ANAN oversubscribed its THB1bn bond offering, with proceeds earmarked for debt repayment and backlog execution totaling over THB10.1bn, demonstrating strong retail and institutional appetite.

Comment: WHAT? How is this ganja smoking donkey kong still able to raise debt? Who’s that stupid out there?

BH: Strong THB has minimal impact, as foreign patients can pay in THB or USD; expanded coverage across the Middle East, Asia, and CLMV is expected to boost traffic in 2H.

Comment: I sat down with the CEO earlier this month…they’re impressive.

DUSIT CEO Change: Chanin Donavanik has been appointed CEO, replacing Suphajee Suthumpun. Management aims to return the company to profitability in 2026 and fully clear accumulated losses. Suphajee will assume the role of Commerce Minister, leveraging her experience to support national trade initiatives. Analysts view the leadership transition as stabilizing for corporate governance and future strategic execution.

Comment: I wish him the best and hope that he can successfully push back against the Barbarians at the Gate.

EASTW: Forms a 60:40 joint venture with STECON to expand its water management business; targets industrial users in the EEC and data centers for cooling solutions.

GWM priced at THB2/share, subscription 12–15 Sept, scheduled to list on LiVEx 19 Sept. The company specializes in complete artificial kidney solutions and expects strong investor interest given market leadership in medical devices.

Comment: Well that’s unique. The LiVEx market is a bit unorthodox as it only “trades” when a buyer/seller agrees on a price.

KBANK-CPAXT Board: Atthaphon Rerkpiboon resigned from his independent director position, effective 12 Sept, due to other commitments. This aligns with broader management and government appointments affecting corporate governance in major listed banks and financial subsidiaries.

INSET: Revises down 3Q earnings due to higher personnel expenses; expects to complete 2–3 of 4–5 data center projects (Bt600–700m) by end-September.

ITD Construction Contract: ITD secured a THB13.14bn contract with the Royal Thai Navy for the construction of the second runway and taxiways at U-Tapao International Airport. The contract includes civil works, electrical systems, control systems, and drainage, with a construction timeline of 1,095 days. This is a major infrastructure win, positioning ITD to benefit from Thailand’s expanding aviation and logistics infrastructure.

Comment: Because of the Chinese construction co scandal – there are only so many players left in Thailand that can do construction projects.

JAS: English Premier League subscribers reach 2 million in 4Q following a crackdown on illegal broadcasts; adds FIVB Volleyball World Championship and French Ligue 1 content; expects Bt5bn from dispute resolution with National Telecom (NT) in 4Q.

Comment: See why it is a huge loss to True?

PTG Expansion & ATLAS IPO: PTG has invested THB200m to open PT Max Rest Nakhon Chai Si 11, the largest integrated service station in Thailand (over 16 rai) combining fuel, LPG, and convenience services. The company also plans to list its subsidiary ATLAS on the stock market within this year, signaling aggressive expansion and potential investor opportunities in retail energy and convenience segments.

Comment: I’ve always liked K. Pitak’s business acumen, but at the end of the day they need to continually grow the non-retail business to expand margins.

PTT successfully closed THB20bn in bonds, oversubscribed due to strong investor demand, reflecting confidence in the company’s credit quality and energy sector positioning.

SCB Transformation: SCB is reducing its branch network to 500 outlets and expanding AI adoption to enhance operational efficiency, streamline services, and encourage greater digital engagement among customers. Management confirmed that growth targets remain unchanged despite restructuring, positioning SCB for a leaner, tech-driven operating model.

Comment: That’s quite the reduction, SCB is contributing to Thailand’s unemployment and yet they still CAN’T improve their cost-to-income ratio.

SKIN Laboratories priced at THB1.20/share, with subscription from 15–17 Sept, and expected trading on MAI 24 Sept. The company plans aggressive channel expansion and new product launches in the cosmeceutical market.

Comment: Cosmeceutical? Which Ibanker donkey came up with this tag line?

TRUE is set to issue four new corporate bond tranches (2.6–3.55% fixed interest), with subscriptions on 30–31 Oct and 3 Nov, offering investors stable income options.

Comment: 1 Norwegian & 2 Indians made True a profitable company.

Tourism & Travel Stimulus: Shares of DUSIT, CENTEL, and AOT rallied in response to the Tourism Authority of Thailand’s proposed “Tour Thai Half-Half” program, which extends the existing domestic tourism initiative. Brokers have highlighted 12 potential beneficiaries across tourism, transport, and commerce sectors, reflecting optimism for a domestic travel rebound in 2H25.

Comment: Tourism continues to go and go and go. Forget the news, the tourism numbers are just going to look better and better QoQ for the simple reason that Thailand had an earthquake at the end of 1Q- which people forgot about.

FTSE Rebalance: BGRIM and SAWAD will exit the Standard Index and move into the Small Cap Index, effective with the close on 19 Sept. This reshuffle could affect passive fund flows tracking FTSE indices, as Standard Index ETFs may divest holdings while Small Cap-focused funds may increase exposure.

Comment: There are no small cap focused funds.