, up 50% from the same period a year earlier and flat from the previous quarter. Net profit for the nine-month period of 2026 is expected at 3.8 billion baht, up 34% from the same period, driven by strong demand for the iPhone 17 in early Q3 2026 after Apple adjusted selling prices in June, and a 15% increase in iPhone 17 selling prices following the launch of the iPhone 18 to pass memory costs on to customers. Demand for the iPhone 18 Pro is strong, growing by double digits in both sales volume and selling price, while the non-IT business continues to grow, including U-fund, which is expanding new loans by 1.2 billion baht per month, and iCare. For Q4 2026, earnings are likely to be positive on the high season and the upcoming iPhone Duo pre-order. The brokerage has raised its 2026 profit forecast by another 10% and its 2027 forecast by another 12%, and lifted its target price to 36 baht from 30 baht, based on a P/E of 14.0 times, and upgraded its recommendation from "hold" to "buy", expecting profit growth of 32% in 2026 and 13% in 2027, with a further 15% upside.

GameStop CEO Ryan Cohen bought roughly 1.1 million shares for $26 million, sending the video game retailer's stock up about 4% on Tuesday. The purchase comes as GameStop shares have surged 30% over the past month, recovering after the company wiped out $1.4 billion in debt by paying off its bondholders with stock instead of cash. GameStop also saw its profits rise in its last quarter, boosted in part by its stake in eBay. Earlier this year, the company made an unsolicited $56 billion bid to purchase eBay, a move that was later rejected by the online marketplace.

GameStop's second-quarter 8-K, filed September 8, 2026, disclosed approximately 43.4 million shares of eBay common stock valued at approximately $4.9 billion and referenced a proposed acquisition of eBay in its risk factors. The filing reported cash and equivalents of $4.85 billion, down 41.8% year over year, alongside roughly $2.8 billion in long-term convertible debt following a post-quarter retirement. Operating income reached $160.2 million, up 141.27% year over year, with gross margin of 43.7% versus 29.1%, while GAAP net income of $298.7 million was flattered by a $166.3 million gain on a derivative asset and a $72.1 million unrealized gain on the equity investment. Approximately 59 million warrants carrying a $32.00 exercise price and capable of raising up to approximately $1.9 billion if fully exercised expire October 30, 2026, with GameStop trading at $22.76, well below the strike. Chair and CEO Ryan Cohen held no call and issued no guidance, and the company raised its full-year adjusted EBITDA outlook to more than $650 million from more than $600 million.

GameStop Chairman and CEO Ryan Cohen disclosed a second seven-figure open-market purchase in two weeks, buying 1,150,680 shares of Class A common stock at a weighted average of $22.9375, sending the stock up 4% to $23.69. The purchase follows his September 10 buy of 1,000,000 shares at $20.3759, and leaves his direct holdings at 40,498,522 shares. Three GameStop directors also added to their positions in the same stretch. The company's balance sheet carries approximately 43.4 million shares of eBay common stock valued at $4.9 billion, and eBay's board has rejected GameStop's standing non-binding acquisition proposal, with Cohen more recently weighing a partnership or joint venture instead. The muted 4% response, on top of a 30% monthly gain, suggests traders are treating the insider accumulation as a price floor rather than a catalyst until GameStop delivers an operating update.

Alibaba CEO Eddie Wu said at the company's Apsara Conference that Alibaba Cloud plans to operate more than 20 gigawatts of data centers globally by 2032, according to FactSet, and he also launched the Zhenwu V900 chip. Quest Diagnostics and Labcorp Holdings each dropped more than 5% after the Centers for Medicare & Medicaid Services released a report showing Medicare has been paying 16% more for laboratory services than private payors, with the federal entity saying it will align most Medicare payments with private sector rates. Vicor rallied 9% after the power electronics company issued third quarter guidance forecasting sequential revenue growth of more than 20% quarter over quarter, versus prior guidance of nearly 10%. On Holding jumped more than 6% after the Swiss sportswear company set new midterm financial targets at its Investor Day, including absolute net sales reaching at least CHF5.6 billion by 2029 and gross profit margin of 65% throughout the period, and said it will repurchase up to an aggregate of $1 billion in Class A ordinary shares by December 2029 while reiterating its full year 2026 outlook. GameStop gained 3.5% after CEO Ryan Cohen disclosed a purchase of 1.2 million shares.

