Stocks in the news (AKS, EGCO, GULF, GUNKUL, MMM, PLANB, THAI) 29.09.26
Company news
AKS Corporation PCL (formerly AQ Estate) is a SET property developer with low-rise and high-rise residential projects plus rental assets, now a micro-cap with negative book equity after years of losses and a May 2025 par change (THB 0.50 to THB 11.50). The name is marked SP and NC with no printed trade this morning; SET’s last prior is THB 0.01 versus a THB 0.01–0.04 52-week band and a December 2025 close of THB 0.02. TTM earnings are a deep loss, so P/E and P/BV are not meaningful, and there is no indicated dividend.
| Market Cap (THB): 40.7M | Market Cap (USD): ~$1.2M (at ~THB 33.61/USD) |
| Current Price: THB 0.01 (as of 29 September 2026 last printed prior; SP/NC) | 52-Week Range: THB 0.01-0.04 |
| P/E Ratio: n.m. (TTM loss) | P/BV: n.m. |
| Dividend Yield: 0.0% (latest indicated) | Avg Daily Value: suspended / thin |
▼ −50.0% (Dec 30 2025 close: THB 0.02; 29 September 2026 last printed prior: THB 0.01)
AKS — Exchange told the board to fix an incomplete audit committee. SP / delist risk if they don’t.
Comment: And another one bites the dust.
Electricity Generating PCL (EGCO) is a Thai independent power producer and holding company with contracted IPP/SPP gas, coal and renewable assets in Thailand and overseas plus a developing power-plus-infrastructure book. Recurring cash flow is dominated by long-term PPAs and a stable THB 6.50 indicated annual dividend, but TTM earnings have been crushed by non-cash items so the headline P/E is not usable; the share last sold at THB 128.00 this morning, a deep discount to book after a modest 2026 rerating from the December 2025 close of THB 114.00.
| Market Cap (THB): 67.39B | Market Cap (USD): ~$2.01B (at ~THB 33.61/USD) |
| Current Price: THB 128.00 (as of 29 September 2026 last sale) | 52-Week Range: THB 107.00-143.00 |
| P/E Ratio: 126.9 (TTM) | P/BV: 0.67x |
| Dividend Yield: 5.1% (latest indicated) | Avg Daily Value: THB 80M-250M |
▲ +12.3% (Dec 30 2025 close: THB 114.00; 29 September 2026 last sale: THB 128.00)
EGCO: EGCO completed the acquisition of a 49% interest in two operating renewable-energy projects in the US with combined capacity of 339MW. The transaction increases EGCO’s renewable portfolio to around 1,785MW, or approximately 26% of equity capacity, with the operating assets expected to contribute earnings and cash flow immediately.
Comment: Well…ok…it’s good that they’re proactive I suppose – was hoping that there would be some asset monetisation, it also points to the fact that they won’t be one of the parties funding SMRs in Thailand anytime soon.
Gunkul Engineering PCL is an integrated Thai renewable-energy and electrical-systems group — manufacturing hardware, EPC/construction, utility-scale solar and wind generation, and a developing energy-management and data-centre power adjacency. The share last sold at THB 5.30 after opening on a new intraday high of THB 5.55 (through the prior SET 52-week high of THB 5.50), still a multi-fold rerating from the December 2025 close of THB 1.90 on a mid-20s TTM multiple.
| Market Cap (THB): 47.08B | Market Cap (USD): ~$1.40B (at ~THB 33.61/USD) |
| Current Price: THB 5.30 (as of 29 September 2026 last sale) | 52-Week Range: THB 1.76-5.55 |
| P/E Ratio: 24.2 (TTM) | P/BV: 3.06x |
| Dividend Yield: 2.6% (latest indicated) | Avg Daily Value: THB 200M-800M |
▲ +178.9% (Dec 30 2025 close: THB 1.90; 29 September 2026 last sale: THB 5.30)
Gulf Development PCL is Thailand’s leading independent power producer after the Gulf–Intouch amalgamation, owning gas-fired IPP/SPP plants, LNG and a growing renewable book, plus a strategic stake in ADVANC, with infrastructure and data-centre/cloud adjacencies. Earnings mix gas-spread power cash flow with telecom associate income; the share last sold at THB 60.50 this morning, down THB 0.25 from Monday’s 60.75 close and well below the THB 68.50 52-week high, still a large rerating from the December 2025 close of THB 41.75.
| Market Cap (THB): 903.86B | Market Cap (USD): ~$26.89B (at ~THB 33.61/USD) |
| Current Price: THB 60.50 (as of 29 September 2026 last sale) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 12.1 (TTM) | P/BV: 2.87x |
| Dividend Yield: 5.4% (latest indicated) | Avg Daily Value: THB 2.0B-4.0B |
▲ +44.9% (Dec 30 2025 close: THB 41.75; 29 September 2026 last sale: THB 60.50)
GUNKUL/GULF: GUNKUL signed additional PPAs with EGAT covering 261.8MW, taking its renewable-energy portfolio above 2.1GW and reaching its 2027 portfolio target ahead of schedule. The company is also restructuring its partnership with GULF into a 50:50 JV, targeting 3GW by 2030 and positioning for further opportunities under PDP2026 and new growth businesses. GULF — GRE bought 50% of seven GUNKUL project companies for ฿466.5m. Twelve solar/wind sites, 673.4 MW contracted, 25-year EGAT PPAs. GULF’s equity slice: 336.7 MW. COD 2027–30. GUNKUL — Sold that same 50%. Keeps the other half as a JV. Cash in, debt off the solo books.
