BTS: The Green Line continues to recover, with average ridership reaching 630,000 passenger trips per day. Management expects further improvement once the government approves a unified ticketing system. The revenue target for FY2026/27 isTHB27bn, implying 19% YoY growth, supported by contributions from VGI, Rabbit Holdings and ROCTEC, as well as projects linked to aviation connectivity and the Eastern Seaboard double-track railway.

Comment: ROCTEC is perhaps the hidden surprise in the group – and that’s because none of the BTS management are overly involved…

CPN: CPN officially launched Central Northville in Nonthaburi, aTHB4.5bn development expected to increase foot traffic by around 30% versus the former Central Rattanathibet at the same location. Management expects average daily visitors to rise to 30,000 from around 20,000 previously. Separately, CPN and Mitsubishi Estate will hold a briefing on a new project development at10:30am BKT.

Comment: This is going to be a huge project…saw the plans a few years ago, just huge.

GULF: The PJM Interconnection, the largest US power grid, recorded all-time high electricity demand of 165.56GW on 2 July, driven by extreme heat and growing data centre demand. GULF owns a49%stake in the 1,200MW Jackson Generation gas-fired power plant, which supplies electricity into the PJM merchant market.

Comment: Markets still underestimate the amount of energy that needs to be built for this data driven world.

PSL: PSL is expected to report a 2Q26 earnings turnaround both YoY and QoQ, supported by improving freight rates and a larger fleet. Positive momentum is expected to extend into3Q26 as China accelerates coal imports ahead of winter, while a weaker THB should further support earnings.

Comment: The usual cycle in BDI, or specifically the supramax indices, has changed since 2016 (used to be simply buy in oct/nov sell by Chinese new year), a straightforward 10-20% a trade per time. And I still don’t understand why. 

PTTEP: PTTEP has completed Thailand’s first wellhead platform reuse project, reducing construction time by 70% to 6 months from 20 months, lowering costs by 35–50%, and cutting CO₂ emissions by around 3,270 tonnes per platform. The company plans to reuse another 10 wellhead platforms during 2027–2029

SQ: Reported a default on two tranches of commercial debentures (SQ256A andSQ266) with a combined value of THB785m.

Comment: Another one – very surprising, I remember following their IPO thinking it was overpriced but not that it would fall apart. 

STECON: Management continues to secure data centre construction opportunities as hyperscale customers remain satisfied with the company’s execution. The data centre business is expected to generate revenue exceeding tens of billions of THB next year. Meanwhile, easing construction material costs and favourable K-value adjustments should help reduce competitive pressure.

Comment: The market share continues to go to STECON and CK – still hoping that we see more construction players (non-chinese) come back to the market and win projects again, but until then it’s all STECON and CK.

TRUE: TRUE Corp has asked the SEC to verify a Form 246-2 filing that appeared to show Supaporn Phimpong acquiring a major stake in the company through UBS, raising broader questions over market disclosure, shareholder transparency and investor confidence. The case has also prompted scrutiny over whether the SEC’s filing system requires stronger safeguards. According to a capital-market source, Supaporn’s name has appeared in Form 246-2 filings involving at least six listed companies since 2018, including TRUE, KBANK, AAV, BBL, GLS and MAJOR, with several cases later drawing questions over the accuracy of the submitted information.

Comment: I joked that perhaps the wrong nominee was used for TRUE, but this is becoming amusing to observe…someone’s KYC didn’t work, and that public companies have to inform the SEC that they’ve noted an odd shareholder…well…looks like the SEC will have to work over time, implement more onerous requirements on market participants. Not a positive development for the investment industry.

Comparison Table

Ticker	Mkt Cap (USD)	Price (THB)	P/E (TTM)	P/BV	Div Yield	YTD 2026	Analysis
BTS.BK	1,025M	2.12	15.1	0.58	0.0%	▼ -12.4%	View →
CPN.BK	9,029M	67.00	15.4	2.62	3.6%	▲ +18.5%	View →
GULF.BK	28,826M	64.25	35.3	2.74	1.6%	▲ +22.8%	View →
PSL.BK	332M	7.45	16.7	0.71	5.4%	▲ +17.4%	View →
PTTEP.BK	15,678M	131.50	9.4	0.98	6.6%	▲ +8.7%	View →
SQ.BK	84M	0.19	N/A	N/A	Low	▼ -5%	View →
STECON.BK	811M	18.40	High	N/A	Low	▲ +164%	View →
TRUE.BK	13,696M	13.20	32.2	N/A	3.4%	▲ +15.8%	View →