Asset World Corp PCL is the listed hospitality and mixed-use property platform of the TCC group, owning and operating hotels, retail and commercial assets across Bangkok and key Thai tourist cities. Earnings mix room and F&B recovery with a still-heavy development pipeline and leverage; the share last closed at THB 3.04, just under the 52-week high of THB 3.18, on a mid-teens TTM multiple after a sharp rerating from the December 2025 close.

Bangchak Corporation PCL is an integrated Thai refiner and marketer with a Bangchak refinery, retail oil network, biofuel and a growing green-power book via BCPG and related energy-transition assets. Cash flow is dominated by refining cracks and marketing spreads; the share last closed at THB 53.00 after a mid-week fade from the THB 60.75 52-week high, still more than double the December 2025 close on a low-single-digit TTM multiple.

BCPG PCL is Bangchak’s listed renewable-power vehicle, holding solar, wind, hydro and geothermal assets in Thailand and overseas under long-term PPAs. Recurring cash flow is contracted capacity with some merchant/Fx exposure; the share last closed at THB 6.60 after slipping from THB 6.95 the prior session, a shade below the December 2025 close on a high-single-digit TTM multiple and a mid-single-digit indicated yield.

Bangkok Expressway and Metro PCL operates Bangkok tollways and the Blue Line metro under long concessions, plus commercial development along stations and expressway corridors. Cash flow is contracted traffic and fare/toll collections with a leveraged concession balance sheet; the share last closed unchanged at THB 6.80, mid-range versus the August 52-week high of THB 7.35, on a mid-20s TTM multiple after a solid recovery from the December 2025 close.

B.Grimm Power PCL is a Thai independent power producer supplying electricity and steam from gas-fired SPP/IPP plants and a growing renewable book (solar, wind and hydro) in Thailand and overseas, with a developing data-centre power adjacency. Cash flow is driven by contracted capacity payments, industrial steam and Ft/gas spreads; the share last closed at THB 18.60 after giving back Thursday’s bounce to 19.10, still well above the December 2025 close on an elevated TTM multiple.

Electricity Generating PCL (EGCO) is a Thai independent power producer and holding company with contracted IPP/SPP gas, coal and renewable assets in Thailand and overseas plus a developing power-plus-infrastructure book. Recurring cash flow is dominated by long-term PPAs and a stable THB 6.50 indicated annual dividend, but TTM earnings have been crushed by non-cash items so the headline P/E is not usable; the share last closed at THB 129.00, a deep discount to book after a modest 2026 rerating from the December 2025 close.

Gunkul Engineering PCL is an integrated Thai renewable-energy and electrical-systems group — manufacturing hardware, EPC/construction, utility-scale solar and wind generation, and a developing energy-management and data-centre power adjacency. The share last closed at THB 5.00 after a multi-month rerating from the December 2025 close of THB 1.90, now sitting just under the THB 5.50 52-week high on a low-20s TTM multiple.

Kasikornbank PCL is one of Thailand’s large commercial banks, with a full retail, SME and corporate book plus a sizable digital and payment franchise under K PLUS. Earnings are driven by net interest margin, fee income and credit costs; the share last closed unchanged at THB 253.00, just under the THB 259.00 52-week high, on a low-teens TTM multiple and a mid-single-digit indicated yield after a strong rerating from the December 2025 close.

Internet Thailand PCL (INET) provides internet, cloud, data-centre and digital-infrastructure services to enterprises and the public sector, with a growing colocation and cloud book. The share last closed unchanged at THB 3.88, mid-range versus the THB 3.24-4.50 52-week band, trading at a discount to book on a high-single-digit TTM multiple and a low-single-digit indicated yield.

Minor International PCL is Thailand’s largest listed hospitality and restaurant group, with hotels across Asia, Europe, the Middle East and the Americas plus a multi-brand F&B system (The Pizza Company, Swensen’s, Burger King and others). Earnings mix hotel RevPAR recovery with restaurant volumes and a leveraged balance sheet; the share last closed at THB 21.50, still below the December 2025 close and well off the THB 27.00 52-week high on a mid-teens TTM multiple.

Muangthai Capital PCL is Thailand’s leading title-loan / hire-purchase consumer-finance lender, with a nationwide branch network focused on motorcycle, auto and land-backed loans plus a growing nano and insurance-adjacent book. Asset quality and funding costs remain the swing factors; the share last closed at THB 29.50, well off the THB 43.50 52-week high and below the December 2025 close on a high-single-digit TTM multiple and a thin indicated yield.

Supalai PCL is a mid-to-large Thai residential developer with a nationwide low-rise and condominium pipeline, plus recurring rental and hotel income. Transfers and presales have been slower in a weak housing cycle; the share last closed at THB 16.20, a deep discount to book with a high indicated yield, still below the December 2025 close and the THB 19.00 52-week high.

S P V I PCL is a Thai Apple premium reseller and multi-channel distributor of Mac, iPhone, iPad and accessories through retail, education and enterprise channels (IT City is a major shareholder). The share last closed at THB 3.50 after a strong rerating from the December 2025 close of THB 2.16, mid-range versus the THB 2.00-4.04 52-week band on a high-single-digit TTM multiple and a mid-single-digit indicated yield.

Thai Airways International PCL is Thailand’s flag carrier, rebuilt after rehabilitation with a recapitalised balance sheet and a rebuilt wide-body and narrow-body network out of Suvarnabhumi. Earnings remain cyclical to fuel, yields and load factor; the share last closed at THB 6.05 after a Friday bounce, still well below the December 2025 close and the THB 14.70 52-week high on a high-single-digit TTM multiple.

Stella X PCL (formerly Nusasiri) is a Thai real-estate developer with a large share count and a still-lossy residential and mixed-use book. TTM earnings remain deeply negative and there is no indicated dividend; the share last closed at THB 0.23, mid-range versus the THB 0.12-0.34 52-week band and a discount to book after a speculative bounce from the December 2025 close of THB 0.15.

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