Stocks in the news (CK, FLE, KBANK, GUNKUL, PTTEP, RATCH, SAMART, SINO, SRICHA, SSP, THCOM) 01.09.26
Company news
CH. Karnchang PCL is a Thai contractor and infrastructure investor, building mass-transit systems, airports, roads and expressways, energy and water projects, harbours and buildings in Thailand and Laos, and holding stakes in related concession and infrastructure companies. Earnings are lumpy around project milestones and the listed vehicle trades as a leveraged play on Thai public-works and transit capex.
| Market Cap (THB): 30.41B | Market Cap (USD): ~$917M (at ~THB 33.17/USD) |
| Current Price: THB 18.10 (as of 1 September 2026 last sale) | 52-Week Range: THB 11.10-20.70 |
| P/E Ratio: 9.2 (TTM) | P/BV: 1.02x |
| Dividend Yield: 2.2% (latest indicated) | Avg Daily Value: THB 80M-250M |
CK: The market gets positive feedback from the mgmt. As the Co maintaining flexible cost control, supporting gross profit growth despite stable revenue. It will leverage its investments in BEM, CKP, and TTW to diversify revenue streams and expand its civil engineering projects. The Co boasts a backlog of Bt140bn and is actively pursuing additional projects worth Bt65bn. The Streets have revised their 2026-2027 net profit forecasts upwards by 28% and 31%, respectively.
Frontline Engineering PCL is a water-systems specialist supplying pumps, valves, pipes, Bailey bridges, dredgers and related equipment, plus installation, pump-rental and irrigation/water-transfer project work. Customers are mainly Thai government agencies (Royal Irrigation Department, groundwater and provincial waterworks). The name listed on mai today after an IPO of 100 million new shares at THB 1.23 (300 million shares post-offer); first-session prints ran THB 1.20-1.45 with last sale still at the offer.
| Market Cap (THB): 0.37B (300M shares post-offer) | Market Cap (USD): ~$11M (at ~THB 33.17/USD) |
| Current Price: THB 1.23 (as of 1 September 2026 last sale; first mai session) | 52-Week Range: THB 1.20-1.45 (first-day range) |
| P/E Ratio: 26.0 (IPO TTM) | P/BV: 1.45x (indicative post-IPO) |
| Dividend Yield: 0.0% (newly listed) | Avg Daily Value: THB ~250M (first-day turnover) |
FLE First day of trade on mai (industrials). IPO was 100m shares at ΰΈΏ1.23, raising ΰΈΏ123m; paid-up capital after the deal is ΰΈΏ150m (300m shares at ΰΈΏ0.50 par). Water pumps and kit; proceeds tagged for kit, capacity, debt and working capital.
Comment: Well a decent few minutes for ppl to exitβ¦
Gunkul Engineering PCL develops and operates renewable-power plants (solar, wind and related assets) in Thailand, Japan and Vietnam, and manufactures/sells electrical-system equipment plus EPC, O&M and rental services. The name has rerated sharply in 2026 on the renewable and data-centre power theme and now trades at a premium to book after more than doubling year-to-date.
| Market Cap (THB): 44.41B | Market Cap (USD): ~$1.34B (at ~THB 33.17/USD) |
| Current Price: THB 5.00 (as of 1 September 2026 last sale) | 52-Week Range: THB 1.75-5.50 |
| P/E Ratio: 21.7 (TTM) | P/BV: 2.89x |
| Dividend Yield: 4.2% (latest indicated) | Avg Daily Value: THB 200M-800M |
KBANK: launches KBank Indonesia to facilitate cross-border trade, providing investment access for biz, aims to leverage local mkt expertise, connect partner network to support TH & intβl investors expanding across ASEAN.
Comment: The region is going to be so ridiculously well connected in the coming decade. But for KBANK the only event Iβm looking for is whether Uncle S is going to take more shares and adjust the Directors on the Board at the next AGM.
Kasikornbank PCL is one of Thailandβs large private commercial banks, spanning corporate, SME and retail lending, deposits, cards, wealth, insurance (via Muang Thai) and digital channels. The franchise is a core SET50 financials name; the share has re-rated toward book in 2026 as credit costs and NIM have stabilised and the indicated yield remains mid-single-digit.
| Market Cap (THB): 589.96B | Market Cap (USD): ~$17.79B (at ~THB 33.17/USD) |
| Current Price: THB 249.00 (as of 1 September 2026 last sale) | 52-Week Range: THB 162.00-259.00 |
| P/E Ratio: 11.6 (TTM) | P/BV: 1.02x |
| Dividend Yield: 4.9% (latest indicated) | Avg Daily Value: THB 2.0B-5.0B |
GUNKUL: expand partnership with mall operator, Siam Piwat Simon to install battery energy storage systems (BESS) added to 54.4k sq.m. large scale on-site solar rooftops at Siam Premium Outlets.
