Company news

AOT: signed a 25Y contract worth Bt 67.3b with a new third ground-handling operator, AOT Ground Aviation Services (AOTGA) to ease baggage delays and labor shortage at SIA, operations scheduled to start in early 2027.

Comment: Would love to know the full financial terms of this deal…

BCP: Norwegian subsidiary OKEA ASA est major upstream O&G investment partnership with JPN Petroleum Exploration (JAPEX) to explore undeveloped Mistral South gas field, aiming for production in early 2030.

Comment: If only…the shareholder were different.

BAY: completed the second purchase and receipt of transfer of the remaining 50% of Vietnam’s SFinance Consumer Credit, making it a wholly owned subsidiary of the bank.

Comment: That’s interesting…

BCH: expects windfall from potential increase in social security medical reimbursement rates next year. Combined with strong seasonal demand, stable operations, and continued growth in foreign patients, the outlook for Q3 and beyond remains positive.

Comment: Hospitals were the last sector to really move this year. Everything was waiting on the SSO which has now gone through in their favour…

BDMS inform to the SET that its 100% subsidiary ‘Royal Bangkok Healthcare Company Limited (RBH)’ made an investment to increase shares in Thai company Genepeutic Bio Company Limited (GNPT) to 55% (from 19.9%) by subscribing for newly issued shares of GNPT for a total amount of Bt170mn. This investment is aligned with the BDMS Group’s business direction to strengthen its capabilities in precision medicine and cell and gene therapies. GNPT is Thailand’s first GMP-certified cell and gene therapy manufacturing facility — bringing personalized CAR T-cell therapy within reach of patients in Thailand and beyond. The transaction is not classified as a transaction requiring information disclosure or approval from a shareholders’ meeting (official website: Genepeutic Bio).

Comment: High value added services continue.

BEM: Recovery in MICE activities and major events is supporting continued growth in MRT ridership and tollway traffic. The company is also preparing for the government’s proposed flat-fare policy, while analysts expect record-high Q3 earnings and solid FY profitability.

Comment: After going around the region professionally for 2 decades…for some reason the rest of the region still can’t beat Thailand as a great value location for MICE activities.

EGCO informed to the SET that the 100% subsidiary GCO Linden II, LLC, a US subsidiary of EGCO, has signed an Equity Purchase Agreement with Rose Capital Investment to acquire an additional 12% stake to 50% in Linden TopCo LLC, owner of the 972 MW Linden Cogen natural gas facility in New Jersey. The transaction was approved by the BOD on 21-Aug. The acquisition adds c.117 MW of net equity capacity (+1.68%) directly to total portfolio. The incremental 12% stake is expected to add Bt150–220mn/year in normalized net profit contribution (recognized via Share of Profit from Associates/JV), this additional stake represents an c. 3.2% to 4.5% uplift to EGCO’s full-year net profit FY26. Moving to a 50% stake also provides EGCO equal corporate governance and joint operational control over the asset.

FORTH: Rising investment in data centers and energy infrastructure is increasing demand for Smart Grid and Smart Meter systems. FORTH is well positioned to benefit from major utility projects, including PEA’s Bt17bn project and MEA’s upcoming Bt13bn project.

Comment: Rumoured to be a buddy w/ BJT

MTC has secured a USD60mn loan from FinDev Canada to expand access to formal financing for women-owned micro, small and medium-sized enterprises (WMSMEs), particularly in rural communities. FinDev Canada said it will direct 100% of the loan proceeds toward MTC’s efforts to increase access to formal financial services for underserved women-owned businesses. In the second phase, the loan brings total funding raised to USD260mn through a financing package that includes a USD200mn syndicated facility co-led by the Asian Development Bank (ADB) and Sumitomo Mitsui Banking Corporation (SMBC). The CEO Parithad Patcharachai said the partnership would expand the lender’s capacity to serve underserved customers, particularly in rural communities.

Comment: Interesting move…how much will NIMs decrease for MTC when rates start to run?

PTG: Key takeaways from refuse-derived fuel (RDF) plant visit. The plant has a 20-year PPA with PEA and can process up to 500 tonnes per day (TPD) of local waste for RDF sourcing. Management indicated that c.30–40% of the waste can be converted into RDF and sold to cement plants as an alternative fuel to coal, at a price c.50–60% below the sub-bituminous coal price index. The remaining organic waste is fed directly into the 5.6MW power plant, which commenced commercial operations in late May 2026. Based on the RDF tariff of Bt5.97/kWh.

Comment: This plant was in development since..2018? A great idea on paper, but let’s see.

STEC/CK: Last week, the cabinet gives green light to land expropriation across 4 Northeastern provinces to move forward with High-Speed Rail Phase 2 (Nakhon Ratchasima – Nong Khai), valued at Bt256bn (Civil Works Construction: Bt237bn, Land Expropriation & Compensation: Bt12bn covering ~1,345 rai across 1,991 land plots and ~1,428 structures, Construction Supervision: Bt6.5bn). The expropriation decree will be effective for 5 years, with land survey and appraisal teams entering designated areas within 180 days of enactment.

Comment: The only 2 players that can win it all.

Corporate events

Name change today — BYD becomes BYDH Securities. Ticker stays BYD. Old name was Beyond Securities.

XD today — only the foreign DR TAIWANAI13.

Still open — BIS tender at ฿1.27 through 3 Nov. MAJOR buyback window is open. STPI rights 29 Oct–4 Nov at ฿5.55. ROH rights 20–27 Oct at ฿0.60. SMT cash-balance runs to 30 Oct. GULF bond book opens today, 19–21 Oct, up to ฿20bn at 1.83–3.00%. QUICK first trade Wednesday 21 Oct.

Market chatter

(not filings)

SET — Last close was Thursday at 1,575.88, up 4.14. Oil and banks did the work. Bank earnings start this week. Flood tape is still broker colour. Not a filing.