AAV: Thai AirAsia plans to reduce flight frequency or temporarily suspend some routes, particularly to India, due to elevated jet fuel prices amid ongoing Middle East tensions.

Comment: I do find this predicament odd as Thailand has an excess amount of jet fuel at the moment due to the government banning exports. Yet they effectively price the jet fuel at Singapore Spot prices.

CBG: The company clarified that its operations remain unaffected by the Middle East conflict. Domestic sales of both energy drinks and spirits continue to grow. It reiterated overseas expansion plans, including its Afghanistan factory (machinery delivery expected in 3Q). Progress in China is ongoing, while cost management remains effective. Management is optimistic on 2Q growth and expects further support from Thai government policies aimed at boosting domestic demand.

Comment: Easiest turnaround in this space.

DELTA: Reaffirms a solid 2Q outlook, supported by a six-month forward order book for AI infrastructure products. The company has set a USD550mn capex plan to expand its AI product portfolio.

Comment: This gravy train isn’t stopping yet…

KCE: Expected to benefit from improving PCB selling prices, driven by supply tightness in key raw materials (e.g., PPE resin) and strong demand from AI and cloud infrastructure (source: Kaohoon).

Comment: Well, that’s what the market seems to believe.

MINT: Following yesterday’s sharp decline (-5%), the Street believes the stock has already priced in key negatives, including high rental and labour costs in Europe. This contrasts with fundamentals, which point to strong profit growth in 1Q26. Management remains cautious on the global backdrop but is confident in its European portfolio, with strong forward bookings for 3Q–4Q helping to offset concerns over Middle East tensions.

Comment: Well, add to the fact that they’ve completely lost Cambodia for their F&B.

SCGD: Considering a 3–5% price increase across tiles and surface products to reflect higher energy costs. Sees positive raw material momentum continuing in 2Q, supported by pent-up demand from ongoing construction projects. Plans THB1.6bn capex to expand capacity and upgrade production lines to improve efficiency.

Comment: They’re doing better than what most expected. Cost cutting has paid off for the group.

THAI: Thai Airways will raise fuel surcharges by nearly 100% on many routes for tickets issued from 1 May onward to reflect higher jet fuel costs. Examples include:

BKK–Narita: THB5,540 → THB10,630 (Economy), THB8,120 → THB15,530 (Business)

BKK–London: THB9,990 → THB19,070 (Economy), THB18,680 → THB35,750 (Business)

Comment: Holy Moly

Summary Table

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