AOT: projects 3.7m passengers traveling through all 6 AOT-operated airports during Songkran fest (Apr 10-19) +2.3% yoy, domestic passengers are estimated at 1.44m +9.3% yoy; whereas international; -2.2% to 2.26m.

Comment:  Domestic > International growth as it’s cheaper. Let’s see how the rest of the quarter plays out. 

SONIC: sees volatile shipping rates, indicating a clear shift in customer behavior, with some opting to delay shipments and wait for rates to weaken. Air freight is also under pressure due to flight cancellations on some routes stemming from problems in the Middle East, resulting in decreased shipping volume.

Comment: The company needs ocean rates to moon again like the covid era.

SPALI: maintains cautious stance for the rest of year as residential market began to stumble in Mar following the outbreak of war, urge government to expend relief measures on loan-to-value for first and second homes, reduce transfer & mortgage fees for home price below Bt7m which are set to expire on Jun 30,2026.

Comment: Sigh..the usual property story, is there really that much of a multiplier effect with this residential stimulus packages? But if even SPALI starts to struggle, then perhaps the bottom still isn’t in…c’mon new BOT Gov, unclog the poop!

TFG: continues to expand retail business, “Thai Foods Fresh Market,” aiming to increase from 615 branches to 850 by end of 2025. This is to reach consumers directly and boost the proportion of high-margin products, alongside expanding its manufacturing base in Northeast to strengthen sustainable growth.

Comment: I do like this business model move by TFG, it’s been steadily expanding the retail business very well over the past decade.

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