PTT Public Company Limited

PTT PCL announced a record first-half 2026 net income of THB78 billion, the highest half-year result since 2017, driven by strong spreads and balanced contributions across business segments. The company's CFO, Pattaralada Sa-Ngasang, attributed the performance to improved refinery and petrochemical margins, better upstream results from PTTEP, and profit enhancement initiatives that generated THB8.7 billion in the first half. Despite government subsidies and support measures reducing potential profits by approximately THB8.5 billion, PTT's performance improved 75% year-over-year. The company maintains its THB90 billion annual projection and continues to focus on LNG growth, with 1.75 million tons achieved in the first half, while managing challenges from global energy market volatility and geopolitical tensions.

The National Innovation Agency (NIA) hosted the GLOBAL STARTUP HUB DEMO DAY 2026, bringing together 30 selected startups in the fields of AI, IoT, Semiconductor, EV & Mobility, Energy Tech, and Climate Tech & Sustainability to present results after business matching with over 60 large corporations. The goal is to drive them toward Proof of Concept (PoC) testing with leading organizations such as Thailand Post, Central Retail, PTT, Thai Oil, and AIS, aiming to reduce industrial risks and create shortcuts to sales and commercial investment. Dr. Krishpaka Boonfueng, Director of NIA, stated that this project is a mechanism under the Groom – Grant – Growth – Global approach to enhance the business readiness and international market readiness of Thai startups. The PoC process will allow startups to validate their technology against real-world challenges and establish reference cases for future market expansion.

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.

PTT expects that in the second half of the year, the exploration and production business will be supported by higher sales volumes and prices, while the natural gas business will benefit from the new price structure. Petrochemical product prices are expected to recover. The company is also proceeding with internal strengthening through the Mission X and Asset Monetization projects. Mr. Apakorn Chaumthong, PTT's Investor Relations Manager, revealed that PTT Group is monitoring the conflict in the Middle East, particularly risks in the Strait of Hormuz and the Red Sea, as these could affect transport routes and energy supply, keeping commodity prices high. For the natural gas business, it is expected to benefit from the new price structure that replaces the Single Pool starting January 1. The petrochemical business is expected to see improved margins due to tight feedstock supply. The refinery business is supported by higher Singapore refining margins but faces the risk of stock losses if oil prices decline. The power business is studying electricity sales to data centers and expanding renewable energy through Avaada to 2.9 GW from 2.38 GW. Meanwhile, the Asset Monetization plan achieved 18.5 billion baht in the first half, against this year's target of 40 billion baht and a long-term target of 100 billion baht during 2025-2027.

PTT reported on oil market conditions for the week of 24–28 August 2026, with Brent crude averaging 92.34 dollars per barrel, up 4.10 dollars, while West Texas Intermediate stood at 85.83 dollars per barrel, up 3.38 dollars, and Dubai crude at 93.03 dollars per barrel, up 4.42 dollars. The key supporting factor came from tensions between the United States and Iran, as the US prepared to impose sanctions on Iran and its trading partners to pressure the opening of the Strait of Hormuz. Iran threatened that it might attack other oil transport routes if any country cooperated with the US, and the Iranian parliament approved in principle the collection of fees from ships passing through the Strait of Hormuz. The US Secretary of Energy stated that oil shipments through the Strait of Hormuz averaged 8 million barrels per day during 16–22 August 2026.

Siam Commercial Bank and PTT have signed a 25-year USD/THB cross currency swap worth 48 million US dollars, the longest-dated CCS transaction ever undertaken by a Thai organisation. The transaction was designed to meet client needs and to mark PTT's 48th anniversary, helping PTT manage long-term foreign exchange and interest rate risk, as well as efficiently manage funding costs and cash flows. This achievement reflects the financial innovation capabilities of both organisations in sustainably raising the standards of Thailand's financial market.

PTT announced it is moving forward with its 2026 strategy, focusing on practical execution amid volatility while balancing EBITDA growth and Net Zero goals. Mr. Aphakorn Chaumthong, Investor Relations Manager, said the company aims to expand its LNG Value Chain portfolio to 10 million tonnes of trading volume by 2030 and 15 million tonnes by 2035, as well as accelerate partnerships in petrochemicals and refining, and increase cash flow from asset management totaling 100 billion baht within three years. Meanwhile, the company is considering an interim dividend payment, with proceeds from asset management potentially invested in LNG or E&P projects or allocated to shareholders if no suitable projects arise.

Yuanta Securities said energy and petrochemical stocks still face uncertainty from the direction of US-Iran negotiations, as the chances of reaching a short-term deal remain unclear. Meanwhile, WTI and Brent crude prices rose for a second straight week, supporting PTT and BCP as standout picks on their high dividend outlook. Some petrochemical spreads have begun to recover, but the overall picture still requires close monitoring of supply conditions and geopolitical factors. Weekly WTI and Brent crude prices closed up 6 to 7 percent week on week, rising for a second consecutive week after the MOU timeframe ended and Iran and the United States had no plans to extend further talks. The United States and the UAE also announced additional economic pressure measures against Iran. Singapore refining margins closed down 14 percent week on week at 17.3 US dollars per barrel, falling for a third week as regional supply increased after refineries in Taiwan and China resumed production.

Kasikorn Securities said net profit of the energy and petrochemical sector in the second quarter of 2026 rose 302% from a year earlier and 63% from the previous quarter to 128 billion baht, driven by tight supply conditions in the Middle East that supported crude oil prices and petroleum and petrochemical product spreads. Refining businesses benefited from stronger refining margins, while exploration and production businesses benefited from higher selling prices, and petrochemical businesses benefited from wider olefin spreads. The research team expects third-quarter 2026 profit to soften from the previous quarter due to an exceptionally high base in the second quarter of 2026, but refining margins remain elevated because of continued operational problems at refineries in Russia. It raised its energy sector profit estimates by 21% and 12% respectively, based on higher refining margin assumptions of 18.7 US dollars per barrel and 9.7 dollars per barrel, up from 14.2 dollars per barrel and 7.9 dollars per barrel, and raised target prices for refinery stocks and PTT, selecting TOP as its top pick because it is expected to continue benefiting from strong refining margins.

