BA maintained its 2026 operating targets despite Middle East-related oil price volatility, with plans to raise ticket prices on certain routes by THB100–500 while optimizing flight frequency and cost management. The company also noted continued recovery in European passenger demand.

Comment: BA prices are somehow very competitive to AAV and THAI at the moment. 

BANPU expects stronger 2Q26 earnings supported by robust coal demand and high coal prices. The company expects 1H26 coal sales volume at 21mn tonnes and plans a US$3bn five-year investment budget targeting project IRRs of 10–15%.

Comment: Oh now they are happy to say they’re going to do well because of high coal prices…now let’s see how they manage the situation in Indonesia.

BCPG reaffirmed its commitment to good corporate governance and reserved the right to pursue legal action against dissemination of misleading information related to its investment in ALT.

Comment: ALT is a POS, BCPG has dodgy shareholders. Come sue me and everyone else that states this, fought off enough of you donkeys. But their #’s should look fantastic in 2Q26 due to the US business 

BTG targets 2026 revenue growth of 3–7% to THB130bn and aims to expand aggressively into overseas markets, particularly pork exports to Malaysia and Singapore. Management expects support from domestic stimulus measures and stronger global food demand through 4Q26.

CKP plans to begin construction of the 6MW Pak Thong Chai 2 solar project in 2H26, targeting COD in 2027. Meanwhile, the Luang Prabang hydropower project has reached 72% completion and remains on track for commercial operations in 2030.

GPSC agreed to divest its entire stake in a 55.77MW solar power portfolio in Taiwan for around THB590mn, with completion expected within 2026 as part of its portfolio optimization strategy.

IRPC announced coupon rates of 2.70–3.85% for its three new bond tranches, with subscription scheduled for 15–17 June. Proceeds will be used to strengthen the company’s business and long-term growth profile.

Comment: I still wonder whether they’ll become part of the national petchem story. It’s the main dog in PTT’s books that needs to be cleaned up. 

PTT acknowledged delays in securing strategic partners for its refining and petrochemical businesses amid global volatility, while accelerating expansion of its LNG trading portfolio. The company targets LNG trading volume of 15mn tonnes by 2035 and plans to maintain liquidity of over THB230bn to support Thailand’s energy security.

Six Thai refineries issued a joint statement denying allegations of oil stockpiling, emphasizing compliance with government regulations and confirming uninterrupted fuel supply during the Middle East crisis to support national energy security.

Comment: PTT is going to be fine, several good people will ensure the organisation and country are on a strong footing before the corrupt donkeys come back to take their share.

SCL approved a THB60mn share buyback programme running from 20 May to 19 Nov 2026, reflecting management confidence in the company’s long-term fundamentals following nearly 45% profit growth in 1Q26.

Comment: Another one.

TMAN maintained its medium-term revenue growth target of 10–15% CAGR, aiming to reach THB4bn revenue by 2029. The company plans to launch 15–20 new products this year and invest around THB150mn in a new office building.

Comment: Seems to be a steady player so far.

WHAUP partnered with Sahafarm to develop a 10MW solar farm with a 20MWh BESS system in Lopburi, with installation expected to begin in 2Q26. The project is expected to generate total energy cost savings of THB1.65bn over 30 years.

CLICX officially received Thailand’s Virtual Bank license from the BOT, positioning itself to become the country’s first fully digital branchless bank.

Comment: I still wonder whether this business model can be a success in Thailand. Singapore and Malaysia it wouldn’t work because of the size of the country’s and physical branches that already exist. Thai bnaks have scaled back the number of physical branches in the country over the past decade, but yet it isn’t really a truly underbanked society, and a Virtual Bank has to offer higher rates to entice depositers and then somehow still a NIM to offset its loan book.Will be interesting to observe. I doubt we’ll see fireworks and given how conservative the stakeholders are perhaps it just will not go anywhere. I suspect after looking at this for a while that the only “virtual bank” model that may succeed is one that makes fees on their asset management products, otherwise there is much else.

Comparison Table

Ticker	Mkt Cap (USD)	Price (THB)	P/E (TTM)	P/BV	Div Yield	YTD 2026	Analysis
BA.BK	$0.91B	14.40	7.5	1.94x	9.9%	+12.5% ▲	View →
BANPU.BK	$1.79B	5.80	N/A	0.47x	6.4%	+21.6% ▲	View →
BCPG.BK	$0.62B	6.80	14.1	0.69x	5.1%	+5.0% ▲	View →
BTG.BK	$1.20B	20.20	6.7	1.16x	7.6%	+19.2% ▲	View →
CKP.BK	$0.59B	2.34	6.5	0.61x	3.9%	+0.4% ▲	View →
GPSC.BK	$3.50B	40.25	16.2	1.02x	4.9%	+14.2% ▲	View →
IRPC.BK	$1.27B	2.02	7.2	0.55x	0.5%	+105.5% ▲	View →
PTT.BK	$32.6B	37.25	11.5	0.88x	5.7%	+21.2% ▲	View →
SCL.BK	$0.01B	1.42	7.1	0.89x	6.6%	+14.8% ▲	View →
TMAN.BK	$0.13B	10.80	8.3	2.08x	5.1%	+7.7% ▲	View →
WHAUP.BK	$0.64B	5.40	18.6	1.47x	4.7%	+34.0% ▲	View →

Data as of 20 May 2026 close • Market Cap converted at USD/THB 32.40 • YTD calculated from last trading day of 2025

If this has helped you, please consider donating and buy me a Somtum Waffle 🙏🧇