Stocks in the news (A5, AOT, SKY, III, CHOW, XO) 09.09.26
Company news
Asset Five Group PCL is a Bangkok property holding company that develops and sells land, houses and condominium units through subsidiaries. Cash flow is lumpy and project-driven; TTM earnings have compressed sharply versus 2024–25, which is why the multiple looks stretched even though the share is little changed from the December 2025 close and still trades in the middle of a thin 52-week range.
| Market Cap (THB): 2.12B | Market Cap (USD): ~$65M (at ~THB 32.83/USD) |
| Current Price: THB 1.80 (as of 9 September 2026 last sale) | 52-Week Range: THB 1.27-2.20 |
| P/E Ratio: 84.8 (TTM) | P/BV: 1.29x |
| Dividend Yield: 2.8% (latest indicated) | Avg Daily Value: THB 0.05M-0.2M |
A5 — Filed a draft with the SEC on 7 Sep for a 1-year-6-month note at 7.20–7.30%, quarterly pay, books 19–21 Oct, min ฿100,000. Proceeds to refinance AFIVE272A due 8 Feb 2027.
Airports of Thailand PCL operates Thailand’s major international and domestic airports, including Suvarnabhumi and Don Mueang, earning aeronautical fees plus non-aeronautical income from duty-free, retail, property and parking concessions. The 2026 rerating from the December 2025 close reflects a firmer tourism tape and the passenger-service-charge path, though the share has pulled back from the late-August 52-week high on a still-premium TTM multiple.
| Market Cap (THB): 892.86B | Market Cap (USD): ~$27.20B (at ~THB 32.83/USD) |
| Current Price: THB 62.50 (as of 9 September 2026 last sale) | 52-Week Range: THB 37.00-67.25 |
| P/E Ratio: 47.7 (TTM) | P/BV: 6.55x |
| Dividend Yield: 1.3% (latest indicated) | Avg Daily Value: THB 800M-2,000M |
Sky ICT PCL supplies aviation-related information systems and passenger/travel-process platforms for Thailand’s inbound and outbound traffic, plus broader ICT systems integration. 2025 revenue stepped up sharply and TTM earnings support a mid-teens multiple; the share has rerated hard from the December 2025 close and now sits just below the 52-week high after a strong September bid.
| Market Cap (THB): 12.98B | Market Cap (USD): ~$395M (at ~THB 32.83/USD) |
| Current Price: THB 18.10 (as of 9 September 2026 last sale) | 52-Week Range: THB 9.80-20.30 |
| P/E Ratio: 16.0 (TTM) | P/BV: 2.22x |
| Dividend Yield: 1.7% (latest indicated) | Avg Daily Value: THB 8M-35M |
Triple i Logistics PCL is a total-logistics provider covering international and domestic air freight, sea freight, inland transport and supply-chain management for general and hazardous cargo. Reported earnings mix thin operating profit with associate income; the share is pressing the top of its 52-week range on a single-digit TTM multiple and a mid-single-digit indicated yield after a 2026 recovery from the December 2025 close.
| Market Cap (THB): 4.15B | Market Cap (USD): ~$126M (at ~THB 32.83/USD) |
| Current Price: THB 5.40 (as of 9 September 2026 last sale) | 52-Week Range: THB 3.72-5.45 |
| P/E Ratio: 9.3 (TTM) | P/BV: 1.00x |
| Dividend Yield: 4.6% (latest indicated) | Avg Daily Value: THB 5M-20M |
AOT/SKY/III — AOTGA wins Suvarnabhumi ground-handling and cargo PPPs. Cabinet approved AOTGA as the private-sector partner for the third ground-handling and third cargo-service projects at Suvarnabhumi Airport, with a combined project value of c.THB67.3bn. The projects comprise THB29.4bn for ground handling and THB37.9bn for cargo services, both structured as 25-year PPP Net Cost concessions. AOT owns 49% of AOTGA, while SKY and III have indirect exposure through their stakes in SAL Group. The projects should support Suvarnabhumi’s ability to accommodate future passenger, flight and cargo growth while improving service capacity and competition.
Comment: And the long rumoured deal has finally occurred.