Krungsri Securities Public Company Limited stated that PTT has maintained energy security even as geopolitical conflicts increasingly disrupt energy transport, supported by the capability of its trading business to access supply sources worldwide. The company can still procure crude oil and feedstock for downstream operations to continue production, with refinery utilization in its group at 103% in the first half of 2026, compared with a normal level of 104% in the first half of 2025, versus the region where run rates have been cut by 8 to 17 percent, led by Chinese refineries. On the petrochemical side, olefins utilization in the first half of 2026 rose to 86%, compared with 80% in the first half of 2025, allowing the company to benefit from higher margins amid persistently tight supply. PTT maintains its target to keep expanding its trading business over the long term, aiming to diversify crude oil procurement sources to strengthen energy security and to expand trading into more fuel types. It keeps its target to increase LNG trading volume by about three times to 10 million tonnes per annum by 2030, versus 1.75 million tonnes per annum in the first half of 2026 and a 2026 target of 3.7 million tonnes per annum. The company is generating stronger cash flow, supported by nearly all businesses, and is considering increasing shareholder returns. First-half 2026 EBITDA and net profit rose 55% and 75% year on year respectively, supported by tight energy supply from the closure of the Strait of Hormuz. This drove higher margins in the exploration and production business along with crude oil prices, supported the gas business through lower costs from gas price restructuring and higher reference selling prices, and helped the refinery and petrochemical businesses through recovering refining margins and product spreads. These factors are expected to continue supporting year-on-year growth in the second half of 2026, leading to an improving cash flow trend. Net debt to EBITDA is likely to keep declining from 1.26 times in the first half of 2026, compared with 1.75 times in 2025, leaving excess liquidity to pay dividends to shareholders at no less than the industry average. PTT maintains its asset monetization plan and its search for strategic partners to reduce financial costs and strengthen long-term competitiveness. It keeps its target to carry out asset monetization of about 100 billion baht during 2025 to 2027, with 18 billion baht already completed from 2025 through the first half of 2026, to use liquidity to reduce debt and improve the ability to withstand long-term business volatility. It also maintains its plan to seek strategic partners or a Genesis transaction to enhance competitiveness in feedstock procurement and long-term funding sources, with progress now expected to be delayed into 2027 because the war in the Middle East and government intervention have affected negotiations. Krungsri Securities views this as slightly positive for PTT, as management is considering higher shareholder returns based on excess liquidity. This makes the forecast 2026 dividend of about 2.3 baht per share, or a yield of 5.6%, which is close to the 2025 level that included a special dividend, more likely and possibly subject to upside, compared with expected dividend yields of no less than 6 to 7 percent for PTTEP and TOP. The delay in concluding a strategic partner or Genesis transaction during the war is not worse than expected, and the broker maintains its view that it does not reduce the competitiveness of PTT and its subsidiaries, while stronger current business conditions increase bargaining power in negotiations. Krungsri Securities maintains its view that normalized profit in the third quarter of 2026 will grow year on year, still supported by nearly all businesses from upstream to downstream. Gas price restructuring has reduced feed costs for gas separation plants by 17% year on year, while the closure of the Strait of Hormuz has raised reference selling prices. Subsidiary businesses are supported by persistently tight supply, boosting margins at PTTEP, TOP, PTTGC, and IRPC. The broker maintains a Buy recommendation with a 2027 target price of 44.5 baht. It keeps its view that the business is in a recovery phase, with the gas business turning around from gas restructuring and the refinery and petrochemical businesses benefiting from tighter supply as less new capacity comes online and global production restructuring takes place. This is keeping refining margins above the ten-year average and lifting petrochemical spreads back to long-term profitable levels, supporting normalized profit growth at a compound annual growth rate of 18% during 2026 to 2028.

KGI Securities Thailand continues to recommend buying PTT shares, with a sum-of-the-parts target price for the first half of 2070 of 43 baht, and expects an attractive dividend yield of 5.6 percent in 2026 to 2027, based on an estimated dividend per share of 2.30 baht per year and the current share price. It therefore selects PTT as one of its top picks in the energy sector. However, the broker expects PTT's profit to decline quarter on quarter in the third quarter of 2069, after reaching a new record high of 52.5 billion baht in the second quarter of 2069, pressured by lower earnings at PTTEP, PTTGC, the gas business unit, and the trading business unit. PTTEP's profit is expected to fall quarter on quarter because average selling prices declined in line with Dubai crude oil prices, which fell to 80 US dollars per barrel in the third quarter to date of 2069, or a 17 percent drop quarter on quarter. Meanwhile, HDPE prices in the third quarter to date of 2069 fell 21 percent quarter on quarter to 1,125 US dollars per tonne, which is likely to pressure olefins business earnings at PTTGC. Profit from the gas separation plants under the gas business unit is also expected to decline quarter on quarter because ethane selling prices to petrochemical customers fell in line with polyethylene prices. The trading business unit's contribution margin, which was as high as 0.31 baht per litre in the second quarter of 2069, is expected to return to normal levels in the third quarter of 2069. On negotiations with foreign partners, PTT is still unsure whether a conclusion can be reached within this year as originally targeted, or whether it will need to be postponed until next year, given geopolitical tensions in the Middle East.

