Stocks in the news (ktb, noble, or, top, xo) 22.01.26
Krung Thai Bank Public Company Limited is Thailand’s largest state-owned regional bank, founded in 1966 and headquartered in Bangkok. The bank operates through three main segments—Retail Banking, Wholesale Banking, and Treasury and Investment—providing comprehensive commercial banking services including deposits, loans, credit cards, investment products, cash management, and digital banking solutions to retail, SME, and corporate customers.
Key Metrics: Market Cap: THB 387.84B, P/E: 8.71, Dividend Yield: 6.87%
View full analysis on Perplexity Finance →KTB reported FY25 net profit of Bt48.2bn (+4.4% YoY), in line with consensus. 4Q25 profit of Bt10.8bn came in slightly below expectations.
Comment: A little random rumble – when the banks are putting the majority of their liquidity towards government securities yielding 1-1.5% instead of giving out loans (yielding 3-20%), then it shouldn’t be a surprise that NIM’s and NII decline.Â
Noble Development Public Company Limited is a leading Thai real estate developer founded in 1991 and headquartered in Bangkok, specializing in residential property development ranging from affordable to high-end projects across prime locations in the Bangkok Metropolitan Area. The company operates through multiple business segments including condominiums, houses and land, rental and service business, offering comprehensive services from construction and property management to juristic management and furniture manufacturing through its subsidiary Excella Furniture Co. Ltd.
Key Metrics: Market Cap: THB 3.09B, P/E: 3.28, Dividend Yield: 8.36%
View full analysis on Perplexity Finance →NOBLE: First Vice Chairman Thongchai Busarapan reduced his stake by 6.0%, bringing his holding to 14.09%.
PTT Oil and Retail Business Public Company Limited (OR.BK) is Thailand’s leading oil and retail marketing company and a subsidiary of PTT Public Company Limited, commanding a 43% market share in retail petroleum with over 2,168 service stations nationwide. The company operates through three strategic segments: Mobility Business (petroleum products, lubricants, aircraft refueling, and FIT Auto services), Lifestyle Business (Cafe Amazon, convenience stores, and food & beverage retail), and Global Business (operations across 11 countries, primarily in ASEAN).
Key Metrics: Market Cap: THB 187.2B, P/E: 15.20, Dividend Yield: 2.77%
View full analysis on Perplexity Finance →OR will stop sales of Gasohol E85 from Feb 1 due to declining demand and unfavourable pricing, shifting focus toward higher-demand premium fuel products.
Comment: Hello higher margins.
Thai Oil Public Company Limited (TOP.BK) is Thailand’s largest oil refinery and a leading integrated energy company founded in 1961, operating a state-of-the-art refining and petrochemical complex in Sri Racha with a capacity of 275,000 barrels per day. As a subsidiary of PTT Group, the company produces a comprehensive portfolio of refined petroleum products (gasoline, diesel, jet fuel, kerosene), petrochemicals (paraxylene, benzene, toluene), lube base oils, and linear alkyl benzene, while also operating natural gas-fired power generation facilities and investing in alternative energy ventures.
Key Metrics: Market Cap: THB 92.15B, P/E: 6.18, Dividend Yield: 3.64%
View full analysis on Perplexity Finance →TOP rallied +6.3%, with the market expecting strong 4Q25 earnings driven by GRM at ~US$9.1/bbl. Momentum into 2026 is supported by the absence of major maintenance shutdowns, firm product spreads, and lower logistics costs following SPM resumption in 1H26.
Comment: If I were PTT Group, I’d let TOP ride all the way back up and then announce a recap…but that’s being financially prudent to reduce perp debt
Exotic Food Public Company Limited is a Thailand-based manufacturer and exporter of Thai food products, operating since 1999 and headquartered in Bangkok. The company produces a diverse range of packaged food items including cooking sauces, curry pastes, seasonings, dipping sauces, noodles, canned fruits and vegetables, and Japanese-style products, which are distributed globally across Europe, Australia, Asia, and other markets under brands such as Exotic Food, Thai Pride, Flying Goose, and Coco-Loto.
Key Metrics: Market Cap: THB 6.21B, P/E: 11.60, Dividend Yield: 2.28%
View full analysis on Perplexity Finance →XO expects a FY26 turnaround following inventory destocking last year. The company has allocated Bt900m capex for a new production plant, targets 10% revenue growth, and is increasing focus on Middle East markets.
Comment: This name….swings around more than a hooker on a Friday. But the business has proven itself since they ipo’ed.
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