GameStop shares gained 3.2% in extended trading on Monday after CEO Ryan Cohen reported an insider stock transaction, according to a filing. On September 21, Cohen purchased an aggregate of 1,150,680 shares at a weighted average price of $22.9375 per share in multiple transactions at prices ranging from $22.7600 to $23.0200, inclusive. The aggregate purchase price of the 40,498,522 shares directly owned by the CEO is approximately $174,979,997, excluding brokerage commissions.

Kasikorn Securities stated that IT City Public Company Limited, or IT, expects third-quarter 2026 sales to grow both year-on-year and quarter-on-quarter, driven by strong smartphone and tablet sales as well as the IT product replacement cycle, especially PCs and notebooks. Same-store sales growth in July and August was positive at a double-digit rate and is expected to continue through September. Under the assumption of 20% year-on-year sales growth and a gross profit margin of 18.9%, the research team expects third-quarter 2026 profit of 105 million baht, up 167% year-on-year but down 3% quarter-on-quarter, bringing first-nine-month 2026 profit to 306 million baht, up 161% year-on-year. The research team maintains a Buy recommendation with a mid-2027 target price of 10.83 baht, compared with the current market price of 7.05 baht, which reflects a 2026 price-to-earnings ratio of only 6.9 times, below the gadget sector average of about 10 times, and expects a 2026 dividend yield of 5.8%.

Shares of IT City Public Company Limited, or IT, jumped 5.67% to 7.45 baht, up 0.40 baht, with trading value of 0.72 million baht at 9:57 a.m., from an opening price of 7.20 baht, a high of 7.45 baht and a low of 7.20 baht. Kasikorn Securities recommends Buy on IT shares with a target price of 10.83 baht. The company expects sales in the third quarter of 2026 to grow both year on year and quarter on quarter, driven by smartphone and tablet sales. Gross profit margin in the third quarter of 2026 is expected at about 19%. The research team expects profit in the third quarter of 2026 to reach 105 million baht, up 167% year on year, on strong sales and gross margin, but down 3% quarter on quarter as gross margin returns to normal levels and SG&A rises. It views the current market price of 7.05 baht as a suitable level to re-enter the investment, as it reflects the lowest price-to-earnings ratio in the gadget group.

Shares of COM7 and CPW are benefiting from the buzz around the iPhone 18 Series, especially the Pro and Pro Max models, whose advance pre-orders are growing faster than those of the previous generation, while Trade-in registrations have jumped more than 100%. Kaewjirai Kemasit, Senior Director of the Apple Product Group at Comseven Public Company Limited, or COM7, said the iPhone 18 Pro Max in Burgundy and Glacier are the most popular models. COM7 is preparing offers of 0% installment plans through credit cards for up to 36 months and UFUND loans for up to 48 months, along with special privileges worth up to 10,000 baht, and will deliver products through a network of more than 1,300 branches nationwide. Paphavee Rujcharoentham, Director of Retail at Copperwired Public Company Limited, or CPW, said the atmosphere on the first day of sales on September 18, 2026, was lively. CPW is preparing for the launch of the iPhone Duo, which will open for pre-orders on October 16 and go on sale on October 23, 2026, and expects the fourth quarter of 2026, a high season, to be boosted by a full quarter of iPhone 18 Pro Series sales recognition. CPW currently has a total of 111 retail stores, covering Apple Brand Shops and leading technology stores such as iStudio by copperwired, U.Store by copperwired, Dotlife, and TECHHOUSE by Dotlife.

Kasikorn Securities holds a positive view on PLANB and COM7 shares after COM7's extraordinary general meeting of shareholders resolved to approve the appointment of two new directors nominated by PLANB, namely Mr. Prin and Dr. Pinitjorn, to COM7's board. As a result, PLANB is highly likely to begin recognizing its share of profits from COM7 starting September 17, which should support profit growth in the fourth quarter of 2026 and continue into 2027. The research team maintains a buy recommendation on both stocks, setting a target price of 6.68 baht for PLANB, supported by its well-performing OOH media business, growth in its higher-margin non-OOH business, and full-year recognition of its share of COM7 profits in 2027. The stock also continues to trade below its historical average and below global peer comparisons. For COM7, the research team notes that the response to iPhone 18 Series pre-orders has been relatively good, and therefore expects third-quarter 2026 sales to grow both year on year and quarter on quarter. It maintains a buy recommendation with a target price of 34.12 baht, and views PLANB's average purchase price of 27.44 baht as potentially a suitable level for re-entering an investment.

