Stocks in the news (AMATA, BAFS, EGCO, TTB) 11.09.26
Company news
Amata Corporation PCL develops and operates industrial estates in Thailand and Vietnam (Amata City Chonburi, Rayong, Bien Hoa and related sites), selling prepared land to manufacturers and layering utilities, rental factories and power/water JVs on top of the estate platform. Cash flow mixes lumpy land transfers with recurring utility and rental income; the share has nearly doubled from the December 2025 close on a data-centre/FDI rerating and now sits just below the 52-week high on a still-cheap high-single-digit TTM multiple.
| Market Cap (THB): 37.09B | Market Cap (USD): ~$1.12B (at ~THB 33.15/USD) |
| Current Price: THB 32.25 (as of 11 September 2026 last sale) | 52-Week Range: THB 14.00-34.50 |
| P/E Ratio: 7.2 (TTM) | P/BV: 1.13x |
| Dividend Yield: 4.2% (latest indicated) | Avg Daily Value: THB 150M-1,200M |
AMATA — industrial-utility ecosystem expands. Amata BIG Industrial Gas, AMATA’s 49%-owned JV with BIG, has started operations at its third air-separation plant at AMATA City Chonburi. The facility has nitrogen production capacity of more than 27,000 tonnes/year and will serve industries including glass, chemicals and automotive.
Comment: And they’re still getting it.
Bangkok Aviation Fuel Services PCL provides aviation-fuel storage, hydrant-network and into-plane refuelling at Suvarnabhumi and Don Mueang, plus fuel-pipeline transport and hydrant-dispenser assembly/maintenance. Smaller utilities, power and business-solution units sit alongside the core airport-fuel franchise, which is leveraged to passenger volumes and jet-fuel throughput; the share has recovered from the December 2025 close but remains mid-range on an elevated TTM multiple after thin 2025 earnings.
| Market Cap (THB): 6.44B | Market Cap (USD): ~$194M (at ~THB 33.15/USD) |
| Current Price: THB 10.10 (as of 11 September 2026 last sale) | 52-Week Range: THB 7.90-11.80 |
| P/E Ratio: 37.4 (TTM) | P/BV: 1.21x |
| Dividend Yield: 3.5% (latest indicated) | Avg Daily Value: THB 1M-8M |
BAFS — Subsidiary BPT halted pumping after a pipeline leak. Company says aviation-fuel supply is unaffected and the line is under watch. SET notice out 10 Sep.
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 trades at a deep discount to book after a modest 2026 rerating from the December 2025 close.
| Market Cap (THB): 68.44B | Market Cap (USD): ~$2.06B (at ~THB 33.15/USD) |
| Current Price: THB 130.00 (as of 11 September 2026 last sale) | 52-Week Range: THB 107.00-143.00 |
| P/E Ratio: 128.9 (TTM) | P/BV: 0.68x |
| Dividend Yield: 5.0% (latest indicated) | Avg Daily Value: THB 80M-250M |
EGCO — THB2.8bn from asset recycling. EGCO completed the sale of a 49% stake in the Ban Pong and Klong Luang power plants to J-POWER, generating c.THB2.8bn under its asset-recycling strategy. The transaction strengthens financial flexibility and releases capital for redeployment into new investment opportunities.
Comment: We’re trying to figure out if EGCO will need to up divvys to help EGAT w/ their white elephant SMR dreams.
TMBThanachart Bank PCL is a large Thai commercial bank formed from the TMB–Thanachart combination, spanning retail, SME and corporate lending, deposits, cards and bancassurance. Earnings are driven by net interest income, fee income and credit cost; the name has rerated in 2026 as a high-yield SET bank from the December 2025 close, though it has pulled back from the early-August 52-week high and now trades around 1.1x book.
| Market Cap (THB): 268.26B | Market Cap (USD): ~$8.09B (at ~THB 33.15/USD) |
| Current Price: THB 2.96 (as of 11 September 2026 last sale) | 52-Week Range: THB 1.80-3.18 |
| P/E Ratio: 12.9 (TTM) | P/BV: 1.12x |
| Dividend Yield: 5.4% (latest indicated) | Avg Daily Value: THB 0.8B-2.5B |
TTB — reducing home bias. TTB is strengthening its Global Wealth Advisory platform with international partners, encouraging Thai investors to diversify more broadly overseas and reduce home bias amid a structurally more uncertain global investment environment.
Comment: Well via the acquisition…they’ll need that story. And they have a captive client base that needs to manage their past decade of new gains to be managed properly.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AMATA.BK | $1.12B | 32.25 | 7.2 | 1.13x | 4.2% | ▲ +94.3% | View → |
| BAFS.BK | $194M | 10.10 | 37.4 | 1.21x | 3.5% | ▲ +18.8% | View → |
| EGCO.BK | $2.06B | 130.00 | 128.9 | 0.68x | 5.0% | ▲ +14.0% | View → |
| TTB.BK | $8.09B | 2.96 | 12.9 | 1.12x | 5.4% | ▲ +46.5% | View → |
Corporate events
XD today — BANPU ฿0.40; TCAP / TCAP-P ฿1.50. DRs: BKNG03, BKNG80, NDAQ06, SP500US19, SP500US80.
Pays today — AMATAR ฿0.16; AS ฿0.08; ASP ฿0.11; AYUD ฿0.90; BCH ฿0.15 + special ฿0.20; BGRIM ฿0.18; BJC ฿0.17; CBG ฿1.00; CCET ฿0.07; CHG ฿0.02; CK ฿0.20; CNT ฿0.05; CPF ฿0.45; DRT ฿0.20; EGATIF ฿0.0696; FM ฿0.15; FORTH ฿0.15; FTE ฿0.10; GRAMMY ฿0.05; HUMAN ฿0.14; HYDROGEN ฿0.15; ICHI ฿0.45; IMPACT ฿0.24; IT ฿0.16; JMT ฿0.27; KBSPIF ฿0.19; KCG ฿0.17; KLINIQ ฿0.88; LALIN ฿0.11; LPN ฿0.05; M ฿0.40.
Last trade — CIMBT, GLAND, LRH. Delist 12 Sep. Cash-balance only.
CGD — Bondholder meeting 15 Sep on CGD206A / 219A / 20OA / 213A. Agenda is tenor extension; SEC told the bondholders’ rep to spell out both sides.
Still open — FMT tender at ฿18 through 17 Sep. SPCG tender at ฿9.11 through 8 Oct. SHR books 14–16 Sep.
SET — New IPO rules take effect today.
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