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: 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. 

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…

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.

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: 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?

SPALI logged Bt1.4b pre-sales of high-rise pj, Supalai Loft Tha Phra Interchange following launch date on Feb 14.

SCGP: Fitch affirms ‘A(THA)’ rating, outlook stable.

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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