Stocks in the news (ba, bjc, cbg, gulf, gpsc, bgrim, itthi, mint, qhhrreit, psl, thai, ttb) 23.01.26
Bangkok Airways is a Thailand-based regional airline founded in 1968, operating scheduled flight services across Thailand and to international destinations including Cambodia, Hong Kong, Laos, Maldives, and Singapore. The company operates its own airports including Samui Airport, Sukhothai Airport, and Trat Airport.
Key Metrics: Market Cap: THB 32.13B, P/E: 8.84, Dividend Yield: 7.84%
View full analysis on Perplexity Finance →BA +ve earnings mmtum to con’t in 2026 supported by strong ticket sales on Samui route, lower cost per available seat kilometer (CASK) from lower oil px yoy, lower m/t costs aft decomm 3 aircrafts (2 leased & A320) while avg airfare r/m high above Bt 4,200/ticket, mulls adding 4 aircrafts this yr to increase fleet size from current 44.
Comment: I still want to see the day when Samui is released from the stranglehold of BA…
Berli Jucker (BJC) is a Thai conglomerate with over 140 years of history, operating four major supply chain businesses: Modern Retail Supply Chain (Big C stores, 60-70% of revenue), Packaging Supply Chain (glass, aluminum cans, plastic containers), Consumer Supply Chain (food and personal care products under brands like Tasto, Cello, Parrot), and Healthcare & Technical Supply Chain (pharmaceuticals, medical equipment, industrial ingredients).
Key Metrics: Market Cap: THB 56.91B, P/E: 13.03, Dividend Yield: 5.00%
View full analysis on Perplexity Finance →BJC is preparing to buy MM Mega Market Vietnam for $717m from TCC Land Int’l which ctrl by whisky tycoon Charoen Sirivadhanabhakdi, funding will come from bank loans and proceeds from issuance of debentures, seeking hdrs approval on an upcoming EGM on Feb 13.
Comment: “My children and subordinates must approve buying our failing attempt in Vietnam to maintain the value of BJC”
Carabao Group is a leading Thai beverage manufacturer founded in 2001 and headquartered in Bangkok, specializing in the production, marketing, and distribution of energy drinks. The company is the second largest energy drink company in Thailand with strong market share, operating under the Carabao brand with successful international expansion.
Key Metrics: Market Cap: THB 43.00B, P/E: 14.53, Dividend Yield: 3.26%
View full analysis on Perplexity Finance →CBG TB: The Co is aggressively expanding, aiming to boost its domestic energy drink market share to 32%. It plans to launch a new, value-added energy drink formula at 12 baht to increase margins and expand international markets.
Comment: I’m still of the viewpoint that CBG > OSP, they’re focused on volume, market share, right price point. OSP is still a sleepy giant.
Gulf Energy Development produces and sells electricity, steam, and chilled water to public and private clients in Thailand and internationally. The company generates electricity through gas-fired, solar, and wind power projects under IPP, SPP, and VSPP programs. As of December 2021, it had a total installed power capacity of 7,875 megawatts. The company is expanding into digital infrastructure and AI services.
Key Metrics: Market Cap: THB 694.70B, P/E: 27.19, Dividend Yield: 2.22%
View full analysis on Perplexity Finance →GULF, via Gulf Edge, announced a joint agreement with Alphabet Inc’s Google to explore biz opportunities in the AI space. The agreement is a strategic framework for Google to provide AI infra services, according to the filing that came after Google confirmed its plans to invest $1b in Thai data centers. The move underscores his ambition to build a digi-ecosys spanning energy, virtual banking, telecoms, and data services.
Comment: Thanks Google for further strengthening the tight hold that cronies will have on the Thai economy. But this is of course great for GULF.
Global Power Synergy Public Company Limited operates in the utilities sector, providing regulated electric power services. The company is engaged in power generation and utilities services primarily in Thailand, with a focus on sustainable and efficient energy solutions.
Key Metrics: Market Cap: THB 107.85B, P/E: 22.29, Dividend Yield: 2.61%
View full analysis on Perplexity Finance →B.Grimm Power Public Company Limited operates as an independent power producer in the utilities sector. The company is engaged in power generation and utility services, with operations focused on sustainable energy solutions and independent power production in Thailand and the region.
Key Metrics: Market Cap: THB 35.19B, P/E: 41.5, Dividend Yield: 3.19%
View full analysis on Perplexity Finance →GPSC-BGRIM could see renewed selling pressure as US natural gas futures closed slightly higher Thursday after surging about 75% in 3Ds, highest lvl since 2022, as frigid weather sweeps across major markets for the heating fuel and forces traders to cover bearish positions. More than 175 million people across the US will face snow, rain, sleet and ice through the weekend as record-breaking cold across the central and eastern regions fuels the season’s largest winter storm.
Comment: Liberal markets baby!
ITTHI Corporation operates in the energy and infrastructure sector, with recent expansion into EV charging station business. The company is positioning itself to capitalize on the growing electric vehicle market in Thailand through strategic partnerships with major fuel retailers.
Key Metrics: Market Cap: THB 3.58B, P/E: 15.8, Dividend Yield: 3.5%
View full analysis on Perplexity Finance →ITTHI inked deal w/ Caltex to install and operate EV charging stations at Caltex service stations, plans to add 10 stations for initial phase w/in 1H26, aims to capitalize opportunity from growing EV mkt.
