Stocks in the news (BAFS, EGCO, MINT, CPAXT) 20.10.26
Company news
Bangkok Aviation Fuel Services Public Company Limited provides aviation fuel storage, transportation, and aircraft refueling services primarily at Bangkok’s Suvarnabhumi and Don Mueang airports, and operates related energy and property businesses. The share last traded at THB 9.90 on 20 October 2026 (unchanged vs prior close). Market capitalisation is approximately THB 6.31 billion. YTD performance is positive versus the Dec 30 2025 close of THB 8.50.
| Market Cap (THB): 6.31B | Market Cap (USD): ~$0.19B (at ~THB 33.55/USD) |
| Current Price: THB 9.90 (as of 20 October 2026 last sale) | 52-Week Range: THB 7.90-11.80 |
| P/E Ratio: 36.7 (TTM) | P/BV: 1.20x |
| Dividend Yield: 3.5% (latest indicated) | Avg Daily Value: THB 2M-8M |
BAFS – K-Shaped Aviation Recovery and SAF Opportunities: BAFS highlights stronger recovery among full-service carriers versus continued cost pressure on low-cost airlines. Management proposes aviation fuel tax and airport fee relief, alongside development of Thailand as a regional SAF hub. BAFS also sees opportunities to aggregate internationally eligible CORSIA carbon credits, potentially unlocking higher-value carbon monetisation for Thai projects.
Comment: 6M26 = FY25 profits, now what price do you want to pay for this?
Electricity Generating Public Company Limited is a leading independent power producer that develops, owns, and operates power plants in Thailand and overseas, selling electricity primarily to the Electricity Generating Authority of Thailand and industrial users. The share last traded at THB 125.00 on 20 October 2026 (−0.50 / −0.40% vs prior 125.50). Market capitalisation is approximately THB 65.8 billion. YTD is positive versus the Dec 30 2025 close of THB 114.00.
| Market Cap (THB): 65.8B | Market Cap (USD): ~$1.96B (at ~THB 33.55/USD) |
| Current Price: THB 125.00 (as of 20 October 2026 last sale) | 52-Week Range: THB 107.00-137.00 |
| P/E Ratio: 125.0 (TTM) | P/BV: 0.65x |
| Dividend Yield: 5.2% (latest indicated) | Avg Daily Value: THB 140M-200M |
EGCO – US Power Expansion: EGCO announced an agreement to acquire an additional 12% of the 980MW Linden Cogen power plant in New Jersey, increasing its ownership from 38% to 50% upon completion. The transaction strengthens its US power exposure amid growing electricity demand from AI and data centres.
Minor International Public Company Limited is a diversified consumer company with leading hotel, restaurant, and lifestyle brands, operating across Asia and other regions under brands including Anantara, Avani, and Minor Food. The share last traded at THB 20.40 on 20 October 2026 (−0.10 / −0.49% vs prior). Market capitalisation is approximately THB 114.7 billion. YTD is negative versus the Dec 30 2025 close of THB 24.30.
| Market Cap (THB): 114.7B | Market Cap (USD): ~$3.42B (at ~THB 33.55/USD) |
| Current Price: THB 20.40 (as of 20 October 2026 last sale) | 52-Week Range: THB 19.60-27.00 |
| P/E Ratio: 14.8 (TTM) | P/BV: 1.49x |
| Dividend Yield: 3.4% (latest indicated) | Avg Daily Value: THB 500M-650M |
CP Axtra Public Company Limited operates wholesale cash-and-carry stores under the Makro brand and retail hypermarkets under Lotus’s, with mall and commercial space management, primarily in Thailand and selected overseas markets. The share last traded at THB 14.00 on 20 October 2026 (unchanged vs prior). Market capitalisation is approximately THB 146.0 billion. YTD is negative versus the Dec 30 2025 close of THB 15.70.
| Market Cap (THB): 146.0B | Market Cap (USD): ~$4.35B (at ~THB 33.55/USD) |
| Current Price: THB 14.00 (as of 20 October 2026 last sale) | 52-Week Range: THB 13.90-21.80 |
| P/E Ratio: 16.1 (TTM) | P/BV: 0.49x |
| Dividend Yield: 5.0% (latest indicated) | Avg Daily Value: THB 70M-110M |
MINT/CPAXT have announced partnership under a Corporate Franchisee Model. The model is that CPAXT will act as the investor and franchisee holder, while Minor Food co-manages store operations and maintains brand/quality standards across its network. The 5 Brands Included: Dairy Queen, Swensen’s, GAGA, Bonchon and Steak & More. MINT is shifting towards an asset-light strategy, targeting a shift from its current ratio (40% Franchise / 60% Corporate-owned) to 60% Franchise / 40% Corporate-owned over the next 3–5 years. CPAXT leverages MINT’s strong food/lifestyle brands to build its “Happy & Healthy Mall” and “Food & Lifestyle Destination” concepts to drive foot traffic.
Comment: This is a great idea for both companies.
Corporate events
Still open — BIS tender at ฿1.27 through 3 Nov. MAJOR buyback window is open. STPI rights 29 Oct–4 Nov at ฿5.55. ROH rights 20–27 Oct at ฿0.60. SMT cash-balance runs to 30 Oct. GULF bond book 19–21 Oct, up to ฿20bn at 1.83–3.00%. QUICK first trade tomorrow.
Market chatter
(not filings)
SET — Closed yesterday at 1,571.72, down 1.29. Foreigners sold ฿2.1bn. Bank earnings are the tape. Flood colour is still broker talk. Not a filing.
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