Stocks in the news (bgrim, cpn, ea, sflex, thai, thbev) 15.05.26
B.Grimm Power Public Company Limited, together with its subsidiaries, engages in the development, financing, construction, and operation of green-field power plants in Thailand and internationally. The company operates through Electricity Generating and Other Businesses segments, focusing on solar, hydro, wind, and other renewable energy sources.
BGRIM: Management expects strong performance in 2H26 after completing cost pass-through by mid-year. The company expects to recognize revenue from new power plants in Thailand and overseas totaling more than 500MW. It also continues to invest in data centers, paving the way for 1,000MW of additional capacity. The company targets reaching 10,000MW by 2030.
Comment: And then spin it off to a infra reit.
Central Pattana Public Company Limited is Thailand’s largest retail property developer and manager, operating a diverse portfolio of premium shopping centers, office buildings, hotels, and residential properties across the country.
CPN: Central Land and Development, a unit of Central Group, is investing THB730mn to launch two community malls in Pattaya and Phuket.
Comment: Phuket is still going through a construction boom (bubble?)
Energy Absolute Public Company Limited, together with its subsidiaries, engages in the manufacture and distribution of biodiesel, renewable electricity from solar and wind, electric vehicles, batteries, and related energy products in Thailand.
EA: Hanuman Wind Power, its Hong Kong-based unit, will kick off an investor roadshow next week in Singapore and Hong Kong for its delayed USD bond sale. The roadshow will continue in Boston and New York before moving to London on May 26. Based on our channel checks, institutional clients continue to give EA the cold shoulder following multiple issues that have hurt investor trust, alongside the lack of near-term growth catalysts.
Comment: New fools need to be found.
Starflex Public Company Limited manufactures, trades in, and distributes flexible packaging products in Thailand for food, personal care, medical, and other industries.
SFLEX: Announced a share buyback program of up to 16m shares (2.02% of paid-up shares) under a THB45mn budget, starting from May 18 to Nov 17.
Comment: Another one
Thai Airways International Public Company Limited, together with its subsidiaries, engages in the airline business providing passenger, cargo, and mail transportation services in Thailand and internationally.
THAI: The airline plans to add more European flights while maintaining proactive fuel cost and route network management amid short-term concerns over spillover impacts from the Middle East war and broader geopolitical tensions. THAI plans to resume its Bangkok-Amsterdam round-trip service with daily flights, totaling seven flights per week, from July 1
Comment: SET50? Final lock up period ends in August.
Thai Beverage Public Company Limited is one of Southeast Asia’s largest beverage producers and distributors, with leading market positions in spirits, beer, non-alcoholic beverages, and food across Thailand and the region.
THBEV: Reported 1H26 results yesterday evening. In our view, the stock has largely been written off by the market given the challenging macro backdrop in Thailand. However, the results — particularly on the earnings front — were decent and remain on track to meet our FY26F estimates, implying solid 9% growth. This was primarily supported by lower raw material costs and the absence of a one-off fair value loss related to the acquisition of its SABECO associate. While top-line growth remained soft, the return to growth in 2Q26, particularly in the beer segment with volume recovery, is an encouraging sign and bodes well for the potential BeerCo IPO.
- 1H26 core profit at THB16bn, +8.5% y/y, accounting for 58% of DBS FY26F, in line.
- Recorded a THB1.7bn impairment loss from discontinued operations of a JV.
- Declared an unchanged interim dividend at THB0.15/share.
- Management remains optimistic on 2H26 growth, supported by warmer summer weather, lower raw material costs, and a low base effect.
Comment: They’ve finally written down SABECO…only took the auditors a few years to finally do it (or should we say the BoD to finally accept it…)
Summary Table
Thai Equities Comparison as of 14 May 2026 (USD/THB: 32.40)
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