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: 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: 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.