AAV: adjusted its fleet expansion plan in line with softer demand conditions. Aircraft fleet in 2Q26 will be reduced to 42 planes from 55 previously, while capacity will be cut by 12% to preserve liquidity and manage costs. The company expects average ticket prices in 2026 to rise 20% y/y to around THB2,000 and plans THB4bn bond issuance to strengthen its financial position.

Comment: Let’s see how long a recovery takes for this airline.

AMATAV: expects 2Q26 performance to improve q/q on partial land sales recognition while maintaining full-year land sales target at 550 rai.

Comment: They’ve been a constant disappointment. 

BGRIM: expects higher gas prices in 2Q26 to pressure margins and is negotiating revised electricity pricing formulas with industrial customers. The company plans to add 478MW of new capacity this year with a capex budget of THB10–12bn and confirmed it is studying infrastructure fund establishment plans.

Comment: They’ll pass it on, and the story returns for BGRIM.

EA: returned to profitability in 1Q26 with net profit attributable to shareholders of THB362mn, compared to a heavy loss in the previous quarter. EBITDA rose to THB1.9bn, supported by 62.6% q/q growth in the commercial EV business and improved operating cash flow.

Comment: Why they’re not bankrupt yet, flummoxes me. 

FSMART: partnered with FORTH to enter the PropTech business, developing a fully integrated real estate management platform covering buying, selling, and rental services. 1Q26 net profit came in at THB135.5mn on revenue of THB632mn.

Comment: Partnering w/ themselves … ?

ICHI: reported 1Q26 net profit of THB286mn (+16.8% y/y), driven by strong domestic ready-to-drink tea and alkaline water sales alongside effective cost management.

Comment: And then we’ll see the usual seasonal trend…

JMART: reported strong 1Q26 recovery with net profit rising 16% y/y to THB163mn, supported by stronger contributions from Suki Teenoi, Jaymart Mobile, and Lock Phone businesses. The company also announced an interim dividend of THB0.135/share.

Comment: Well – I thought that 1Q was disappointing relative to peers, but let’s see. I only see improvements from here on out for the group. But their bench isn’t as deep as I think the owner believes.

MINT: rebranded its vacation ownership business from Anantara Vacation Club to Minor Vacation Club to expand coverage across club resorts and affiliated Minor hotel properties worldwide.

PRINC: reported 1Q26 medical service revenue of THB1.54bn (+5.5% y/y), supported by acquisitions and expansion of provincial hospital networks. The company expects its hospital network to reach 19 facilities by June while expanding into cancer treatment and elderly care businesses.

Comment: It’s been a quiet period for this name. 

PTTGC: highlighted its integrated value chain structure as a key strength supporting production flexibility and resilience amid global volatility, while continuing efforts to rebalance its business portfolio.

Comment: Minting it…when will petchems trade at a premium to replacement? 

SC: reported 1Q26 net profit of THB120mn (+7.2% y/y), supported by stronger housing and condominium transfers, which rose 26% y/y.

SIRI: posted 1Q26 net profit of THB864mn (+6% y/y) with backlog reaching THB24bn, of which 50% is expected to be recognised this year. The company plans to launch six new projects worth THB13.36bn in 2Q26.

SPRC: expects refining margins in 2Q26 to remain volatile amid fluctuations in oil prices and government policy. The company is diversifying crude sourcing away from the Middle East and actively managing inventory risks in case of disruptions around the Strait of Hormuz.

Comment: Cleaner play that TOP and BCP. 

TLI: delivered strong 1Q26 net profit growth of 21.8% y/y to THB3.27bn, supported by new business CSM contribution. The company continues investing in customer and salesforce digital platforms to strengthen long-term growth.

Comment: Peers comment that it’s more due to the CIO choosing to buy Thai equities last year. 

TOA: posted solid 1Q26 results with revenue reaching THB5.68bn and net profit rising 30% y/y. Growth was supported by continued overseas expansion and effective cost controls amid a volatile economic backdrop.

Comment: But their margins will be smacked. Same same – oil prices is the story. 

TFM: targets revenue growth of 8–10% this year and aims to achieve THB10bn revenue by 2030. The company plans to increase overseas revenue contribution to 50% from 10% currently through Indonesia expansion and a US$55mn investment in Ecuador, a global shrimp production hub.

TRUE: maintained 2026 revenue growth target at 2–3% and EBITDA growth target at 7–9%, with planned capex of THB25–27bn this year. Management noted visibility for 2Q26 remains limited due to elevated uncertainty.

Comment: It’s True > AIS as a stock (for now)

UAC: reported 1Q26 net profit of THB27.8mn on revenue of THB365.7mn, supported by growth in the energy and petroleum businesses. The company maintained strong liquidity with cash holdings above THB538mn and D/E ratio at 0.8x.

Comment: Are they back? Was a great little co 20 years ago when I first met them. 

CLICX Virtual Bank: the AIS-KTB-OR joint venture officially received Thailand’s first virtual bank licence and plans to begin operations in June 2026, aiming to improve financial inclusion through more accessible and secure digital banking services

Comment: This virtual bank scheme is one of the more ridiculous things I’ve seen in Thailand – and that’s saying a lot.

Summary Table