Stocks in the news (advice, bem, kgen, mtc, scb, tta) 27.03.26
Advice IT Infinite Public Company Limited is a leading Thai retailer and wholesaler of IT products, operating a vast network of over 330 branches nationwide. The company provides a comprehensive range of computers, components, peripherals, and smartphones, alongside technical support services, catering to both retail consumers and corporate clients across Thailand and Laos.
ADVICE targets 20–25% FY revenue growth, driven by mobile device sales supported by WFH trends and the AI upgrade cycle. The company plans to scale back new iStore openings to 24 branches, bringing the total to 41 by year-end.
Comment: This AI upgrade story isn’t a thing. But they are still planning on doubling the # of branches in FY26.
Bangkok Expressway and Metro Public Company Limited provides transportation infrastructure services in Thailand, including the operation of expressways and the MRT Blue Line and Purple Line mass transit systems. The company also manages commercial space development, including retail and advertising, within its transit stations and network.
BEM is expected to outperform BTS on stronger ridership across rail lines amid high oil prices. BTS’s business model is more reliant on O&M, with traffic revenue accounting for ~30% of total revenue, limiting upside relative to BEM (Mitihoon).
Comment: BEM > BTS for growth.
King Gen Public Company Limited is a holding company primarily focused on logistics and transportation services, including personnel and cargo transport. The company has expanded into the electric vehicle sector, involving the production and distribution of EVs through its subsidiaries and strategic management.
KGEN: The JV with Chery Group will officially commence operations of its EV assembly plant for OMODA & JAECOO in Rayong on 20 April.
Muangthai Capital Public Company Limited is Thailand’s leading provider of vehicle-title loans and microfinance services. Specializing in personal loans and hire purchase for motorcycles and cars, it operates a massive branch network across the country aimed at providing liquidity to unbanked and underbanked populations.
MTC : Management is confident that Thais will adapt by focusing on necessary spending. Despite external pressures on the economy, particularly rising oil prices impacting farmers’ costs, a stable government should be able to manage and stimulate the economy. The company maintains its loan growth target of 10–15%, with a focus on controlling NPL quality and managing funding costs.
Comment: As the management has consistently stated, their customer base is the class of society that every Thai government supports.
SCB X Public Company Limited serves as the parent company of the SCB Group, shifting from a traditional commercial bank (Siam Commercial Bank) into a leading regional financial technology conglomerate. Its operations span consumer finance, digital assets, and wealth management, alongside core banking services.
SCB scraps its THB31bn Home Credit Vietnam acquisition after conditions precedent were not met within the agreed timeline, with no impact on financials. In parallel, SCBX has established BankX (90% owned) to pursue a virtual banking licence, with plans to raise capital to THB5bn in 2026. The platform will be developed alongside strategic partners KakaoBank and WeBank, leveraging digital capabilities to expand SCBX’s fintech and regional ASEAN ambitions.
Comment: Hah. What else from Arthid has fallen apart? This is a good decision from the board…
Thoresen Thai Agencies Public Company Limited is a strategic investment holding company with a global presence. Its diverse business portfolio includes dry bulk shipping, subsea engineering and offshore services for the energy sector, agrochemical production (fertilizers), and a growing footprint in food and beverage through franchises.
TTA expects windfall gains from surging fertilizer sales via its subsidiary PMTA (67.03% stake), driven by global supply shortages following export restrictions from China and Russia.
Comment: Using the Ukraine-Russia kickoff as a precedent, the price will “normalise” over the next 3-4 quarters.
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