Comment: The new PDP setup is great for players such as GUNKUL and anyone else that will no longer have to bother going through the local authorities..
PTT Exploration and Production PCL is Thailandβs national E&P company, producing oil and gas from the Gulf of Thailand and overseas blocks (Myanmar, Malaysia, Oman, Algeria and others) and paying a high indicated dividend. Earnings and the share price track oil and gas realisations, lifting costs and reserve replacement; the name remains one of the SETβs largest energy weights.
| Market Cap (THB): 595.47B | Market Cap (USD): ~$17.95B (at ~THB 33.17/USD) |
| Current Price: THB 150.00 (as of 1 September 2026 last sale) | 52-Week Range: THB 104.00-164.00 |
| P/E Ratio: 8.6 (TTM) | P/BV: 1.06x |
| Dividend Yield: 6.2% (latest indicated) | Avg Daily Value: THB 1.5B-4.0B |
PTTEP With THCOM, dissolved 50/50 JV ATI Technologies after a plan change. Both said no material hit to operations. Filed 31 Aug.
Comment: Itβs amazing what a change at the top does to previous management’s ideas.
Ratch Group PCL is a Thai independent power producer and infrastructure investor, generating and selling electricity and steam from gas, coal and renewables in Thailand, Australia, Indonesia and elsewhere, with a growing renewables and infrastructure book. The share screens as a yield-plus-book utility and has recovered toward the top of its 52-week range in 2026.
| Market Cap (THB): 82.11B | Market Cap (USD): ~$2.48B (at ~THB 33.17/USD) |
| Current Price: THB 37.75 (as of 1 September 2026 last sale) | 52-Week Range: THB 25.50-39.75 |
| P/E Ratio: 14.8 (TTM) | P/BV: 0.82x |
| Dividend Yield: 3.7% (latest indicated) | Avg Daily Value: THB 80M-300M |
RATCH: Co is currently studying the development of a data center hub on the former RG power plant site, whose power purchase agreement is about to expire. This site has the potential to support peak electricity demand of up to 1,400MW. Currently, the company is in negotiations with approximately 5-6 potential data center clients. The business models under consideration include land leasing, electricity sales, water supply, and operation and maintenance (O&M) services.
Comment: Now this has been in the news a bitβ¦itβs effectively reactivating a defunct plant (the one that used to power Koh Samui back in the day) and now itβll be utilised for data centres, and then take a guess which other plc is going to win the construction projectβ¦.
Samart Corporation PCL designs, installs and sells telecommunications systems and equipment in Thailand, Cambodia and the region, spanning network infrastructure, ICT solutions, digital services and related subsidiaries (including Samart Telcoms and aviation-solutions exposure). It is a mid-cap ICT name with modest liquidity versus the large-cap SET50 names in this snapshot.
| Market Cap (THB): 5.88B | Market Cap (USD): ~$177M (at ~THB 33.17/USD) |
| Current Price: THB 5.90 (as of 1 September 2026 last sale) | 52-Week Range: THB 4.98-6.70 |
| P/E Ratio: 10.7 (TTM) | P/BV: 1.06x |
| Dividend Yield: 5.0% (latest indicated) | Avg Daily Value: THB 5M-20M |
SAMART: signed EPC contract w/ Provincial Electricity Authority (PEA) to supply & install power transformer and monitoring devices for substation combined worth Bt264m.
Comment: Ah hello – more substation work.
Sino Logistics Corporation PCL provides international and domestic freight forwarding and contract logistics, reporting through sea-freight, air-freight and logistics-support segments. The mai/SET small-cap name is thinly traded and screens expensive on TTM earnings relative to the construction and energy names in this list, with a mid-single-digit indicated yield.
| Market Cap (THB): 1.01B | Market Cap (USD): ~$30M (at ~THB 33.17/USD) |
| Current Price: THB 0.97 (as of 1 September 2026 last sale) | 52-Week Range: THB 0.80-1.11 |
| P/E Ratio: 32.3 (TTM) | P/BV: 1.13x |
| Dividend Yield: 4.4% (latest indicated) | Avg Daily Value: THB 0.3M-2M |
SINO: The Co shows it can meet customer demand, benefiting significantly from rising shipping rates. The mgmt. reveals that 3Q26 is a peak season for cargo shipping, particularly to the US market. This supports plans to increase shipping volume to over 54,000 containers by 2026. It is confident of achieving revenue of Bt3.5bn this year and is accelerating expansion into air freight and integrated logistics businesses. Most recently, a major electronics company has placed its trust in SINO’s services.
