BJC – Berli Jucker Logistics (BJL) entered a 50:50 JV with DHL Supply Chain Thailand, with planned capex of Bt1–1.5bn over five years, to provide specialized, compliant logistics supporting Thailand’s healthcare supply chain, with a focus on quality control and traceability. DHL contributes technology capabilities including warehouse automation, operational management systems, and real-time tracking to enhance efficiency. BJC expects healthcare revenue (excluding Big C) to account for ~30% of group revenue, with the healthcare segment targeting ~36% growth. The longer-term strategy also includes an upstream move into small-scale drug manufacturing, with further clarity expected within 18–20 months.

Comment: Good for both parties. BJC hasn’t gone anywhere in years…thai conglos need to learn from Filipino conglos on how to continually grow. 

GULF signed a long-term LNG purchase agreement with ENGIE S.A., securing supply of up to 0.8mn tons per annum under a 15-year contract to support power plants within the GULF group, enhancing fuel security and long-term cost visibility.

Comment: The whole region is going LNG mad.

SCC – Management expects chemical prices to have bottomed in 4Q25, as new supply additions moderate in 2026. The exit from loss-making e-commerce platform NocNoc is seen as supportive of earnings recovery. Additional upside could come from potential gains related to the sale of shares in its Indonesian unit, Chandra Asri Petrochemical (CAP), with the transaction expected to be completed by mid-2026. 

Comment: And there you go, that’s the simple story line for SCC. Throw in some demand recovery in Thailand, Cambodia, and Myanmar and then SCC may 1 day be called a screaming buy…but let’s see how long until that happens… 

TMAN – Management expects higher traffic through pharmacies as insurers shift away from lump-sum health insurance toward co-payment structures, encouraging individuals to self-manage minor illnesses and increasing demand for over-the-counter healthcare products.

Comment: I love the idea of this business – but I still wonder about their competitive advantage and distribution capability. At the end of the day if their distribution network is limited it won’t go anywhere.