AMATA – Industrial Estates: Amata received approval from the Vietnamese government to develop its 5th industrial estate in Phu Tho (476 ha, phased 2029–2033), targeting electronics and tech companies. Existing operations include Amata City Bien Hoa, Ha Long, Long Thanh, and Quang Tri Industrial Park under construction.

Comment: Yawnz, zzzz, this group can’t manage anything outside of Thailand.

ASW – Real Estate: Management expects the 2026 real estate market to remain stable. Developers are slowing new project launches, focusing on managing existing inventory. ASW has 12 projects worth >Bt28bn scheduled for transfer, with strong foreign buyer demand supporting sales.

CHAYO: Reported Bt2.36b NPL & NPA purchased in 2025; total debt under management stands at Bt107b (Bt19.254b secured, Bt87.817b unsecured).

Comment: If management could stop 8icking around, then it’ll perhaps this stock and earnings could wake up again.

CHG: Hospital operator CHG is meeting the SSO today (Jan 7) to discuss potential increases in subsidies for high-cost care, capitation, and medical equipment.

Comment: SSO needs to pay more or the private hospitals will just stop this service.

CPAXT: Achieved 88/100 DJSI sustainability score, ranking 2nd globally in the Food & Staples Retailing sector.

ICHI: Positive earnings momentum continues in Indonesia after partnership with PT AtriPasifik. Focus remains on new products, markets, and businesses to boost growth; targets FY revenue >Bt10b.

Comment: Their earnings momentum has been decent, let’s see if it can continue

PTT: Expected turnaround in 2026 driven by stronger operations at PTTGC and PTTEP, gains from Lotus Pharmaceutical disposal, and a new gas price structure that reflects true costs.

Comment: I do wonder about PTTGC – part of the petrochem industry recovery that I’ve been waiting to see.

TIDLOR: Assigned A- credit rating with stable outlook by Japanese credit rating agency (JCR).

Comment: Well done to the firm, it does help to have krungsri back.

THAI: Thailand’s Civil Court lifted a temporary injunction, enabling the newly appointed board to assume roles immediately. This follows a legal challenge by five shareholders seeking to annul a 2025 AGM resolution. THAI shares have recovered from lows, last trading at Bt7.05, after falling -21.7% since mid-December.

Comment: Politics politics politics – this was never an issue.

THCOM: Revenue contribution from India expected to rise to 30% of total by FY27 (up from 15%) as Thaicom 9 & 10 satellites launch in FY26/27.

Cannabis regulation: Government to limit sales mostly to licensed medical facilities, stores selling herbal products, pharmacies, and traditional medicine practitioners. Establishments must have at least one trained practitioner on duty. Over 7,000 dispensaries are expected to close this year, which may push small dispensaries out of business (Prasitchai Nunual).

Tourism: Thailand’s annual foreign tourist arrivals fell for the first time in a decade (outside pandemic periods) to 32.9m (-7.2% y/y) in 2025. The Tourism Authority of Thailand targets 36.7m for 2026, promoting a “Healing is the New Luxury” theme focused on health & wellness.

ETRON / Commodities: Copper 3M futures surged +3.1% to $13,387.5/t on the London Metal Exchange (ATH above Monday’s peak). THB strength and higher copper prices will impact peers: KCE (-7.8% NP per 1THB THB strength, -12–13% NP per 10% copper gain), HANA (-7.6% NP per 1THB), DELTA (-2.4% NP per 1THB).

Exports: Thai shippers forecast 2026 export growth of 2–4% as the strong rebound in 2025 fades, citing mixed global conditions and urging policy support for logistics, FTAs, and value-added exports.