Stocks in the news (MAJOR, OSP, PTTEP) 23.09.26
Company news
Major Cineplex Group PCL is Thailand’s largest cinema exhibitor, operating multiplexes plus bowling, karaoke, ice-skate, advertising and film-distribution/adjacencies. Cash flow tracks Hollywood and Thai-title slate, occupancy and concession mix; the share last printed THB 7.15 after a 3.6% bounce from Tuesday’s 6.90 close, still only a shade above the December 2025 close of THB 7.10 and well below the THB 8.30 52-week high on a high-single-digit TTM multiple after years of buybacks that have shrunk the share count.
| Market Cap (THB): 4.88B | Market Cap (USD): ~$147M (at ~THB 33.20/USD) |
| Current Price: THB 7.15 (as of 23 September 2026 last sale) | 52-Week Range: THB 6.25-8.30 |
| P/E Ratio: 8.5 (TTM) | P/BV: 1.09x |
| Dividend Yield: 3.5% (latest indicated) | Avg Daily Value: THB 4M-25M |
MAJOR: Board approved a ฿550m treasury buyback, up to 68m shares (~9.97%). Window 1 Oct 2026–31 Mar 2027.
Comment: Just after they retired some shares they’re back to announcing another massive buyback. Combine this corporate activity w/ the great lineup of movies…
Osotspa PCL is a Thai consumer-staples group best known for M-150 energy drink, plus C-vitt, Babi Mild personal care and other beverage/personal-care brands sold domestically and across CLMV. Cash flow is high-margin branded FMCG with a net-cash balance sheet and a mid-single-digit indicated payout; the share last printed THB 16.20 after a 0.6% lift from Tuesday’s unchanged 16.10 close, sitting mid-range versus the THB 13.70-18.90 52-week band and only a tick above the December 2025 close on a low-teens TTM multiple.
| Market Cap (THB): 48.66B | Market Cap (USD): ~$1.47B (at ~THB 33.20/USD) |
| Current Price: THB 16.20 (as of 23 September 2026 last sale) | 52-Week Range: THB 13.70-18.90 |
| P/E Ratio: 13.4 (TTM) | P/BV: 2.94x |
| Dividend Yield: 5.6% (latest indicated) | Avg Daily Value: THB 80M-250M |
OSP: Partnership with Yunnan Baiyao. Greensville is the ASEAN plant; 600k tubes already shipped to six markets. Three SKUs on shelf in Thailand from 20 Sep at ฿215.
PTT Exploration and Production PCL is Thailand’s national E&P company, producing oil and gas from the Gulf of Thailand and overseas blocks (Myanmar, Malaysia, Oman, Algeria and others) and paying a high indicated dividend. Earnings and the share price track oil and gas realisations, lifting costs and reserve replacement; the name last printed THB 148.00 after a 0.7% fade from Tuesday’s 149.00 official close, still well above the December 2025 close of THB 113.00 but THB 16 below the THB 164.00 2026 high after this week’s drift, and has just taken FID on the Bussabong gas field (first gas targeted 2028).
| Market Cap (THB): 587.56B | Market Cap (USD): ~$17.7B (at ~THB 33.20/USD) |
| Current Price: THB 148.00 (as of 23 September 2026 last sale) | 52-Week Range: THB 104.00-164.00 |
| P/E Ratio: 8.5 (TTM) | P/BV: 1.04x |
| Dividend Yield: 6.2% (latest indicated) | Avg Daily Value: THB 1.2B-3.0B |
PTTEP: PTTEP has taken FID on the Bussabong gas field in G3/65 in the Gulf of Thailand, with first gas targeted in 2028 at ~30 MMSCFD, rising to ~40 MMSCFD by 2030. The project will leverage existing Bongkot North infrastructure, while PTTEP retains 60% and operatorship. Earnings contribution is longer dated, but strategically positive as Thailand seeks to strengthen domestic gas supply and reduce reliance at the margin on imported LNG.
Comment: And voila PTTEP is going from strength to strength at the moment – see what a difference it makes when there is a proper Minister of Energy in charge.
| Ticker | Mkt Cap (USD) | Price (THB) | P/E (TTM) | P/BV | Div Yield | YTD 2026 | Analysis |
|---|---|---|---|---|---|---|---|
| MAJOR.BK | $147M | 7.15 | 8.5 | 1.09x | 3.5% | ▲ +0.7% | View → |
| OSP.BK | $1.47B | 16.20 | 13.4 | 2.94x | 5.6% | ▲ +0.6% | View → |
| PTTEP.BK | $17.7B | 148.00 | 8.5 | 1.04x | 6.2% | ▲ +31.0% | View → |
Corporate events
XR / XW today — WAVE rights 3-for-1 at ฿0.04 (book 14–20 Oct). Warrants 2-for-1.
Pays today — HTC ฿0.37; IRPC ฿0.04; MST ฿0.14; SSPF ฿0.0264; TIPH ฿0.50; WHAIR ฿0.1434.
25 Sep — GRAND bondholders on 11 series. SEC told holders to show up.
Still open — SPCG tender at ฿9.11 through 8 Oct. TKN buyback running.
Market chatter
(not filings)
SET — Tuesday close 1,604 (+6). Foreigners −฿3.0bn after Monday’s +฿4.7bn.
GULF — Singtel’s 90-day lock-up on the residual ~4.95% stake is off today. Last sale was 2.8% in June.
Tape — Trump–Xi later this week. Oil still off the highs.
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