Stocks in the news (AOT, BCP, GULF) 07.10.26
Company news
Airports of Thailand PCL operates the six main Thai international airports — Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket and Mae Fah Luang Chiang Rai — plus related commercial property. The Ministry of Finance holds 70%. The fiscal year ends 30 September; the FY2025 dividend was THB 0.81 (paid 5 February 2026), and Q3 FY2026 (quarter ended 30 June) was filed on 13 August 2026. The share last traded at THB 59.50, up THB 1.00 (+1.71%) from Tuesday’s 58.50, opened at 58.25, in a 58.00–59.50 range on THB 956.4m of value (16.28m shares) by 12:03 Bangkok, inside the 52-week band of THB 39.00–67.25. It is above the 30 December 2025 close of THB 53.00. SET factsheet multiples (as of 6 October, at THB 58.50) were 44.75x earnings and 6.23x book (BVPS THB 9.39); both are scaled to the 59.50 last sale. Paid-up capital is 14,285.70 million shares.
| Market Cap (THB): 850.00B | Market Cap (USD): ~$25.26B (at ~THB 33.65/USD) |
| Current Price: THB 59.50 (as of 7 October 2026 last sale) | 52-Week Range: THB 39.00-67.25 |
| P/E Ratio: 45.5 (TTM) | P/BV: 6.34x |
| Dividend Yield: 1.4% (DPS 0.81; paid 5 Feb 2026) | Avg Daily Value: THB 1,400M-2,200M |
AOT is set to sign 2 contracts tomorrow with AOTGA to proceed with the 3rd ground handling and cargo service provider project at Suvarnabhumi Airport. Total PPP project investment value is THB67.3bn across a 25-year concession with service to start in 2027. The airport capacity to handle the winter flight schedule (slots expected to grow +4%), supporting Suvarnabhumi’s push to become a regional aviation hub. Ground handling is currently operated by only two players – THAI TB & BA TB both operating near full capacity. Adding AOTGA removes this bottleneck and accommodates more airlines. AOT will benefit from two streams: direct Revenue Sharing from AOTGA and Equity Income (from AOT’s 49% stake in AOTGA). Earnings Estimates: (1) AOTGA’s incremental revenue at Suvarnabhumi is projected at ~THB3bn, with a net margin of 15–20% and (2) Equity income contribution to AOT is estimated at THB200–300mn per year (excluding revenue sharing).
Comment: Ah so now they’ll agree to a handling service…and do you see the parties involved in the mess that was seen in the past week?
Bangchak Corporation PCL is the integrated energy group: refinery and oil trading, service-station marketing, clean power, bio-based products, upstream natural resources and newer businesses. It is not BCPG, the separately listed power affiliate. The SET factsheet YTD dividend yield of 1.98% at THB 53.25 implies about THB 1.05 a share trailing; the latest ex-date was 7 September 2026. The share last traded at THB 53.75, up THB 0.50 (+0.94%) from Tuesday’s 53.25, opened at 53.50, in a 53.25–55.00 range on THB 740.0m of value (13.69m shares) by 12:03 Bangkok, inside the 52-week band of THB 24.20–60.75. It is far above the 30 December 2025 close of THB 26.00. SET factsheet multiples (as of 6 October, at THB 53.25) were 3.59x earnings and 0.93x book (BVPS THB 56.97); both are scaled to the 53.75 last sale. Paid-up capital is 1,472.64 million shares.
| Market Cap (THB): 79.15B | Market Cap (USD): ~$2.35B (at ~THB 33.65/USD) |
| Current Price: THB 53.75 (as of 7 October 2026 last sale) | 52-Week Range: THB 24.20-60.75 |
| P/E Ratio: 3.6 (TTM) | P/BV: 0.94x |
| Dividend Yield: 2.0% (DPS 1.05 TTM; latest ex 7 Sep 2026) | Avg Daily Value: THB 400M-800M |
BCP expands the SAF feedstock ecosystem: Bangchak has partnered with the Ministry of Tourism and Sports, Thai Hotels Association, Thai Restaurant Association and other organisations to expand its “Fry to Fly” initiative, systematically collecting used cooking oil from hotels and restaurants for use as SAF feedstock. The initiative strengthens BCP’s domestic feedstock network while connecting Thailand’s tourism and hospitality ecosystem directly with aviation decarbonisation.