Newspapers report that PTT has unveiled a five-year investment plan worth 1 trillion baht, pushing into petroleum exploration and production and infrastructure businesses, with PTTEP as the spearhead for investment, supporting the government's policy to drive Thai GDP growth of 3 percent. PTT will also co-host Gastech 2026 from September 14 to 17, moving ahead to seek partners to strengthen PTTGC, TOP, and IRPC, expanding LNG imports to 15 million tonnes in 2035 and targeting an increase in the share of overseas revenue to 50 percent. Meanwhile, BGRIM is pursuing energy megatrends, developing projects to support PDP 2026 and highlighting data center business as a star after signing power purchase agreements for 100 megawatts, with new customers set to add another 150 megawatts. It is also studying construction of new power plants to support data centers and preparing to bid for Quick Big Win projects to drive community solar of 300 to 500 megawatts. SGC is adjusting its loan portfolio, pushing Lock Phone with a yield of 25 percent and targeting an increase in its share to 65 percent of the portfolio. It is set to sell C4C for no more than 1.3 billion baht and preparing cash to support the high season in the third and fourth quarters of 2026. SINGER-SGC is moving to clear accumulated losses, hoping to unlock dividend payments after SGC has posted profits for eight consecutive quarters. SPCG has been taken over by the Phokachai Pattana group teaming up with Jaruthavee in a deal worth more than 5.527 billion baht, opening a full-scale offensive in green energy business in response to the new PDP 2026 plan and the unlocking of direct power purchase agreements. SPCG is found to hold hidden land assets in the Eastern Economic Corridor of more than 3,000 rai, and is moving ahead to sell electricity directly to customers of the Bangkok Free Trade Zone project of the MK group in Bang Pakong Industrial Estate. ERW is confident that the third quarter of 2026 will be strong, with total revenue growing 7 percent after July average revenue per room rose 5 percent, supported by a bright tourism outlook in the second half, driving full-year revenue growth of 6 percent to 8.4 billion baht. It is advancing the JUMP+ plan toward a target of 10 billion baht in 2028. IND believes the second half of 2026 can maintain good growth momentum after first-half results showed net profit of 13.33 million baht and service revenue of 413.31 million baht. SO continues toward a double-digit growth target, with cumulative revenue plus backlog awaiting recognition at 2.894 billion baht, or 93.2 percent of the full-year revenue target of 3.1 billion baht. THAI is adjusting strategy to cope with surging oil prices, increasing hedging to 60 percent for two years ahead as the Middle East situation looks set to drag on. It plans no reduction in available seat kilometers in the second half and will resume flights on two routes, Xiamen and Da Nang, while increasing frequency on three European routes: Paris, Munich, and Zurich. It is confident of maintaining operating profitability this year, while the aircraft procurement plan continues, with a fleet of 102 aircraft by the end of this year before rising to 128 in 2028. PRM is paying a special dividend of 0.20 baht per share from retained earnings, with the ex-dividend date set for August 27, after second-quarter 2026 results showed net profit of 580.5 million baht, up 20.2 percent, and total service revenue of 2.3171 billion baht, up 4.5 percent. INET is confident of continued growth, developing INET-IDC4 to reflect rising domestic demand for cloud infrastructure and strengthening Thai organizations toward data sovereignty. It is currently developing the EduPass system with the Ministry of Education, expected to launch within six months. SAMART is confident of a strong second-half recovery, benefiting from SAV's busy flights, while the direct coding business has passed its lowest point. It is preparing to bid for new projects worth nearly 10 billion baht, expecting the government to gradually approve and open bidding from October onward, supporting total backlog to exceed 20 billion baht by the end of this year. BAM is accelerating in the second half, generating revenue from non-performing loans, non-performing assets, and joint venture asset management companies toward set targets. It reported second-quarter 2026 collections of 3.513 billion baht, up 16 percent, with profit of more than 234 million baht, up 8 percent, while helping more customers restructure debt through the New Start with BAM program. BCH reported strong third-quarter 2026 operating results as the high season began showing good signs from late May through June, believing foreign customers will continue to recover and drive year-end results higher. It revealed it is in talks on more than 10 merger and acquisition deals and preparing to meet with the Social Security board to adjust capitation rates for all items, expected to be completed by October 2026. TFG is benefiting from high farm-gate pig prices of 72 to 74 baht per kilogram, expected to hold until September, while chicken prices have also edged up. Export demand for chicken in Europe, the United Kingdom, and Japan remains strong. It has locked in soybean and soybean meal prices until the end of 2026 to manage raw material costs, and is expanding retail stores to 875 branches by the end of this year before surpassing 1,075 branches by the end of next year. JR is set to benefit from the new PDP round, creating opportunities for additional system installation work. It signaled that the second half of 2026 will outperform the first half, supported by recognition of additional projects, and is preparing to bid for new electrical projects worth another 100 million baht, boosting backlog from 5 billion baht. It is shifting more toward quick wins to fill its portfolio and generate steady revenue. KUMWEL is building Kumwel Clinic with a target of covering 10 provinces by the end of the year, set to book revenue from the third quarter, while also eyeing BOI Plus incentives worth 100 million baht. The data center megatrend is driving demand for lightning protection and grounding systems, opening opportunities for many new projects. It is confident that 2026 revenue will grow strongly by 50 percent. ORI has laid out a three-year JUMP+ plan to accelerate performance to 1.43 billion baht in 2028, highlighting a build-operate-exit-reinvest model to develop hotels and warehouses for added value before selling into REITs to recycle capital for new investments. In the second half, it is set to book revenue from asset and land sales of another 1.5 to 1.8 billion baht. TOA is adjusting strategy to penetrate the economy paint segment, targeting rental property customers, while expanding in construction and repair chemicals to capture home renovation demand. It is proceeding with planned investment of about 600 million baht, expected to accelerate in late third quarter of 2026, focusing on new production development and targeting sales growth of 5 percent. PRINC has set a 2026 target of revenue growth exceeding 10 percent from the previous year, reaping full-year benefits from new hospital investments and a growing customer base. It said third-quarter 2026 performance will be better than the second quarter, supported by the high season and rising service usage, plus benefits from the Happitat project opening, which will continue to boost Prince Suvarnabhumi Hospital. It is upgrading complex disease services and expanding its foreign customer base to support margins. READY is expanding its Plus Customer base among medium-sized businesses with annual revenue of 30 to 300 million baht, aiming to build recurring revenue beyond its existing share of more than 90 percent. It is accelerating the use of AI to enhance products and internal systems, and launching Ready Agent-R Service, targeting revenue growth of 7 percent this year. PCE signaled a bright second half of 2026, benefiting from domestic demand for B100 biodiesel. It is expanding production capacity at its palm oil refinery for edible oil, expected to be completed in the fourth quarter of 2026 to support food industry growth. It is confident of strong growth in value-added products and manages integrated infrastructure to control costs efficiently across the system, supporting sustainable growth. ORN revealed a bright business outlook for the third quarter of 2026, with a solid backlog of 4.26 billion baht and continuous transfers of low-rise and high-rise projects. It is preparing to launch The Next Jed Yod 4 condominium on August 22, along with sales campaigns, and plans to expand community malls to Phuket, with opening targeted for early 2027.

