TAX: Thailand’s Finance Ministry is preparing a tax structure reform plan to propose to the new government to build fiscal strength. The proposal includes a phased increase of the Value-Added Tax (VAT) from the current 7% to 8.5%. A longer-term goal within the plan is to further raise the VAT to 10% by the year 2030.

Comment: This is ridiculous for the Bangkok population. The government doesn’t need higher tax revenues, it needs lower corruption. Increase every civil servants salary by 5x, enforce laws against corruption and suddenly Thailand’s budget has a +30% surplus – if not more…

BA: The airliner has announced its new corporate vision, “Leading Aviation with Responsibility, Delivering Services with Sustainability” reaffirming its commitment to becoming a responsible aviation leader that delivers sustainable services.

CENTEL reveals bookings for 1Q26 is seeing yoy improvements for its 5-star hotels especially Centara Grand (+20%yoy); for BKK +7%yoy, Phuket +20%yoy, and Samui +12%yoy. Pattaya +58%yoy, mainly driven by Grand Mirage Beach Resort fully reopening early 2025 after renovs, while Centara Grand Beach Resort and Villa HuaHin still under renovs. Mgmt shared that its overall occ.rate is est at 85% for 1Q26 (Maldives 90%, Dubai 87%) supported by 5-star hotels at roughly 92% and is firm on its 2026 rev. tgt gr. of +10-15%. No major CAPEX exp this yr except for current renov in HuaHin and upgrades for Centara Grand Krabi to give it a “Centara Reserve” status.

Comment: And you thought tourism was dead…there’s still another good 6-month runway to come (hello Earthquake in March 2025)

GULF to propose to its board between Feb-Mar for dividend payment structure amendments from annual to semi-annual; EGM in Apr. Mgmt guides for higher dividend payments and guides for 4Q performance improvements after 7 projs have COD (354.3MW) in 2025 and 6 more (370.6MW) to COD this yr. Timeline for its virtual bank set for 2Q26.

Comment: The way virtual banks are being implemented in Thailand are just ridiculous…..consolidates power…market share blah blah, but this we all already know.

MINT to cod 152 rooms hotel at seaside town, NH Hua Hin, on Jan 16,2026, the fourth NH hotels & resorts in TH.

SCGP: Established new subsidiary, Go-Pak International in Vietnam to engage in export sales and marketing venture.

Refiners and petrol stations are expected to gain wider margin as oil prx drop frm surging global crude supply aft US takes ctrl of Venezuela: +ve SPRC, TASCO, SCC, TOP, OR, PTG. Thunhoon.

Comment: I still think oil prices have bottomed. I just don’t know when they’ll move again…anyone in the o&g game knows that it’ll be 2 decades + to begin getting stuff out of V in size…and if China has lost access to Venezuelan oil – where else will they buy it from? And would they have to bid up the price?

TMAN reaffirms solid 4Q frm robust sales of throat spray during winter season, boosted frm Govt’s co-pay stimulus as some of drug stores joined campaign, aims to launch new pdts and expand abroad to boost sales, eyes double digits rev grwth this yr.

TNP sees +ve SSSG thru supermarket branches as traffic surged frm increased travelers visit Chiang Rai & Chiang Mai provinces during winter season.

Comment: Well…what are the #s? C’mon news….

GFPT, CPF, BTG, TFG are expected to do well in 1Q as dmd for poultry and swine surge on an upcoming CNY, upside frm improved domestic consumption upon election, low feedmill costs as corn & soymeal px drop. Thunhoon.