Sriracha Construction PCL undertakes construction plus manpower-outsourcing and maintenance services in Thailand and overseas. A sharp jump in TTM earnings has left the share on a low-single-digit P/E even after a large 2026 rerating, and the latest indicated dividend is unusually high versus the rest of this list β treat the yield as lumpy rather than a run-rate.
| Market Cap (THB): 5.52B | Market Cap (USD): ~$166M (at ~THB 33.17/USD) |
| Current Price: THB 17.80 (as of 1 September 2026 last sale) | 52-Week Range: THB 9.00-23.20 |
| P/E Ratio: 3.2 (TTM) | P/BV: 2.38x |
| Dividend Yield: 16.5% (latest indicated) | Avg Daily Value: THB 5M-25M |
SRICHA: sees positive outlook after recently signed a contract with CPF worth Bt8.4bn. This deal builds upon existing projects and has the potential to reach Bt10bn. The Co points to its ability to construct projects faster than planned and anticipates securing additional ctrct, particularly towards the end of project completion.
Sermsang Power Corporation PCL is a regional renewable IPP with solar, wind, biomass and waste-to-energy plants in Thailand, Japan, Vietnam, Mongolia and Indonesia, plus solar-roof installation, investment/consultancy and a flexible-packaging sideline. The share trades below book with a mid-single-digit indicated yield after a solid 2026 recovery from the December 2025 close.
| Market Cap (THB): 6.31B | Market Cap (USD): ~$190M (at ~THB 33.17/USD) |
| Current Price: THB 5.05 (as of 1 September 2026 last sale) | 52-Week Range: THB 3.00-5.25 |
| P/E Ratio: 9.5 (TTM) | P/BV: 0.78x |
| Dividend Yield: 4.1% (latest indicated) | Avg Daily Value: THB 2M-10M |
SSP: completed disposal of 34.5mw Yamaga solar project in JPN to PAG REN I Holding and Tsubasa Energy Assets, expects to rec Bt500m gains from Bt1.2b deal.
Thaicom PCL operates satellite transponder capacity and related broadband, internet, media and network services across Thailand, Australia, India, Myanmar and other coverage footprints, including the IPSTAR platform and uplink/downlink and data-centre adjacencies. The name pays no indicated dividend on the latest print and trades at a mid-teens TTM multiple after a mid-20s percent move year-to-date.
| Market Cap (THB): 11.95B | Market Cap (USD): ~$360M (at ~THB 33.17/USD) |
| Current Price: THB 10.90 (as of 1 September 2026 last sale) | 52-Week Range: THB 7.60-14.20 |
| P/E Ratio: 18.8 (TTM) | P/BV: 1.13x |
| Dividend Yield: 0.0% (latest indicated) | Avg Daily Value: THB 20M-120M |
THCOM β Same ATI Technologies wind-up as PTTEP. 50% stake each; associate/JV status ends with the dissolution.
Comment: See PTTEP above.
Corporate events
MGI / ML β Newly issued shares start trading today.
TCAP β Board on 31 Aug approved ΰΈΏ1.50/sh on ordinary and preferred, from retained earnings. XD 11 Sep, record 14 Sep, pay 30 Sep.
TPOLY β Bondholder meeting today for series TPOLY253A.
XD today β LUXF ΰΈΏ0.754. Rest of the board is mostly DRs (BONDAS19, GSUS06, HKEX23, JEPI19, NIKE80, SINOBIO19, SPBOND80).
Pays today β BOL ΰΈΏ0.16.
Still open β FMT tender, 27.72m shares at ΰΈΏ18, through 17 Sep. CIMBT, GLAND and LRH last-trade window starts 3 Sep ahead of delist on 12 Sep.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| CK | $917M | 18.10 | 9.2 | 1.02x | 2.2% | β² +52.1% | View β |
| FLE | $11M | 1.23* | 26.0 | 1.45x | 0.0% | n.m. | View β |
| GUNKUL | $1.34B | 5.00 | 21.7 | 2.89x | 4.2% | β² +163.2% | View β |
| KBANK | $17.79B | 249.00 | 11.6 | 1.02x | 4.9% | β² +28.0% | View β |
| PTTEP | $17.95B | 150.00 | 8.6 | 1.06x | 6.2% | β² +32.7% | View β |
| RATCH | $2.48B | 37.75 | 14.8 | 0.82x | 3.7% | β² +28.0% | View β |
| SAMART | $177M | 5.90 | 10.7 | 1.06x | 5.0% | β² +7.3% | View β |
| SINO | $30M | 0.97 | 32.3 | 1.13x | 4.4% | β² +1.0% | View β |
| SRICHA | $166M | 17.80 | 3.2 | 2.38x | 16.5% | β² +78.9% | View β |
| SSP | $190M | 5.05 | 9.5 | 0.78x | 4.1% | β² +55.9% | View β |
| THCOM | $360M | 10.90 | 18.8 | 1.13x | 0.0% | β² +26.0% | View β |
Sources: SET, Yahoo Finance, company IR and market data as of 1 September 2026 last sale. USD figures = THB market cap Γ· 33.17. *FLE last sale is the first mai session print (listed today; IPO offer THB 1.23 on 21 and 24β25 August 2026). FLE YTD shown as n.m. because the name was not listed at year-end 2025. Tickers queried as .BK. Not investment advice.
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