Company news

AAI: The Co expects a stronger recovery in pet food orders in 2H26, supported by seasonal demand and North American market growth. A weaker baht should also boost margins, as over 90% of export revenue is dollar-denominated while most costs are in baht. The Co maintains its 2026 revenue target of THB 7.6bn (+8.1% YoY) and plans to open its second automated warehouse in 3Q26.

Comment: I don’t know how to read this business atm. 

AAV to resume domestic operations from Suvarnabhumi Airport on 1Oct, with direct flights to Chiang Mai, Phuket and Krabi as part of a major increase in 4Q26 capacity ahead of yr-end high season. It will continue its dual-airport strategy in BKK, operating 22 direct routes from Don Mueang Int’l Airport and 3 from Suvarnabhumi. Its network will also include 9 cross-regional routes. In 4Q26, AAV will operate up to 135 domestic flights/day, an increase over 50% vs 3Q26 avg peak of 88 daily flights.

Comment: If 1) AAV Malaysia pays back 2) Jet fuel prices drop another -20-30% and 3) Tourism rebounds further = multibagger. 

AOT: The management has resolved flight slot overbooking, increasing winter travel capacity and driving stronger-than-expected passenger growth (+8% in early August). With PSC unaffected, new Middle East routes, airline partnerships, and four new international routes support its ambition to become a regional aviation hub. AOT also plans to revamp arrival-area commercial space with King Power, targeting hundreds of millions of baht in additional revenue.

Comment: There isn’t much AOT can do about it…unless the airlines are willing to take different timeslots

COM7: The Co expects strong 2H performance, driven by the anticipated iPhone 18 launch and growing interest in foldable iPhones. Following the strong momentum seen with iPhone 17 sales, higher device prices, and increased service attach rates in 1H, the Co remains optimistic about the upcoming high season and is raising both its revenue and profit targets, with new record highs expected. Anticipating iPhone Ultra fuel demand for handset replacement, upgrading Ufund back-end software system to improve efficiency and support growth of IT installment financing.

Comment: The iphone fever continues…even at these price points.

ETL — H2 plan is a mix shift toward electronics and higher-margin reefer boxes, plus a “ONE Price” truck-plus-cold-storage bundle targeting 200 reefer boxes a month. H1 service revenue was ฿1,083m (+27% YoY) with a ฿33.6m net loss; cross-border runs held at about 2,000 trips a month.

Comment: I haven’t looked at this company since Wuflu, perhaps it needs the border trades to come back, not sure. 

PTTEP: The Energy Ministry has asked the Cabinet to consider reducing a special levy on the successful bidder for a deep-water petrol block in the Andaman Sea. the proposed incentive would apply to the 26th petrol E&P bidding round, which the Dept of Mineral Fuels (DMF) plans to open in the S.Andaman Sea within 2026. Major NATGAS discoveries have already been reported on the INDO side of the Andaman region. They include: (trillion cubic feet (TCF)) – Timpan field, est. up to 1.4 TCF / Layaran field, est. up to 3.3 TCF / Tangkulo field, >2 TCF. A discovery of more than 7 TCF by Mubadala Energy in INDO’s S.Andaman block. Prelim studies indicate that the TH section of the Andaman Sea could contain as much as 10 TCF. Domestic production would also reduce exposure to imported LNG prices. Chevron, TotalEnergies, Eni, Exxon and PTTEP have expressed interest in the 26th bidding round.

Comment: Thailand needs to get going on this. 

TEKA — Won Building 3 at Bangpakok 8 Hospital from Bangpakok 8 Hospital Co., ฿259m including VAT, 6 storeys, 14-month build from September. Backlog now about ฿2,989m including VAT.

THAI: ramps up flights BKK-Zurich from daily to 11 weekly starting Jan 16 till Mar 27, 2027 providing additional frequencies schedule during peak travel months Jan to Mar from Europe to SEA.

Comment: See AAV, less needs to go right. 

Corporate events

BBL — Board on 27 Aug approved an interim ฿2.00/sh. XD 9 Sep, pay 25 Sep. Filing circulated 28 Aug.

BCPG — Board on 27 Aug approved an interim ฿0.15/sh. XD 9 Sep, pay 22 Sep.

XD today — BH ฿4.00, BH-P ฿4.00, CNT ฿0.05, FORTH ฿0.15, KPNREIT ฿0.0167, LALIN ฿0.11, MAGURO ฿0.29, MOSHI ฿0.64, NSL ฿0.50, QHHRREIT ฿0.17, SPRC ฿0.50, TLI ฿0.25.

Still open — FMT tender, 27.72m shares at ฿18, through 17 Sep.

Ticker	Mkt Cap (USD)	Price (THB)	P/E (TTM)	P/BV	Div Yield	YTD 2026	Analysis
AAI	$253M	3.96	14.0	1.73x	6.9%	▼ -3.9%	View →
AAV	$402M	1.04	n.m.	1.11x	0.0%	▼ -6.3%	View →
AOT	$28.51B	66.25	50.5	7.05x	1.2%	▲ +25.0%	View →
COM7	$2.06B	29.00	15.0	6.32x	3.8%	▲ +48.0%	View →
ETL	$8M	0.44	n.m.	0.49x	0.0%	▼ -13.7%	View →
PTTEP	$17.40B	145.50	8.1	1.02x	6.0%	▲ +28.8%	View →
TEKA	$17M	1.86	5.6	0.61x	8.1%	▲ +9.4%	View →
THAI	$5.03B	5.90	8.1	2.06x	3.6%	▼ -15.1%	View →

Sources: SET, company IR and market data as of the 26 August 2026 SET close. USD figures = THB market cap ÷ 33.20. AAV and ETL P/E shown as n.m. on a TTM loss. Not investment advice.