AQUA The SEC imposed civil penalties on a former AQUA board member for insider trading, ordering compensation and fines totaling THB 19.3m, along with a 14-month ban from serving as director or executive.

Comment: The SEC is working hard these days…

BBIK upbeats 4Q erngs frm rev recognition frm cloud migration, virtual banking and architecture design pj, will wrap up 1 M&A early 2026.

BCP reiterated it has no oil business or fuel transportation to Cambodia, emphasizing that all cross-border fuel deliveries to other countries comply fully with legal, customs, and government regulations. The company stressed national energy security as a priority.

Comment: SUSCO does fuel transportation…the only cambodian relationship is potentially the new shareholders.

BKA shares fell over 8% after announcing a RO capital increase of 105m shares at THB 0.60/share (2:1), raising ~THB 63m for working capital and business expansion.

Comment: Wait they just ipo’ed, and are now raising capital? Send the shares to zero.

COMAN wins procurement of National Park Tourism Mgt system for Dept of National Park, Wildlife and Plant Conservation valued at Bt38.58m

Comment: Ah…this funny little company…

D plans to migrate from mai to SET in 2026, citing strong earnings momentum. Management guides 2025 revenue above THB 1bn, with 3Q25 net profit up 98% y/y, aiming to broaden institutional investor participation.

Comment: I have been waiting to see whether this company could become profitable. It still never made sense that a dentist co is unprofitable unless they were doing create transfer pricing to one of their “suppliers”

HMPRO is expected to log +ve SSSG in 4Q25 & 1Q26 driven by surge dmd for home repairing post flood in Southern provinces, 18 stores (Home Pro & Mega Home) in the south a/c for 13% of total outlets to propel 1H26 erngs.

Comment: A good old flood boosts consumption..

GULF liquidates all holding in SPCG shares at 46% premium. SPCG Chairman-CEO, Dr.Khunchornyakong, purchased all 94.8m shrs (8.98% stake) from GULF Int’l Investment (HK) at Bt13.27/shr. CEO expressed strong confidence in its value and highlights its exceptional dividend yield of roughly 13%. Pre-transaction, Dr.Khunchornyakong was already the largest shr.holder at 37.1%.

GULF rpts cod-ed 2 ground mounted solar pj combined 109.7mw, power to sell to EGAT under a 25 yr PPA at Bt2.1679/kwh, will cod additional 2 pj on Dec 31.

Comment: Now that’s a stupid a$$ repurchase.

MTC securedUSD 200m in funding support from ADB and Sumitomo Mitsui Banking Corporation, aimed at expanding credit access forMSMEs and rural women entrepreneurs (over 200,000 beneficiaries).

Comment: Just builds more credibility for the firm in the eyes of every fin insti, but they are paying for this credibility w/ higher rates.

NTF Intergroup (NTF) is set to debut onmai on 16 Dec, raising funds to expand production capacity. Brokers see continued growth in premium durian exports, particularly to China, with target prices ofTHB 22–30 versus IPO price of THB 6.

Comment: I’ll have to see whether this company is actually a decent longnan agi player…it’s one of my side projects…

OR x OKJ launched“JOE WINGS”, a fried-chicken concept positioned as a quality, convenient food option withinPTT Station Mobility Hubs. The partnership targets 5–10 new outlets per year, with a goal of30 branches by 2030, reinforcing OR’s strategy to deepen non-oil retail monetization along high-traffic routes.

Comment: Goodbye KFC? That’s a hit to Charoen’s group, ThaiBev whom are the franchisees for KFC’s w/ PTT Petrol stations.

PTT confirmed it has halted fuel exports to Cambodia since June 2025, in line with Energy Ministry policy, and has continued to comply strictly with the government’s national security framework.

Comment: The traders must be making a buck.

SAWAD eyes 10-15% loan grwth t/g nxt yr driven by auto title loan, expects wider NIM frm lower COF, narrower losses from repossessed vehicles, aims to reduce NPL to 3.5% by eo-FY26 frm current 3.89%.

SIRI announced two new JV projects withMitsui Fudosan Asia Development (Thailand), with a combined value of THB 9.5bn, reinforcing its positioning in higher-quality residential developments.

VGI-BTS Group clarified the recent biglot via BLS through its 246-2 filing; BTS acquired 9.5104% from Si Suk Alley Ltd., bringing up its total stake in VGI to 45.9509%

Comment: Now what are they going to pump into VGI to make it look half decent

Election date has been set on Feb 8, 2026, but if clashes with C’dia, which forced hundred of thousands of Thai along the border to flee their home, may jeopardize this timeline and cause the poll date to be postponed, as law stipulates that the national election must be held and completed within the same day.
Govt’s taking steps to restrict exports of fuel and arms through a checkpoint with Laos due to fears the goods are being diverted to C’dia.

Econ: Salary increases in Thailand are moderating to average 4.5% across industries and businesses in 2025, slowing from the historical norm of 5%, says international consultancy Deloitte.

Tourism: Despite the Chinese market contributing only 14% of tourism arrivals, their spending remained the highest and helped distribute income more widely, while the tourism sector is urged to adapt to challenges expected to persist into next year. The top five long-haul markets comprised Russia, which was No.3 for total arrivals, followed by the US, the UK, Germany and France.

POLITICS: PM Anutin, leader of the Bhumjaithai Party (BJT), announced the party is prepared to become the political force in the upcoming election. When asked which party, between Pheu Thai and the People’s Party (PP), could BJT form a coalition with if it comes in first or second place in the next election. He said that it is too early to tell and stressed that he is not fixed on the position, but anyone capable can become premier.

Anutin reaffirmed Thailand’s commitment to theThai–Cambodian peace declaration, pledging to restore stability swiftly while emphasizing readiness for elections if required. His comments downplayed personal ambition for the premiership, stressing capability and continuity over positioning. The tone helps cap escalation risk and reduces near-term policy uncertainty, though investors are likely to remain cautious until clearer political timelines emerge.

The State Railway of Thailand targets 2026 to tender Thai-China high-speed rail Phase 2 (Korat–Nong Khai), covering357 km with total investment of THB 340bn.
The Energy Ministry reported fuel consumption down 0.6% in the first 10 months of 2025, while jet fuel demand rose 8.2%, reflecting tourism recovery.

TheSET is accelerating discussions with the SEC to streamline IPO approval processes, aiming to reduce time-to-market and prevent potential issuers from opting to list overseas. For 2025,19 IPOs are expected with total fundraising of THB 13bn, with two more candidates in the pipeline. TheJump+ program application period has been extended to 31 March 2026.