A broker expects SAWAD and ITC to replace VGI and BCP in the SET50 for 1H26, while PTG, STECON, and GFPT are likely to replace JAS, SISB, and WHAUP in SET100. The official announcement is expected in mid-December.

Comment: Let’s see 

BPP’s natural gas unit, BKV Corp, agreed to acquire an additional stake from BPP US in a power JV for USD 376 m, bringing its total stake in BKV-BPP to 75%. Payment will be evenly split between cash and BKV stock; the transaction is expected to complete by end-1Q26.

CPF set up a JV with Japanese partner NH Food to expand production and distribution of processed pork products domestically and overseas (including Japan, Singapore, and Hong Kong). The new venture will acquire CPF Food & Beverage’s ready-meal factory in Chachoengsao for Bt1.8 bn, with completion expected by end-1Q26.

Comment: It would blow the Japanese mind how much of their food is actually made in Thailand. Or perhaps it will blow the Thai mind how much great quality is made in Thailand but exported overseas, and the locals are stuck with the lower quality.

PTTEP is expected to report mediocre 3Q results, with a consensus profit of Bt427 m. Q/Q profit is expected to remain flat, with significant improvement anticipated in 4Q due to a 6–8% increase in sales volume, lower production costs, and a weaker THB/USD. PTTEP remains a high-dividend play (~8.5%). (Source: Thunhoon)

Comment: Part of methinks’ that oil has bottomed out…

SKY anticipates strong Q4 growth YoY, supported by a continuous recovery in tourist arrivals in October following China’s Golden Week, India’s Diwali festival, and sustained long-haul arrivals from Europe. (Source: Thunhoon)

BEM management expressed support for the “Half-Half Plus” fare scheme and is pleased with Fitch’s A rating, highlighting its benefits for capital acquisition and interest rate management. (Source: Thunhoon)

ICHI expects strong 2H earnings from robust sales growth in alkaline water, OEM coconut juice for IF brand, and tailwinds from newly launched products and government co-pay stimulus programs. Improved economies of scale are expected to widen margins.

Comment: Local experts at selling you $hit you don’t need to drink.

SEAFCO reaffirms its 2H turnaround after a 1H net loss of Bt24 m. Out of Bt2.6 bn in foundation work backlog, Bt500 m is expected to be realized in 3Q, generating Bt40–50 m in profit. Two new October contracts for the Orange Line MRT, worth Bt69.48 m, will support next year’s growth.

Comment: Ouch, seeing SEAFCO’s weak 1H is quite something…if even they can’t get business, then the rest of the industry is dead.

BEM: The Transport Minister approved the Red-Purple line MRT day pass, effective Dec 1.

INSET and MASTEC are expected to be major beneficiaries of robust data center expansion, leveraging their expertise in data center construction. (Source: Thunhoon)

Comment: Building a data center isn’t rocket science….the customers already have a requirement list. And given how bad the utilisation figures are – how far will this business go?

Office of Industrial Economics to release September manufacturing production data at 11:00 am. Analysts expect factory output to decline 2.15% year-on-year.