PTT has announced a sustainable growth plan by expanding overseas investment in three core businesses: LNG trading, petroleum exploration and production, and petrochemicals, as the domestic market has limited growth potential. The company targets expanding its LNG portfolio to 3.7 million tonnes this year, rising to 10 million tonnes in 2030 and 15 million tonnes in 2035. Currently, the PTT Group already derives around 50% of its revenue from overseas. Dr. Kongkrapan Intarajang, Chief Executive Officer and President, said the company is in talks to find partners for its downstream subsidiaries and PTT Tank, with new interested parties increasing. However, the war situation in the Middle East and the Thai government's policy on refineries are affecting investor decisions. The board will meet to consider an interim dividend for the first half of 2026 by mid-September, and the payout can be announced within the same month. He confirmed the dividend will be paid at an appropriate level to take care of shareholders while also building energy security for the country. The PTT Group is also moving forward with internal efficiency programmes such as MissionX, AXIS, P1, D1 and F1, which are expected to create added value in the second half of 2026 of no less than the more than 8.7 billion baht achieved in the first half.

Morgan Stanley has raised its target prices on six Thai energy and refinery stocks: PTT to 44.90 baht from 39.40 baht, TOP to 87 baht from 70 baht, PTTGC to 59 baht from 43 baht, OR to 14.60 baht from 14.30 baht, BCP to 65.70 baht from 51 baht, and SPRC to 19.70 baht from 12.90 baht. The moves reflect a positive view on the outlook for Thailand's energy and refinery sector, especially for SPRC, PTTGC, TOP and BCP, which received significant target-price increases. Sorachai Pittayapruek, director of analysis at Krungsri Securities, assesses that the petrochemical industry is entering the early stage of a new recovery cycle after facing oversupply pressure since 2023. The situation in the Strait of Hormuz is acting as a catalyst for faster market rebalancing, because some plants that already had plans to reduce or halt production can use the situation as a reason to stop operations and cut product deliveries, removing a large amount of supply from the market during the crisis. However, once the Hormuz closure situation eases, product spreads may correct in the short term in the third quarter of 2026, but they are unlikely to return to the low levels seen in 2025, because not all of the old plant capacity that has been gradually shut down can come back to the market. Sorachai estimates that the petrochemical industry has a chance to reach balance sooner than previously expected. He had earlier estimated that the market could reach equilibrium in 2029, assuming plastic resin demand grows by an average of 1 to 2 percent per year and no severe economic recession hits. Once excess supply declines to the point of balance, producers' pricing power will increase, opening the opportunity for product spreads to sustainably stand above 500 US dollars per tonne. His recommended standout stocks are PTTGC and SCC in the petrochemical group, with BCP as the top pick in the refinery group, along with a buy recommendation on IVL and hold recommendations on SPRC and TOP.

A survey of second-quarter 2026 earnings among companies listed on the Stock Exchange of Thailand found that 71 firms recorded net profit growth of more than 100% compared with the same period last year. TMT Steel Public Company Limited, or TMT, led the pack with net profit of 299.87 million baht, up 910.23% from 29.68 million baht. Hana Microelectronics Public Company Limited, or HANA, followed with net profit of 326.31 million baht, up 838.35%, and Susco Public Company Limited, or SUSCO, posted net profit of 120.59 million baht, up 797.01%. Among large-cap stocks with profit growth above 100%, True Corporation reported net profit of 6.55 billion baht, up 222.68%; Berli Jucker Public Company Limited posted net profit of 2.88 billion baht, up 191.07%; PTT reported net profit of 52.52 billion baht, up 143.93%; SCG Packaging posted net profit of 2.30 billion baht, up 128.15%; and PTT Exploration and Production reported net profit of 27.20 billion baht, up 101.23%.

PTT has announced its strategic direction on the occasion of its 48th anniversary and entry into its 49th year, focusing on driving four sustainable future plans with the goal of becoming a growth leader in Thailand and global markets. The group has set a five-year investment budget of 1 trillion baht, will add partners, and expand its LNG portfolio to 10 million tonnes by 2030 to boost return on equity, create added value for the Thai economy, and maintain energy security. Dr. Kongkrapan Intarajang, Chief Executive Officer and President, said the four plans comprise being a leader in the energy transition, being a Thai champion organization growing in global and domestic markets, caring for society in new ways, and integrating new technologies such as AI and CCS more into the business. The PTT Group contributes around 5% of the country's GDP and accounts for around 10% of the nation's greenhouse gas emissions. First-half 2026 operating results showed net profit of 78.263 billion baht, up more than 74% from the same period last year, and the PTT Group created over 8.7 billion baht in added value from internal collaboration through Profit Enhancement Initiatives. The MissionX project has generated cumulative value of more than 20 billion baht in nearly two years. Meanwhile, the LNG business aims to expand its portfolio from 3.7 million tonnes in 2026 to 10 million tonnes in 2030 and 15 million tonnes in 2035, considering investment in infrastructure only when returns are more worthwhile than trading. PTT also remains ranked first in Thailand and second in Southeast Asia on the Fortune Southeast Asia 500 for the third consecutive year.