Chow Bright Ventures Holdings PCL (formerly Chow Steel) provides toll manufacturing and distribution of steel billets plus a renewable-energy book. Earnings are cyclical to steel spreads and utilisation; the share has rerated from a depressed December 2025 print and is trading mid-range after a sharp intraday bounce, still at a deep discount to book and with no indicated dividend.
| Market Cap (THB): 1.12B | Market Cap (USD): ~$34M (at ~THB 32.83/USD) |
| Current Price: THB 1.40 (as of 9 September 2026 last sale) | 52-Week Range: THB 0.94-1.67 |
| P/E Ratio: 19.5 (TTM) | P/BV: 0.52x |
| Dividend Yield: 0.0% (latest indicated) | Avg Daily Value: THB 0.3M-8M |
CHOW — Solar capacity additions. CHOW plans to gradually COD solar projects totalling 17MW during Sep–Oct, lifting total operating capacity to 134MW, with management expecting a more meaningful earnings contribution next year.
Exotic Food PCL (mai) manufactures and exports Thai sauces, seasonings, coconut products and ready meals under Exotic Food, Thai Pride and Flying Goose, with Europe the core destination market. Earnings cooled from the 2023–24 peak as volumes and mix normalised, but the share has still delivered a solid 2026 rerating from the December 2025 close and sits in the upper half of its 52-week range on a high-teens TTM multiple.
| Market Cap (THB): 8.22B | Market Cap (USD): ~$250M (at ~THB 32.83/USD) |
| Current Price: THB 19.20 (as of 9 September 2026 last sale) | 52-Week Range: THB 12.70-21.40 |
| P/E Ratio: 17.8 (TTM) | P/BV: 4.23x |
| Dividend Yield: 3.8% (latest indicated) | Avg Daily Value: THB 3M-15M |
XO — More positive 2H26 outlook. Management expects improving momentum in 2H26, supported by a recovery in the EU market and a strong order backlog. 3Q26 earnings are expected to improve further after most of the chilli-inventory write-off impact was absorbed in 1H26. Expanded distribution and stronger global brand recognition should support management’s c.10% y/y revenue-growth target for 2026.
Comment: It’s still ½ way up the xmas tree.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| A5.BK | $65M | 1.80 | 84.8 | 1.29x | 2.8% | ▼ −2.7% | View → |
| AOT.BK | $27.20B | 62.50 | 47.7 | 6.55x | 1.3% | ▲ +17.9% | View → |
| CHOW.BK | $34M | 1.40 | 19.5 | 0.52x | 0.0% | ▲ +26.1% | View → |
| III.BK | $126M | 5.40 | 9.3 | 1.00x | 4.6% | ▲ +33.0% | View → |
| SKY.BK | $395M | 18.10 | 16.0 | 2.22x | 1.7% | ▲ +63.1% | View → |
| XO.BK | $250M | 19.20 | 17.8 | 4.23x | 3.8% | ▲ +30.6% | View → |
Corporate events
XD today — BA ฿0.55; BAY ฿0.60; BBL ฿2.00; BCPG ฿0.15; HTC ฿0.37; IRPC ฿0.04; KBANK ฿2.00; KKP ฿3.25; SSPF ฿0.0264; TIPH ฿0.50; TOP ฿1.40; TTW ฿0.30. DRs: ANTA23, BDX06, CME03.
Pays today — ADD ฿0.07; AI / AIE ฿0.20; AIMIRT ฿0.2050; ARROW ฿0.10; BGC ฿0.04; BIS ฿0.08 + special ฿0.15; BLC ฿0.05; CPTREIT ฿0.1613; DIF ฿0.2222; DREIT ฿0.2075; FPI ฿0.04; GC ฿0.25; INSET ฿0.05; IROYAL ฿0.1304; KCE ฿0.60; LPH ฿0.05; NUT ฿0.40; PAP ฿0.09; PHOL ฿0.12.
JMART — Cancels 7.74m treasury shares. Paid-up capital falls from 1,471.71m to 1,463.97m shares.
TPRIME — Par cut from ฿8.1696 to ฿8.1396.
Still open — FMT tender at ฿18 through 17 Sep. SPCG tender at ฿9.11 through 8 Oct. CIMBT / GLAND / LRH last-trade window through 11 Sep.
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