Stocks in the news (ktc, ncl, pttep, stecon, true, top, whaup) 16.01.26
KTC has received BOT approval to return licenses for certain payment service businesses, including electronic money transfer and bill payment services. Business dissolution is expected to be completed by 2Q26.
Comment: Cost cutting – that’s the mode Thailand and every company is in at the moment, which only further ruins the domestic growth story. What’s the turning point, a stable government? BJT & PT? Will this turn on the flood gates to growth and inflation again?
Krungthai Card Public Company Limited (KTC) is a leading financial services provider in Thailand specializing in credit card issuance, personal loans, and payment solutions. Established in 1996 and publicly listed on the Stock Exchange of Thailand since 2002.
Key Metrics: Market Cap: THB 68.97B, P/E: 9.18, Dividend Yield: 4.89%
View full analysis on Perplexity Finance →NCL: The board approved a private placement of 374m shares to seven private investors at THB0.28/share, representing a 27% premium to the previous close of THB0.22.
NCL International Logistics Public Company Limited is a Bangkok-based integrated freight and logistics provider established in 1994, offering comprehensive one-stop logistics solutions across international and domestic markets. The company operates through four main business segments including land transportation, freight forwarding, and dialysis solutions.
Key Metrics: Market Cap: THB 122.08M, P/E: N/A, Dividend Yield: N/A
View full analysis on Perplexity Finance →PTTEP: Mozambique’s president indicated that TotalEnergies’ USD20bn LNG development could resume operations as early as this month after being idle since 2021 due to insurgent attacks. Total and partners are seeking a 10-year extension to offset delays, targeting full-scale construction and initial LNG shipments by 2029. PTTEP holds an 8.5% working interest in the Mozambique LNG project.
Comment: Thailand needs american forces in Mozambique to get this going again…
PTT Exploration and Production Public Company Limited (PTTEP) is Thailand’s national petroleum exploration and production company, founded in 1985 and headquartered in Bangkok. The company operates upstream oil and gas exploration and production activities both domestically and internationally.
Key Metrics: Market Cap: THB 458.53B, P/E: 7.51, Dividend Yield: 7.99%
View full analysis on Perplexity Finance →STECON–TRUE: Thailand’s Board of Investment approved data centre and data-hosting projects worth THB96.9bn. Approved proposals include three projects by TRUE Internet Data Center (THB45.3bn), two facilities by GSA Data Center (THB37.2bn), and new projects from Stellar DC and Freyr Tech. This adds to the USD23bn of data-centre proposals approved last year.
Comment: When you go to a data centre you’ll see that it doesn’t add jobs to an economy..ok a few what….10 people per data center, 5 maids. But fine…it’ll eat up the excess power that Thailand generates for now resulting in EGAT continuing to go bankrupt and consumers needing to pay higher energy costs. But well done for STECON and TRUE.
True Corporation Public Company Limited is Thailand’s leading integrated telecommunications and technology company, headquartered in Bangkok. TRUE Internet Data Center is a major player in Thailand’s growing data center industry, which received significant government support with THB86.8bn in approved projects in 2025.
Key Metrics: Market Cap: THB 411.17B, P/E: N/A, Dividend Yield: 1.61%
View full analysis on Perplexity Finance →TOP shares are up +10.4% YTD, supported by aromatics (PP/PX) exposure and recent crude price volatility. Liquidity has improved in 2025 through THB550m in lease-leaseback proceeds, THB450m from security enforcement, and roughly THB1bn in debt repayments. However, the 120-day crude payment credit facility with parent PTT remains the key liquidity backstop. Trade payables stood at ~THB2bnin 3Q, representing 84% of short-term liabilities, versus total debt of THB4.3bn. Planned THB1.3bn capex in 2026 is expected to absorb operating cash flow, keeping FCF negative. Cash balance was THB1bn in 3Q. TOP’s THB600m perpetual bond issued in January underscores capital market access, partly offset by a THB550m bond tender. Disposal of the Energy Recovery Unit upon CFP completion in 3Q28 is expected to raise ~THB600m.
Comment: TOP is fine…they’ll avoid a recap.
Thai Oil Public Company Limited (TOP) 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. The company processes crude oil into petroleum products and petrochemicals.
Key Metrics: Market Cap: THB 87.68B, P/E: 5.92, Dividend Yield: 3.80%
View full analysis on Perplexity Finance →WHAUP’s subsidiary, WHA Solar Vietnam, plans to capitalise on rising demand for sustainable power in Vietnam.
Comment: Absolute rubbish. EVN has a bigger hole than EGAT, the contracts aren’t binding, there is zero grid connectivity – but sure, it’s the future, pump baby!
WHA Utilities and Power Public Company Limited (WHAUP) is a Thailand-based integrated utilities and power provider that serves industrial estates and manufacturing operators. The company operates through Water, Power, and Industrial Land Development segments.
Key Metrics: Market Cap: THB 16.37B, P/E: 14.90, Dividend Yield: 5.82%
View full analysis on Perplexity Finance →