Gulf Development PCL is the holding company formed by the 1 April 2025 amalgamation of Gulf Energy Development and Intouch Holdings. The portfolio is gas-fired power and related services, renewables and resources, infrastructure (including the AIS stake that came with Intouch), and data-centre and cloud. Sarath Ratanavadi is vice chairman and CEO (29.3% at the 4 March 2026 register); Singtel Global Investment holds 7.7%. The SET factsheet YTD dividend yield of 5.44% at THB 59.75 implies about THB 3.25 a share (payout ratio 0.65 on the factsheet earnings); that is the SET indicated figure, not the lower trailing rate some data vendors still show. The share last traded at THB 60.00, up THB 0.25 (+0.42%) from Tuesday’s 59.75, opened at 59.25, in a 59.25–60.25 range on THB 790.4m of value (13.24m shares) by 12:03 Bangkok, inside the 52-week band of THB 39.75–68.50. It is above the 30 December 2025 close of THB 41.75. SET factsheet multiples (as of 6 October, at THB 59.75) were 11.92x earnings and 2.83x book (BVPS THB 21.12); both are scaled to the 60.00 last sale. Paid-up capital is 14,939.84 million shares.
| Market Cap (THB): 896.39B | Market Cap (USD): ~$26.64B (at ~THB 33.65/USD) |
| Current Price: THB 60.00 (as of 7 October 2026 last sale) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 12.0 (TTM) | P/BV: 2.84x |
| Dividend Yield: 5.4% (SET indicated DPS ~3.25; factsheet yield 5.44% at 59.75) | Avg Daily Value: THB 2,500M-4,000M |
GULF subsidiary Gulf Resources Co., Ltd. signed a major multi-year Sales and Purchase Agreement (SPA) with ADNOC Group, represented by Nasser Al Muhairi, Acting CEO of ADNOC Downstream Industry, Marketing & Trading. Under the agreement, ADNOC Trading will deliver up to 2 million tonnes per annum (MTPA) of Liquefied Natural Gas (LNG) starting in 2027 (out of the total 6MTPA import quota). The deal supports GULF’s long-term plan to secure supply for its quota of 6.4 MTPA in wholesale LNG imports and power generation assets. This is a positive news for GULF TB given its first Large-Scale Sourcing Breakthrough from ADNOC (UAE). This deal marks a pivotal shift in GULF’s procurement strategy. Historically, the vast majority of Thailand’s and GULF’s imported LNG supply has relied heavily on long-term contracts from Qatar. Securing a direct, multi-year volume from the United Arab Emirates (ADNOC) diversifies GULF’s supply channels away from single-source concentration.
Comment: So its nothing related to PTT Group, GULF is going to control the entire country’s energy…this is just…impressive and scary at the same time.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AOT.BK | $25.26B | 59.50 | 45.5 | 6.34x | 1.4% | ▲ +12.3% | View → |
| BCP.BK | $2.35B | 53.75 | 3.6 | 0.94x | 2.0% | ▲ +106.7% | View → |
| GULF.BK | $26.64B | 60.00 | 12.0 | 2.84x | 5.4% | ▲ +43.7% | View → |
Corporate events
XD today — PTT ฿1.40 (1H26, from net profit and retained earnings, ~฿39.7bn, ~51% payout). Record 8 Oct, pay 22 Oct. THANI ฿0.06 (1H26, from net profit).
XR today — STPI rights 11 old for 1 new at ฿5.55. Subscription 29 Oct–4 Nov.
Today — GRAND bondholders. Coupon on GRAND254A was missed on 28 Sep (฿24.77m).
Tomorrow — SPCG tender at ฿9.11 closes. BLA pays ฿0.41 from retained earnings.
Still open — BIS tender at ฿1.27 through 3 Nov. PTT treasury sale (238.7m shares, 0.84%) through 12 Oct. MAJOR buyback window is open. ROH rights 20–27 Oct at ฿0.60.
Market chatter
(not filings)
SET — PTT is the tape. Stock has been bid into the ex-date. Flood notes still in the broker pile, not a filing.
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