Stocks in the news (delta, ivl, pttep, tfg true) 31.03.26
Delta Electronics (Thailand) Public Company Limited is a leading manufacturer of power electronics and energy management solutions, specializing in products for electric vehicles, data centers, and industrial automation, with a major global presence.
DELTA: To recap as of 1 Jul 25, the SET officially transitioned to a capped weighting system. Under this rule, no single stock can have a weight exceeding 10% of the total index value (SET50 and SET100 index) rebalanced on a quarterly basis.
Comment: And this is why you’re seeing bids in the telcos and banks for the past 12 months, now what about my energy names…
Indorama Ventures Public Company Limited is a global chemicals producer and a world-class manufacturer of PET, fibers, and feedstock, operating an extensive manufacturing footprint across Asia, Europe, and the Americas.
IVL: Stock jumped almost 8% yesterday with its Bt23bn acquisition of Indovidia and EPL, boosting its packaging group in India. The acquisition will integrate flexible and rigid packaging, targeting emerging markets in India, China, ASEAN, and Africa. The new company is projected to generate US$1 billion in revenue and over 20% EBITDA.
Comment: Cookie Munster is back! And given they are well positioned throughout the world, we’re not going to have to worry about all of the facilities shutting down like those seen in single production facilities in Asia.
PTT Exploration and Production Public Company Limited is the national petroleum explorer and producer of Thailand, operating large-scale oil and gas projects both in domestic waters and multiple international regions.
PTTEP t/g FY26 petroleum sales vol at 560k boepd +10% yoy, allot $ 33.27b capex to ramp up production capacity from gulf of TH, overseas expansion, exploration and production in UAE and Oman con’t w/o interruption at this time.
Comment: With this capex…which players down the supply chain benefit. I feel like I am repeating my 2021-2023 playbook.
Thai Foods Group Public Company Limited is a vertically integrated producer of livestock and feed, specializing in chicken and pork production, as well as processed food and animal feed for local and export markets.
TFG collabs w/ DHL Supply Chain (TH) to open temp-ctrl distribution center to handle end-to-end logistic for poultry and food products, aimed at strengthen supply chain, enhance efficiency and support growth for branches expansion of Thai Foods Fresh Market, t/g 850 outlets by eoy from current 615 branches.
Comment: They’re slowly expanding their retail arm well
True Corporation Public Company Limited is Thailand’s leading telecommunications and digital services provider, formed through the merger of True and DTAC to offer integrated mobile, broadband, and digital content services.
TRUE secures JPY101.4bn loan with a 5Y tenor. Bank of China, BNP Paribas, DBS, Mizuho, MUFG, Natixis, OCBC and SMBC are the mandated lead arrangers and bookrunners. UOP: Refinancing and general corporate purposes.
Comment: Now I don’t know how to look at the Yen. The weakening trade was easy 2 years ago w/ rates going higher…will jap rates get to 7%? Then yank rates get to 7% as well.
WHA Corporation Public Company Limited is Thailand’s premier developer of integrated logistics and industrial estates. The group offers built-to-suit warehouses, world-class industrial zones, and essential utilities and power solutions, primarily supporting international manufacturers in the Eastern Economic Corridor.
WHA: The gov’t push for a ‘Fast Pass’ system is the holy grail of FDI growth in the upcoming years. However, given the US/Iran war situation, the IE segment will be impacted on foreign investors from the delay in decision making from the global uncertainty. The CEO highlights key points to mitigate the situation (1) Logistics: While transport costs are up, the focus on Built-to-Suit warehouses—where contracts are signed in advance—insulates the company from current spikes in construction material prices. New construction costs are estimated to rise by about 6%, which will be reflected in adjusted rental rates for clients requiring urgent delivery. (2) Industrial Estates: Sales remain robust with ongoing construction. WHA maintains a strict policy of selling land only to genuine investors rather than speculators (stockpilers) to ensure real job creation and economic activity (3) Utilities & Power: The company is monitoring the Fuel Adjustment Charge (Ft). If the government fails to adjust the Ft to match rising LNG import costs, it could impact profit margins from sales to Industrial Users (IU). However, the Independent Power Producer (IPP) segment remains unaffected as all electricity is fed directly into the national grid.
Comment: Let’s see if the influence in the choice of Ministers this time around yield a positive result for the country.
| Ticker | Price (THB) | YTD % (2026) | Trend | Consensus | Analysis |
|---|---|---|---|---|---|
| DELTA | 276.00 | +59.5% | 📈 | Strong Buy | View → |
| IVL | 23.00 | +42.9% | 📈 | Hold | View → |
| PTTEP | 155.00 | +23.0% | 📈 | Buy | View → |
| TFG | 8.55 | +108.5% | 📈 | Buy | View → |
| TRUE | 13.70 | +25.7% | 📈 | Buy | View → |
| WHA | 4.16 | +26.8% | 📈 | Hold | View → |
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Paul Renaud
On March 24, as just one example, was a recovery day on the SET, so lets look at some numbers:
–DELTA by far and then some was the most active at 10,143 Bill. Baht traded. (DELTA p/e is 145, vs. SET average p/e at 16.1)
–PTT second most actively traded stock was 3,554 Bill. Baht.
–GULF third most actively traded at 3,324 Bill. Baht.
–PTTEP forth most actively traded at 2,537 Bill Baht.
The SET index as a whole on March 24 traded 73,737 Bill Baht, so DELTA alone made up 13.7% of
the entire SET volume of more than 639 SET listed companies (not including MAI)! The next 3 most
active stocks here do not even come close to the total trading Baht volume of the (regular) single top traded stock.
It begs the question why is DELTA stock so not a SET designated can trade on “Cash balance” only?
Here its not a stock exchange, more like for long, a DELTA stock glamor exchange.
Pon
It’s the game.
And most markets are the same.
Paul Renaud
Ha, the big difference “elephant in the room” are the ultra high Thai dividends so called record “yield gap”. As well as Delta trading at p/e of 140+. Vs the others at 1/6 or less. Voila toute la difference!