Company news

ADVANC announced that its subsidiary, AIS Inter Venture (AIV), will acquire a 49% stake in Shenington Investments (SHEN) from Asia Mobile Holdings (AMH) for USD43.35mn (c.THB1.46bn). SHEN is a Singapore-based holding company that owns 49% of Lao Telecommunications (LTC), while the remaining 51% is held by the Lao government. The acquisition will give ADVANC an effective indirect stake of c.24% in LTC. The transaction will be funded through internal cash flow and is expected to be completed by end-2026. Given its size of 2.8% of ADVANC’s NAV, below the 3% threshold, shareholder approval is not required. The transaction has already been approved by ADVANC’s Board of Directors on 20 Oct 2026. Lao Telecommunications (LTC) is the leading mobile operator in Laos. LTC and its subsidiary had a combined 2.48mn mobile subscribers as of end-2025, representing 56% of Laos’s 4.4mn mobile subscribers. The Lao telecom market comprises six mobile operators, with mobile penetration of 57% of the country’s 7.8mn population, while broadband penetration remains relatively low at c.200,000 users across 1.4mn households. LTC provides mobile, fixed broadband, enterprise and digital payment services, with its telecommunications concession running until 2046. SHEN reported a net loss of USD2.23mn in 2025. ADVANC sees the transaction as an opportunity to expand its telecom presence into Laos through LTC’s established operations. Despite holding a minority stake, ADVANC will have the right to nominate 3 out of 7 directors to SHEN’s board and participate in key business decisions. Its business plan focuses on improving network coverage and technology, expanding the customer base through targeted marketing and value-added services, and improving cost efficiency through group procurement synergies. Management expects tangible benefits within 3–5 years following completion.

Comment: Uncle S going nom nom nom and trying to gobble up more of Thailand, sorry I meant Laos.

AOT VietJet Air faces a worldwide asset-freezing order as aircraft lessor FW Aviation seeks to recover over US$250m from a leasing dispute involving four Airbus A321s. The order aims to preserve assets for debt recovery and does not indicate an immediate suspension of flight operations. The dispute could affect VietJet’s financing and aircraft deliveries.

Comment: Vietjet is phucked. Perhaps the only airline in the world that didn’t need financing/recapping post wuflu? One that signed magical deals with Boeing when Trumpy and Friends were flying around? Who’s major shareholder is Sovico Group and ok meh phuc it, their lease accounting never made sense. Then again, they could just simply issue more Disney Dollars and investors will continue to believe that it’s the second coming of JC. Now for AOT? Let’s see…should be positive for AAV – oh wait the parent decided to stick a roti prata in the Thais backside, what about THAI – shiiiiiiiiiiite…..they teabagged the CEO and may replace him with a stooge.

AH: The Co to benefit from continued investment by major automakers in Thailand, including Toyota’s expansion of hydrogen pickup production and Mitsubishi’s launch of the new Pajero. While revenue contributions from new programs may take time to materialize due to long production cycles. Analysts have raised the stock’s target price to THB18, citing improving gross margins and expectations that net profit could reach Bt1bn in 2027.

EPG: The Co is benefiting from rising demand for Aeroflex insulation products, particularly from US data center, cloud, and semiconductor projects, with additional growth opportunities in the pharmaceutical and chemical industries. Strong order momentum has led the company to expand production capacity from 8,000 to 10,000 tons per year by 2027, while continuing to serve a diversified international customer base including Japan, supporting its long-term growth outlook.

Comment: Has management come out saying that they have patents in the DC space as well?

KWM The Co could emerge as an indirect beneficiary of the govt’s planned procurement of 2,543 EV tractors if Kubota wins the contract, given KWM’s role as a supplier of critical tractor components. As Thailand’s leading tractor manufacturer, Kubota is viewed as a strong contender, although competition from local EV tractor brand TACT remains. The project could create meaningful demand for KWM’s agricultural equipment parts and support its growth outlook.

QUICK — First trade on mai today, technology. IPO closed full on 14 Oct at ฿5.65, 32m shares, ฿180.8m. P/E 8.29 on the trailing four quarters to 30 Jun.

Comment: Ah finally a little pump.

TRUE: The Co has divested its 70% stake in ZAPGROUP, a Philippines-based rewards and O2O platform provider, by selling the shares to ZAP’s founder as part of its strategy to optimize its investment portfolio. The move allows TRUE to exit a non-core, loss-making overseas business, reduce future funding obligations, and sharpen its focus on core operations, with ZAP consequently ceasing to be a subsidiary of the company.

Comment: See what happens when adults are in charge?

Corporate events

Still open — BIS tender at ฿1.27 through 3 Nov. MAJOR buyback window is open. STPI rights 29 Oct–4 Nov at ฿5.55. ROH rights 20–27 Oct at ฿0.60. SMT cash-balance runs to 30 Oct. GULF bond book closes today, up to ฿20bn at 1.83–3.00%.

Market chatter

(not filings)

SET — Closed yesterday at 1,554.94, down 16.78. Bank earnings and flood tape are the broker colour. Not a filing.