CPAXT & Ayala: JV to expand “Makro” in the Philippines, aiming to become a leading wholesale-retail player amid IMF’s 5.9% GDP growth forecast in 2026.

Comment: That’s a good partner they’ve chosen. Two conglomerates get together…ayala does have a decent logistics arm of which CPAXT could benefit. And this is a less competitive market than India.

JTS: Announced share buyback of up to 9.35 mn shares (1.32% of paid-up) under a THB 250 mn budget, effective Nov 21, 2025–May 20, 2026.

KTB – Mr. Sarath Ratanavadi, CEO of Gulf, purchased around 130mn shares of KTB under his own name, making him the 8th largest shareholder.

Comment: The epitome of crony capitalism in Thailand.

GULF: To COD 38 MW solar project by year-end. Additional six solar projects totaling 623 MW scheduled for COD in 2026. Also, 10 MW waste-to-power project in Chiang Mai to COD in May 2026, while 50 MW solar rooftop under GULF1 to COD to private PPA clients next year.

LTS: Won procurement contract to supply educational equipment/services for Sukhothai Secondary Education Service Area Office totaling THB 141.23 mn.

PSH: Plans to launch 6 new projects worth THB 6.7bn in Q4/5, targeting 2026 revenue of THB 20bn, focusing on homes priced above THB 7m and opening 3 new health excellence centers.

Comment: PSH just appears to have a capital allocation issues – none of which are truly yielding anything for the company.

SENA: Reports 9M25 revenue of THB 3.66bn and backlog of THB 8.45bn, with 3 new projects worth THB 6.6bn; LivNex rental-savings model boosts gross profit.

SNNP: Confident of strong Q4 results from high season in Thailand-Vietnam; plans ASEAN expansion to offset lost sales in Myanmar-Cambodia.

Earnings headlines

• RATCH: 9M25 net profit at THB 5.45bn; considers participating in community solar farms and direct PPA schemes.
• SYNEX: Q3/25 net profit rises 17% to THB 198m, supported by AI and smart device demand; strengthens AWS partnership and expands Smart Energy Solutions.
• SIRI: 9M25 net profit THB 3.03bn; expects Q4/25 peak revenue amid strong real demand.
• PF: Targets 2026 sales of THB 11bn, launching new home models in all segments, aiming for recurring revenue of 30% within 3 years.
• SCB CIO: US-listed companies’ Q3/25 earnings beat expectations; expects EPS growth 9–10% this year; continues to favor AI-related tech stocks.
• IDG: 9M25 revenue up 8.8% to THB 94m; expanding high-margin and recurring income services via WORK+, BIZ+, LIFE+ platforms.
• MASTER: Confident in 2026 recovery; focuses on cost control and international markets, benefiting from medical tourism demand.
• TKN: Q3/25 net profit THB 112m (-16.6% YoY); cost management on seaweed and packaging expected to drive Q4 recovery.
• CPALL: Targets 2026 expansion of 700 new stores, invests THB 13–14bn, boosted by government “Khon La Khrueng Plus” scheme from indirect consumer confidence effects.
• BPP: Q3/25 net profit THB 1.16bn (+2% YoY); progressing Power+ restructuring and merger with Banpu.
• 88TH: Q3/25 net profit surges 133% to THB 75m, driven by LYO haircare, skincare, and online sales.
• CPANEL: Q3/25 rebounds with two consecutive profitable quarters; backlog at THB 1.42bn.
• MGC: Q3/25 net profit THB 253m (+2,526% YoY); declares interim dividend THB 0.14/share.
• ONSENS: Q3/25 profit rises to THB 68m; expects strong Q4 performance from health trend and new PAK Massage brand.
• DEMCO: 9M25 net profit THB 11.43m; operating profit +24.5%; backlog THB 2.87bn, pursuing green energy projects.
• PTG: Expects 2025 fuel sales +1%; Non-Oil gross profit margin to reach 35%.
• BCH: Q3/25 profit THB 347m (-23% YoY); expects Q4 improvement from high season.
• CBG: Q3/25 net profit THB 616m (-20% YoY) due to export slowdown; 9M25 profit THB 2.18bn.
• EGCO: 9M25 net profit THB 5.08bn; strong cash flow from hydro plants in Laos, CDI Group utilities in Indonesia, and US investments.
• RATCH: Q3/25 profit THB 2.17bn (+30.8% YoY); 9M25 net profit THB 5.45bn (-0.7%).
• BTS: Q2 25/26 net profit THB 102m (+128% YoY); 6M loss narrows to THB 127m.
• CK: Q3/25 profit THB 1.74bn (+73% YoY); 9M25 profit THB 2.88bn (+78%).
• WHAUP: Q3/25 profit THB 487m (+502% YoY), boosted by data center clients; interim dividend 0.06/share.
• TLI: 9M25 profit THB 9.36bn; net margin 22.5%, new business VONB THB 5.7bn (+10.1%).
• WHA: Q3/25 profit THB 634m (+38% YoY); 9M25 profit THB 3.69bn; interim dividend 0.0669/share.

Commerce Ministry & Trade Negotiations: Thailand continues USTR trade talks under existing framework; aims to conclude by year-end, separating trade and security issues.
Government Stimulus: Accelerates economic stimulus spending to boost circulation, employment, and household income.
GLO (Lottery Office): Plans field inspections of 863 legal entities distributing lottery tickets; violators face warnings or quota reductions; expanding 80-baht ticket points