PTT has announced a strategy to cope with energy volatility by pushing its LNG business as a new growth engine, targeting an expansion of its LNG portfolio to 3.7 million tonnes by 2026, up from 1.75 million tonnes in the first half, and then to 10 million tonnes in 2030 and 15 million tonnes in 2035 respectively. Dr. Kongkrapan Intarajang, Chief Executive Officer and President, said PTT will diversify crude oil supply sources, increase flexibility across the supply chain, and seek investment opportunities both on the production side in the United States and in end-user markets in China, South Korea, and Europe. For its 2026 investment plan, PTT has prepared a budget of 28 billion baht, of which 10 billion baht was spent in the first half. The PTT Group targets investment of about 1 trillion baht over the next five years and has total cash flow of 425 billion baht. The board is expected to consider an interim dividend from first-half 2026 operating results this September.

Asia Plus Securities expects PTT Public Company Limited, or PTT, to pay a minimum first-half dividend of 1.10 baht per share, representing a first-half yield of 2.8%. First-half net profit for 2026 is projected at 78 billion baht, up 74.5% from the same period last year and equal to 68.7% of the full-year net profit estimate. The research team maintains its existing estimates and expects third-quarter 2026 operating performance may decline from the previous quarter, as global petroleum and petrochemical prices ease under the assumption that the war de-escalates. Sales volumes for PTT and PTTEP are also expected to fall due to maintenance shutdowns at several projects and the closure of Gas Separation Plant 6 for about 26 days. Under assumptions of Dubai crude at 80 dollars per barrel in 2026 and 75 dollars per barrel in 2027, Asia Plus has raised its end-2027 fair value to 48 baht per share and recommends accumulate, viewing PTT as a diversified holding company with attractive dividends and an annual dividend yield of around 5 to 6%. Meanwhile, Land and Houses Securities expects third-quarter 2026 profit to weaken from a high base, with seasonal declines in gas sales volumes, lower PTTEP profit, softer refining business due to stock losses, and weaker PTTGC from narrower petrochemical spreads. It expects PTT may pay a higher first-half dividend than last year's 0.90 baht per share, given this year's strong earnings, and notes PTT previously paid a peak of 1.30 baht per share in 2022. Land and Houses has upgraded its recommendation to buy with a target price of 40.42 baht, citing strong earnings and continued foreign buying.

CGS International Securities Thailand has raised its year-end 2026 SET index target to 1,690 points from 1,630 points, after second-quarter 2026 listed-company earnings came in stronger than expected. The firm lifted its 2026 market EPS estimate by 8%. Aggregate net profit of the companies it covers rose 10% year on year and 14% quarter on quarter, led by the energy and petrochemical sectors. Excluding those two sectors, profit would have fallen 25% year on year and 6% quarter on quarter. The research team recommends overweight positions in healthcare, tourism, consumer products, and industrial estates. It also updated its top picks, removing ERW and CRC and adding CPALL and PTT.

Asia Plus Securities has warned that three risk factors are pressuring risky assets worldwide, dragging Asian equities sharply lower, and expressed concern over the Thai economy after the second-quarter current account deficit reached as high as 17.7 billion US dollars, or about 12 percent of GDP, the most severe compared with past crises. The brokerage recommends investors adjust portfolios defensively, focusing on commodities, energy, retail, and high-dividend stocks, while highlighting PTT, CPF, and KLINIQ as safe-haven picks. The three risk factors are tensions in the Strait of Hormuz, which pushed Brent crude to 91.3 US dollars per barrel, the highest in 25 days; the 10-year US Treasury yield rising to 4.71 percent and the 30-year yield touching 5.29 percent, pressuring technology stock valuations; and institutional investors increasing short positions in NASDAQ100 futures by more than 41 percent over two weeks to 109,700 contracts. That sent the NASDAQ index to its lowest in two weeks and dragged the KOSPI down 5.46 percent, the Nikkei down 2.37 percent, Taiwan down 1.20 percent, and Singapore down 1.16 percent. For the Thai economy, the current account in the second quarter of 2026 swung to a deficit for the first time in eight quarters, due to surging imported fuel costs and freight rates. The trade balance recorded a deficit of 12.1 billion US dollars, while the services balance deficit also widened, pressuring the baht. Foreign investors opened net short positions in TFEX as high as 23,212 contracts in a single day and have sold a net total of more than 6.2 billion baht in Thai equities since the start of the month. Asia Plus Securities recommends a selective buy strategy in three main groups: beneficiaries of higher oil prices and freight rates such as PTTEP, PSL, RCL, and PRM; companies with recovering third-quarter 2026 earnings and benefits from a weaker baht such as CPF, ITC, DELTA, HANA, KCE, BH, BDMS, and PR9; and domestic consumption, tourism, and advertising media names such as CPALL, CENTEL, ERW, and VGI. The top picks of the day are PTT, which benefits from oil prices and offers high dividends; CPF, which gains from the weaker baht and recovering meat prices and is set to trade ex-dividend on 31 August 2026 with an interim dividend of 0.45 baht per share; and KLINIQ, whose second-half outlook is strong with a chance of raising its sales target from the current expected growth of 20 percent year on year.

