CBG’s strategic partnership w/ Tsingtao is expected to be a game changer for FY26 earnings, CBG to benefit from wider overseas mkt exposure vis Tsingtao distribution network plus upside from energy drink concentrate sales, opportunity to expand others functional drink abroad.

Comment: Hats off to the owner…he’s going after all the big boys without a relationship or a concession.

ERW said Black Pink concert in TH during Oct 24-26 has boosted hotel bookings up in 4Q to best quarter this yr, as it has exposure in every hotel segment, set up Hop Inn Hotel Korea with KRW3,000m registered cap, in which it holds 100%.

Comment: The main question is still, what’s the cost of the new lease.

GULF sold Bt30b bonds, 2.5X covered, to repay loans and as working capital for business expansion, include 3-yr bonds worth Bt4.9b at 1.76%, 5-yr worth Bt13.9b at 2%, 7-yr worth Bt8.1b at 2.20%, and 10-yr worth Bt3.1b at 2.37%.

Comment: Even Japan pays higher interest than GULF…and this is something for the whole country, but it does speak to how much capital is still stuck in Thailand…

GUNKUL keeps 10-15% FY rev growth t/g, driven by robust EPC electrical infra backlog and tailwind from renewable power sales, will wrap up pj for data center, infra pj and green energy abroad by eoy.

Comment: Talks w/ the management implied that there is going to be plethora of projects coming their way in 2027. 

SEAFCO anticipates backlog jump next yr driven by Bt6.064b Red line suburban rail pj (Rangsit-Thammasart Uni) to sign early 2026, upcoming govt bidding for serval infra pj wud boost dmd for foundation work construction.

Comment: Anutin is going to make thai equities great again.