BANPU

BPP flagged potential removal from TH ESG. BANPU agenda highlights group restructuring via amalgamation with BPP, potentially leading to BPP delisting and formation of a new listed entity.

Comment: I just think this is ridiculous…Banpu just needs BPP to boost it’s #s….there’s zero proper rationale for this. Unless they want to re-list it separately in the future at a higher valuation.

📊 BANPU Company Background

Banpu Public Company Limited (BANPU) is an integrated energy company focused on three core businesses: energy resources (coal and gas), energy generation (thermal and renewable power), and energy technology solutions, with operations spanning Thailand and overseas (notably Indonesia, China, Australia, and other markets).

Market Cap (THB): 54.10B
Market Cap (USD): ~$1.5B
Current Price: THB 5.30
52-Week Range: THB 4.00-5.70
P/E Ratio: ~8-9x
P/BV: 0.45-0.50x
Dividend Yield: 5-7%
Avg Daily Value: THB 315M
YTD Performance 2026: +9.76%
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📊 CPAXT Company Overview

CP Axtra Public Company Limited operates wholesale and retail businesses in Thailand and Malaysia under the Makro and Lotus’s brands. The company sells food and non-food products through wholesale stores and retail chains, operating integrated mall management activities and providing warehouse services.

Key Metrics: Market Cap: THB 153.29B, P/E: 14.75, Dividend Yield: 2.4%

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CPAXT

CPAXT: Signed partnership with Mowi ASA to supply Atlantic salmon for premium fresh and ready-to-eat offerings.

Comment: I love the history of how salmon became a popular dish…

YTD: +4.5%
📊 GULF Company Overview

Gulf Energy Development Public Company Limited is a leading Thai energy conglomerate that generates and sells electricity and steam to public and private clients in Thailand and international markets. The company operates power generation facilities across Asia-Pacific and is expanding into data centers and renewable energy.

Key Metrics: Market Cap: THB 698.44B, P/E: 27.34, Dividend Yield: 2.16%

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GULF

GULF: Sees FY26 EBITDA growth >15% y/y, driven by Jackson Gen (US), data centers, new COD projects, and tailwinds from ADVANC.

Comment: The ultimate crony company of the past decade. So now they’ll enjoy the fruits of their kickbacks and what’s next? If someone had 8alls, this would be a great entity raid in the future.

YTD: +11.4%
📊 ITD Company Overview

Italian-Thai Development Public Company Limited (ITD) is one of Thailand’s largest engineering and construction firms, founded in 1958 through a partnership between Dr. Chaijudh Karnasuta and Giorgio Berlingieri. Headquartered in Bangkok with over 27,000 employees, the company specializes in large-scale civil infrastructure projects including highways, railways, airports, ports, dams, tunnels, power plants, and high-rise buildings across Thailand and international markets in Southeast Asia, South Asia, and Africa.

Key Metrics: Market Cap: THB 1.21B, P/E: 0.20, Dividend Yield: N/A

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ITD

ITD: Shareholders approved restructuring of THB14.5bn bonds, extending maturities by 3 years with higher coupons and partial principal repayments, following government-ordered project suspensions.

Comment: Kicking the can down the road…

YTD: -45.5%
📊 PTT Company Overview

PTT Public Company Limited is Thailand’s fully integrated national oil and gas company, operating comprehensive upstream, downstream, and infrastructure business segments. Founded in 1978 as the Petroleum Authority of Thailand and corporatized in 2001, PTT is majority-owned by the Thai government through the Ministry of Finance and listed on the Stock Exchange of Thailand. The company operates extensive natural gas pipeline networks in the Gulf of Thailand, engages in petroleum exploration and production through subsidiaries, markets petroleum products through retail service stations, and participates in petrochemical production, refining, electricity generation, and emerging renewable energy initiatives.

Key Metrics: Market Cap: THB 963.03B, P/E: 13.18, Dividend Yield: 6.47%

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PTT

PTT: Received first direct LNG shipment from the US under a 15-year, 1 mtpa contract.

YTD: +8.6%
📊 SCC Company Overview

The Siam Cement Public Company Limited (SCC), founded in 1913 as Thailand’s first cement manufacturer, is the largest and oldest cement and building materials company in Southeast Asia and a leading industrial conglomerate in the ASEAN region. Operating through three core business segments—Cement-Building Materials, Chemicals, and Packaging—the company manufactures and distributes a diverse portfolio including cement, ready-mixed concrete, building materials, olefins, polyolefins, vinyl products, and integrated packaging solutions across Thailand, Vietnam, Indonesia, China, and other international markets.

Key Metrics: Market Cap: THB 247.20B, P/E: 14.34, Dividend Yield: 2.43%

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SCC

SCC: Reported FY25 net profit THB14.1bn (+121% y/y), beating consensus; 4Q loss wider than expected. DPS THB2.50, XD Apr 1.

YTD: +8.6%
📊 TSTH Company Overview

Tata Steel (Thailand) Public Company Limited is a leading long steel products manufacturer based in Bangkok, Thailand, operating as a subsidiary of Tata Steel Limited (holding 67.80% through T S Global Holdings Pte. Ltd.). Founded in 2002 and listed on the Stock Exchange of Thailand since its IPO, the company specializes in manufacturing and distributing deformed bars, wire rods, small section angles and channels, seismic bars, and stirrup products, while also providing value-added cut and bend services.

Key Metrics: Market Cap: THB 6.15B, P/E: 3.65, Dividend Yield: N/A

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TSTH

TSTH: Warned of intensifying competition from Chinese steel exports, as weak China demand pushes mills overseas; shifting focus to higher value-added products

Comment: Given the amazing quality of Chinese steel, shouldn’t it be a national security issue to ban them? Which Thai politician would do this? Not Anutin, he’s a sino-simp. 

YTD: +18.8%
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