UBS has raised its target for the Thai stock market index to 1,680 points in its base case. In the best case, the index could climb to test a high of 1,840 points, while in the worst case it could fall to 1,460 points. The bank also recommends six top picks: CP All, Central Pattana, Gulf Energy Development, Krung Thai Bank, PTT, and True Corporation. At the same time, it has removed Advanced Info Service, Bangkok Dusit Medical Services, Berli Jucker, and Asset World Corp from its recommended list. Trading data from the start of the year through 17 August 2026 shows UBS has accumulated net sales of 5.50 billion baht, with net sales of 3.24 billion baht in August alone. Mongkol Puangpetra, managing director of Apollo Wealth Securities, views the 1,680-point level as a target many parties have already assessed, but reaching 1,820 points would be very challenging. Even though second-quarter profit for the Thai stock market hit a record high of about 380 billion baht, and trailing twelve-month profit reached 1.2 trillion baht, he recommends gradually selling to lock in profits when the index approaches 1,630 to 1,650 points, and keeping an eye on PTT and PTT Exploration and Production, which may pay higher-than-normal dividends.

Bualuang Securities reported second-quarter 2026 results for eight energy companies under its coverage, with combined net profit of 109 billion baht, up 195% year-on-year and 35% quarter-on-quarter. Core profit totaled 127 billion baht, up 237% year-on-year and 49% quarter-on-quarter. The refinery group was the main driver, boosted by higher revenue and margins from selling prices and elevated GRM and GIM amid the war situation. BCP, PTT and SPRC beat expectations, while IRPC, PTTEP and TOP were in line. BANPU and OR came in below expectations. The group's overall financial position remains strong, with SPRC in a net cash position, OR near net cash, and PTTEP holding net debt to equity of only 0.1 times, followed by TOP and PTT. BCP stood at 0.7 times, while BANPU and IRPC were higher than the group at 1.0 times and 0.9 times respectively. On cash flow, PTT and PTTEP have posted positive operating cash flow and free cash flow for six consecutive quarters, while BANPU is the only company that has not yet generated positive free cash flow during that period. For the third-quarter 2026 outlook, most management teams are cautious but still positive. Oil prices and GRM are expected to decline from the previous quarter as supply increases after Middle East tensions ease, but they should remain high compared with a year earlier. OR is more positive, expecting oil sales volume and marketing margin to improve from the previous quarter. The research team views BCP, PTT, PTTEP and SPRC as having potential to pay high dividend yields of around 6 to 10 percent in 2026, and around 5 to 7 percent over the medium term. PTT remains the top pick on strong earnings momentum and an attractive dividend yield.

PTT reported on oil market conditions for the week of August 17 to 21, 2026. Brent crude rose by 6.52 US dollars to 88.24 dollars per barrel, while West Texas Intermediate rose by 5.09 dollars to 82.45 dollars per barrel, and Dubai crude rose by 8.85 dollars to 88.61 dollars per barrel. A key supporting factor came from the United States preparing to impose severe economic pressure measures on Iran as soon as possible this week, after negotiations remained deadlocked. Previously, the United States had sanctioned more than 1,000 individuals, vessels, and aircraft, and frozen digital assets linked to Iran worth more than 500 billion US dollars. In addition, the Yemeni Red Sea port of Mocha halted operations after being attacked by Houthi forces with more than 25 missiles between August 9 and 15. Kpler estimated that only two vessels transited the Strait of Hormuz on July 14, neither of them crude oil tankers, compared with more than 130 vessels per day before the US-Iran war.

PTT Public Company Limited will receive interim dividends totaling more than 12.13 billion baht from two subsidiaries, PTTEP and GPSC. PTTEP announced an interim dividend for the first six months of 2026 at 4.50 baht per share, while GPSC announced a dividend of 0.55 baht per share. PTT holds 2,532,340,489 PTTEP shares, equivalent to 11.4 billion baht in dividends, and 1,332,955,135 GPSC shares, equivalent to 733 million baht, for a combined total of 12.13 billion baht.

Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.

PTT remains the champion for the highest net profit in the first six months of 2026, with net profit of 78.263 billion baht, surging 74.50% from the same period last year, reflecting a strong recovery in the energy and petroleum business. PTTEP follows in second place with profit of 39.03245 billion baht, up 29.78%, while ADVANC continues to stand out in the telecom group with profit of 27.21151 billion baht, growing 26.18%. As for DELTA, despite having the highest market value of more than 3.34 trillion baht, it posted a first-half profit of 15.15577 billion baht, up 49.80% from the same period last year. TRUE is another company worth watching, because this time it recorded net profit of 13.14285 billion baht with a strong growth rate of 258.60%, reflecting the results of the merger and cost management that are beginning to show full effect. However, for GULF, although its net profit figure declined significantly, a closer look inside shows that in the second quarter of 2025 it booked a special gain from the business combination with INTUCH of 56.12 billion baht. Therefore, if counting only operating profit, it would be 21.659 billion baht, up 59.2% compared with the same period last year.

Asia Plus Securities' research department said second-quarter 2026 profits of Thai listed companies were the highest on record, beating expectations by about 13%, but still lagging US tech stocks, where NASDAQ beat expectations by 53%, causing some funds to rotate into tech stocks and keeping Thai stocks under pressure and hard to move. It recommends stocks with supportive factors, namely PTT, GULF, GPSC, BGRIM, and stocks expected to post standout third-quarter profits, namely CPF, BDMS, BH, PR9, and KCE. Data from 594 companies, representing 98% of market capitalisation, show second-quarter 2026 net profit surged to 386 billion baht, growing 10.8% quarter-on-quarter and 12.5% year-on-year, with the energy sector contributing as much as one-third of profits. Commodity-linked stocks such as energy, petrochemicals, food, and agriculture accounted for as much as 44% of total market profit, compared with the normal level of about 30%. First-half profit already accounted for more than 60% of full-year estimates, making third- and fourth-quarter profit targets of only about 19% per quarter, or roughly 228 billion baht, not difficult to achieve. There is also a chance that full-year EPS estimates will be revised upward at year-end, adding upside to the SET Index.