COM7 disclosed that overall pre-orders for the iPhone 18 Series grew well above the previous generation, with the iPhone 18 Pro Max in Burgundy seeing the highest number of pre-orders, followed by the Glacier color. Kaewjiranai Kemasit, Senior Director of the Apple Product Group at Comseven Company Limited, or COM7, said that the iPhone 18 Pro and iPhone 18 Pro Max come with the A20 Pro chip, a new-generation Vapor Chamber, and a dual 16-core Neural Engine, while the Trade IN+ campaign has drawn more than 100% more registrations from customers interested in trading in old devices for new ones compared with the previous generation. Thakol Niyomthai, Investor Relations at COM7, said the company offers a 0% installment program through credit cards for up to 36 months and UFUND loans with installments of up to 48 months, along with offers and privileges worth up to 10,000 baht, and will deliver the iPhone 18 Series through a network of more than 1,300 branches nationwide. The iPhone 18 Pro starts at 48,900 baht and the iPhone 18 Pro Max starts at 52,900 baht. COM7 will officially open advance pre-orders for the iPhone Duo on October 16, 2026, at 7:00 p.m., with sales beginning on October 23, 2026, at a starting price of 79,900 baht. At the same time, Apple is preparing to launch the Apple Watch Series 12 starting at 14,900 baht, the Apple Watch Ultra 4 starting at 29,900 baht, the Apple Watch SE 3 starting at 8,500 baht, and the AirPods 5 starting at 4,790 baht.

Finansia Syrus Securities maintains a Buy rating on Comseven, or COM7, with a target price of 35 baht, after shareholders approved the appointment of two additional directors as expected: Mr. Parin Lojanagosin, Chief Executive Officer of Plan B Media, or PLANB, and Mr. Phinijsorn Luechaikhajornphan, a PLANB director. The move raises COM7's board to nine members from seven. The research team sees COM7 benefiting from its strategic alliance with PLANB, a major Thai out-of-home advertising operator, and is watching for further media collaboration, such as advertising inside Banana stores and on EV7 vehicles, which is initially expected to add roughly 1-2% upside to 2027 earnings. A key near-term catalyst is pre-orders for the new iPhone models. An initial check with COM7 found that pre-orders for the iPhone 18 Pro and iPhone 18 Pro Max, in unit terms, exceeded total pre-orders for all models in the iPhone 17 series, which the team views as positive for COM7's share sentiment. This is consistent with SIS Distribution (Thailand), or SYNEX, which saw pre-orders for those iPhone models rise from the same period a year earlier, with part of the increase likely due to a larger allocation of units compared with the iPhone 17 series. However, actual sales from the first day of availability on September 18, 2026 through the fourth quarter of 2026 still need to be monitored, along with the adequacy of supply of the new iPhone models going forward. The research team sees the trend as a supporting factor for Apple-related stocks and better than it and the market had previously expected, and reiterates its Buy rating on COM7 with a 35 baht target price and on SYNEX with a target price of 12.50 baht.

Asia Plus Securities has assessed COM7 shares after yesterday's shareholders' meeting approved the appointment of two additional directors, expanding the board from seven to nine members. Both are executives from Plan B Media Public Company Limited, or PLANB: Mr. Parin Lojanagosin, a major shareholder and Chief Executive Officer, and Mr. Phinijsorn Luechaikhajornphan, Chief Marketing Officer. PLANB previously invested in COM7 shares and currently holds 11.01% of the company's paid-up registered capital. Today COM7 begins selling the iPhone 18 on its first day, following strong reception and pre-orders. Starting prices for the iPhone 18 Pro and iPhone 18 Pro Max are about 8% to 11% higher than the launch prices of the iPhone 17 Pro and iPhone 17 Pro Max, and the company will begin recognizing revenue from September. The foldable-screen iPhone Duo, the most expensive model, starts at 79,900 baht and will go on sale in October. The research team views the addition of two PLANB directors as positive for both COM7 and PLANB, expecting synergies in the fourth quarter of 2026 through management of advertising space at COM7's nearly 1,400 branches, as well as advertising media on roughly 5,000 EV7 taxis this year. However, this upside is not yet included in estimates. For third-quarter 2026 earnings trends, the research team expects a slight decline quarter-on-quarter due to the low season and the fact that not all iPhone 18 models have launched, with the Standard model likely to debut in late first-quarter 2027. Still, profit is expected to grow strongly year-on-year, driven by the UFUND business, lending, and iCare electronic device insurance, which benefit from iPhone sales. The research team maintains its conservative net profit forecast for 2026 at 4.8 billion baht, up 18% year-on-year, and keeps its Trading recommendation with a 2027 target price of 33.00 baht, based on a PER of 14.9 times, the long-term average. It also expects strong year-on-year profit growth in the third quarter of 2026, accelerating in the fourth quarter of 2026 during the high season.

