Stocks in the news (aot, bam, osp, sky, true) 10.03.26
Airports of Thailand Public Company Limited is the leading airport operator in Thailand, managing six major international airports including Suvarnabhumi and Don Mueang. The company is central to Thailand’s tourism industry, providing comprehensive airport services, ground handling, and commercial space management for millions of international and domestic passengers annually.
AOT: The Co reports that airlines are adjusting their routes to use Thailand as a transit point, noting that Suvarnabhumi Airport accounts for 40-50% of transfer passengers, reinforcing its position as a central aviation hub. The airline is accelerating the increase in flights during the summer season and implementing measures to reduce landing and parking fees to secure more flight slots. Meanwhile, CAAT (Civil Aviation Authority of Thailand) indicates that direct flights are minimally affected, with demand for direct flights between Thailand and Europe already at 100% occupancy. However, they are monitoring rising fuel costs for potential increases in airfares.
Comment: Zero issues with traveler/plane numbers to/from Thailand
Bangkok Commercial Asset Management Public Company Limited is the largest asset management company in Thailand. It plays a critical role in the country’s financial system by purchasing distressed assets and non-performing loans (NPLs) from financial institutions to manage, restructure, and liquidate them, primarily focusing on real estate-backed collateral.
BAM: It has successfully closed a billion-baht deal, recognizing the revenue this March. The Co is pursuing a sustainable strategy of selling large properties to wealthy individuals in provincial areas, while building a “BAM universe” by leveraging its retail sales network. It’s preparing a model for purchasing properties with included tenants. For the NPL segment, a 30% debt haircut project is being prepared for properties valued at no more than Bt5mn.
Comment: Well let’s see, remember this is a defacto SOE that is backstops the assets values in Thailand i.e. they pay the highest price.
Osotspa Public Company Limited is a leading Thailand-based consumer goods company, primarily known for its dominance in the energy drink market with flagship brands like M-150 and Shark. The company also produces functional drinks, personal care products, and operates an extensive distribution network across Southeast Asia.
OSP: The war hasn’t affected margins, revealing that it has locked in raw material and energy prices for half a year in advance. It acknowledges that a prolonged Iran-US conflict could drag down sales by 1-2%, but maintains its target of 4-6% overall revenue growth. Profits are expected to remain positive amidst volatility, with strong double-digit growth driven by international markets. The Co is continuously investing Bt400-500mn to upgrade digital technology and AI.
Comment: The pain will come later on as the disruptions from iran will hurt the chemical/fertiliser etc supply chain.
SKY ICT Public Company Limited provides comprehensive information and communication technology (ICT) solutions, focusing on smart security, digital platforms, and aviation technology. It is a key contractor for major infrastructure projects in Thailand, particularly in airport technology and public sector digital transformation.
SKY sees no adverse impact from flight disruption from the Middle East, as that could potentially divert more flights from other part to SEA, including TH, which has capacity to take on extra flights. CEO is firm on 20% rev growth target this year, hitting new record, emphasizing on AI platform and M&A, seeing 15% passenger growth overall, mostly from domestic, while oversea will likely be around 5% growth.
Comment: Is there going to be a SKY part 2 given that BJT’s friends are now in charge of AOT? Or does sky’s tentacles go deep into AOT?
True Corporation Public Company Limited is Thailand’s leading telecom-tech company, formed by the merger of True and dtac. The company provides mobile services, high-speed internet, digital television, and various digital lifestyle services, commanding a massive subscriber base across its nationwide integrated network.
TRUE: the Co has launched an ambitious three-year strategic overhaul, called “4 Big Moves,” to transform from a traditional telecom into an AI-first, digitally integrated company. The strategy heavily bets on AI by embedding it across all operations, including autonomous network management, customer service, and hyper-personalization, and includes a plan to train its entire workforce in AI.
Comment: Nobody trusts the company if/when True management is back in charge.
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