Stocks in the news (gulf, advanc, bjc, egco, seafco, siri) 04.02.26
Gulf Energy Development Public Company Limited is a leading Thai energy and infrastructure holding company that invests in power generation, infrastructure and utilities, and digital businesses, with a diversified portfolio of conventional and renewable power assets and large-scale infrastructure projects in Thailand and selected international markets.
GULF / ADVANC: As the largest shareholder in ADVANC (40.44%, 1.202bn shares), GULF is expected to receive THB 27.41bn in dividends from ADVANC’s total dividend payout of THB 33bn
Comment: Since day 1…it’s all GULF wanted, they need the cash…otherwise they can’t complete any of their projects. Consumers of AIS and TRUE aren’t you enjoying the lowered network and service quality and the higher fees?
Advanced Info Service Public Company Limited is Thailand’s largest mobile operator, providing mobile network services, fixed broadband, and a growing range of digital and enterprise solutions under the AIS brand to consumer and corporate customers nationwide.
BJC (Asset Sale): BJC plans to sell 33 non-core land plots worth ~THB 10bn to partly fund its planned acquisition of MM Mega Market Vietnam. Completion of land sales is a key condition before proceeding with the deal, with expected gains of around THB 3bn. The acquisition value was previously guided at THB 22.5bn. MM Mega Market operates a B2B wholesale platform with 33 branches across Vietnam, serving hotels, restaurants, catering businesses, and large offices.
Comment: The largest “private” landlord in Thailand is willing to let go of some real estate? Holy moly. The bankers must be knocking on their doors for debt repayment. Or the children are infighting…or I’m just talking out of my backside and have no idea what I’m saying.
Berli Jucker Public Company Limited is a diversified consumer and retail group in Thailand, operating businesses across packaging, consumer products, healthcare and technical products, and modern trade and supply chain services, including the Big C retail platform.
EGCO: EGCO expects a sharp YoY earnings uplift from full-year recognition of overseas power investments, including the 400MW Quezon thermal power plant (Philippines) and a larger stake in the 980MW Linden cogeneration plant (New Jersey). The company also plans COD of a 628MW US project this year.
Comment: EGCO…cheap…undervalued…decent #’s…if it was managed like GULF it’d be 3x higher or more…
Electricity Generating Public Company Limited (EGCO) is one of Thailand’s leading independent power producers, developing, owning, and operating a portfolio of conventional and renewable power plants in Thailand and overseas under long-term power purchase agreements with state utilities and large industrial customers.
SEAFCO: Earnings visibility improved with THB 2bn backlog pending realization. The company will recognize revenue from diaphragm wall works for 6 Orange Line MRT stations through 3Q26. Default risk has fallen meaningfully as government projects now account for 71.2% of total backlog. Gearing remains very low at 0.1x.
Comment: Whenever banks start lending – then the private sector wakes up – then SEAFCO’s backlog can shift away from public sector projects and margins improve – still the best in class, and none of their projects fall down…
Seafco Public Company Limited is a Thai foundation and geotechnical engineering contractor specializing in bored piling, diaphragm walls, and related underground construction works for large-scale infrastructure, commercial, and residential projects across Thailand.
SIRI: Management highlighted improving funding flexibility as bank loans have become cheaper than market funding. 3-year project finance loans now carry lower rates than debentures, supporting liquidity management. SIRI continues to focus on market share expansion and maintaining bank confidence, while expecting smaller developers to gradually exit the market.
Sansiri Public Company Limited is a leading Thai property developer focused on residential real estate, developing condominiums, single-detached houses, townhomes, and mixed-use projects across multiple segments from mass to premium, primarily in Bangkok and key provincial cities.
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