Stocks in the news (bam, bts, egco, kbank, mint, nex, spali, scgp, toa) 17.02.26
Bangkok Commercial Asset Management Public Company Limited is Thailand’s largest asset management company, specializing in the acquisition, management, and resolution of non-performing loans (NPLs) and non-performing assets (NPAs) from financial institutions and state-related entities to support the clean-up of distressed assets in the banking sector.
BAM t/g FY cash collection at Bt17.9b flat from high-base last yr at Bt17.8b from large deal, expects wider margin from lower credit cost, up budget for NPL purchase to Bt3b from Bt2b in 2025, in talks 1-2 fin insti to set up jv distressed asset mgt, will conclude deal by eo-1Q.
Comment: If loans start rolling then….moonshot.
BTS Group Holdings Public Company Limited is a diversified holding company focused on mass transit operations for the Bangkok SkyTrain network, complemented by media, property, and services businesses that leverage its rail-based infrastructure and passenger traffic platform.
BTS: The mgmt has addressed its losses by using data analysis to develop specific targeting for each segment, aiming to boost passenger numbers by 5-7% above normal levels. They are preparing to launch short-distance, budget-friendly tickets for 1-5 stations to encourage travel frequency. Meanwhile, they are moving forward with the U-Tapao Aviation City project, awaiting official authorization to commence work, paving the way for mixed-use development. They are also hoping for a mega-project like a Disneyland theme park to attract tourism.
Comment: A new government that has parties with vested interests to make U-Tapao work.
Electricity Generating Public Company Limited (EGCO) is one of Thailand’s leading independent power producers, investing in and operating a diversified portfolio of thermal and renewable power plants domestically and across the Asia-Pacific region.
EGCO: anticipates FY26 turnaround from FY recognition of 640mw Yunlin windfarm in Taiwan (26.56% interest), lower maintenance shutdown of gas-fired pp in the US, stable income stream aft renewed PPA for 460mw Quezon Power in Philippines.
Comment: Cheap as chips on asset value…but when will this asset value be realised is the q…
Kasikornbank Public Company Limited is one of Thailand’s leading universal banks, offering a full range of retail, SME, and corporate banking services, together with capital markets, asset management, and digital financial services under the KBank and K PLUS platforms.
KBANK +1.79% prev. marking intraday 7yr highs. GULF reiterates no interferences with KBANK’s policies nor mgmt. In GULF’s latest filing: BoT approval is not required since its final stake will be slightly below 10%, excl. treasury stock, obtained after buyback. Under existing law, stakes of more than 10% in a domestic financial institution require prior BOT approval to prevent undue control.
Minor International Public Company Limited is a leading hospitality, restaurant, and lifestyle company with a global portfolio of hotels, serviced suites, food service brands, and retail trading operations anchored in Thailand and diversified across Asia, Europe, and other regions.
MINT signed hotel mgt agreement w/ MK Group for 2 new properties in Croatia & Slovenia under group’s luxury Anantara & Minor Reserve Collection, both set to debut by late Mar.
Comment: They’re still a great management co.
Nex Point Public Company Limited is an integrated provider in Thailand’s electric vehicle and automotive supply chain, focusing on the assembly and distribution of electric buses and commercial vehicles, related components, and associated services for public and private sector customers.
NEX: A complaint has been filed with the SEC regarding the appointment of Mr. Kittikorn as Co-CEO, despite him holding a 94.8% stake in direct competitor Thai EV. Meanwhile, Mr. Wasu explained that Mr. Kittikorn was appointed because of his skills and the need for his expertise, and that the Co plans to sell its shares in Thai EV in the future.
Comment: This company has neverrrrrr had governance issues righttttt?
Nex Point Public Company Limited is an integrated provider in Thailand’s electric vehicle and automotive supply chain, focusing on the assembly and distribution of electric buses and commercial vehicles, related components, and associated services for public and private sector customers.
SPALI logged Bt1.4b pre-sales of high-rise pj, Supalai Loft Tha Phra Interchange following launch date on Feb 14.
Supalai Public Company Limited is a major Thai property developer focused on residential real estate, developing and selling condominiums, detached houses, and townhomes in Bangkok and key provincial cities, with a growing presence in selected overseas markets.
SCGP: Fitch affirms ‘A(THA)’ rating, outlook stable.
TOA Paint (Thailand) Public Company Limited is the leading decorative paint and coating manufacturer in Thailand, producing architectural paints, wood coatings, construction chemicals, and related products for residential, commercial, and industrial customers across the region.
TOA: Mr. Prachak Tangkaravakoon, the TOA paint tycoon, has officially launched, Hokkaido Cafe its first flagship store in the heart of Thonglor Soi 10, positioning itself as a new lifestyle landmark in Bangkok’s vibrant dining scene. The owner aims to expand his business across Asia, showcasing a ‘win-win’ vision for all parties involved, before potentially listing the Co on the stock exchange.
Comment: The non-oil play is done for now. Not sure why a Cafe would be listed in the market. This isn’t going to be an AU part 2.
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Geoffrey Carter
TOA: Your figures are incorrect
“YTD Performance 2026: -8.4% (from THB 11.90 on 29 Dec 2025 to THB 10.90 on 18 Feb 2026)”
Actual Figures YTD THB 13.20 on 29 Dec 2025 THB 15.70 on 18 Feb 2026