Krungsri Securities Public Company Limited said COM7 is a Conviction Call in the IT retail sector, taking a more positive view on normal profit momentum in 2H26F continuing into 2027F after 3QTD sales grew more than 20% y-y, above the company's assumption of 16% y-y, while bookings for the iPhone 18 Pro and Pro Max remain strong even though average selling prices rose 8–11% y-y. This gives normal profit in 3Q26F a chance of upside from the current estimate of 1.1 billion baht to 1.3–1.4 billion baht. On the lending business, Ufund Capital plans a private placement capital increase for some alliance partners, raising registered capital from 600 million baht to 2.04 billion baht, which is expected to ease D/E constraints that are currently close to the loan covenant of 2.5 times and to increase capacity to support the next phase of UFUND loan portfolio expansion. The company is also considering revising up its 2026–27F profit estimates from the current forecast growth of 13% and 9% y-y, with every 1% of sales above assumption adding about 2% to normal profit and about 0.75 baht per share to the target price, while maintaining a Buy recommendation and a 2027F target price of 35.0 baht.

GameStop Corp. reported second-quarter net income of $298.7 million, up from $168.6 million a year earlier, even as revenue fell to $790.2 million from $972.2 million, according to a Wall Street Journal report on September 8, 2026. The video-game retailer raised its full-year adjusted EBITDA outlook to more than $650 million from a prior target of more than $600 million. Collectibles revenue jumped 57% year over year to about $356.3 million, now representing 45.1% of total sales and helping push gross margin to 43.7% from 29.1% a year earlier. Adjusted EBITDA rose to roughly $174 million from $75.7 million, and operating income reached $160.2 million, the highest for any second quarter in company history. The quarter's net income was boosted by approximately $238 million in net gains related to GameStop's equity stake in eBay, while a roughly $75 million loss on digital assets and related receivables showed the swing from its investment portfolio. Video-game revenue fell to about $263.2 million from $494.6 million a year earlier, and the company retired approximately $1.4 billion of convertible notes, reducing long-term debt to about $2.8 billion.

Comseven Public Company Limited, or COM7, reported its second-quarter 2026 operating results, with net profit attributable to major shareholders of 1.30306 billion baht, up 29.9%, while first-half 2026 profit stood at 2.52925 billion baht, up 27.49%. Revenue from sales and services in the second quarter of 2026 was 24.111 billion baht, an increase of 3.398 billion baht, or 16.4%, compared with the same period last year, driven by smartphone demand growing across both the iOS and Android systems. Thakol Niyomthai, head of investor relations at Comseven Public Company Limited, or COM7, said on the company's earnings call that the company has raised its revenue growth target for this year to 10-15% compared with last year, up from an earlier expectation of 10% growth. Net profit after tax is expected to grow more than 20%, compared with an earlier target of 10-15% growth versus last year, supported by memory prices rising as much as 200-300% quarter on quarter. On the store front, the company expects to open a total of 1,400 branches this year across the BaNANA and Studio7 brands, having already reached 1,323 branches as of the end of the second quarter of 2026. In the electric vehicle business, it expects to sell 4,400 units this year, after selling 2,029 units of the AION i60 model in the first half. EV taxi leasing is expected to reach 5,000 units for the full year, after 3,829 units were leased out in the first half.