MMM Capital PCL is a mai-listed property sales platform — project sales consulting, on-site sales management and selective purchase-refurbish-resale of residential units — listed on 7 November 2025 at an IPO of THB 5.50 (not 3M). Revenue is fee- and commission-driven off developer launches rather than a large land bank; the share last sold unchanged at THB 2.68 on tiny morning volume, still well below the THB 4.75 52-week high and the SET official December 2025 close of THB 3.07 after the paid-up base rose from 300 million to 363 million shares.
| Market Cap (THB): 973M | Market Cap (USD): ~$29M (at ~THB 33.61/USD) |
| Current Price: THB 2.68 (as of 29 September 2026 last sale) | 52-Week Range: THB 2.52-4.75 |
| P/E Ratio: 6.9 (TTM) | P/BV: 1.88x |
| Dividend Yield: 4.8% (latest indicated) | Avg Daily Value: THB 1M-8M |
▼ −12.7% (Dec 30 2025 close: THB 3.07; 29 September 2026 last sale: THB 2.68)
MMM — Jump+ property-finance push through HAC. Credit book target ฿700m by 2028.
Comment: Thus should we look at this company as a real estate mezz financing player?
Plan B Media PCL is Thailand’s leading out-of-home advertising group — transit, classic and digital billboards, airport, retail and online media — with VGI still a major shareholder. The share last sold at THB 6.65 this morning after printing a new 52-week high of THB 6.80, a sharp rerating from the December 2025 close of THB 3.90 on a mid-20s TTM multiple after last year’s de-rating from the 2024 close of THB 7.10.
| Market Cap (THB): 30.59B | Market Cap (USD): ~$910M (at ~THB 33.61/USD) |
| Current Price: THB 6.65 (as of 29 September 2026 last sale) | 52-Week Range: THB 3.00-6.80 |
| P/E Ratio: 26.7 (TTM) | P/BV: 2.51x |
| Dividend Yield: 3.2% (latest indicated) | Avg Daily Value: THB 80M-250M |
▲ +70.5% (Dec 30 2025 close: THB 3.90; 29 September 2026 last sale: THB 6.65)
PLANB — Taking a stake in iCare (phone insurance). High handset prices + instalment demand is the pitch.
Comment: COM7 is having their stake diluted. And PLANB is just confused with what their core business now is, a future RS in the making?
Thai Airways International PCL is Thailand’s flag carrier, rebuilt after rehabilitation with a recapitalised balance sheet and a rebuilt wide-body and narrow-body network out of Suvarnabhumi. The Ministry of Finance remains the largest shareholder; earnings stay cyclical to fuel, yields and load factor. The share last sold at THB 6.05 this morning, down THB 0.10 from Monday’s 6.15 close, still below the December 2025 close of THB 6.95 and well off the THB 13.70 52-week high on a high-single-digit TTM multiple.
| Market Cap (THB): 171.23B | Market Cap (USD): ~$5.09B (at ~THB 33.61/USD) |
| Current Price: THB 6.05 (as of 29 September 2026 last sale) | 52-Week Range: THB 5.25-13.70 |
| P/E Ratio: 8.3 (TTM) | P/BV: 2.10x |
| Dividend Yield: 3.5% (latest indicated) | Avg Daily Value: THB 300M-800M |
▼ −12.9% (Dec 30 2025 close: THB 6.95; 29 September 2026 last sale: THB 6.05)
THAI: Thai Airways cancelled 14 domestic and international flights across seven routes scheduled for Sep 29–30 due to flooding in Bangkok and surrounding areas. Sep 29 cancellations include Bangkok services to Udon Thani, New Delhi, Singapore, Kuala Lumpur and Frankfurt, followed by Munich and Brussels on Sep 30. THAI is increasing staff and resources to manage the resulting passenger backlog. The cancellations indicate that while Bangkok’s airports remain operational, flood-related disruption is beginning to affect airline schedules and international connectivity.
Comment: Was hearing about several flights being delayed by 5+ hours. Let’s see, I suspect by tomorrow this news is all finished.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AKS.BK | $1.2M | 0.01 | n.m. | n.m. | 0.0% | ▼ −50.0% | View → |
| EGCO.BK | $2.01B | 128.00 | 126.9 | 0.67x | 5.1% | ▲ +12.3% | View → |
| GULF.BK | $26.89B | 60.50 | 12.1 | 2.87x | 5.4% | ▲ +44.9% | View → |
| GUNKUL.BK | $1.40B | 5.30 | 24.2 | 3.06x | 2.6% | ▲ +178.9% | View → |
| MMM.BK | $29M | 2.68 | 6.9 | 1.88x | 4.8% | ▼ −12.7% | View → |
| PLANB.BK | $910M | 6.65 | 26.7 | 2.51x | 3.2% | ▲ +70.5% | View → |
| THAI.BK | $5.09B | 6.05 | 8.3 | 2.10x | 3.5% | ▼ −12.9% | View → |
Corporate events
Pay today — MBK ฿0.60.
XD today — mostly Japan DRs (Honda, Nintendo, MUFG, SMFG, etc.). No local common-stock XD of size.
From 1 Oct — MAJOR buyback window opens (up to 68m shares / ฿550m, through 11 Mar 2027).
1 Oct, 15:00 — PF bondholders on 15 series (waive D/E, waive default, pull the trustee notice).
Still open — PTT treasury sale through 12 Oct. BIS tender at ฿1.27 through 3 Nov. SPCG tender at ฿9.11 through 8 Oct. GRAND bondholders reset to 7 Oct.
Market chatter
(not filings)
SET — Monday close 1,602 (−5). Foreigners −฿3.94bn. PTT the biggest NVDR dump (~฿1.43bn).
Tape — Flood still the local story; BKK / Nonthaburi / Pathum / Samut Prakan on a special public holiday, exchange open. Overnight US red on oil and a 19-year high in the 10-year.
Please give this Somtum Waffle a tip 🙏🧇