Stocks in the news (AP, CPF, FLE, SIRI, TRUE) 14.09.26
Company news
AP (Thailand) PCL develops low-rise housing — single detached houses, duplexes and townhomes — plus condominiums in Bangkok and key provinces, selling completed units and layering property-management and after-sales services on the development book. Earnings track transfer volumes and gross margin on landed product; the share screens as a high-yield SET property name trading at a deep discount to book after slipping from the December 2025 close.
| Market Cap (THB): 25.01B | Market Cap (USD): ~$754M (at ~THB 33.18/USD) |
| Current Price: THB 7.95 (as of 14 September 2026 last sale) | 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 40M-150M |
AP hosted site visits to 2 newly completed condominium projects in Charoennakhon ahead of the start of transfers in 3Q26. LIFE Charoennakhon–Sathorn (68% sold) and RHYTHM Charoennakhon Iconic (85% sold) have a combined project value of THB7.5bn and target different segments of the riverside condominium market. LIFE is positioned in the upper-mid segment, with selling prices of around THB140,000/sqm, while RHYTHM targets the luxury segment at around THB180,000/sqm. Both projects are located along Charoennakhon Road, with convenient access to BTS stations, ICONSIAM and the Sathorn/Silom business districts. 3QTD26 presales reached THB9.4bn during July-August. Low-rise projects contributed THB8bn, or around 85% of total presales, supported by nine new low-rise launches with a combined project value of around THB10bn. AP plans to launch 17 new projects worth THB17.9bn in 3Q26, comprising 15 low-rise projects and two condominiums.
Comment: With limited competition in the market, it’ll belong to AP, LH, SPALI, SIRI.
Charoen Pokphand Foods PCL is Thailand’s integrated agro-industrial and food group, spanning livestock and aquaculture feed, farming, processing and branded food across Thailand and overseas platforms. Earnings swing with livestock and shrimp cycles, feed costs and baht commodity prices; the name screens as a high-yield SET50 staple trading below book after a modest year-to-date grind higher, though it has pulled back from the late-August 52-week high.
| Market Cap (THB): 190.13B | Market Cap (USD): ~$5.73B (at ~THB 33.18/USD) |
| Current Price: THB 23.30 (as of 14 September 2026 last sale) | 52-Week Range: THB 18.10-24.00 |
| P/E Ratio: 12.6 (TTM) | P/BV: 0.70x |
| Dividend Yield: 5.4% (latest indicated) | Avg Daily Value: THB 350M-1,800M |
CPF – Appeals court allowed the blackchin-tilapia case to proceed as a class action. Company told the SET the order is on form only, not liability. Case goes back to the court of first instance. Plaintiffs still claim about ฿2bn.
Comment: The group is well known to love suing people, so this is amusing to observe. So let’s see what happens. Knowing the Thai court system, they’ll push to settle this or it may just go on and on and on.
Frontline Engineering PCL is a water-systems specialist supplying pumps, valves, pipes, Bailey bridges, dredgers and related equipment, plus installation, pump-rental and irrigation/water-transfer project work. Customers are mainly Thai government agencies (Royal Irrigation Department, groundwater and provincial waterworks). The name listed on mai on 1 September 2026 after an IPO of 100 million new shares at THB 1.23 (300 million shares post-offer) and has since slipped below the offer, with last sale THB 1.05 versus a first-day range of THB 1.20-1.45.
| Market Cap (THB): 0.32B (300M shares post-offer) | Market Cap (USD): ~$9.5M (at ~THB 33.18/USD) |
| Current Price: THB 1.05 (as of 14 September 2026 last sale) | 52-Week Range: THB 1.00-1.45 |
| P/E Ratio: 22.2 (IPO TTM, scaled) | P/BV: 1.24x (indicative post-IPO) |
| Dividend Yield: 0.0% (newly listed) | Avg Daily Value: THB 2M-50M |
FLE – Backlog ฿352m as of 31 Jul. Target ฿500m by year-end. Bidding FY70 state water jobs and adding pump-rental contracts (seven signed). Recurring-rent pitch, same backlog number as listing week.
