Stocks in the news (EA, GULF, IRPC, ITD, THAI) 02.10.26
Company news
Energy Absolute PCL runs biodiesel (B100) and glycerin, solar and wind power sold to the grid, lithium-ion batteries and energy storage, electric vehicles and charging, plus a testing centre and waste-to-energy adjacency. Equity value sits far below enterprise value after EV and battery losses. The share closed Friday at THB 2.70, up THB 0.02 (+0.75%) from Thursday’s 2.68, in a 2.68–2.70 range on only THB 42m of value, and flat versus the 30 December 2025 close of THB 2.70; it remains well below the 52-week high of THB 3.64. TTM earnings are a loss and there has been no dividend since the March 2024 ex-date.
| Market Cap (THB): 20.05B | Market Cap (USD): ~$598M (at ~THB 33.53/USD) |
| Current Price: THB 2.70 (as of 2 October 2026 close) | 52-Week Range: THB 2.40-3.64 |
| P/E Ratio: n.m. (TTM loss) | P/BV: 0.64x |
| Dividend Yield: 0.0% (nil; last ex-div Mar 2024) | Avg Daily Value: THB 40M-180M |
EA / Energy Transition: EA is restructuring for longer-term growth while retaining power as 60–70% of revenue, with EV and higher-value bio-based products providing new growth legs. The company is targeting THB100mn of sales from palm-based Phase Change Material (PCM) within three years and highlighted flexibility to produce PCM, HVO and SAF according to market demand. EA also plans to participate in new PDP auctions, focusing on wind and solar as existing power-plant Adder income rolls off.
Comment: It’s just incredible that this company is allowed to continue despite the obvious pumping and financial shenanigans between it and its “peers”
Gulf Development PCL is the post-amalgamation group combining Gulf Energy Development and Intouch: gas-fired IPP and SPP plants plus renewables selling electricity to EGAT and industrial users, with the AIS associate and digital infrastructure sitting beside the power book. Cash flow is contracted capacity and associate dividends. The share closed Friday at THB 59.25, up THB 0.25 (+0.42%) from Thursday’s 59.00, inside a 58.75–59.75 range on THB 2.06bn of value, still well above the 30 December 2025 close of THB 41.75 but off the 52-week high of THB 68.50. The TTM multiple is full versus the group’s earnings base.
| Market Cap (THB): 885.19B | Market Cap (USD): ~$26.40B (at ~THB 33.53/USD) |
| Current Price: THB 59.25 (as of 2 October 2026 close) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 35.5 (TTM) | P/BV: 2.95x |
| Dividend Yield: 1.8% (latest indicated) | Avg Daily Value: THB 1.5B-3.5B |
GULF / Insider Buying: CEO Sarath Ratanavadi purchased another 5mn GULF shares on Sep 30 at an average THB59.25/share, for total consideration of around THB296mn. The transaction increased his holding to 4.368bn shares and follows a separate Sep 14 purchase of 2.42mn shares at THB60.75. The continued accumulation is a supportive insider signal for the stock
Comment: Is uncle s covering margin calls or just buying more.
IRPC PCL is the PTT-group integrated refiner and petrochemical producer at Rayong, running crude refining, olefins, aromatics, polymers and lube base oils, so earnings move with gross refining margin and product spreads. The share closed Friday at THB 2.90, up THB 0.06 (+2.11%) from Thursday’s 2.84, in a 2.86–2.98 range on THB 547m of value and 187m shares, a large year-to-date rerating from the 30 December 2025 close of THB 0.99 and still below the 52-week high of THB 3.22. It screens cheap on TTM earnings and below book, with a thin indicated dividend.
| Market Cap (THB): 59.19B | Market Cap (USD): ~$1.77B (at ~THB 33.53/USD) |
| Current Price: THB 2.90 (as of 2 October 2026 close) | 52-Week Range: THB 0.96-3.22 |
| P/E Ratio: 5.6 (TTM) | P/BV: 0.77x |
| Dividend Yield: 1.7% (latest indicated) | Avg Daily Value: THB 300M-900M |
IRPC — Board named Sirimet Leepagorn CEO and president, effective 1 Oct. Ex-GPSC COO, 36 years in PTT-group energy and petchem.
