Stocks in the news (CPF, THAI) 06.10.26
Company news
Charoen Pokphand Foods PCL is the CP Group agro-industrial and food platform, the “Kitchen of the World”: animal feed, livestock and aquaculture farming and processing, and cooked and ready-meal food, with production and joint ventures in 17 countries (overseas operations about two-thirds of sales). 1H26 sales were THB 283.9bn and net profit THB 8.95bn; the board paid an interim THB 0.45 (ex 31 August 2026, paid 11 September), on top of the THB 0.25 final from 2025 (ex 5 May 2026). The share last traded at THB 21.20, up THB 0.30 (+1.44%) from Monday’s 20.90, opened at 21.00, in a 21.00–21.30 range on THB 163.5m of value (7.75m shares) by 11:06 Bangkok, inside the 52-week band of THB 18.10–24.00. It is below the 30 December 2025 close of THB 21.80. SET factsheet multiples (as of 5 October, at THB 20.90) were 11.20x earnings and 0.68x book (BVPS THB 30.68); both are scaled to the 21.20 last sale. Paid-up capital is 8,243.06 million shares.
| Market Cap (THB): 174.75B | Market Cap (USD): ~$5.19B (at ~THB 33.66/USD) |
| Current Price: THB 21.20 (as of 6 October 2026 last sale) | 52-Week Range: THB 18.10-24.00 |
| P/E Ratio: 11.4 (TTM) | P/BV: 0.69x |
| Dividend Yield: 3.3% (DPS 0.70 TTM; latest ex 31 Aug 2026) | Avg Daily Value: THB 450M-750M |
CPF: Flooding in Prachinburi province has caused localized losses for smallholder pig farms, resulting in roughly 2,000 casualties over a 7-day period. Relative to Thailand’s total national herd of c. 19 million pigs, this loss is limited in scale, but the disruption among smaller farms creates a tighter regional supply that provides upward momentum for domestic swine prices. Crucially, CPF’s commercial farming operations have not been impacted by the floodwaters, enabling the company to maintain full production volumes and directly benefit from any favorable price adjustments. On the pricing front, domestic pig prices held steady through Sep-26 at around THB 71–72/kg, remaining close to Aug-26 levels. Meanwhile, broiler chicken prices demonstrated strong MoM gains, climbing to an elevated Bt45.50/kg.
Comment: And why isn’t GFPT pumping? It doesn’t move as per the past, oh well, let’s see
Thai Airways International PCL is the flag carrier, flying passenger, cargo and mail after its business rehabilitation, with a rebuilt equity base and a resumed dividend (THB 0.21 for 2025, paid 18 May 2026; ex 24 April 2026). Earnings are levered to load factor, yield and fuel. On 2 October 2026 the board suspended the CEO’s duties and appointed an acting CEO. The share last traded at THB 5.70, up THB 0.05 (+0.88%) from Monday’s 5.65, opened at 5.65, in a 5.60–5.70 range on THB 87.1m of value (15.43m shares) by 11:06 Bangkok, near the 52-week low of THB 5.25 and far below the 52-week high of THB 13.30. It is down from the 30 December 2025 close of THB 6.95. SET factsheet (as of 5 October, at THB 5.65) was 7.77x earnings and 1.96x book (BVPS THB 2.89); both are scaled to the 5.70 last sale. Paid-up capital is 28,303.29 million shares (par THB 1.30).
| Market Cap (THB): 161.33B | Market Cap (USD): ~$4.79B (at ~THB 33.66/USD) |
| Current Price: THB 5.70 (as of 6 October 2026 last sale) | 52-Week Range: THB 5.25-13.30 |
| P/E Ratio: 7.8 (TTM) | P/BV: 1.97x |
| Dividend Yield: 3.7% (DPS 0.21; ex 24 Apr 2026) | Avg Daily Value: THB 400M-700M |
THAI: Golden Week provided a near-term lift to tourism, with foreign arrivals rising 8.2% w/w to 522,532 in the week to Oct 3 and Chinese arrivals jumping 42% w/w. However, the broader recovery remains uneven: YTD foreign arrivals of 23.45mn remain down 3.88% y/y, with tourism receipts down 2.26%. Recent flood-related flight cancellations caused some disruption, but THAI says operations have now returned close to normal.
Comment: And in a week, all the crapola around THAI is forgotten…
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| CPF.BK | $5.19B | 21.20 | 11.4 | 0.69x | 3.3% | ▼ −2.8% | View → |
| THAI.BK | $4.79B | 5.70 | 7.8 | 1.97x | 3.7% | ▼ −18.0% | View → |
Corporate events
XD today — BBGI ฿0.20 from retained earnings. SAWAD ฿0.35 (1 Jan–30 Jun 2026, from net profit).
Still open — SPCG tender at ฿9.11 through 8 Oct. BIS tender at ฿1.27 through 3 Nov. PTT treasury sale through 12 Oct. MAJOR buyback window is open. GRAND bondholders 7 Oct. PTT XD 7 Oct. ROH rights subscription 20–27 Oct at ฿0.60.
Market chatter
(not filings)
SET — Monday was a bank-offer day after the Friday bounce. Morning notes still sit 1,550–1,580. Flood tape is back in the broker notes, not a company filing. Baht desk 33.20–33.90.
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