PTT Group reported combined second-quarter profit for 2025 of 103 billion baht, up 157% from the same period last year. This brought first-half combined profit to 175 billion baht, an increase of 106%. PTT Public Company Limited posted net profit of 52.525 billion baht, up more than 100%, driven by higher price spreads and bond buybacks. PTT Exploration and Production recorded net profit of 27.197 billion baht, up 101%, supported by record average sales volume of 572,882 barrels of oil equivalent per day. PTT Global Chemical swung to a profit of 12.208 billion baht from a loss of 3.616 billion baht a year earlier. Thai Oil posted net profit of 8.284 billion baht, up 28%. PTT Oil and Retail Business reported a net loss of 1.774 billion baht, compared with a profit of 2.232 billion baht a year earlier. IRPC swung to a profit of 2.921 billion baht from a loss of 2.132 billion baht. Global Power Synergy recorded net profit of 1.819 billion baht, down 10%.

Bualuang Securities assessed PTT shares after the company reported second-quarter 2026 net profit of 52.525 billion baht, up 144% from a year earlier and 104% from the previous quarter. Excluding special items, core profit was 63.144 billion baht, up 278% year-on-year and 35% quarter-on-quarter, above research and market expectations because gas business profit beat forecasts. Gas business EBITDA was 24.7 billion baht, up 85% year-on-year and 50% quarter-on-quarter. The research team raised its 2026 net profit forecast by 36% to 137.084 billion baht and lifted its target price to 47 baht from 46 baht. InnovestX Securities said PTT posted second-quarter 2026 net profit of 52.5 billion baht, up more than 100% both year-on-year and quarter-on-quarter. EBITDA excluding hedging impacts rose 94% year-on-year and 35% quarter-on-quarter to 156 billion baht, supported by a recovery across all main business groups, led by exploration and production, gas, and petroleum and refining. The research team raised its 2026 net profit forecast by 17% and lifted its mid-2027 target price to 47 baht from 43 baht, maintaining an outperform rating. Yuanta Securities expects third-quarter 2026 momentum to slow from the previous quarter because of maintenance shutdowns, seasonal gas demand factors, and softer global petrochemical prices, but raised 2026 to 2027 profit forecasts by 13% to 21%. It set a new fair value of 45 baht and maintained a buy rating, noting that PTT is the most fully integrated energy stock, with low volatility, a strong financial position, and a dividend yield of 6.0%.

Several brokers are recommending buying PTT shares after the company announced record profit, with expectations that this year's earnings will grow strongly, dividend yield remains high, and there is still significant upside.

Asia Plus Securities' research team said profits of 283 Thai listed companies out of 682 that have reported second-quarter results came in 11.9% above market expectations. Combined with estimates for the remaining companies, which cover 93% of market capitalisation, it assesses that total second-quarter profit could reach 355 billion baht, up 6.7% from the previous quarter and 8.2% from a year earlier. This raises expectations that second-quarter profit for fiscal 2026 may set a record high, continuing from the first quarter of fiscal 2026. The main growth drivers are petrochemicals, packaging and energy. Including commodity-linked groups such as energy, petrochemicals, food and agriculture, they would account for 44% of total market profit, compared with a normal level of about 30%. The research team views that first-half profit already represents 60% of the full-year target, reducing pressure in the third and fourth quarters and opening upside to the market-wide earnings per share estimate of 95 baht per share, which gives room for the index target to be revised upward. Meanwhile, foreign fund flows into the Thai stock market slowed clearly in August, with cumulative net selling of nearly 10 billion baht, while retail investors were net buyers supporting the index. The research team recommends three stock groups: companies with better-than-expected results such as IRPC, TCAP, KCE and CENTEL; companies benefiting from commodities and geopolitics such as TASCO, RCL, BCP and PTTGC; and companies expected to recover in the second half such as THAI, ERW and BCH. Its top three picks are PTT, BDMS and CENTEL.

