BAFS: The mgmt said a surge in fuel refueling volume in the 4Q25, reaching its peak season which will be supported by SEA Games and athletes boosted fuel refueling volume. Growth is expected to continue next year, despite challenges from airports raising PSC. BAFS is preparing for a significant turning point in its pipeline transportation business following the completion of the connecting pipeline project, which is expected to boost fuel refueling volume.

Comment: I do not see the positive impact of the SEA games this time around. The government has done a piss-poor job at marketing it well.

BGRIM reaches key milestone as 65MW (Phil) solar proj CoD on Dec5th, after receiving the Final Certificate of Approval to Connect (FCATC) under ARECO, its whole subsid. Now till Jan 14, the proj will fully supply to the Philippine Wholesale Electricity spot market (WESM) at avg spot of PHP 6.6/kWh (Bt3.6/kWh). From Jan15, 2026 onwards, under its 20-yr PPA, at fixed tariff of PHP 4.43/kWh (approx. Bt2.4/kWh).

Comment: The Philippines is the perfect example of what happens to a developing country when they fully liberalise the energy/power sector. Control goes to a few players, corruption is rampant, and the country can never grow because the cost of energy is far too high.

PSL rpted disposal of one supramax bulk carrier for $ 9.85m inline with strategy to rejuvenate fleet, co., fleet will consist of 45 vessels w/ aggregate capacity about 2,148,518 DWT.

Comment: One wonders why this name doesn’t do its usual seasonal trade as it has it in the past.

PTT has completed acquisition of Alvogen group Holding Inc through Lotus Pharmaceutical Co Ltd.

TOP’s board seeking holders approval on asset monetization plan at AGM mting tdy of which it intends to sell crude oil tanks, single buoy mooring, loading station and land at Si Racha to a new subsidiary.

Comment: Never was going bankrupt…

TH’s top5 securities firms, with strengths in investment mgmt, especially private funds. Assets under mgmt. jumped from Bt500m in 2024 to Bt2b in 2025, driven mainly by CH equity exposure.

TOURISM, further boosts to attract more influx. Though pending cabinet approval next week, the Tourism and Sports Ministry plans to offer free domestic flights to 200k F-tourists nationwide over a 3M period using a Bt700m budget, hoping to churn up Bt8.8b in rev. from the prog. Foreigners with an int’l ticket will be able to claim 1 domestic round-trip with 20 kg baggage on 6 Thai carriers – ThaiAir, AirAsia, BKKAir, NokAir, Lion Air and Vietjet.

Transport minister will propose single ownership system for 4 lines of electric trains (BTS, MRT, SRT lines) at cabinet mting tdy, aims to unify fares, integrated mgt for seamless travel.

MOF will propose ministerial regulation on excise tax adjustment on auto & motorcycle to accommodate transition aft current EV incentive pkg (EV3) expired at eo-Dec.