Stocks in the news (delta, jmart, planb, spvi) 13.02.26
Delta Electronics (Thailand) Public Company Limited designs, manufactures, and distributes power electronics, automation, and infrastructure products, focusing on power supplies, industrial automation solutions, and electronic components for automotive, telecommunications, and data center applications, with Thailand as its key production base and exports to global markets.
DELTA 4Q25 earnings due. Bloomberg consensus expects strong revenue growth of +43% YoY, supported by AI and data center demand, offsetting weaker global EV trends. However, the global minimum tax rule in 2025 could drag bottom line by up to ~10%.
Comment: Thailand never spoke about this global tax rule (it’s all Vietnam spoke about for 2 years) and it’s finally coming into the local news. I’m still surprised that this is passed.
Jaymart Group Holdings Public Company Limited operates as a holding company with businesses spanning retail distribution of mobile phones and gadgets, debt collection and asset management, consumer finance, and related investments, leveraging its nationwide retail footprint and ecosystem to cross-sell financial and technology-related services.
JMART: CEO Adisak believes the company has passed its trough following restructuring and is positioned for recovery, targeting a significant turnaround by 2026. Highlights include strong handset sales, expected profit surge at JMT via cash-collection strategy, and tech expansion via JVC. Management is not concerned about weaker earnings at “Tee Noi” (food unit), citing aggressive branch expansion. Plans to list three subsidiaries: KBJ, JVC, and Tee Noi.
Comment: When JMT begins to report decent #s again, post bank lending (or whenever they want to), then hello upside.
Plan B Media Public Company Limited is an out-of-home media operator providing billboard, transit, airport, street furniture, and digital media advertising solutions, while also expanding into sports marketing, online media, and engagement marketing platforms across Thailand.
PLANB: Reported record net profit of THB 1.1bn (+5.2% YoY), in line with consensus (THB 1.12bn). Strong OOH revenue, improved cost management, and absence of Paris Olympic-related costs supported margins. Declared annual dividend of THB 0.2109/share (87.7% payout).
Comment: I no longer see the value in the billboards. It’s the blackberry of the advertising industry. But PLANBs annoying forced ads on Thai Airways must yield something for the co..
S P V I Public Company Limited operates as an IT and consumer electronics retailer in Thailand, focusing on Apple-authorized reseller stores and related accessories, providing sales, after-sales services, and distribution through both physical outlets and online channels.
SPVI: FY25 net profit at THB 101m (+116% YoY), driven by robust iPhone 17 sales, expansion of payment/installment options, and improved margins from higher distributor discounts.
Comment: It’s replacement cycle time for everything bought during wuflu.