KTB: The bank is preparing for a weaker outlook after assessing a slowdown in loan growth, in line with Thailand’s projected 2026 GDP growth of 1.5–1.8%. Management is also exploring new S-curve businesses, including an asset management company (AMC), to diversify revenue amid global and domestic risks.

Comment: The loan growth slowdown is b/c the banks are buying government bonds and accepting these lower rates for the guaranteed return – no bank is willing to push loans, demand isn’t the issue. There’s zero trust out there.

IVL: Deputy Group CEO D.K. Agarwal retires but will continue as non-executive board member and advisor to the Group CEO.

Comment: *shake head* we don’t know what we are going to do when state actors such as China and Saudi are launching projects that are killing our spreads leading to the worst state the petrochem industry has been in for the past 3-4 decades.

RT: Signs water tunnel project with the Irrigation Department for Bt2.8bn, lifting backlog to Bt7.3bn.

TIDLOR: Became the first non-bank financial group in Thailand to receive a credit rating from Japan Credit Rating Agency (JCR), with foreign and local currency long-term issuer ratings of A-, stable outlook. Management noted this enhances international competitiveness and access to broader funding sources.

TTB / ROJNA: TTB provides Bt2.3bn business loan to ROJNA to expand industrial park infrastructure.

TRT: Wins contract from Provincial Electricity Authority (PEA) to supply 750 self-protected transformers worth Bt565.36mn.

Healthcare / SSO Updates: Smaller SSO-dependent peers outperformed after ongoing negotiations with the Social Security Office (SSO) showed positive initial feedback on increased subsidies for complex diseases, per capita lump-sum payments, and medical equipment costs. Performance: BCH +4.81%, CHG +6.16%, RJH unchanged; by comparison, larger peers: BDMS +1.04%, BH -0.64%. Any upward revisions would be positive for BCH, CHG, and RJH, given SSO contributions of 34%, 27%, and 43% of total 3Q25 revenue, respectively.

Comment: The government is the only game in town…