Stocks in the news (88th, aot, bafs, banpu, lanna, bts, tisco, thai) 23.03.26
88(Thailand) Public Company Limited is a leading personal care and beauty company that manufactures and distributes high-profile brands such as LYO hair care, Hone skincare, and ver.88 cosmetics, utilizing a robust multi-channel distribution strategy across Thailand and international markets.
88TH: Targeting FY revenue growth of over 30%, driven by expansion in North Asia. The company is also planning to diversify from personal care products into pet care, with plans to be finalized in 2H26.
Comment: Apply the “REALLY?” framing to this.
Airports of Thailand Public Company Limited is the principal airport operator in Thailand, managing six major international airports including Suvarnabhumi and Don Mueang, and providing essential infrastructure and services for both domestic and international air travel.
AOT: Its global ranking improved to 36th place in 2026, up from 39th the previous year, and it also ranked 4th in the category for airports serving 60–70 million passengers, based on a Skytrax survey.
Comment: They can and will continue to climb up the rankings.
Bangkok Aviation Fuel Services Public Company Limited provides specialized aviation fuel storage and into-plane fueling services at major airports across Thailand, maintaining a strategic position in the nation’s aviation logistics and energy distribution network.
BAFS: The company acknowledged a price surge that has doubled Jet A-1 fuel prices, but refueling volumes continued to rise in March, supporting Q1 2026 performance. However, if conditions persist through mid-year, it may revise its 2026 refueling volume growth target to 1.9–2% and revenue growth to 3%.
Comments: No issue, yet…thai’s are amongst the best smugglers in the region.
Banpu Public Company Limited is a leading international versatile energy provider, operating across three core pillars: Energy Resources (coal and gas), Energy Generation (thermal and renewable power), and Energy Technology (energy storage and e-mobility).
Lanna Resources Public Company Limited engages in the mining and distribution of coal and the production of ethanol, focusing on providing high-quality energy resources to industrial and commercial customers in Southeast Asia.
BANPU / LANNA: Expected to benefit from improved demand for coal as power plants switch from gas to coal (Thunhoon).
Comment: Are the management team of BANPU hitting themselves w/ the stupid stick yet?
BTS Group Holdings Public Company Limited is a diversified conglomerate that operates Thailand’s premier mass transit systems, alongside significant businesses in out-of-home media, property development, and lifestyle services.
BTS: The company’s chairman has proposed a flat THB40 urban rail fare to ease the public’s financial burden from rising oil prices. The proposal aims to encourage private car users to shift to public transport, reducing traffic and overall energy consumption. Implementation depends on government support, which will need to consider budget and broader economic impacts.
Comment: “Yes we would love to only charge 40 baht, as long as the government subsidies it” What a gracious man.
TISCO Financial Group Public Company Limited is a prominent Thai financial institution specializing in retail and commercial banking, with a market-leading position in automotive hire purchase, wealth management, and insurance brokerage.
TISCO: Management is closely monitoring oil prices and their impact on customers, while diversifying risk into EVs, now accounting for 36% of its portfolio. The company will proceed with participation in the JUMP+ project and aims to maintain an ROE of 15–17% by 2028.
Comment: Been meaning to sit down and write a comp between Thailand’s JUMP+, Singapore EQDC, Japan and Korea’s initiatives…eventually…or just ask perplexity…EV’s are a solution only if autonomous driving is coming to Thailand. Otherwise they’re just funding Chinese auto manufacturers and killing off Thailand’s best FDI partners, the Japanese.
Thai Airways International Public Company Limited is the national flag carrier of Thailand, providing passenger and cargo transport services globally, while undergoing a strategic restructuring to optimize its operational efficiency and competitive position.
THAI: The company plans to seek CAAT approval to raise fuel surcharges, as recent ticket price increases have not been sufficient to offset rising Jet A-1 prices, which have doubled to USD220/bbl and could reach USD240 if the conflict persists for another two months. This is beginning to impact ticket sales. The company is maintaining its THB200bn revenue target for this year but will postpone signing the contract for the U-Tapao Aircraft Maintenance, Repair, and Overhaul (MRO) center.
Comment: Thai Airways is blessed to come into this crisis with a debt free balance sheet.
| Ticker | Price (THB) | YTD % | Trend | Consensus | Action |
|---|---|---|---|---|---|
| 88TH | 5.15 | +17.0% | 📈 | Buy | Analysis → |
| AOT | 48.75 | -8.0% | 📉 | Hold | Analysis → |
| BAFS | 8.25 | -2.9% | 📉 | Hold | Analysis → |
| BANPU | 6.15 | +25.0% | 📈 | Strong Buy | Analysis → |
| LANNA | 15.60 | +2.6% | ➡️ | Hold | Analysis → |
| BTS | 2.02 | -11.4% | 📉 | Sell | Analysis → |
| TISCO | 113.50 | +2.7% | 📈 | Buy | Analysis → |
| THAI | 6.35 | -8.6% | 📉 | Hold | Analysis → |
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