Stocks in the news (BAFS, BTS, CPAXT, DPAINT, FLE, GFPT, UAC) 31.08.26
Company news
Bangkok Aviation Fuel Services PCL provides aviation-fuel storage, hydrant-network and into-plane refuelling at Suvarnabhumi and Don Mueang, plus fuel-pipeline transport and hydrant-dispenser assembly/maintenance. Smaller utilities, power and business-solution units sit alongside the core airport-fuel franchise, which is leveraged to passenger volumes and jet-fuel throughput.
| Market Cap (THB): 6.82B | Market Cap (USD): ~$205M (at ~THB 33.20/USD) |
| Current Price: THB 10.70 (as of 28 August 2026 close) | 52-Week Range: THB 7.90-11.80 |
| P/E Ratio: 39.6 (TTM) | P/BV: 1.28x |
| Dividend Yield: 3.1% (latest indicated) | Avg Daily Value: THB 2M-10M |
BAFS: improving aviation outlook. BAFS expects a recovery in 3Q26 performance, supported by higher traffic at Suvarnabhumi Airport, with cost management and expense control supporting profitability. The company is preparing for the 4Q26 high season, including China’s National Day period and government tourism stimulus measures, which are expected to support EBITDA growth. BAFS is also continuing to expand its clean-energy portfolio.
Comment: And better and better and better than expected.
BTS Group Holdings PCL is built around Bangkok’s BTS Skytrain network, with three reported pillars: MOVE (mass-transit operations and maintenance, rail installation and related transport), MIX (out-of-home media and advertising on the network) and MATCH (property, services and platform adjacencies that monetise ridership and data). The name trades at a discount to book after several years of earnings volatility and a stretched balance sheet.
| Market Cap (THB): 33.48B | Market Cap (USD): ~$1.01B (at ~THB 33.20/USD) |
| Current Price: THB 2.08 (as of 28 August 2026 close) | 52-Week Range: THB 1.98-3.46 |
| P/E Ratio: n.m. (TTM loss) | P/BV: 0.58x |
| Dividend Yield: 0.0% (latest indicated) | Avg Daily Value: THB 15M-80M |
BTS: U-Tapao and mass-transit recovery. BTS stands to benefit from the government’s acceleration of the U-Tapao Airport project, including investment-related tax incentives. Its JV with UTA continues to pursue aviation-city infrastructure and mixed-use development. Meanwhile, Green Line ridership has recovered strongly to around 820,000 passengers/day, while Pink and Yellow Line revenue is improving and increasingly covering operating expenses. Although concessions expire in 2029, O&M contracts extend to 2042, supporting longer-term recurring cash flow.
Comment: They’re not going to do anything until the train line is being built…one could argue that CP group is holding up the development of the Thai economy.
CP Axtra PCL is Charoen Pokphand’s combined wholesale-and-retail platform: Makro cash-and-carry for HORECA and traditional trade, Lotus’s hypermarkets and supermarkets for consumers, plus mall and commercial-space management. Soft household spending has kept the share near the bottom of its 52-week range even as the group still pays a mid-single-digit indicated yield.
| Market Cap (THB): 153.29B | Market Cap (USD): ~$4.62B (at ~THB 33.20/USD) |
| Current Price: THB 14.70 (as of 28 August 2026 close) | 52-Week Range: THB 13.90-23.40 |
| P/E Ratio: 16.9 (TTM) | P/BV: 0.52x |
| Dividend Yield: 4.8% (latest indicated) | Avg Daily Value: THB 50M-150M |
CPAXT: waste-to-value / SAF opportunity. CPAXT has signed an MOU with GGC, a PTTGC subsidiary, to collect used cooking oil from its branches, group companies and network for refining and upcycling into raw materials for sustainable aviation fuel (SAF), bioplastics and biochemicals. The initiative creates an additional avenue to turn food-related waste into higher-value products while supporting Thailand’s circular-economy and clean-energy objectives.
Comment: Waste to value, invert that and you’ll understand the value destruction undertaken by CP Group on their businesses.
Delta Paint PCL manufactures and distributes decorative architectural paints, spray and wood coatings, metal paints and related chemicals in Thailand and Cambodia under the Delta brand. The mai-listed name has been loss-making on a TTM basis after a multi-year drop in revenue and a collapse in the share price from the 2021 IPO at THB 7.50.
| Market Cap (THB): 52.9M | Market Cap (USD): ~$1.6M (at ~THB 33.20/USD) |
| Current Price: THB 0.23 (as of 28 August 2026 close) | 52-Week Range: THB 0.19-1.05 |
| P/E Ratio: n.m. (TTM loss) | P/BV: 0.13x |
| Dividend Yield: 0.0% (latest indicated) | Avg Daily Value: THB 0.3M-2M |
DPAINT — Rights issue closed: 686.21m new shares at ฿0.20, raising ฿137.24m (about ฿136.99m net). Cash is earmarked for working capital and a push into property, including The City Phuket.
