BAM expects NPL sales by financial institutions to reach Bt200bn this year (vs. Bt150bn in 2024). Plans to participate in ~Bt30bn bids, targeting ~Bt3bn in bad debts.

Comment: Yes….but if BAM and JMT can only buy ~THB 50 bn together, there’s just far too much supply out there. 

KBANK: Invesco increased its stake by 0.1688% to 4.2492%, lifting total group holding to 5.0307% (as of Aug 13).

Comment: Boom, GULF can’t beat Invesco…big boys are coming back to town.

JPARK upbeat on 2H earnings: Bt116m smart parking project for State Railway starts 3Q. Siriraj Hospital parking service (3,000 slots) starts Dec; new Siriraj Salaya project (1,000 slots + 4,000 sq.m. commercial) on track for COD year-end.

Comment: I still like this business model…a lot…but the #’s from the company just don’t jive with what I see in the rest in Singapore and Australia.

MOSHI revises FY same-store sales growth to 4–5% (from 3–5%), expanding lifestyle products. Adds 24 stores in 2H, total 200 by year-end, aiming 15–20% FY revenue growth.

Comment: Just imagine Thailand had the inflation of the Philippines and Indonesia – then you’d be see a company like MOSHI announce +20-30% revenue growth. 

MTC: Founder Chuchart Petaumpai transfers 33.49% stake to sons Parithad (16.94%) and Suksit (16.75%). Spouse Daonapa Patcharachai becomes top shareholder (33.96%). No operational impact expected.

Comment: Sad story. Father passing.

OR to launch a new food brand replacing Texas Chicken in 4Q; negotiating joint investment in budget hotels (40–79 rooms), plan expected by year-end.

Comment: Perhaps OR should just partner with companies as opposed to do things themselves, they got lucky once with Amazon and have flopped with everything else.

Energy Resilience – PTTEP Consolidates: The cabinet approved PTTEP’s acquisition of Mubadala Petroleum’s 40% stake in the G1/61 Gulf of Thailand block, giving PTTEP full control of the 4,501 sq.km exploration area. The deal enhances PTTEP’s upstream portfolio and strengthens Thailand’s domestic gas security, providing earnings visibility amid global energy volatility. We see the consolidation as supportive for PTTEP’s positioning within the region.

Comment: PTTEP going nom nom nom nom. 

SPALI maintains 2H turnaround; Bt7bn of Bt12.6bn residential backlog set for recognition. Expects Bt200m gain from office building disposal in 3Q. FY sales target Bt32bn, revenue Bt30bn.

Comment: First SIRI and now SPALI talking about turnarounds…