Stocks in the news (AWC, THAI, TIPAK) 05.10.26
Company news
Asset World Corp PCL is the TCC Group lifestyle-property platform: hotels and resorts, retail and destination assets, and commercial workplaces, with cash flow from owned operations rather than a pure developer book. On 5 October it set out the AWR REIT freehold recycling platform, with an initial portfolio sized up to about THB 51.4bn. The share last traded at THB 3.14, unchanged versus Friday’s 3.14, in a 3.10–3.20 range on THB 162m of value (52.0m shares), still below the 52-week high of THB 3.34. It is well above the 30 December 2025 close of THB 2.12. SET factsheet multiples (as of 2 October, price unchanged) are 15.55x earnings and 1.04x book.
| Market Cap (THB): 100.56B | Market Cap (USD): ~$3.01B (at ~THB 33.43/USD) |
| Current Price: THB 3.14 (as of 5 October 2026 last sale) | 52-Week Range: THB 1.90-3.34 |
| P/E Ratio: 15.6 (TTM) | P/BV: 1.04x |
| Dividend Yield: 2.5% (DPS 0.08; ex 7 May 2026) | Avg Daily Value: THB 150M-400M |
AWC has submitted a filing to the SEC to establish the AWR Freehold REIT with a size of Bt51bn. Post deal, AWC will hold 28% stake with at least 72% allocated to public/institutional investors. Highlighting a policy of 4 dividend distributions per year, the company expects to generate over Bt30bn in net cash flow and recognize Bt10bn in development profits. Proceeds will be used to service debt—reducing the D/E ratio to 0.6x (from current 0.9x)—and pay dividends to shareholders. The initial 5 asset sales into REIT represents only the 1st tranche. AWC plans to do annual asset injections. The current filing includes a framework for additional 9 prospect assets from a total 62 AWC projects. Target listing on the stock exchange is set for late 2026 or early 2027. The project initial estimated yield is c. 5.44%-5.82%.
Comment: And now the question marks arising in the market about whether the assets in the REIT are able to pay the “promised” yields.
Thai Airways International PCL is the flag carrier, flying passenger, cargo and mail after its business rehabilitation, with a rebuilt equity base and a resumed dividend (THB 0.21, ex 24 April 2026). Earnings are levered to load factor, yield and fuel. The share last traded at THB 5.65, down THB 0.05 (−0.88%) from Friday’s 5.70, in a 5.60–5.80 range on THB 297m of value (52.3m shares), near the 52-week low of THB 5.25 and far below the 52-week high of THB 13.60. It is down from the 30 December 2025 close of THB 6.95. SET factsheet P/E was 7.84x and P/BV 1.97x at the Friday 5.70 close; both are scaled to the 5.65 last sale.
| Market Cap (THB): 159.91B | Market Cap (USD): ~$4.78B (at ~THB 33.43/USD) |
| Current Price: THB 5.65 (as of 5 October 2026 last sale) | 52-Week Range: THB 5.25-13.60 |
| P/E Ratio: 7.8 (TTM) | P/BV: 1.95x |
| Dividend Yield: 3.7% (DPS 0.21; ex 24 Apr 2026) | Avg Daily Value: THB 400M-1.1B |
THAI: Following a severe luggage disruption crisis, the board of Thai Airways has relieved CEO Chai Eamsiri of his duties while investigating the airline’s management of recent flood-related operational issues. Director Sumrid Sumneing has been named interim CEO. The management shakeup comes amid widespread public backlash on social media regarding THAI’s handling of the crisis. Critics have also raised concerns over Mr. Sumrid’s interim appointment, arguing that his finance background is ill-suited for resolving deep-rooted operational failures. Downplaying the sudden removal, outgoing CEO Chai stated that his departure was pre-planned ahead of his upcoming retirement, noting that the search for his successor was already underway with application deadlines closing on 27-Sep.
Comment: La la la la…let’s see what the politicians do this time..
Thai Packaging Industry PCL makes kraft paperboard sheet and corrugated boxes, a one-stop packaging converter with more than 50 years in Samut Sakhon. Revenue slipped from THB 2.83bn (2023) to THB 2.54bn (2025) and net profit from THB 192m to THB 121m; 1H26 revenue was THB 1.33bn, up 2% year on year, with gross margin 15.6% versus 17.3%. It listed on SET today (Industrials / Packaging) after selling 143.68m new shares at THB 1.85 (25 and 28–29 September); paid-up capital is THB 552m (par THB 1). Weerachai Mansinthorn holds 39.62% and Thai VPC Business 34.07% (free float 25.97% as of 30 September). The share opened at THB 1.69 and last traded at THB 1.71, down THB 0.14 (−7.57%) from the IPO prior, in a 1.67–1.77 first-day range on THB 90m of value (52.9m shares). Offering P/E was 6.38x on trailing profit to 30 June 2026; the filing also cites EPS THB 0.21 fully diluted, which does not reconcile with 6.38x (implied EPS about THB 0.29). No book multiple yet — the SET factsheet is unpopulated on listing day. Dividend policy is at least 50% of net profit; nothing has been paid as a listed company.
| Market Cap (THB): 944M | Market Cap (USD): ~$28M (at ~THB 33.43/USD) |
| Current Price: THB 1.71 (as of 5 October 2026 last sale) | 52-Week Range: THB 1.67-1.77 (first-day) |
| P/E Ratio: 5.9 (TTM; 6.38x at IPO 1.85) | P/BV: n.a. (listing day) |
| Dividend Yield: 0.0% (nil; policy ≥50% of NP) | Avg Daily Value: THB 90M (first session) |
TIPAK First SET trade today, packaging. IPO was 143.68m shares at ฿1.85 (25 and 28–29 Sep). Paid-up ฿552m, par ฿1. IPO value ฿266m, market cap at the IPO price ฿1,021m, trailing PE 6.4x. Kraft-paper packaging. Proceeds to machines, debt and working capital. Capex plan ~฿100m in 2027.
Comment: Well that wasn’t a pretty open…
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| AWC.BK | $3.01B | 3.14 | 15.6 | 1.04x | 2.5% | ▲ +48.1% | View → |
| THAI.BK | $4.78B | 5.65 | 7.8 | 1.95x | 3.7% | ▼ −18.7% | View → |
| TIPAK.BK | $28M | 1.71 | 5.9 | n.a. | 0.0% | ▼ −7.6% | View → |
Corporate events
XD today — ALLY ฿0.1313 (1 Jul–18 Oct 2026, from net profit and retained earnings).
Pays today — HPT ฿0.015 (1H26). PSP ฿0.30 from retained earnings.
Tomorrow XD — BBGI ฿0.20 from retained earnings.
Still open — SPCG tender at ฿9.11 through 8 Oct. BIS tender at ฿1.27 through 3 Nov. PTT treasury sale through 12 Oct. MAJOR buyback window is open. GRAND bondholders 7 Oct. PTT XD 7 Oct. ROH rights subscription 20–27 Oct at ฿0.60.
Market chatter
(not filings)
SET — Friday close 1,572 (+8). Morning notes sit 1,550–1,580. KSec support 1,550 / 1,525, resistance 1,590 / 1,615. Bank 3Q prints and the BOT meeting are the week. Baht desk 33.20–33.90.
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Paul Renaud
Thai companies have raised about 700 million Baht (US$21 million) through IPO’s so far this year, down 95% from 2025 and so the lowest annual total since the exchange began providing data in 2003. In my view one core reason is the often overpricing of IPO’s then counting on the speculators the first few days of trading, to shore them up. Post this, most just languish as after then “nobody cares anymore” as one Thai Broker MD told me once.