Comment: A retirement position…
Italian-Thai Development PCL is a heavy civil contractor — metros, airports, expressways, dams and industrial plants in Thailand and abroad — with a long-stressed balance sheet, project disputes and recurring losses. Equity value is a fraction of enterprise value (about THB 36B). The share closed Friday at THB 0.35, up THB 0.01 (+2.94%) from Thursday’s 0.34, in a 0.33–0.36 range on only THB 5.9m of value, still a penny name versus the 52-week high of THB 0.47 but up from the 30 December 2025 close of THB 0.26. TTM is a loss, the stock trades below book, and there has been no dividend since 2019.
| Market Cap (THB): 1.80B | Market Cap (USD): ~$54M (at ~THB 33.53/USD) |
| Current Price: THB 0.35 (as of 2 October 2026 close) | 52-Week Range: THB 0.15-0.47 |
| P/E Ratio: n.m. (TTM loss) | P/BV: 0.62x |
| Dividend Yield: 0.0% (nil; last ex-div 2019) | Avg Daily Value: THB 2M-15M |
ITD — Board noted Premchai Karnasuta stepping down as executive chairman on retirement, effective 1 Oct. Son Thoranis Karnasuta stays acting chairman under the Dec 2021 resolution. No permanent name yet.
Comment: Being related to a blood line helps…
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. Earnings are levered to load factor, yield and fuel. The share closed Friday at THB 5.70, up THB 0.05 (+0.88%) from Thursday’s 5.65, in a 5.60–5.80 range on THB 706m of value, 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, and the TTM multiple is modest versus the post-rehab earnings base.
| Market Cap (THB): 161.31B | Market Cap (USD): ~$4.81B (at ~THB 33.53/USD) |
| Current Price: THB 5.70 (as of 2 October 2026 close) | 52-Week Range: THB 5.25-13.30 |
| P/E Ratio: 7.9 (TTM) | P/BV: 2.00x |
| Dividend Yield: 3.7% (latest indicated) | Avg Daily Value: THB 400M-1.1B |
THAI / Operations: The Finance Ministry, as a major shareholder, is closely monitoring THAI’s recovery following the flight-delay and baggage disruption. The special board on 2 Oct, chaired by Finance permanent secretary Lavaron Sangsnit, removed CEO Chai Eamsiri effective immediately and appointed Samrit Samneang, a former PTT executive, as acting CEO. Operations are improving, with on-time performance reaching 81% for departures and 90% for arrivals, although around 15% of flights remain cancelled and approximately 9,200 bags are still being processed. Management expects operations to recover to the normal ~115 outbound flights/day within seven days. The issue has therefore shifted from immediate disruption toward execution, accountability and restoring passenger confidence.
Comment: He was a scapegoat, rumours about him being replaced were in the market for months. And here’s a tidbit I like from someone flying in that day….it was only Thai airways passengers that had the issue…because if the non-thai airlines had delays/issues, then a thai soe entity would have to pay fines…and so THAI is left holding the bag.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| EA.BK | $598M | 2.70 | n.m. | 0.64x | 0.0% | 0.0% | View → |
| GULF.BK | $26.40B | 59.25 | 35.5 | 2.95x | 1.8% | ▲ +41.9% | View → |
| IRPC.BK | $1.77B | 2.90 | 5.6 | 0.77x | 1.7% | ▲ +192.9% | View → |
| ITD.BK | $54M | 0.35 | n.m. | 0.62x | 0.0% | ▲ +34.6% | View → |
| THAI.BK | $4.81B | 5.70 | 7.9 | 2.00x | 3.7% | ▼ −18.0% | View → |
Corporate events
XD today — BSET100 ฿0.30 from retained earnings.
XR today — ROH rights 3.3533 old for 1 new at ฿0.60. Subscription 20–27 Oct.
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.
5 Oct — TIPAK lists. IPO 68m shares at ฿1.85. Paid-up after the deal ฿552m.
Market chatter
(not filings)
SET — Friday close 1,572 (+8, +0.5%). Turnover ฿71bn. Foreigners −฿845m. Energy and banks bought the bounce after Wednesday’s −35. Electronics still offered.
THAI — Special board on 2 Oct, chaired by Finance permanent secretary Lavaron Sangsnit, removed CEO Chai Eamsiri effective immediately and named Samrit Samneang, a former PTT executive, acting CEO.
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