Frontline Engineering PCL is a water-systems specialist supplying pumps, valves, pipes, Bailey bridges, dredgers and related equipment, plus installation, pump-rental and irrigation/water-transfer project work. Customers are mainly Thai government agencies (Royal Irrigation Department, groundwater and provincial waterworks). As of 28 August 2026 the stock had completed IPO subscription (100 million new shares at THB 1.23; 300 million shares post-offer) but had not yet listed on mai; first trade is scheduled for 1 September 2026, so there was no SET/mai close that day.
| Market Cap (THB): 0.37B (at IPO price, 300M shares post-offer) | Market Cap (USD): ~$11M (at ~THB 33.20/USD) |
| Current Price: THB 1.23 (IPO offer; not listed as of 28 August 2026) | 52-Week Range: n.a. (pre-listing) |
| P/E Ratio: 26.0 (IPO TTM) | P/BV: 1.45x (indicative post-IPO) |
| Dividend Yield: 0.0% (pre-listing) | Avg Daily Value: n.a. (pre-listing) |
FLE — mai confirmed first trade on 1 Sep under ticker FLE (industrials). IPO was 100m shares at ฿1.23, raising ฿123m. Business is pumps and water kit (HYLIC, ANACONDA house brands); H1 mix was roughly 46% sales/install, 54% service.
Comment: Let’s see how it pumps tomorrow
GFPT PCL is an integrated poultry group covering feed mills, breeders, hatcheries, broiler farms, slaughter and further-processed cooked and frozen chicken for domestic and export customers, plus land- and aqua-feed. The stock screens cheap on TTM earnings (mid-single-digit P/E) with a modest indicated dividend after a stronger 2025 profit year.
| Market Cap (THB): 12.54B | Market Cap (USD): ~$378M (at ~THB 33.20/USD) |
| Current Price: THB 10.00 (as of 28 August 2026 close) | 52-Week Range: THB 8.50-11.00 |
| P/E Ratio: 5.5 (TTM) | P/BV: 0.56x |
| Dividend Yield: 2.0% (latest indicated) | Avg Daily Value: THB 10M-40M |
GFPT: poultry exports accelerating. GFPT expects poultry export volumes to accelerate on stronger orders from the EU, UK and Japan, with sales volume targeted at 8,500 tonnes by end-3Q26. Higher selling prices and lower feed costs should provide further support to margins.
Comment: Thought it would be trading higher by now….
UAC Global PCL imports and distributes industrial chemicals, catalysts, base oils and process equipment to oil & gas, refining, petrochemical, polymer and power customers, and also invests in renewable energy and utility projects (including biogas). The SET-listed name pays a high indicated dividend relative to TTM earnings, with payout well above 100% of last-twelve-month profit.
| Market Cap (THB): 1.71B | Market Cap (USD): ~$52M (at ~THB 33.20/USD) |
| Current Price: THB 2.56 (as of 28 August 2026 close) | 52-Week Range: THB 2.50-3.20 |
| P/E Ratio: 29.4 (TTM) | P/BV: 1.21x |
| Dividend Yield: 7.8% (latest indicated) | Avg Daily Value: THB 0.2M-1.5M |
UAC — Board approved sale of all 1.17m shares in associate UAPC (30%) to ICAP-SIRA ASIA PTE. LTD. for ฿62.5m cash. Associate status ends 1 Sep after the buyer exercised a call option; UAC said the latex line no longer fits.
Corporate events
MGI / ML — Newly issued shares start trading tomorrow, 1 Sep.
PROS — XR today, 2-for-1 at ฿0.13. Subscription window 21–25 Sep.
XD today — CCET ฿0.07, CPF ฿0.45, DRT ฿0.20, FM ฿0.15, LANNA ฿0.50, MIPF ฿0.37, PB ฿0.62, TIF1 ฿0.14.
Still open — FMT tender, 27.72m shares at ฿18, through 17 Sep.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| BAFS | $205M | 10.70 | 39.6 | 1.28x | 3.1% | ▲ +25.9% | View → |
| BTS | $1.01B | 2.08 | n.m. | 0.58x | 0.0% | ▼ -8.8% | View → |
| CPAXT | $4.62B | 14.70 | 16.9 | 0.52x | 4.8% | ▼ -6.4% | View → |
| DPAINT | $1.6M | 0.23 | n.m. | 0.13x | 0.0% | ▼ -65.7% | View → |
| FLE | $11M | 1.23* | 26.0 | 1.45x | 0.0% | n.m. | View → |
| GFPT | $378M | 10.00 | 5.5 | 0.56x | 2.0% | ▼ -5.7% | View → |
| UAC | $52M | 2.56 | 29.4 | 1.21x | 7.8% | ▼ -4.5% | View → |
Sources: SET, company IR, IPO filings and market data as of the 28 August 2026 SET close. USD figures = THB market cap ÷ 33.20. *FLE price is the IPO offer (subscription 21 and 24–25 August 2026); first mai trade scheduled 1 September 2026. FLE YTD shown as n.m. because the name was not listed at year-end 2025. Not investment advice.
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