Bangkok Expressway and Metro PCL operates Bangkok tollways and the Blue Line metro under long concessions, plus commercial development along stations and expressway corridors. Cash flow is contracted traffic and fare/toll collections with a leveraged concession balance sheet; the share is holding the Thursday bounce at THB 6.80 this morning, mid-range versus the August 52-week high of THB 7.35, on a mid-20s TTM multiple and a low-single-digit indicated yield after a solid recovery from the December 2025 close.

BTS Group Holdings PCL is a Bangkok mass-transit, media and property platform — Green Line and related rail concessions, advertising, and real-estate/services around stations. Earnings have been squeezed by concession accounting, associate results and a still-heavy balance sheet; the share is barely off the 52-week floor at THB 2.04 this morning, trading below book with no TTM P/E and no current indicated dividend after a year-to-date slide from the December 2025 close.

B.Grimm Power PCL is a Thai independent power producer supplying electricity and steam from gas-fired SPP/IPP plants and a growing renewable book (solar, wind and hydro) in Thailand and overseas, with a developing data-centre power adjacency. Cash flow is driven by contracted capacity payments, industrial steam and Ft/gas spreads; the share has bounced to THB 19.10 this morning after slipping to 18.40 mid-week, still below the late-August 52-week high of THB 21.40 on an elevated TTM multiple after a 2026 rerating from the December 2025 close.

Electricity Generating PCL (EGCO) is a Thai independent power producer and holding company with contracted IPP/SPP gas, coal and renewable assets in Thailand and overseas plus a developing power-plus-infrastructure book. Recurring cash flow is dominated by long-term PPAs and a stable THB 6.50 indicated annual dividend, but TTM earnings have been crushed by non-cash items so the headline P/E is not usable; the share eased to THB 127.50 this morning, still a deep discount to book after a modest 2026 rerating from the December 2025 close.

Global Power Synergy PCL is PTT group’s power flagship, running gas-fired IPP/SPP plants, cogeneration and a rising renewable and energy-storage book, with customers across industry and EGAT. Earnings mix contracted capacity with merchant/Ft exposure and associate income; the share has given back the late-August spike to the mid-50s and last sold at THB 48.50 this morning, still well above the December 2025 close on a low-20s TTM multiple and a mid-single-digit indicated yield.

Gulf Development PCL is Thailand’s leading independent power producer after the Gulf–Intouch amalgamation, owning gas-fired IPP/SPP plants, LNG and a growing renewable book, plus a strategic stake in ADVANC. Earnings mix gas-spread power cash flow with telecom associate income; the share is unchanged at THB 61.00 versus Thursday’s official close in early Friday trade, still well below the late-August 52-week high of THB 68.50 on a mid-20s TTM multiple after the 2026 combination rerating from the December 2025 close.

Thai Airways International PCL is Thailand’s flag carrier, operating passenger, cargo and related aviation services on long-haul and regional routes after completing court-supervised rehabilitation and returning to SET trading. The Ministry of Finance remains the largest shareholder; the stock last sold at THB 5.95 this morning after a 5.90 Thursday close, still well below the post-relisting 52-week high even as TTM earnings stay positive and the indicated yield is mid-single-digit.

Taokaenoi Food & Marketing PCL is Thailand’s listed seaweed-snack maker, selling branded seasoned seaweed and related snacks in the domestic retail channel and for export across Asia and other markets. Earnings track volume, raw-seaweed costs and export mix; the share ticked up to THB 4.30 this morning after Thursday’s bounce to 4.28, still well below the 52-week high of THB 6.25 on a low-teens TTM multiple and a high indicated yield after a modest gain from the December 2025 close.

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