Berli Jucker stock outlook improves as Big C sales recover

Pi Securities sees a stronger earnings path for Berli Jucker Public Company Limited after improvements in its retail and packaging operations. In an analysis published on Thursday, November 5, the broker said Big C recorded positive same-store sales growth for the first time in six quarters and expects further support from MM Mega Market Vietnam.

The analyst expects the modern retail segment to benefit from a full quarter of MM Mega Market Vietnam in the third quarter of 2026. Big C same-store sales growth is forecast at 0.5%, while MM Mega Market is expected to reach 15%, producing combined same-store sales growth of 2.5% for the two businesses.

Packaging adds to recovery case

Packaging is another earnings driver in the assessment. Pi Securities expects packaging revenue of 7.4 billion Thai baht in the third quarter, up 30% year on year. Glass packaging sales are forecast to rise 31%, while can packaging revenue is expected to increase 29% as BJC expands its customer base in Vietnam.

The broker also expects higher earnings in the fourth quarter of 2026 and in 2027. Branch closures, headquarters restructuring and cost savings are expected to support profitability, although the greater share of lower-margin overseas glass production could weigh on packaging margins.

On Monday, November 9, 2026, BJC stock traded at 20.10 Thai baht in Bangkok at 4:39 p.m. ICT. Pi Securities maintained a Hold recommendation and raised its target price to 21.00 Thai baht from 17.00 Thai baht after lifting its 2026 and 2027 profit forecasts by 8% to 22%.

Berli Jucker stock at a glance

The broader Thai market remains the relevant setting for Berli Jucker stock; see more market coverage.

Read Pi Securities' analysis for further details on the retail and packaging outlook.