Company news

BH — BH is expanding its preventive healthcare business and strengthening its footprint across Asia to complement its established Middle East patient base. The company is also increasing capacity at its Sukhumvit facilities while positioning Phuket as a key growth driver, with more than THB4.3bn earmarked for the development of a new 120-bed hospital, expandable to 212 beds, to capitalize on growing demand for medical and wellness tourism.

Comment: The only question mark is how quickly can they ramp up Phuket. It does look like they’ll be opening in phases.

CENTEL — CENTEL plans to focus future hotel expansion on Thailand’s secondary cities following the successful launch of Centara Life Ratchaburi. Management sees opportunities to achieve higher room rates while maintaining strong occupancy levels, supported by limited competition from branded hotel operators in these locations.

Comment: They are going to teach MINT how to do the hotel business.

DITTO — The company intends to continue bidding for new projects in 3Q26 to replenish its 2Q26 backlog of THB4.83bn. Opportunities include government data center projects, as well as engineering and technology contracts worth THB600-700m that have already been secured.

Comment: What about the zoo?? C’monnnn DITTO you’re a zoo keeper now, give us the details. Phucwits.

GUNKUL — GUNKUL has signed a Letter of Intent (LOI) with the Philippine government to proceed with a 784.1MW floating solar project. Based on its 40% stake, electricity will be sold under a 20-year power purchase agreement (PPA) with a fixed tariff of PHP6.53 per unit. Commercial operation is targeted for 4Q27.

KBANK — Management is seeing strong loan demand from large-scale data center projects both in Thailand and overseas, supported by financing criteria that align with the bank’s economic and environmental sustainability objectives.

Comment: Management should be replaced by GULF cronies.

GULF/BGRIM — Both companies downplayed potential negative impacts from the National Economic and Social Development Council’s (NESDC) decision to suspend 166 data center projects while new regulations are being drafted. GULF currently operates a 25MW data center in Samut Prakan and is developing an additional 38MW facility in the EEC, while BGRIM is constructing a 96MW data center in the EEC, with the first 48MW phase expected to partially commence operations in 4Q26. Exposure for GPSC, EGCO, and RATCH is viewed as limited, as their projects remain in the planning or feasibility stage, with no major construction currently underway.

PSL — PSL has secured a long-term charter contract of 12-14 months for one of its Ultramax vessels with Trafigura Maritime Logistics Singapore. The current gross variable charter rate stands at US$22,800 per day, equivalent to 107.5% of the average Baltic Supramax Index (BSI) time-charter rate over the preceding 15 days.

Comment: I mean…given the rates…why aren’t PSL and TTA trading higher..

PTT — ADNOC reportedly in talks for stakes in Thai refineries. Abu Dhabi National Oil Co. (ADNOC) is reportedly in discussions to acquire stakes in refineries operated by PTT units as part of its international expansion, according to Bloomberg citing people familiar with the matter. A potential transaction would reportedly include long-term crude supply agreements, while giving ADNOC access to refined products from the Thai facilities for its global trading business. A deal could potentially be announced later this year, although discussions remain private and PTT and ADNOC have not commented.

Strategically, the interest is notable. ADNOC is looking to secure long-term buyers for its crude, expand its fuel-trading platform and diversify refining exposure outside the Persian Gulf — an objective that has become more relevant amid disruptions around the Strait of Hormuz. For PTT, a strategic Middle Eastern partner could potentially bring crude-supply security, refinery utilisation/trading opportunities and strategic value recognition for its downstream assets. Details on which PTT refining units, potential stake sizes and valuation have not been disclosed.

Comment: This provides a floor in the pricing for IRPC PTTEP TOP at 1.0 BV as by law the ministry can’t sell below BV…or is that only for the MoF anyways. Lets see…

SUPER — Filed a draft with the SEC for two unsecured notes: 1-year-6-month at 5.55% and 2-year at 5.90%, both quarterly pay, books 6–8 Oct. Proceeds to refinance existing notes and/or bank debt, plus working capital.

Comment: I have joked this name should go bankrupt but they trade their projects so well.

TTB — TTB has partnered with Schroders to enhance its investment solutions for High Net Worth (HNW) and Ultra High Net Worth (UHNW) clients in Thailand, with TTB Wealth Securities serving as a strategic partner. According to management, the collaboration aims to deliver goal-based investment solutions by combining the expertise of all parties to help clients create, grow, preserve, and transfer wealth across generations.

TWZ — TWZ has triggered a cross-default on its THB225m TWZ26DA convertible bonds after failing to meet repayment obligations on institutional bank debt. The breach subsequently caused its bond obligations to fall into automatic default under the terms of the agreement.

Comment: Took this long enough…

Corporate events

XD today — BDMS ฿0.35; HMPRO ฿0.16; RATCH ฿0.70; SCB ฿2.00. DRs: ANTA13, BLK06, WDC03.

Pays today — BVG ฿0.03; B-WORK ฿0.1590; CPNREIT ฿0.28; FUTURERT ฿0.2656; GFC ฿0.03; GPI ฿0.11.

Tomorrow XD — BA ฿0.55; BAY ฿0.60; BBL ฿2.00; BCPG ฿0.15; KBANK ฿2.00. Apple event is also 9 Sep.

CIMBT / GLAND / LRH — Last-trade window continues through 11 Sep. Cash balance only. Delist 12 Sep.

Still open — FMT tender, 27.72m shares at ฿18, through 17 Sep.