Stocks in the news (aav, cpn, gland, delta, ptt, thai, thcom) 19.01.26
AAV: Market chatter points to a group of investors announcing a tender offer for all AAV shares this week at an estimated price of THB1.38/share. There is also potential for a future AAV–Thai AirAsia X merger, which would combine short- and long-haul operations and strengthen Thailand’s positioning as an aviation hub
Comment: Could be an explanation for why the stock price hasn’t gone anywhere.
Asia Aviation Public Company Limited (AAV) is a Thai holding company and the sole shareholder of Thai AirAsia, a leading low-cost carrier headquartered in Bangkok. The company operates scheduled flight operations across 17 countries and charter flight operations serving non-routine tourist destinations.
Key Metrics: Market Cap: THB 15.68B, P/E: 15.50, Dividend Yield: N/A
View full analysis on Perplexity Finance →CPN–GLAND JV: Bayswater Co., Ltd. (BWT), the JV between CPN and GLAND, secured a THB6.5bn long-term facility from BAY for its flagship mixed-use project near Central Ladprao. The 49-rai development (c. 460k sqm GBA) is valued at THB21bn and scheduled to open in 4Q26.
Comment: Been a long time coming, now could CPN one day get rid of Central Ladprao and not have to pay the THB 1 bn annual lease.
Central Pattana Public Company Limited is Thailand’s largest retail property development and investment company, operating under the Central Group. Headquartered in Bangkok, the company specializes in developing and managing shopping centers, office buildings, residential properties, hotels, and entertainment facilities across Thailand and Malaysia.
Key Metrics: Market Cap: THB 261.43B, P/E: 14.51, Dividend Yield: 3.64%
View full analysis on Perplexity Finance →Grand Canal Land Public Company Limited (GLAND) is a leading real estate developer based in Bangkok, Thailand, specializing in residential, commercial, and mixed-use projects. Operating under two main segments—Real Estate for Sale (residential houses and condominiums) and Real Estate for Rental and Service (office and retail leasing)—GLAND is a subsidiary of Central Pattana Group.
Key Metrics: Market Cap: THB 4.81B, P/E: 9.25, Dividend Yield: 3.38%
View full analysis on Perplexity Finance →CPN: Appointed Chanavat Uahwatanasakul as President and CEO, replacing Wallaya Chirathivat, who will retire effective 1 May 2026. Wallaya will remain a director of the company.
Comment: It’s still a family member running the shop.
DELTA: Management unveiled its 2026 business plan, targeting 15–20% revenue growth. The company will expand its Bangpoo Industrial Estate footprint with three new plants to support growth. Gross profit margin is guided at ≥27–28%, driven by rising contribution from high-margin AI-related products.
Comment: It’s just amusing that DELTA Taiwan is trading cheaper than DELTA Thailand w/ the same growth outlook. And that’s in a market where every Semicon is bid to the moon.
Delta Electronics (Thailand) Public Company Limited is Thailand’s largest electronics manufacturer listed on the Stock Exchange of Thailand, established in 1988 as a subsidiary of Delta Electronics, Inc. The company operates through four main segments—Power Electronics, Mobility, Infrastructure, and Automation—manufacturing and distributing electronic products including power supplies, DC brushless fans, thermal management solutions, EV charging systems, and data center infrastructure.
Key Metrics: Market Cap: THB 2.08T, P/E: 105.03, Dividend Yield: 0.28%
View full analysis on Perplexity Finance →PTT: Expects to book ~THB8bn in gains from the disposal of a 2% stake in Lotus Pharmaceutical (Taiwan) by end-July (source: Mitihoon).
Comment: Wow this SOE actually made $ on an investment…but it speaks to the broader trend of Thai conglos/SOEs selling off non-core assets and bringing capital back home
PTT Public Company Limited is Thailand’s leading integrated oil and gas company and the largest corporation in the country. Founded in 1978 as the state-owned Petroleum Authority of Thailand and corporatized in 2001, PTT operates as a fully integrated energy conglomerate engaged in upstream petroleum and natural gas exploration and production, midstream gas procurement and pipeline transmission, downstream petroleum refining and marketing, petrochemicals, power generation, and renewable energy ventures.
Key Metrics: Market Cap: THB 934.7B, P/E: 12.79, Dividend Yield: 6.67%
View full analysis on Perplexity Finance →THAI: Thai Airways will unveil its new Airbus A321neo as part of its short- and medium-haul fleet modernisation. Regular service is scheduled for 22 Jan–28 Mar on routes including Phuket, Singapore, and Delhi. Business Class (Royal Silk) features 16 seats with fully flat beds and a 17.3-inch IFE, while Economy offers 159 seats in a 3–3 layout with 13.3-inch IFE.
Comment: Everyone’s just waiting for the political noise to end and then SET50 and back to mid-teens, perhaps…
Thai Airways International Public Company Limited is Thailand’s flag carrier airline, founded in 1960 and headquartered in Bangkok, operating from its main hub at Suvarnabhumi Airport. The company provides comprehensive air transportation services across three business segments: passenger, freight, and mail services through its Air Transportation Activities division; cargo handling, ground support, and catering services through its Business Units division; and supporting activities including tourism, duty-free sales, and other revenue streams through its Other Activities segment.
Key Metrics: Market Cap: THB 195.29B, P/E: N/A, Dividend Yield: N/A
View full analysis on Perplexity Finance →THCOM: Sees a FY29 turnaround driven by revenue from THCOM 9 (launch scheduled for 2Q26), upside from USO broadband Phase 3, and optionality from potential entry into the defence segment, including assault drones, drone locators, and C-UAS solutions.
Thaicom Public Company Limited is a leading Asian satellite operator and provider of integrated satellite communications services, established in 1991 and headquartered in Bangkok, Thailand. The company operates through three main business segments: Satellite Business Services, Internet and Media Services, and Telephone Network, offering transponder services, broadband connectivity, internet data center services, broadcasting television, and telecommunications solutions across Thailand, Australia, India, Japan, Myanmar, Malaysia, Singapore, and other international markets.
Key Metrics: Market Cap: THB 9.48B, P/E: 97.78, Dividend Yield: N/A
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