MSCI rebalancing supports Thai stocks with net inflows of 500 million baht. GUNKUL and HANA surprised by entering the small-cap index, while PTTEP and TRUE received higher weightings. The market impact is expected to be neutral to slightly positive. PTT posted second-quarter profit for fiscal year 2026 surging 143.9 percent to 52.525 billion baht, supported by international trading, petrochemicals, refining and oil businesses as product price spreads improved, pushing first-half profit to 78.263 billion baht, up 74.5 percent. TOP reported net profit of 8.284 billion baht, up 28 percent year-on-year, with first-half net profit of 27.765 billion baht, and is moving ahead with the CFP project scheduled for 2028. AOT showed third-quarter profit for fiscal year 2026 of 4.44168 billion baht, up 14.93 percent, supported by a 2.61 percent increase in aeronautical revenue, especially passenger service charge revenue rising by 168.36 million baht, or 2.85 percent, after the charge was raised from 730 baht to 1,120 baht per person, pushing nine-month net profit to 14.81233 billion baht, up 3.86 percent, while total passengers reached 99.03 million, up 1.84 percent, with an average target price of 67.56 baht. BGRIM posted second-quarter profit for fiscal year 2026 growing by 676 million baht, up 9,557 percent, on higher total electricity sales volume, and continues expanding its renewable portfolio, targeting six LNG cargoes of 280,000 tonnes this year and gradually achieving commercial operation dates for new power plants, with an interim dividend of 0.18 baht per share. ACE reported second-quarter net profit for fiscal year 2026 of 278.7 million baht, surging 87.3 percent, supported by strong growth in solar and waste-to-energy power plants and lower financial costs, and is advancing a clean energy portfolio of 92 projects with total capacity of 767.42 megawatts. MGC posted second-quarter profit for fiscal year 2026 surging 554 percent to 352 million baht, a record high for four consecutive quarters, pushing first-half net profit to 675 million baht, up 521 percent, supported by deliveries of XPENG and Alpha X electric vehicles growing 688 percent, and the board approved an interim dividend of 0.24 baht per share with the XD date on 26 August. JMART's CEO is confident second-half profit for fiscal year 2026 will exceed the first half, driven by the lock-phone business, SINGER, JMT and Suki Tee Noi, maintaining a profit target for 2028 of more than 2 billion baht. ACE said it will continue seeking opportunities to bid for clean energy power plants in the second half of 2026 and accelerate construction of new projects, expecting several more projects to reach commercial operation by 2027. 88TH has laid out three growth strategies, expanding the LYO portfolio into China and Hong Kong and building a new S-curve in the pet business through Monster Lab, with new revenue expected to be recognised from the second half of 2026 after second-quarter revenue reached 151.82 million baht, up 10.16 percent. GFC is shifting its second-half strategy with digital marketing plans targeting Gen Z to drive egg-freezing services, while accelerating expansion of its foreign customer base through nine agents, aiming to raise the foreign customer share to 25 percent, partnering with more than eight hospitals, and approving an interim dividend of 0.03 baht per share. ILINK expects solar product sales revenue to double this year, benefiting from government subsidies of 50,000 baht per household for rooftop installation and a 200,000 baht tax deduction, with about 9 billion baht in auctions still pending, and hinted third-quarter results will grow on surging trading and engineering demand. III expects second-half performance to improve as the freight transport business enters its high season, advancing its Logistics and Beyond strategy to build an aviation ecosystem, with two to three M&A deals under negotiation and expected to be concluded within this year, while raising this year's revenue growth target to 20 percent from 15 percent, after posting second-quarter profit for fiscal year 2026 of 140.9 million baht, a ten-quarter high. SAWAD is pushing ahead at full speed, benefiting from the high season in the second half, confident this year's growth will meet targets, with first-half profit of 2.74 billion baht, up 16 percent, and brokers see SAWAD's asset quality as having passed its lowest point. TEAMG posted first-half revenue for fiscal year 2026 of 1.266 billion baht, up 22 percent, and profit of 111 million baht, up 18 percent, after second-quarter revenue of 635 million baht, up 19 percent, and profit of 61 million baht, up 29 percent, with the zoo phase two and light red line rail projects lifting backlog to 5.988 billion baht, and targets new work of at least 1 billion baht in the second half. KLINIQ posted second-quarter net profit for fiscal year 2026 surging to 111.53 million baht, up 24.9 percent, pushing first-half profit to 232.66 million baht, and the board approved an interim dividend of 0.88 baht per share with the XD date on 27 August and payment on 11 September 2026. PIS posted first-half net profit of 164 million baht, up 8 percent, with total revenue reaching 1.531 billion baht, up 6 percent, on continued project deliveries and effective cost control, and the second-half outlook is bright as it bids for new work to add to a backlog of more than 6.096 billion baht to be recognised over the next three to four years, confident of driving this year's revenue growth of 10 to 15 percent. MTC is expanding its loan portfolio amid Thailand's slowing economy, with first-half revenue of 16.064 billion baht, up 8.63 percent, and net profit of 3.728 billion baht, up 15.84 percent, while keeping NPLs at 2.61 percent and expressing confidence that second-half loan growth will be around 10 percent.

PTT Public Company Limited reported net profit for the second quarter of 2026 of 52.525 billion baht, an increase of 30.992 billion baht, or more than 100%, from the same period last year. EBITDA, including adjustments for the impact of hedging, was 156.302 billion baht, up 94.1% from 80.545 billion baht in the second quarter of 2025, supported by the petrochemical and refining business groups recovering in line with market GRM and wider product-to-feedstock spreads, despite recognising an oil stock loss of approximately 21.7 billion baht, up from 7.2 billion baht a year earlier. The petroleum exploration and production and gas business groups delivered higher operating results on higher sales revenue and lower gas costs. For the first half of 2026, PTT posted net profit of 78.263 billion baht, up 74.5% from 44.848 billion baht in the first half of 2025, with EBITDA of 272.181 billion baht, up 55.5% from 175.045 billion baht.

Airports of Thailand Public Company Limited, or AOT, and PTT Public Company Limited, or PTT, have signed a memorandum of understanding to enhance organizational management capabilities. The collaboration focuses on developing management system technologies, related infrastructure, and the application of digital technology and artificial intelligence to boost operational efficiency and create shared value across all dimensions—economic, social, and environmental. The partnership also covers the promotion of clean energy, alternative energy, and greenhouse gas emission reduction, as well as personnel development, with the goal of advancing Thailand's airports toward becoming Green Airports and supporting the country's long-term sustainable development goals. This cooperation is part of a state enterprise pairing project under the State Enterprise Policy Office, which has designated AOT and PTT as partners to study and exchange knowledge on core business enablers.

Kasikorn Securities forecasts PTT's second-quarter 2026 profit at 40 billion baht, up 86% from a year earlier and 56% from the previous quarter, driven mainly by the exploration and production business and the natural gas business, where gas separation plant margins expanded on higher selling prices while costs remained stable. Combined profit of six key subsidiaries is expected at 47.4 billion baht, up 157% year-on-year and 2% quarter-on-quarter, supported by higher average selling prices and sales volumes in exploration and production, as well as improved refining margins and petrochemical spreads, although oil stock losses will be a drag. The research team recommends a buy rating, raising the target price to 42.70 baht from 39.90 baht, and expects PTT to pay a first-half dividend of 1.10 baht per share, representing a yield of 2.8%.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

PTT Public Company Limited and Namwiwat Medical Corporation Public Company Limited have signed a purchase agreement for an enzyme-based medical instrument cleaning solution, aiming to elevate the country's medical standards. The product uses Multi-Enzymes technology to enhance cleaning efficiency for medical instruments safely and in an environmentally friendly manner. It has passed international standard testing and is compatible with a wide range of instruments. This innovation was developed from Thai research to commercial scale to reduce import reliance and boost the competitiveness of the country's life science industry.