Stocks in the news (CPAXT, CPN, GULF) 10.11.26
Company news
CP Axtra Public Company Limited (formerly Siam Makro) operates wholesale (Makro) and retail (Lotus’s) businesses in Thailand and the region, focused on food and consumer products plus mall management. The share closed at THB 14.90 on 9 November 2026. Market capitalisation is approximately THB 155.37 billion. YTD is negative versus the Dec 30 2025 close of THB 15.70.
| Market Cap (THB): 155.37B | Market Cap (USD): ~$4.65B (at ~THB 33.42/USD) |
| Current Price: THB 14.90 (as of 9 November 2026 close) | 52-Week Range: THB 13.90-20.50 |
| P/E Ratio: 16.4 (TTM) | P/BV: 0.50x |
| Dividend Yield: 5.0% (latest indicated) | Avg Daily Value: THB 66M |
CPAXT: plans to develop 52 malls in 2027, up from the 8 under its development pipeline this year, targeting +11% in mall rental space.
Comment: Now that’s brave, Habitat or happitat, or idgafaboutdat has demonstrated that they are terrible at making malls. Lets see if they’ve learnt from this lesson
Central Pattana Public Company Limited is Thailand’s leading developer and operator of retail shopping complexes, mixed-use properties, offices, hotels and related real estate. The share closed at THB 65.75 on 9 November 2026. Market capitalisation is approximately THB 295.22 billion. YTD is positive versus the Dec 30 2025 close of THB 55.25.
| Market Cap (THB): 295.22B | Market Cap (USD): ~$8.83B (at ~THB 33.42/USD) |
| Current Price: THB 65.75 (as of 9 November 2026 close) | 52-Week Range: THB 49.00-70.50 |
| P/E Ratio: 14.3 (TTM) | P/BV: 2.62x |
| Dividend Yield: 3.7% (latest indicated) | Avg Daily Value: THB 520M |
CPN: reaffirms solid 4Q driven by cod of luxury zone at Central Phuket, transfer of 3 condos, strong traffic on holiday season.
Gulf Development Public Company Limited (formerly Gulf Energy Development) is a major Thai independent power producer and energy infrastructure company engaged in electricity generation, related infrastructure and digital businesses. The share closed at THB 61.25 on 9 November 2026. Market capitalisation is approximately THB 915.08 billion. YTD is positive versus the Dec 30 2025 close of THB 41.75.
| Market Cap (THB): 915.08B | Market Cap (USD): ~$27.38B (at ~THB 33.42/USD) |
| Current Price: THB 61.25 (as of 9 November 2026 close) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 11.7 (TTM) | P/BV: 2.70x |
| Dividend Yield: 1.7% (latest indicated) | Avg Daily Value: THB 2,094M |
GULF: is expected to benefit from gov’t plans to unlock direct PPA to supply power directly to data center and industrial users, potential additional upside if rule permits gas-fired power and private transmission networks that would broaden opportunity
Comment: GULF is the 10 tonne kingkong power broker in the country, with Anutin getting on his knees and opening his mouth to get some drops for his construction co.
Earnings
GUNKUL Reported Q3/69 net profit of ฿818.15m (+79% YoY). Nine-month net profit ฿1,848.91m (+41.3%). Nine-month revenue ฿8,088.80m (+36.5%). Core operating profit ฿1,594.95m (+20%). EBITDA ฿3,286.08m (+15.8%). Driven by construction and electrical-equipment revenue (฿3,891.96m, +103.5%). Board declared an interim dividend of ฿0.02. XD 20 Nov. Earnings print.
MAJOR: Bt 284m +125% yoy, beats Bt 227m consensus.
GUNKUL: Bt 818m +79% yoy, beats Bt 609m consensus, pays interim Bt 0.02 dps, XD Nov 20.
INETREIT: Bt 197m +49% yoy, topped Bt 195m consensus.
IRPC: Bt 4.54b +1,237% yoy; missed Bt 4.76b consensus.
DOHOME: Bt 112m +9.8% yoy; missed Bt 122m consensus.
QH: Bt 332m -30% yoy; missed Bt 379m consensus.
LANNA: Bt 445m +336% yoy.
BAFS: Bt 48m +11.6% yoy.
CFARM: Bt 23m +130% yoy.
Corporate events
XD today — STANLY ฿10.00 (1 Apr–30 Sep 2026, from net profit). Also ETN23, IBM03, IBM06, IBM23, LUXSHARE80, VISA06, VISA80.
Pays today — DEYE80, LRCX80, MPWR23, TAIWANAI13, TAIWANHD13.
Still open — BIS tender at ฿1.27 closed last Monday. Payment was 5 Nov. Offerors are Phatcharee Nanthawatsiri, Sarawut Techasattaya and Rungnapa Tachasattaya. Not for delisting. MAJOR buyback window is open. LHHOTEL went XR on 5 Nov (1 : 0.1714). PTT’s capital reduction (238.66m treasury shares cancelled) registered 30 Oct. TL rights went ex 30 Oct (9 : 1 at ฿0.50). SMT’s ฿566m land-and-plant buy and TBN’s JurisTech MOU are still the open files. TTB’s ฿14bn general-offer buyback (16–27 Nov, ~฿2.49–2.63) is still the open file. BAM’s ฿4.5bn social bond is still the open file. BCP’s Q3 net profit of ฿9,849m, BCPG’s Q3 normalised profit of ฿1,287.8m and IVL’s Q3 net profit of ฿2,169.30m are still the open earnings prints. AP’s net presales hit ฿41.5bn for Jan–Oct. Not a filing.
Coming — OHTL XD ฿8.00 on 11 Nov. SCM XR (1 : 3 at ฿0.15) on 11 Nov.
Market chatter
(not filings)
SET — Closed 9 Nov at 1,473.07, up 7.37 (+0.50%). Bounce on the global tech recovery. Foreigners net sold ฿1.73bn via NVDR. Brokers talking selective dividend and value names. Not a filing.
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