AAV +5.36% on sentiments. Capital A’s shares +87%, the most on record, as the Msia company’s Dec. 3 deadline approaches, when shareholders must be on record to receive AirAsia X shares distributed under a restructuring plan. Capital A shareholders are receiving AirAsia X shares as part of a restructuring in which Capital A is transferring its airline biz to AirAsia X, to consolidate all AirAsia-branded airlines under 1 entity. On 2 Dec, CAPITALA’s share ex-div for 1.7b new AAX ordinary shares and credited into the accounts of CAPITALA shareholders in late Dec, in tandem with the disposal of CAPITALA’s 5 airlines to AAX.

Comment: Here we go

BANPU’s ownership of US subsidiary, BKV Corp (BKV) fell to 66.6% from 71.1% aft BKV issued additional 6m shrs for PO on NYSE. BKV intends to use proceed from PO for cash pmt for the purchase of a 25% membership interest in BKV-BPP Power (BKV-BPP) frm indirect subsidiary of BANPU, Banpu Power US Corp (BPPUS).

GPSC collabs w/ Huawei Technologies (TH) to integrate AI into renewable energy systems including power generation forecasting via predictive models, intelligent battery mgt, predictive maintenance, realtime monitoring thru power mgt dashboard to improve system stability, enhance performance, reduce oper costs, extend equipment lifespan.

MEGA’s management is optimistic with 4Q25 earnings with growth expected both y/y and q/q. The Co believes its pharma biz is more resilient than other products, with its core brands expected to grow 9-12% this year. It plans to invest over US$120mn over the next three years to expand its base and production capacity, with plans to expand into over 30 countries.

Comment: Used to look at this as a steady compounder and it is one of my border recovery ideas but let’s see…

NEX to accelerate its push into TH’s fleet market with plans to sell 2,500 EVs next year, underscoring the Co’s ambition to position itself as a key player in the region’s commercial EV sector. The Co’s latest showcase — the Nex Vantastic, a battery-powered cargo van capable of travelling 333km per charge — debuted at the Motor Expo 2025, running until Dec 10.

Comment: So they’re no longer selling to the Thai government and have a stack of crap buses that need to be dumped somewhere.

RML is accelerating the sale of major assets, incl its Bt8.4b stake in the One City Centre (OCC) office tower, as part of efforts to enhance liquidity in the 1Q26.

Comment: After the Singaporean brothers and KPN came in, it just fell apart.

SAWAD indicates the flood impact is limited due to a small loan portfolio impact. However, it’s prepared to assist debtors in accordance with govt guidelines. Management is confident in controlling NPLs within the range of 4-4.2% and is projecting continued loan portfolio growth in Q4 2025, driven by the seasonality and branch expansion, which should support 10% growth for the full year. High provisions have been set aside to address the fragile economy and strong growth in insurance brokerage.

Comment: If that’s the official NPL…what is the reality?

SISB: The school’s student enrollment stands at 4,600, reflecting a stable yoy figure and a modest 1% q/q increase, driven by growth at the Nonthaburi campus. Mgmt anticipates ending the year with 4,600 students, slightly below the initial target of 4,700. For 2026, the Co maintains its goal of 5,000 students, implying an increase of 300-400 students. Management acknowledged the heightened economic headwinds and rising competition facing the int’l school sector.

Comment: Looks like the churning by mainlanders is done. Now the question is – how many local families can continue to pay these fees….

WHA keeps FY industrial land sales t/g at 361 hectares (2,350 rais) aft logged 194 hectares 9M25, transfer of backlog 215 hectares (1,400 rais) to propel 4Q erngs, will wrap up land sales for data center client before eoy.

Comment: Data centers are not going in size to WHA…they’re going to the non-listed players where the land is cheaper.