BCH analyst meeting key takes slightly positive – management guides mid-single-digit revenue growth for 2026. Price increases started in Feb, though Middle East segment will drag & new insurance co-payment structure impacts to be seen. Amid the war, plans to open a Kuwait medical office after Ramadan may be delayed. 1 of 3 new hospitals, KH Vientiane, expected to breakeven this year while KH Aranyaprathet and Pranburi will remain under water for the next few years. mid2026 SSO reimbursement hike (fixed capitation rate is likely to increase from THB1,808/head/yr to THB2k/head/yr (+10%))

BCPG – SEC will finally investigate Capital Asia investments’ report after SG’s central bank found serious control failings in Capital Asia’s compliance with its anti-money laundering requirements. The SEC statement followed a Thai politician’s question over why the regulator had not frozen Capital Asia’s stake in BCPG before the fund appeared to sell most of those shares sometime between Sept 2025 and last week.

Comment: The tentacles of CAI are in several entities in Thailand – the money flow is simple to figure out. The issue is that for the related law agencies to act, they need time to build up a proper case – it takes time. But in SG the incentives for cracking down on this type of money laundering are far higher than in Thailand.

BH sees lower impact from Middle East war compare to border restriction across the world during Covid, diversify foreign patient structure, specialty clinics for high intensity and complex diseases enable co., to curb downside.

Comment: I see no negative impact, infact I see only positive developments.

BTG eyes 3-7% FY revenue growth target, GPM within 15-17% range, sets Bt600m capex for JV & M&A in Asean, revamp online channel, will expand processed food portfolio to boost margin, expects prolong unrest fuel food price,

Comment: They’re moving and expanding throughout the region – just wait until you see them decide to enter India.

CRC: The Co plans to invest Bt16-18bn this year to open new stores, renovate existing ones and enhance the customer experience. This year it plans to open 8-10 new Tops stores, two new GO Wholesale stores and 3-5 new Thaiwatsadu stores and wants to renovate two department stores, two Tops stores, two Thaiwatsadu stores and one Robinson Lifestyle store. Thailand contributes 80% of the company’s total sales, while Vietnam accounts for 20%. The company operates in 26 of Vietnam’s 34 provinces.

Comment: The management team at CRC are incredibly aggressive, and I do wonder whether the shareholders have the same appetite for risk, as these endeavours are incredibly capital intensive – aren’t successful at the moment and how long are they willing to hold onto these loss makers?

INET: begins construction of its 4th data center (INET-IDC4) on 160 hectare land (1k rais) to accommodate sovereign cloud, t/g cod 2Q27.

Comment: I hate the cloud infrastructure that we are all exposed to at the moment. It’s ridiculously scary how much data they have on us. And go down the white hat security rabbit hole to see how the thai government and authorities can request and receive your personal information in all the googles, apple, meta, etc etc. If you think that your cloud data is private, hah, if you think your messaging is private, hah (messenger, imessage, whatsapp, line, telegram, smses). Anyways Back to INET good for them.

IVL : The Co has partnered with Nigerian Breweries and Genesis Energy, with plans to build one of the largest rPET production plants in Africa, located in Lagos. This investment aims to develop a plant capable of producing up to 45,000 tons of food-grade rPET per year, with production targeting the first half of 2027.

KEX Express (TH) & J&T Express (TH) increasingly deploying AI for route optimization & fleet management to reduce energy waste, improve fleet efficiency, maintain service stability, enable co., to curb costs without compromising delivery performance.

Comment: They can talk all they want, they don’t have any business left in the country.

MINT: MJets adds new business including an investment in fixed-base operator (FBO) facilities overseas and authorized dealer Gulfstream jets in TH, sees the market has increased post-pandemic.

MTC: reported 4 tranches of CD total Bt3b, paying interest at 2.8%, 3%, 3.35% and 3.85% completely sold out, will use the proceeds for roll over, expand business, target 10-15% loan growth this year.

Comment: Instant boost to the bottom line

PTG: The management reiterates that it still has sufficient oil supply to meet demand and believes the government will gradually adjust prices after the diesel price freeze ends. The Co outlines its 2026 plan, targeting a 3-5% growth in oil sales, aiming for over 50% growth in non-oil business, expanding its “Phan Thai Coffee” chain to 3,000 branches, and boosting revenue to Bt10bn. It also plans a Bt4.5bn investment to expand its Max World empire.

Comment: Remember the background of PTG – they are oil traders, this isn’t an issue. Now the Punthai expansion has continued doing well, who’s their comp n/a 

TU upbeats 1Q earnings from robust sales of frozen seafood, feedmill & pet food products, sees marginal impact from middle east tension as export sales to the region account for only 3% of total sales, normalize US tariff help level playing field, weakening THB open upside.

Comment: With my expectations that the USD/THB continues to decline this year

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