Stocks in the news (aot, banpu, bgrim, gpsc, cbg, civil, gulf, kce, ntf, ske, thai) 03.02.26
AOT expects passenger traffic to rise 6% this year to 135mn, supported by growth in charter flights and a planned increase in passenger service charges. The company plans to propose a THB 12bn East Expansion project at Suvarnabhumi Airport to the Cabinet, which would lift annual capacity to 70mn passengers from 65mn.
Comment: La la la la, easy recovery still.
Airports of Thailand Public Company Limited operates and manages the country’s main international and domestic airports, generating revenue from airport services, concessions, retail, and related aeronautical and non-aeronautical businesses across its network.
BANPU: Coal prices strengthened 5.1% to US$117.5/t after Indonesia announced plans to cut coal output by 25%. BANPU’s mining licences are focused on mid-to-high calorific coal, which is less likely to face production cuts. Market sensitivities suggest every US$1/ton coal price increase adds ~US$3m to annual net profit, while a US$1 move in gas prices impacts net profit by ~US$30m.
Comment: La la la, hello AI requirements and stupid ESG crap that will force the world back onto coal, until nuclear and/or space energy works.
Banpu Public Company Limited is an integrated energy company with businesses spanning coal and gas resources, thermal and renewable power generation, and energy technology solutions, operating across Thailand and multiple international markets.
BGRIM – Growth Outlook: Market talk highlights optimism around BGRIM entering a new growth phase in 2026–27, driven by renewables, with data centre demand seen as a long-term earnings catalyst. Upside optionality also stems from a potential large-scale gas IPP project in Malaysia. Core profit is projected to grow at a double-digit CAGR over the next five years, supporting re-rating potential.
B.Grimm Power Public Company Limited develops, owns, and operates power plants under long-term power purchase agreements, focusing on small and large cogeneration, renewable energy projects, and related infrastructure primarily in Thailand and selected international markets.
BGRIM / GPSC – Gas Cost Relief: Share prices have stabilised over the past five sessions as Henry Hub natural gas prices fell ~50%, with a further ~21% drop overnight, easing cost and margin concerns. While sentiment has improved, investors remain watchful of JKM gas prices, crude movements and potential Ft tariff impacts. Further downside in gas prices could attract return buyers.
Comment: Oh cold weather was only a temporary impact on Natty? Who woulda thunk it…
Global Power Synergy Public Company Limited is a flagship power and utilities company in the PTT group, investing in and operating conventional and renewable power plants that supply electricity and steam to industrial customers and utilities in Thailand and abroad.
CBG expects a FY26 turnaround from a low base, following weakness last year due to softer cross-border sales linked to border disputes. The company plans to launch a new energy drink formula priced at THB 12/bottle, aiming to lift margins and raise market share to 32% from 29%, with OEM and export growth as additional tailwinds.
Comment: My story here is simple…hypothetically Cambodia switches on again, Myanmar switches on again, and voila….however the issue for CBG et al is that the Filipinos and Indonesian (energy) drink players are coming in and taking advantage of Thailand losing it’s brand value in Cambodia.
Carabao Group Public Company Limited is a holding company engaged in the vertically integrated manufacture, marketing, distribution, and sale of energy drinks and other beverages under the Carabao and related brands in Thailand and international markets.
CIVIL signed two contracts worth THB 1.4bn with the Department of Highways to construct sections of the M9 motorway (Bang Buathong–Bang Pa-In), with revenue contribution starting from 1Q26.
Civil Engineering Public Company Limited (CIVIL) is a Thai construction contractor specializing in infrastructure projects such as roads, highways, bridges, and mass-transit related civil works, as well as building construction and related services.
GULF is expected to report a solid 4Q, supported by higher equity income from ADVANC, seasonal strength from its Borkum Riffgrund 2 (BKR2) offshore wind project in Germany, growth in its data centre business, and benefits from a colder winter boosting output at the Jackson Generation gas-fired plant in the US during 1Q26.
Comment: Nah, they want the divvy’s from ADVANC otherwise they’re broke.
Gulf Energy Development Public Company Limited is a holding company investing in subsidiaries that operate three core businesses: energy (power generation and related energy infrastructure), infrastructure and utilities, and digital businesses including telecommunications and data infrastructure.
KCE: PCB supply glut is expected to persist into 2026. KCE is revamping its product strategy to diversify earnings away from autos (currently ~70%) while benefiting from cost savings via vertical integration. A low D/E of 0.11x provides balance sheet flexibility and supports dividend appeal.
Comment: And copper is going to shaft them handily. Forget gold and silver – those pumps are dead and done for…copper is a genuine pump.
KCE Electronics Public Company Limited manufactures and distributes printed circuit boards (PCBs) and related materials under the KCE brand, serving automotive, industrial, and other electronics customers across Asia, Europe, and the Americas.
NTF secured a THB 2.5bn contract to supply fresh and frozen durian to a Chinese partner and targets ~60% revenue growth this year.
Comment: Love this news…and the company is only trading at 5x trailing PE…wait…someone tell me more…
NTF Intergroup (Thailand) Public Company Limited distributes fresh and frozen fruits domestically and internationally, focusing on sourcing, processing, packaging, and exporting Thai agricultural produce to global markets.
SKE is in discussions with GULF to supply RDF fuel for its waste power plant, with an agreement expected to be finalised in 2H26.
Comment: Perhaps someone clever will put together a chart of how the tentacles of GULF have infiltrated the entire country’s energy system.
Sakol Energy Public Company Limited operates in the energy sector in Thailand, focusing on natural gas compression and related services, including supplying compressed natural gas (CNG) and providing logistics and energy solutions to industrial and transportation customers.
THAI: Market attention is on the expiry of the share lock-up period for ~6.6bn shares on Feb 4, seen as a key overhang given current free float liquidity of around 1.9bn shares.
Comment: OH LA LA LA. (yawnz….everyone knew this was coming) so now c’mon SET50 pump where are you?
Thai Airways International Public Company Limited is Thailand’s national flag carrier, providing domestic and international passenger and cargo air transportation services, along with related aviation operations, ground services, and airline alliance partnerships.
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peter satrapa-binder
AOT: how is the planned increase in passenger service charges to help in increasing the passenger traffic? AOT’s income maybe – ok…
but in general it looks to me like thailand has hit some capacity limit concerning incoming tourists and it may not be easy to increase from that number without larger infrastructure improvements here.
Pon
the capacity limit isn’t hit. # of travelers are still lower than pre-wuflu (believe it is now at 88%) and there’s been upgrades at suvarnabhumi, krabi and a few others throughout the country.
peter satrapa-binder
well, these are airport upgrades only. but how about upgrades of other touristic infrastructure? also, at one point the usual touristic sites of thailand will or have already begun to look very crowded. sure, there are other, not that developed or overcrowded, but still very interesting touristic locations in thailand but how about the infrastructure there?
Pon
That is true
And I do not know the current status of the usual destinations.