Stocks in the news (bgrim, psl, pttgc, scc) 01.10.26
Company news
B.Grimm Power PCL develops, finances and operates gas-fired cogeneration and renewable power plants in Thailand and abroad, selling electricity to EGAT and industrial users and steam to industrial estates, with a growing solar, hydro and wind book plus LNG and smart-grid adjacencies. Cash flow is driven by contracted capacity payments and Ft/gas spreads. The share last sold at THB 18.40 this morning, unchanged versus Wednesday’s close, after a morning range of 18.30–18.60 and still below the 52-week high of THB 21.40; the 2026 rerating from the December close of THB 14.10 has cooled, and the TTM multiple remains elevated on thin earnings.
| Market Cap (THB): 47.98B | Market Cap (USD): ~$1.43B (at ~THB 33.55/USD) |
| Current Price: THB 18.40 (as of 1 October 2026 last sale) | 52-Week Range: THB 10.30-21.40 |
| P/E Ratio: 32.3 (TTM) | P/BV: 1.45x |
| Dividend Yield: 2.2% (latest indicated) | Avg Daily Value: THB 200M-700M |
BGRIM: Siam Piwat partnership expands clean-power opportunity to 300MW. BGRIM and Siam Piwat signed an MOU to study and develop clean-electricity trading through Third Party Access (TPA), targeting cumulative contracted capacity of up to 300MW. BGRIM would supply and source electricity and energy solutions ahead of potential future power-purchase agreements. Separately, the partners commenced commercial operations on Sep 30 for the 800kW rooftop solar project at Siam Paragon, covering more than 4,600sqm and expected to avoid up to approximately 532 tonnes of emissions annually
Comment: I do wonder how much better this will be for the population, I’ll need to read up on the terms or can someone help me, the PPA is between two private parties. With a set tariff, and who pays for the transmission lines etc etc.
Precious Shipping PCL is a pure dry-bulk shipowner operating a geared tramp fleet — Handysize, Supramax, Ultramax and cement carriers — on spot and period charters, with earnings levered to Baltic freight rates and a fleet-renewal programme that has sold older tonnage. The share last sold at THB 9.50 this morning, unchanged versus Wednesday’s close of 9.50, inside a 9.45–9.60 range and off the 52-week high of THB 11.40; it is still a large year-to-date gainer from the December close of THB 6.05, now near book after the freight-led rerating faded from the mid-September print.
| Market Cap (THB): 14.81B | Market Cap (USD): ~$442M (at ~THB 33.55/USD) |
| Current Price: THB 9.50 (as of 1 October 2026 last sale) | 52-Week Range: THB 5.70-11.40 |
| P/E Ratio: 12.2 (TTM) | P/BV: 0.87x |
| Dividend Yield: 4.2% (latest indicated) | Avg Daily Value: THB 40M-150M |
PSL: Fleet renewal with four new Ultramax vessels. Precious Shipping has ordered four Ultramax dry-bulk vessels for US$141.8m (approximately THB4.77bn), with deliveries scheduled from Apr 2030 to Jan 2031. The investment supports fleet renewal and should improve fuel efficiency and operating competitiveness over time, positioning PSL with a more modern fleet for future dry-bulk demand.
Comment: And does that imply they believe this is the bottom for pricing of vessels or the BDI market at the moment?
PTT Global Chemical PCL is the PTT group’s chemical flagship, formed from the 2011 PTTCH–PTTAR amalgamation, running olefins, aromatics, polymers (PE/PP and bioplastics), performance chemicals and refinery-linked intermediates plus logistics. Earnings swing with olefins and aromatics spreads over naphtha. The share last sold at THB 49.00 this morning, up THB 0.50 (+1.03%) from Wednesday’s close of 48.50, after a 48.25–50.00 range and still just under the 52-week high of THB 51.00; the move from the December close of THB 20.90 is the largest in this set, and the TTM multiple is still stretched on a thin earnings recovery.
| Market Cap (THB): 220.93B | Market Cap (USD): ~$6.59B (at ~THB 33.55/USD) |
| Current Price: THB 49.00 (as of 1 October 2026 last sale) | 52-Week Range: THB 19.00-51.00 |
| P/E Ratio: 56.3 (TTM) | P/BV: 0.72x |
| Dividend Yield: 2.2% (latest indicated) | Avg Daily Value: THB 800M-2.5B |
The Siam Cement PCL is Thailand’s diversified cement-to-chemicals group, operating through SCG Cement and Green Solutions, Smart Living, Distribution and Retail, Decor, Chemicals and the listed packaging arm SCGP, with plants across ASEAN. Earnings mix cement volumes and prices with chemicals spreads and packaging. The share last sold at THB 252.00 this morning, down THB 2.00 from Wednesday’s close of 254.00, after a 251.00–258.00 range and below the 52-week high of THB 272.00; it is still a solid year-to-date gainer from the December close of THB 183.50 and trades at a discount to book on a mid-20s TTM multiple.
| Market Cap (THB): 302.40B | Market Cap (USD): ~$9.01B (at ~THB 33.55/USD) |
| Current Price: THB 252.00 (as of 1 October 2026 last sale) | 52-Week Range: THB 163.00-272.00 |
| P/E Ratio: 22.5 (TTM) | P/BV: 0.83x |
| Dividend Yield: 2.4% (latest indicated) | Avg Daily Value: THB 500M-1.6B |
PTTGC/SCC: Petrochemical JV progresses; incremental positive for PTTGC. PTTGC and SCGC have progressed their proposed Thailand olefins and polyolefins JV to confirmatory due diligence, with negotiations now covering key transaction terms and quantified synergies. The scope includes crackers, PE and PP assets and selected investments, including HMC Polymers on PTTGC’s side, while SCGC’s LSP is excluded. The parties aim to finalise key transaction details, including the shareholding structure, transaction steps and quantified synergies, within October 2026, followed by TCCT and other required approvals. Under the framework currently contemplated, PTTGC is expected to become the major shareholder, while SCGC would remain a significant shareholder.
Comment: I still view this as positive for both parties. But let’s see…still several details tbc.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| BGRIM.BK | $1.43B | 18.40 | 32.3 | 1.45x | 2.2% | ▲ +30.5% | View → |
| PSL.BK | $442M | 9.50 | 12.2 | 0.87x | 4.2% | ▲ +57.0% | View → |
| PTTGC.BK | $6.59B | 49.00 | 56.3 | 0.72x | 2.2% | ▲ +134.4% | View → |
| SCC.BK | $9.01B | 252.00 | 22.5 | 0.83x | 2.4% | ▲ +37.3% | View → |
Corporate events
XD today — TFMAMA ฿2.43 (1 Jan–30 Jun 2026, from net profit and retained earnings).
Effective today — D moves from mai services to SET medical. First SET trade.
Today — PF bondholders, 15 series (waive D/E, waive default). MAJOR buyback window opens (up to 68m shares / ฿550m, through Mar 2027).
Still open — SPCG tender at ฿9.11 through 8 Oct. BIS tender at ฿1.27 through 3 Nov. PTT treasury sale through 12 Oct. GRAND bondholders 7 Oct. PTT XD 7 Oct.
Market chatter
(not filings)
SET — Wednesday close 1,559 (−35, −2.2%). Turnover ฿121bn. Foreigners −฿10.7bn. Locals bought the dip (+฿13.8bn). Banks and DELTA did the damage. Month-end flow, not a company story.
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