GameStop reported second-quarter 2026 sales of US$790.2 million and net income of US$298.7 million, alongside record Q2 operating income and sharply higher adjusted operating earnings. The company's collectibles business surged 57% and has grown to represent 45.1% of net sales, while adjusted EBITDA more than doubled, even as overall revenue fell year on year. CEO Ryan Cohen recently bought 1,000,000 shares on the open market using personal funds, and the company has paused buybacks under its new program. Five Simply Wall St Community fair value views on the stock span roughly US$30 to over US$400 per share, reflecting wide disagreement on how durable the collectibles growth and investment gains will prove.

Debenhams Group has sold the Nasty Gal brand, including its global intellectual property rights, to White Space Group New York for $16 million in cash. The British retailer, formerly known as Boohoo Group, bought Nasty Gal out of bankruptcy in 2017 for around $20 million in cash and helped the American fast-fashion label, which began as an eBay vintage clothing boutique, reach profitability. Debenhams said Nasty Gal generated gross merchandise volume of 12 million pounds and adjusted EBITDA of 400,000 pounds in 2026, describing the brand as noncore and not material to the group. The disposal follows the 90-million-pounds sale of automation at the group's Sheffield, England, distribution center, with the lease reassigned to Primark, and Debenhams said it aligns with its transition to a marketplace-led model that is capital-light, stock-light, cost-light and cash generative, targeting a marketplace representing well over 50 percent of gross merchandise value. Group chief executive Dan Finley said the turnaround continues at pace, and the company added that it returned to GMV growth in the first quarter, with growth accelerating in the second quarter ahead of a first-half trading statement later this week. WSG, a brand management firm, owns Von Dutch and the women's fashion brands Vintage Havana and Surf Gypsy, and co-owns the Allbirds intellectual property with American Exchange Group.

GameStop reported second-quarter operating income of $160.2 million, the highest second-quarter figure in its history, with adjusted operating income of $158.7 million versus $64.7 million a year earlier. Collectibles net sales jumped 57% year over year to $356.3 million and now account for 45.1% of total net sales, up from 23.4% in 2025, while SG&A expenses fell to $187.1 million from $218.8 million. Quarterly adjusted EBITDA more than doubled to $174 million from $75.7 million, and adjusted net income rose to $161.1 million from $138.3 million. Net sales fell 18.7% to $790.2 million from $972.2 million, which the company attributed to the prior-year launch of Nintendo Switch 2, the divestiture of its France operations, and store closures. After the quarter, GameStop cut long-term debt to approximately $2.8 billion through privately negotiated exchanges completed on September 3 that retired roughly $1.4 billion of its 0.00% Convertible Senior Notes due 2030 and 2032, and management raised its full-year FY26 adjusted EBITDA forecast to more than $650 million from more than $600 million.

GameStop chief executive Ryan Cohen and Uber chief executive Dara Khosrowshahi each made discretionary open-market purchases of their own companies' stock on September 10, 2026, spending roughly $20 million and $10 million respectively. Cohen, reporting as director, president, CEO and board chair of GameStop, acquired 1,000,000 shares of Class A common stock at $20.3759, while director Alain Attal bought 5,000 shares at $20.00 the same day. Khosrowshahi, as director and chief executive of Uber, acquired 141,000 shares of common stock at $70.9642. On both SEC Form 4 filings, the box indicating the trade was executed under a prearranged Rule 10b5-1 trading plan was left unmarked, meaning the purchases were discretionary; transaction code P, an open-market buy, is the rarest insider action and carries no routine explanation such as tax withholding or diversification. Cohen bought into a rebounding GameStop, where Q2 FY2026 collectibles revenue surged 57% year over year to $356.3 million and management raised FY2026 adjusted EBITDA guidance to more than $650 million, while Khosrowshahi bought into an Uber drawdown, with the stock down 24.3% over the past year even as Q2 FY2026 gross bookings rose 24% year on year to $58.02 billion and the consensus analyst target price stands at $101.21.

Ryan Cohen, the billionaire President, CEO and Chairman of GameStop Corp, purchased 1.0 million shares of the company for $20.4 million, according to an SEC Form 4 filing. The shares were acquired in multiple transactions at prices ranging from $20.0199 to $20.4699 per share, for a weighted average cost of $20.38. The purchase raised Cohen's total direct holdings to 39,347,842 shares from 38,347,842 shares, a stake valued at $802.3 million based on the Sept. 10, 2026 market close of $20.39. Total insider ownership of GameStop now stands at 9%, with Cohen remaining a primary holder of the outstanding equity. The company recently reported a 77% jump in second-quarter net income, with a large increase in overall revenue as well.

