Stocks in the news (AP, ASAP, GULF, MGC, SNNP, THAI) 14.10.26
Company news
AP (Thailand) Public Company Limited is a leading Thai property developer focused on low-rise (single houses, townhouses) and high-rise (condominiums) residential projects, plus related services. The share closed at THB 8.00 on 12 October 2026 (unchanged from the prior 8.00), in a 7.90–8.00 day range on solid volume (~4.8m shares), inside the 52-week band of THB 6.85–9.70. It is below the 30 December 2025 close of THB 8.60. Multiples at close are approximately 5.6x TTM earnings and 0.54x book. Paid-up capital is ~3.15 billion shares.
| Market Cap (THB): 25.2B | Market Cap (USD): ~$0.751B (at ~THB 33.55/USD) |
| Current Price: THB 8.00 (as of 12 October 2026 close) | 52-Week Range: THB 6.85-9.70 |
| P/E Ratio: 5.6 (TTM) | P/BV: 0.54x |
| Dividend Yield: 6.5% (latest indicated) | Avg Daily Value: THB 50M-150M |
AP: on track with Bt49b FY net presales target after logged Bt36.9b 9M26, maintain 4Q launch plan of 15 project combined worth Bt14.19b comprise of 4 SDHs, 5 townhomes, 4 provincial development, 2 condos.
Comment: It will be interesting to see how the new real estate laws impact the sector in the coming years.
Synergetic Auto Performance Public Company Limited (asap Car Rental) provides car rental, operating lease, used-car sales, EV distribution (Changan/Maxus) and related mobility services in Thailand. The share closed at THB 2.12 on 12 October 2026 (unchanged from the prior ~2.12), in a 2.10–2.12 day range on light volume (~44k shares), inside the 52-week band of THB 1.08–2.58. It is well above the 30 December 2025 close of THB 1.20. Multiples at close are approximately 26.5x TTM earnings and 1.73x book. Paid-up capital is ~726 million shares.
| Market Cap (THB): 1.54B | Market Cap (USD): ~$0.046B (at ~THB 33.55/USD) |
| Current Price: THB 2.12 (as of 12 October 2026 close) | 52-Week Range: THB 1.08-2.58 |
| P/E Ratio: 26.5 (TTM) | P/BV: 1.73x |
| Dividend Yield: 0% (none recent) | Avg Daily Value: THB 0.05M-0.2M |
ASAP: The mgmt. said the car rental business is expected to grow in 2026 compared with the previous year. Revenue from the car rental segment was approximately Bt1.5bn last year. The Co expects to benefit from major global events hosted in Thailand, particularly the IMF–World Bank Meetings, which are expected to attract tens of thousands of participants, including world leaders. Earlier, the company also delivered EV rental vehicles under its asap Car Rental service to AOT.
Comment: I remember speaking with the CEO years ago and coming away inspired, let’s see if they can bounce back
Gulf Development PCL (post-1 April 2025 amalgamation) is a major Thai energy, infrastructure and digital holding company, primarily generating and selling electricity and steam (gas-fired, solar, biomass and wind) to public and private clients in Thailand and abroad. The share closed at THB 60.75 on 12 October 2026 (+0.25 / +0.4% from the prior 60.50), in a 60.25–61.00 day range on substantial volume, inside the 52-week band of THB 39.75–68.50. It is well above the 30 December 2025 close of THB 41.75. Multiples at close are approximately 11.7x TTM earnings and ~2.8x book. Paid-up capital is 14.94 billion shares.
| Market Cap (THB): 907.6B | Market Cap (USD): ~$27.05B (at ~THB 33.55/USD) |
| Current Price: THB 60.75 (as of 12 October 2026 close) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 11.7 (TTM) | P/BV: 2.8x |
| Dividend Yield: 1.8% (latest indicated) | Avg Daily Value: THB 1,500M-3,000M |
GULF — Set up Gulf Edge Data Center 02 Company Limited. Filed today. No capital or capacity in the notice yet.
Comment: Uncle S going “nom nom nom”
Millennium Group Corporation (Asia) Public Company Limited engages in the retail and distribution of automobiles, yachts and related spare parts primarily in Thailand. The share closed at THB 7.10 on 12 October 2026 (−0.20 / −2.7% from the prior 7.30), in a 7.05–7.45 day range on elevated volume (~7.9m shares), inside the 52-week band of THB 3.48–10.80. It is well above the approximate 30 December 2025 close of THB 4.40. Multiples at close are approximately 4.3x TTM earnings and ~1.5x book. Paid-up capital is ~1.11 billion shares.
| Market Cap (THB): 7.88B | Market Cap (USD): ~$0.235B (at ~THB 33.55/USD) |
| Current Price: THB 7.10 (as of 12 October 2026 close) | 52-Week Range: THB 3.48-10.80 |
| P/E Ratio: 4.3 (TTM) | P/BV: ~1.5x |
| Dividend Yield: 5.0% (latest indicated) | Avg Daily Value: THB 20M-50M |
MGC: The Co is expected to get a boost from corporate fleet partnership via subsidiary Master Car Rental to supply over 270 BMW & XPENG for IMF-World Bank Group event.
