Stocks in the news (gulf, mint, thai) 14.08.26
GULF.BK — Gulf Development Public Company Limited
Leading independent power producer and infrastructure developer in Thailand with core businesses in power generation (gas, renewables), utilities, and digital/satellite services. Significant associate stakes in ADVANC and KBANK.
| Market Cap (THB) | 971.1 billion |
| Market Cap (USD) | 29.25 billion |
| Current Price | 65.00 THB |
| 52-Week Range | 39.75 – 68.50 |
| P/E (TTM) | 25.8x |
| P/BV | 2.79x |
| Dividend Yield | 1.62% |
| Avg Daily Value | ~1.9 billion THB |
GULF: Data-center developers are reportedly discussing 2,000–3,000MW of Direct PPA demand to support data centers and AI, with more than 10 developers already in talks. The potential increase in data-center power demand should benefit GULF through its power-generation capacity and strengthens its exposure to Thailand’s AI/data-center growth theme.
Comment: It’s up to GULF and STECON and no one else about how the FDI’s into data centres are going to play out.
MINT.BK — Minor International Public Company Limited
Diversified hospitality and leisure group operating hotels (Anantara, Avani, NH Collection, etc.), restaurants, and lifestyle brands across Thailand, Asia, Europe and the Middle East.
| Market Cap (THB) | 129.9 billion |
| Market Cap (USD) | 3.91 billion |
| Current Price | 23.10 THB |
| 52-Week Range | 19.60 – 27.00 |
| P/E (TTM) | 16.7x |
| P/BV | 1.39x |
| Dividend Yield | 3.06% |
| Avg Daily Value | ~550 million THB |
MINT: Postponed its planned ~US$1bn REIT amid concerns investors may demand higher yields given Middle East uncertainty. The delay does not derail its broader deleveraging strategy, with the Minor Food listing still progressing. Management targets 15–20% annual profit growth through 2028, alongside continued hotel and restaurant expansion.
Comment: For some reason MINT’s management team hasn’t learnt that outside of Thailand (and China) interest rates are up and they won’t accept some piddling 4-6% yield from a Thai listco. Now the bonchon acquisition proves that they are going to push ahead w/ the Minor Food IPO in Singapore hoping to guzzle on the EQDP flow and dump it to bag holders.
THAI.BK — Thai Airways International Public Company Limited
Thailand’s national flag carrier providing passenger and cargo air transportation services on domestic and international routes, with primary hub at Suvarnabhumi Airport.
| Market Cap (THB) | 169.8 billion |
| Market Cap (USD) | 5.11 billion |
| Current Price | 6.00 THB |
| 52-Week Range | 5.25 – 19.40 |
| P/E (TTM) | 8.3x |
| P/BV | 2.02x |
| Dividend Yield | 3.50% |
| Avg Daily Value | ~1.2 billion THB |
THAI: Civil Court dismissed the lawsuit challenging resolutions from THAI’s shareholder meeting, finding that the AGM was conducted in compliance with the company’s bylaws. The ruling removes a keylegal and governance overhang, providing greater clarity for the newly appointed board and allowing management to move ahead with its strategic and business plans.
Comment: Nothing is going to stop THAI from being a beautiful play.
Comparison Snapshot — 13 August 2026
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| GULF | 29.25B | 65.00 | 25.8x | 2.79x | 1.62% | ▲ +55.7% | View → |
| MINT | 3.91B | 23.10 | 16.7x | 1.39x | 3.06% | ▼ -4.9% | View → |
| THAI | 5.11B | 6.00 | 8.3x | 2.02x | 3.50% | ▼ -13.7% | View → |
Data as of 13 August 2026. Market Cap USD calculated using USD/THB 33.20. YTD based on last trading day of 2025 close. Figures approximate from public market sources.
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Paul Renaud
No, Not just Gulf and Stecon. Pylon which just reported another very profitable Q. earnings will handsomely benefit building required diagram walls, at higher profit margins, and with now less competitors.
Paul Renaud
BTW, on PYLON(3.74) just reported impressive 2Q. earnings results with net profit rising to 80.1 mill. Baht, or 0.107 Baht per share. Net profit for first six months at 157,456 vs.76,986 for same 6 month period last year. Wow. PYLON trailing p/e now stands at 9.6. Well above my high expectation and so affirms the bullish view. Still firmly in place in spite of its share price rising already 15% since here mentined it on May 20th. PYLON, surprisingly, also reported an interim dividend of 0.15 Baht per share, for the first time!
This in addition to its 0.24 Baht already paid in April ’26. Hence 0.15 plus 0.24 =0.39 or for a 12% dividend yield. The 0.15 Baht goes XD on 28 Aug 2026, Payment Date 11 Sep. 2026.
Profit margins and more were all most impressive…. here is their 2 Q. mgt. clear discussion: https://www.set.or.th/en/market/news-and-alert/newsdetails?id=106025500&symbol=PYLON
PYLON will have its OPPT. Day presentation (in Thai language) this coming Tuesday Aug. 18, from 14:15 to 3 PM. Where I will ask just a few pertinent questions like about backlog and diaphragm walls, a high margin contractor job which all AI centers need. Thai AI centers is one of the exciting growth drivers going forward as mgt. noted AND there is less competition.
Pon
Beautiful call, thank you PR.