Best Buy Co., Inc. raised its fiscal 2027 outlook after a better-than-expected second quarter, lifting revenue guidance to $42.3-$42.8 billion from $41.2-$42.1 billion and adjusted earnings guidance to $6.70-$6.90 per share from $6.30-$6.60. The company also raised its adjusted operating income rate forecast to 4.4-4.5% from 4.3-4.4%, and now expects comparable sales to increase 1.9-3%, versus the prior range of a 1% decline to 1% growth. Domestic gross margin expanded 60 basis points to 24% in the second quarter, helped by Marketplace, Best Buy Ads and about $34 million of tariff refunds, and management expects the fiscal 2027 gross profit rate to improve about 30-40 basis points. Domestic Marketplace gross merchandise value reached about $300 million in the second quarter, and Best Buy raised its full-year Marketplace expectation to $1.3 billion, while Best Buy Ads is expected to grow 10% in fiscal 2027 after roughly $900 million in collections last year. Computing recorded its 10th consecutive quarter of positive comparable sales growth and domestic TV sales rose more than 10%, though industry-wide memory cost increases are raising computing prices, with average selling prices up in the mid-teens and unit volumes down in the high single digits.

Best Buy reported second-quarter adjusted earnings of $1.47 per share, up 15% and ahead of the Zacks Consensus Estimate of $1.37, while revenues rose 3.6% to $9.78 billion and enterprise comparable sales advanced 4.1%. The retailer raised its fiscal 2027 revenue guidance to $42.3-$42.8 billion and adjusted earnings guidance to $6.70-$6.90 per share, with comparable sales now expected to increase 1.9-3%, up from a prior range of a 1% decline to 1% growth. Domestic comparable sales rose 4.5% and domestic online comparable sales increased 5.1%, with the domestic gross profit rate expanding 60 basis points to 24%, helped by Marketplace, Best Buy Ads and about $34 million of tariff refunds. Computing delivered its 10th consecutive quarter of positive comparable sales growth and mobile phones posted a sixth straight quarter of growth, while combined sales of AI glasses, trading cards and health rings more than doubled year over year and contributed about one percentage point to comparable sales growth. Management expects computing growth to slow in the second half as comparisons get tougher and higher memory costs flow into the assortment, and the stock trades at 12.5X forward 12-month consensus EPS estimate, above its five-year median of 11.5X, carrying a Zacks Rank #3 (Hold).

GameStop director Cohen Ryan acquired 1 million common shares at an average price of $20.3759 per share, for a total of approximately $20.3759 million. This was disclosed in a document filed with the U.S. Securities and Exchange Commission on September 10, with the acquisition date also September 10. The SEC requires insiders of listed companies to disclose their stock transactions and holdings, and directors, executive officers, and major shareholders holding more than 10% of shares must file ownership reports known as Forms 3, 4, and 5 within a certain period after a transaction when there is a change in their holdings.

Debenhams Group has agreed to sell the automation assets at its Sheffield distribution center and reassign the associated lease to Primark Stores for £90 million in cash, a deal that should leave the company with negligible net debt by February 2027. Shares in Debenhams Group, formerly known as Boohoo Group, jumped around 8% on the news. The company received £76.5 million when the transaction completed, with the remaining £13.5 million due once it provides vacant possession early next year, all of which will strengthen a balance sheet that still carried £93.2 million of net debt at the end of February. Management now expects net debt to be negligible by the end of the current financial year in February 2027, an improvement from its previous target of getting leverage below one times adjusted EBITDA, and it expects annual depreciation to fall by around £12 million, interest expense to decline by at least £10 million and cash lease costs to drop by roughly £4 million. The group is simultaneously shifting fulfillment of the stocked goods it still carries to a global third-party logistics provider as part of a broader strategy to become a capital-light, stock-light and cost-light marketplace business, with marketplace activity eventually targeted to account for well over half of gross merchandise value. Group GMV returned to growth in the first quarter, rising 0.5%, before accelerating in the second quarter, while May alone delivered growth of roughly 8%.