Strategy - Thailand: 1Q26 earnings wrap: Energy-led beat, raising SET EPS by 6%

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Strategy - Thailand: 1Q26 earnings wrap: Energy-led beat, raising SET EPS by 6%

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Strategy - Thailand

1Q26 earnings wrap: Energy-led beat,

raising SET EPS by 6%

Equity Strategy

1Q26 11%/0% earnings/sales beat, strongest surprise 22 May 2026 Corrected

since 1Q21 Equity Strategy

ASEAN | Thailand

Thai companies completed 1Q26 results with strong headlines. By number of SET100

companies, 70% of companies beat on EPS, 47% beat on sales, and 40% beat on both – Worathep Wongviriyasit ^^^

all metrics are above the historical average since 2018 at 57%/51%/32%. Based on our Research Analyst Kiatnakin Phatra Securities

coverage, EPS beat our analysts’ preview by 11% with most of the positive surprises +66 2 305 9215

coming from Banks (+3.5ppt), Energy (+2.8ppt), Electronics (+1.1ppt), and Materials worathep.wong@kkpfg.com

(+1.1ppt) while no sector missed. Of the 17 sectors we track, 13 sectors reported a beat

of more than 5%.

K-shaped growth trends: Commodities vs consumers

SET100 1Q26 earnings came in at Bt274bn (+31% YoY, +47% QoQ). But growth was

concentrated in commodities and AI/DC-linked sectors. Energy, Utilities, and Materials

contributed 24ppt to the year-over-year growth. Electronics and Telecoms added

another 5ppt, which left the rest (consumer-related) relatively flat. Sales growth

expressed a clearer K-shaped trend with consumer-related sectors (SET100 ex. Energy,

Utilities, Materials, Financials) slowing down to 7% YoY (from 8% in 4Q25) versus the

broad market expanding +5% YoY (from -7% in 4Q25). While 2H corporate guidance has

so far been cautiously optimistic with largely unchanged targets, rising inflationary

pressures in the quarters ahead threaten to undo the margins gained from recent cost-

cutting measures.