Comment: If this is what is required to get a stock pump….
Srinanaporn Marketing Public Company Limited manufactures and distributes soft drinks, snacks and related consumer products in Thailand under brands including Jele. The share closed at THB 6.60 on 12 October 2026 (unchanged from the prior 6.60), in a 6.55–6.60 day range on light volume, inside the 52-week band of THB 6.40–8.80. It is below the 30 December 2025 close of THB 7.35. Multiples at close are approximately 17.1x TTM earnings and 2.65x book. Paid-up capital is ~900 million shares.
| Market Cap (THB): 5.94B | Market Cap (USD): ~$0.177B (at ~THB 33.55/USD) |
| Current Price: THB 6.60 (as of 12 October 2026 close) | 52-Week Range: THB 6.40-8.80 |
| P/E Ratio: 17.1 (TTM) | P/BV: 2.65x |
| Dividend Yield: 7.7% (latest indicated) | Avg Daily Value: THB 1M-5M |
SNNP The Co reported that the recent factory fire will have only a short-term impact on operations. According to mgmt., the investigation found that the fire was an operational accident. It has insurance coverage for 100% of the damages. To minimize disruption, SNNP has already relocated machinery to its second factory located in the same area. This move is expected to restore production of the Lotus Chicken Drumstick snack to approximately 70-80% of normal sales levels, while production of Chicken Feet snacks is expected to recover to around 40% of normal sales by early November.
Thai Airways International Public Company Limited is Thailand’s national carrier, providing passenger, cargo and related aviation services domestically and internationally. The share closed at THB 5.70 on 12 October 2026 (+0.05 / +0.9% from the prior 5.65), in a 5.60–5.70 day range on heavy volume (~49.8m shares), inside the 52-week band of THB 5.25–13.30. It is below the 30 December 2025 close of THB 6.95. Multiples at close are approximately 7.8x TTM earnings and 1.97x book (BVPS ~2.89). Paid-up capital is ~28.30 billion shares.
| Market Cap (THB): 161.3B | Market Cap (USD): ~$4.81B (at ~THB 33.55/USD) |
| Current Price: THB 5.70 (as of 12 October 2026 close) | 52-Week Range: THB 5.25-13.30 |
| P/E Ratio: 7.8 (TTM) | P/BV: 1.97x |
| Dividend Yield: 3.7% (latest indicated) | Avg Daily Value: THB 200M-500M |
THAI : Chai Eamsiri, the suspended CEO of Thai Airways, sold 45,000 shares in the airline on Oct 9 for a total of Bt252,000 at an avg price of Bt5.60 per share. Following the transaction, his personal shareholding was reduced to 500 shares. Chai was suspended on Oct 2 over a baggage-handling disruption caused by flooding but continues to serve on the airline’s board of directors.
Comment: That’s all he had?
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AP.BK | $0.751B | 8.00 | 5.6 | 0.54x | 6.5% | ▼ −7.0% | View → |
| ASAP.BK | $0.046B | 2.12 | 26.5 | 1.73x | 0% | ▲ +76.7% | View → |
| GULF.BK | $27.05B | 60.75 | 11.7 | 2.8x | 1.8% | ▲ +45.5% | View → |
| MGC.BK | $0.235B | 7.10 | 4.3 | ~1.5x | 5.0% | ▲ +61.4% | View → |
| SNNP.BK | $0.177B | 6.60 | 17.1 | 2.65x | 7.7% | ▼ −10.2% | View → |
| THAI.BK | $4.81B | 5.70 | 7.8 | 1.97x | 3.7% | ▼ −18.0% | View → |
Corporate events
XD today — LH ฿0.08 (1H26, from net profit).
Pays today — ALLY lists 151.5m new units. BC lists 11,250 new shares.
Still open — QUICK IPO book is open today (also 9 Oct). 32m at ฿5.65, first trade 21 Oct. 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 19–21 Oct, up to ฿20bn at 1.83–3.00%.
Market chatter
(not filings)
SET — Closed the morning at 1,570.20, down 1.54. Oil names (PTTEP, PTT) held it up. DELTA and the banks sold. US CPI today, PPI tomorrow. Range for the afternoon is 1,560–1,580. IMF–World Bank meetings in Bangkok are still the broker colour.
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