Sansiri PCL develops landed houses, townhomes and condominiums in Bangkok and key provinces, and generates recurring income from property services, rentals and joint ventures, while maintaining a high dividend payout. Transfers and presales remain the swing factor; the share trades at about 0.5x book with a high-single-digit indicated yield after a modest year-to-date gain from the December 2025 close.
| Market Cap (THB): 25.49B | Market Cap (USD): ~$768M (at ~THB 33.18/USD) |
| Current Price: THB 1.45 (as of 14 September 2026 last sale) | 52-Week Range: THB 1.29-1.60 |
| P/E Ratio: 6.3 (TTM) | P/BV: 0.50x |
| Dividend Yield: 8.9% (latest indicated) | Avg Daily Value: THB 25M-120M |
SIRI: Sansiri is expanding its precast business beyond internal use into B2B, securing four new regional developer customers with combined project value >THB130mn. The company says its One-Stop Precast Solution can reduce construction time by up to 50% and plans to expand the model into the EEC and provincial markets. The initial contribution is small, but the strategy monetises existing manufacturing capacity and know-how through an adjacent revenue stream.
Comment: This does move the margin. Pruksa was the first mover in this model 2 decades ago.
True Corporation PCL is Thailand’s merged True–dtac telecom platform, providing mobile, broadband, pay-TV and digital services on a nationwide 4G/5G and fixed network. Earnings are now in a post-merger recovery as synergies, core-service growth and a resumed dividend come through against a still-heavy net-debt load; the share has rerated from the December 2025 close but sits well below the May 2026 52-week high on a mid-20s TTM multiple.
| Market Cap (THB): 449.18B | Market Cap (USD): ~$13.54B (at ~THB 33.18/USD) |
| Current Price: THB 13.00 (as of 14 September 2026 last sale) | 52-Week Range: THB 10.20-15.00 |
| P/E Ratio: 24.1 (TTM) | P/BV: 5.96x |
| Dividend Yield: 4.6% (latest indicated) | Avg Daily Value: THB 0.8B-2.5B |
TRUE: NBTC announced the winners for the USO 3 project, aimed at providing high-speed internet services in underserved and remote areas across 5 regions nationwide, with a total project value of Bt5.4bn. The contracts across the 5 regions are allocated as follows: Northern Region (Bt1.2bn): TRUE–INSET / Northeastern Region (Bt1.9bn): THCOM–ITEL / Central Region (Bt761.5mn): TRUE–Wire & Wireless / Eastern & Western Regions (Bt564mn): THCOM–ITEL and Southern Region (Bt965.7mn)
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AP.BK | $754M | 7.95 | 5.6 | 0.54x | 6.5% | ▼ −7.6% | View → |
| CPF.BK | $5.73B | 23.30 | 12.6 | 0.70x | 5.4% | ▲ +6.9% | View → |
| FLE.BK | $9.5M | 1.05 | 22.2 | 1.24x | 0.0% | ▼ −14.6%* | View → |
| SIRI.BK | $768M | 1.45 | 6.3 | 0.50x | 8.9% | ▲ +8.2% | View → |
| TRUE.BK | $13.54B | 13.00 | 24.1 | 5.96x | 4.6% | ▲ +19.3% | View → |
Corporate events
XR today — ALLY. Record date 15 Sep for the second unit issue, max 151.5m units / ฿757.5m, to buy three community malls (The Zone Town in Town, Sai Mai Avenue, Chan at The Avenue) at up to ฿1.515bn.
Pays today — D ฿0.073; SPRC ฿0.50.
Also today — MMM lists 344 new shares. AIMCG par cut from ฿9.5527 to ฿9.5327. SHR books 14–16 Sep.
Tomorrow — CGD bondholder meeting on CGD206A / 219A / 20OA / 213A (tenor extension).
This week — FMT tender at ฿18 ends 17 Sep. SPCG tender at ฿9.11 runs to 8 Oct. MBK XD ฿0.60 on 16 Sep. KTB / KTB-P XD ฿0.48 on 22 Sep.
Off the board — CIMBT, GLAND, LRH delisted 12 Sep.
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Paul Renaud
Yes, it is what it is: Today DELTA (236) stock is crashing down, at -6.75% in early morning trading.
As soo often its the most active trading SET stock with volume 5 times more then the next most active -as of early trading…. Its beyond me how many supposedly responsible brokers here kept recommending this stocks at its stratospheric valuation with a p/e now still around 100 -and near 0% dividend. Another thing I notice, SET Streaming does not correctly show current dividend yields, as it just omits already paid interim dividends. Hence Investors here should beware current dividend yields are often understated as many mid and smaller cap stocks here, pay interim dividends!
Pon
Yes – always double check the data…
Delta – Is what it is.
Paul Renaud
Yes always check the data! SET streaming which most everyone here uses, does not show the correct dividend yields on most stocks. As it just omits interim dividends, already paid. We pointed this out to the SET, but they don’t care…so it is, not what it is. Delta stock so adored and punted here, nevertheless, lost some 34% of it mkt. value over the past 3 months (quarter).