Stocks in the news (bts, kbank, samart) 02.02.26
BTS
BTS Group – “Baan Chao Thai”: Affordable housing initiative to expand nationwide, shifting from Bangkok condos to provincial detached homes. Zero down-payment model targets renters paying THB5–8k/month, with financing support from the Government Housing Bank.
Comment: Well…I guess it’s no longer an infra company. “oh but this doesn’t change our model” yeah…the last time they did a property project is was a flop.
BTS Group Holdings Public Company Limited is a Thailand-based holding company focused on mass transit operations, media, property, and services, best known for operating the BTS SkyTrain system in Bangkok and related transportation and advertising businesses.
KBANK
Line BK (KBANK JV): Targets 30% loan growth in 2026 from a THB27bn loan book, aims to expand user base by 10–15% from 8.4m users. NPLs expected to remain below 3%, supported by AI-driven credit scoring.
Comment: A cheaper way to get loans and then mark them down to zero? Let’s see how well this model performs. I have my doubts given that we haven’t really seen a “sustainable” success case globally. (If I am wrong on this correct me)
Kasikornbank Public Company Limited is one of Thailand’s leading commercial banks, offering a full range of banking, lending, wealth management, and financial services to retail, SME, and corporate customers domestically and across the region.
SAMART
Targets 30% FY26 revenue growth (>THB14bn), supported by ICT solutions, digital communications, and utilities/transport. Plans to bid for THB30bn of projects this year; expects to secure 1–2 deals by early 1Q
Comment: They’ve lost their competitive advantage over a decade ago when the military came in.
Samart Corporation Public Company Limited is a Thai technology and telecommunications group engaged in ICT solutions, mobile and multimedia services, plus related infrastructure and engineering projects for public and private sector clients.
Eden Estate (CP-linked): Non-listed Eden Estate Corp plans to invest THB2.4bn to develop a private sports club in Bang Na, targeting breakeven within seven years.
Comment: How property companies does CP have? And how are they getting financing for this?
South Korea’s Pitangui medical & beauty centre opening in Bangkok: negative read-through for KLINIQ, MASTER, TRP.
Comment: There goes the high end part of the market. Odd that the S. Koreans are here, perhaps it’ll be a service center to send clients to Korea for the more complicated surgeries.
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