BGRIM is ready to bid for 1,500MW of upcoming community solar auctions and will outline its 2026–2028 strategy in January.

Comment: It’s still ridiculous that Thailand is going down this route…get LNG & coal going…

DELTA: Shares fell 12.9% after a 45.8m-share placement at Bt171 via UBS. NVDR outflows reached -Bt4.8b YTD, highest on SET. The timing coincides with NVIDIA’s AI chip (Rubin) announcement, highlighting Delta Taiwan’s regional cooling expansion. Cooling peers Johson Controls, Modine, and Trane declined 7.3–11.8% post-announcement—worth monitoring.

Comment: Again….this company…some visibility on related party transactions would help…

SEAFCO lifted earnings visibility after securing diaphragm wall contracts for six MRT Orange Line stations, boosting backlog to Bt2.8b (71% government projects). Lower interest and energy costs support profitability.

Comment: Only real player in town.

SYNTEC’s subsidiary Delta Infra Two plans to diversify into renewable energy, signaling construction players’ pivot toward green projects.

Comment: Do they have the relationships necessary to win these projects?

TFG CEO Winai Teawsomboonkij resigned effective Dec 26 after SEC penalties of Bt1.125b and 40 months of management bans for insider trading.

Comment: Donkey f’ing kong.

Cambodia-Thailand ceasefire: Michael George DeSombre, US Assistant Secretary of State for East Asian and Pacific Affairs, held a virtual briefing on the Cambodia-Thailand ceasefire and implementation of the Kuala Lumpur Peace Accords. Market impact remains limited, but improved border stability could support tourism and cross-border trade sentiment.

Tourism update: The Tourism Authority of Thailand wrapped up its 2025 performance and outlined the 2026 strategy under the “Healing is the New Luxury” theme. Foreign arrivals fell to 32.9m (-7.2% yoy), the first drop outside the pandemic period, while TAT targets 36.7m this year. Health & wellness positioning could gradually improve higher-spending tourist inflows.

Gold trading in $: Thailand’s largest gold traders plan to promote USD-denominated transactions, aiming to reduce THB volatility from speculative gold flows and fend off punitive taxation. BOT will ease currency conversion through banks, helping exports and tourist spending by curbing THB strength.

Labor & industrial outlook: BOT highlighted slowing income growth as industrial weakness pushes workers into services, now 61% of GDP. Tech-related production growth lags regional peers: 17.2% vs Taiwan 73.8%, Philippines 53.5%, Malaysia 43.9%, South Korea 38.3%, Vietnam 34.8%. Slower, uneven income growth may weigh on consumption.

Property: REIC data shows Jan–Sep foreign condo transfers fell 14.2% to THB44.1bn. Chinese demand eased, but Indian buyers spent more per unit, suggesting selective international interest.