GULF to issue THB30-35bn new bonds in Mar to repay loans, maturing bonds, and support expansion. Updates were given: – to begin CoD of new power projs of approx 695MW, comprising of 6 domestic solar projs – including 4 solar farm projs (321MW) and 2 solar battery-energy-storage sys (302MW)
– plans to increase LNG imports to approx 70 cargoes, equiv to around 4-5m tons, to support power plants, which will boost rev. from shipper fees
– Data center and cloud business will be another key growth for 2026, marking the first full-year recognition of operating results from the 25 MW GSA01 DC with plans to expand its total data center capacity to 300-500 MW within the next 3-5yrs

Comment: King Kong ain’t got nuthin on me, crony capitalism for the win.

HTECH expects orders jump on surge dmd for precision cutting tools aft Western Digital mulls invest in 100TB HDD to accommodate bulk storage for data center.

Comment: yeah whatever – this company has talked a lot without much being achieved. 

KCE: The Streets indicate the decline is temporary in its share prices and believe high demand for AI and data centers will push the price back up. In the short term, they are positive about KCE but remain concerned about Q1 2026 performance, fearing pressure from the Thai baht, though they believe the market has already largely factored in this. They are awaiting signs of recovery.

Comment: This news is interesting….I have a thesis that when banks start lending – this will lead to interest rates increasing across the board as there is xxx billion put into government securities by the FI’s, and with this demand gone, I’ll expect to see interest rates increase. And this should hurt any co that has leverage north of 1.5x. But then with gold prices likely to continue declining implying USDTHB declining = a positive for KCE exports. But then they still have high copper prices to deal with and that shouldn’t change for the next 6-8 quarters. 

NCH t/g 20% FY rev grwth supported by 13 active pj worth Bt11.3b and Bt300m backlog, plans to launch only 2 residential pj including 1 condo and 1 low-rise pj combined Bt2b this yr, sees challenges remain due to tight bank lending.

PTT’s 4Q25 NP will probably be supported by a one-time gain from a revaluation of its pharmaceutical business, though poor performances from petrochem and E&P units were likely key drags. Earnings exp to improve in 2026 from the govt’s proposed natgas price structure will bolster its gas separation plants.

Comment: Magical profits. Here’s a tip – ask any of the AI’s to find seasonality trends in trading names like PTT…

SIS opened 2 solar distribution centers in Ubon Ratchathani & Khon Kaen to fill regional dmd for solar solutions, reinforcing the clean energy supply chain in key provincial mkts.

Comment: Hmmm well ok…let’s see what impact this has.

THANI: solid FY25 earnings at Bt1.14b, +43.37% yoy, beat Bt1.05b consensus, thanks to lower LLP & narrower losses from repossessed vehicles, pays Bt0.11 dps, XD Mar 2.

Comment: B/s and P&L improvement expected…but no growth…yet.

If this has helped you, please consider donating and buy me a Somtum Waffle 🙏🧇