Comment: It’s a decent margin business. But 10 stations don’t budge the #’s
Minor International (MINT) is a global hospitality and lifestyle company operating hotels, restaurants, and lifestyle brands across Asia Pacific, Europe, Middle East, Africa, and the Americas. The company owns and operates hotel brands including Anantara, Avani, Oaks, and Tivoli, alongside restaurant brands such as The Pizza Company, Swensen’s, and Dairy Queen in Asia.
Key Metrics: Market Cap: THB 86.54B, P/E: 18.7, Dividend Yield: 2.1%
View full analysis on Perplexity Finance →MINT: Moody’s has upgraded the backed senior unsecured rating to Baa1 from Baa2, on MINT’s $300m perpetual securities issued in 2021 with the first reset date on 19 July 2026 (2021 perpetuals). The perpetual securities are guaranteed by BBL (BBL, Baa1 negative), SG Branch.
Comment: Higher ratings, lower rates, MINT ftw.
Quality Houses Hotels & Resorts Freehold and Leasehold Real Estate Investment Trust is a Thai REIT focused on hospitality properties. The trust invests in hotel and resort properties, providing investors with exposure to Thailand’s tourism and hospitality sector through income-generating real estate assets.
Key Metrics: Market Cap: THB 8.5B, P/E: N/A, Dividend Yield: 6.2%
View full analysis on Perplexity Finance →QHHRREIT is raising funds for its 2nd additional investment which includes Center Point Hotel Chidlom, pj value not more than Bt 1.23b, with a lease term of 30 yrs, will post XR sign on Feb 4.
Precious Shipping Public Company Limited operates in the dry bulk shipping sector, providing maritime transportation services for commodities. The company operates a fleet of bulk carriers for transporting dry cargo globally, with focus on cost-efficient operations and long-term charter contracts.
Key Metrics: Market Cap: THB 19.1B, P/E: 8.2, Dividend Yield: 5.8%
View full analysis on Perplexity Finance →PSL signed 2 L-T charter contracts (24-26 mth) for its 2 bulk vessels with freight rate at about $ 14,000/d.
Comment: Tháts a great spread. It’s the strong USDTHB that’s hurting PSL’s financial performance.
Thai Airways International Public Company Limited is Thailand’s flag carrier airline, providing passenger and cargo air transportation services. The company recently completed a restructuring process and returned to the Stock Exchange of Thailand in August 2025, operating both domestic and international routes across Asia, Europe, and other continents.
Key Metrics: Market Cap: THB 184.8B, P/E: N/A, Dividend Yield: 0%
View full analysis on Perplexity Finance →THAI: the end of first round of 6-mth post-relisting on Feb 3 is expected to add pressure on share px in near term as 6.6b shares (25%) will be free from lockup requirement where creditors who engaged debt-to-equity prog has cost around Bt2.54/shr while those from RO has cost around Bt4.48, remaining 75% (20b shares) will be released in Aug , Bangkokbiznews.
Comment: And then?? SET50SET50SET50SET50
TMBThanachart Bank (TTB), formerly TMB Bank merged with Thanachart Bank, is one of Thailand’s major commercial banks providing comprehensive banking and financial services. The bank offers retail banking, corporate banking, investment banking, and wealth management services to individuals and businesses across Thailand.
Key Metrics: Market Cap: THB 52.8B, P/E: 8.5, Dividend Yield: 4.2%
YTD: -1.5%Comment: Random ramble – KKP says that they are going to do loan growth again, does this mean all other finco’s still start to follow? Government securities bid gone, NII improvement? Loan growth improvement going forward?
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Paul Renaud
Just saying here….had one say a year ago accumulated high dividend Thai stocks (as here advocated for long), and assuming these remained overall stale (some increased, many did nothing and a few dropped), the approx. 7% yield plus the 10% increase in Thai Baht currency vs. US$, one would have generated a total return of around 17%, in US$ -or about the same as broad US stocks during this 1 year same time period. US stocks get all the rage/attention but are more volatile, pay minuscule 1.2% dividends and well, command more than double the p/e ratio’s –while being US bubbly stocks in a declining global hegemony -lead by an increasingly very unpopular president -both at home as globally.
Pon
Yup on dividends.
Disagree on trump – he’ll go down as the best President in US history.
Don
agree with Paul. DIF is the love of my life (despite advice to never fall in love with an investment 🙂 . i hold long term, but right now I am taking profits ahead of what could be a messy market, post election. speaking of politics, never mind The Don; closer to home, Thailand would make international news if a former heroin dealer got elected PM.
Pon
The Minister of Health during the Covid era is the current and likely future PM of Thailand. No one seems to be willing to now say that during wuflu, the MoH was perhaps the most corrupt period/ministry in Thailand’s modern history – regardless I love the King. 🙂
Further it was that party that begun the ganja period of Thailand, which led to losses to the country’s p&l similar to Thakin’s rice scheme in methodology but smaller in scale
A continuation of such practises is likely to continue.
Regardless of the above, I love the King and he’ll lead Thailand through these interesting times.