Stocks in the news (GULF, TQM) 03.09.26
Company news
Gulf Development PCL is Thailand’s leading independent power producer after the Gulf–Intouch amalgamation, owning gas-fired IPP/SPP plants, LNG and a growing renewable book, plus a strategic stake in ADVANC. Earnings mix gas-spread power cash flow with telecom associate income; the 2026 rerating reflects both the combination and a firmer power and infra bid, even after a pullback from the late-August highs.
| Market Cap (THB): 915.17B | Market Cap (USD): ~$27.79B (at ~THB 32.93/USD) |
| Current Price: THB 61.25 (as of 3 September 2026 last sale) | 52-Week Range: THB 39.75-68.50 |
| P/E Ratio: 24.3 (TTM) | P/BV: 2.72x |
| Dividend Yield: 1.7% (latest indicated) | Avg Daily Value: THB 2.0B-3.5B |
GULF — Two GRE solar plants in Suphanburi hit COD on 1 Sep and started selling to EGAT: 135 MW contracted / 250.1 MW installed (LNE 68 MW farm + one Solar BESS). FiT ฿2.1679/kWh (farm) and ฿2.8331/kWh (BESS), 25-year PPAs. Four more plants, 235.6 MW contracted, slated Nov–Dec.
TQM Alpha PCL is a holding company whose core business is insurance brokerage — non-life, life and reinsurance — through TQM Insurance Brokers, TQR and related platforms, with commission and service income the main revenue mix. The sSET / SETESG name screens as a high-payout financial after a 2025 derating; the 2026 rebound tracks a recovery in brokerage volumes and a 1H26 cash dividend of THB 0.65 (ex 27 August; pay 10 September 2026).
| Market Cap (THB): 9.36B | Market Cap (USD): ~$284M (at ~THB 32.93/USD) |
| Current Price: THB 15.60 (as of 3 September 2026 last sale) | 52-Week Range: THB 10.60-18.10 |
| P/E Ratio: 12.9 (TTM) | P/BV: 3.25x |
| Dividend Yield: 8.0% (latest indicated) | Avg Daily Value: THB 3M-30M |
TQM — Unit Easy Lending signed an MOU with Sitron Power for “Solar Plus”: rooftop loans up to 60 months at a fixed 0.65–0.71% a month, instalments from about ฿2,1xx.
Comment: Hmmm and yet Thailand still seems to have the lowest interest rates in the region and yet the consumer still gets fleeced like this…anyways. Solar – nice story.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| GULF.BK | $27.79B | 61.25 | 24.3 | 2.72x | 1.7% | ▲ +46.7% | View → |
| TQM.BK | $284M | 15.60 | 12.9 | 3.25x | 8.0% | ▲ +35.7% | View → |
Corporate events
CIMBT / GLAND / LRH — Last-trade window opens today through 11 Sep, cash-balance only. No ceiling/floor, dynamic band or auto-pause on day one. Delist 12 Sep. Free float was the issue (CIMBT 5.17%, GLAND 5.09%, LRH 12.16%).
WHART — XR today.
XD today — DRs only: NEM06, NEM23, QCOM06, QCOM23.
Pays today — ADVANC ฿8.69; CPAXT ฿0.18; GPSC ฿0.55; KJL ฿0.15; MGT ฿0.03; PRTR ฿0.10; READY ฿0.15; SCCC ฿4.00.
Still open — FMT tender, 27.72m shares at ฿18, through 17 Sep.
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