Thailand

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

An analysis of the construction contractor sector by Asia Plus Securities indicates that the passage of the annual budget expenditure bill for fiscal year 2027, worth 3.788 trillion baht, marks the start of a new round of accelerated public investment, with investment spending reaching approximately 789 billion baht, or 20.8% of the total budget. Meanwhile, the Ministry of Transport is preparing to push forward a total of 262 investment projects covering roads, railways, electric trains, ports, and airports. Local budgets of nearly 395 billion baht will help increase construction and maintenance work in the regions. The brokerage views the construction contractor group as the most direct beneficiary and assesses that Ch. Karnchang Public Company Limited, or CK, and STECON Group Public Company Limited, or STECON, are the most closely linked to the acceleration of budget disbursement. It recommends "Buy" on CK with a fair value of 24 baht and "Buy" on STECON with a fair value of 23 baht. For the construction materials group, it views SCC, SCCC, and TASCO as beneficiaries, with TASCO set to gain support from budgets for road and highway network maintenance. Meanwhile, Pi Securities has a consistent view, saying it is beginning to see positive signals for a new round of government auctions. Since the start of 2026, CK has signed new work that is largely additional work from existing projects worth only about 870 million baht, causing its backlog to fall from more than 168 billion baht early in the year to about 146 billion baht at the end of the first half of 2026. However, the direction of new work has become clearer after the Cabinet resolved on September 1, 2026, to approve the continuation of three double-track railway projects with a combined value of more than 106 billion baht, comprising the Chumphon-Surat Thani section worth 36.892 billion baht, the Surat Thani-Hat Yai Junction section worth 61.534 billion baht, and the Hat Yai Junction-Padang Besar section worth 8.371 billion baht. Bidding is expected to open in early 2027. These projects are part of Phase 2 of the double-track railway program, which has six projects in total. Pi Securities views the opening of bidding for double-track railway projects worth more than 100 billion baht as an opportunity for CK to bid for all of them, expecting the three projects to be divided into about five contracts. If it wins new work, this would be upside to Pi Securities' 2027 revenue forecast of 42.134 billion baht, since the forecast does not yet include the new work to come. In addition, CK has the opportunity to win two other large projects related to Bangkok Expressway and Metro Public Company Limited, or BEM: the installation of systems for the Purple Line South electric train, worth approximately 30 billion baht, and the Double Deck expressway project, worth approximately 35 billion baht. Pi Securities maintains its "Buy" recommendation on CK with a fair value of 23.10 baht, based on 1.3 times its 2026 book value.

Mr. Bandit Thammaprachit, Chief Operating Officer of the Upstream Petroleum and Natural Gas Business Group at PTT Public Company Limited, or PTT, disclosed that amid the energy transition, natural gas continues to play an important role both as a transition fuel and a destination fuel, especially in Asia, where energy demand is still trending upward, driven by the power sector, the industrial sector, and new sources of demand such as data centers and AI. He also noted that LNG procurement models are shifting from a point-to-point LNG system to a connected flexible network that links supply sources, shipping routes, infrastructure, and destination markets together. PTT therefore places importance on developing both gas and LNG infrastructure and its LNG portfolio in parallel, with two key approaches: first, developing infrastructure to be more connected and flexible, moving from having capacity to having connectivity and flexibility through enhanced storage, reload, re-export, break-bulk, and ship-to-ship capabilities, as well as a virtual inventory approach; and second, building a diversified and flexible LNG portfolio by spreading diversity across supply sources, regions, sellers, contract types, transportation, and destination markets, while balancing long-term contracts that serve as the foundation of supply security with short-term and spot market procurement. Through the development of connected infrastructure alongside a flexible LNG portfolio, PTT aims to elevate Thailand's potential to become the region's physical LNG delivery hub, in order to strengthen the security and flexibility of the Thai energy system.

Electricity Generating Public Company, or EGCO, announced the indirect acquisition of a 45.0549% stake in the Astoria Energy II natural gas combined-cycle power plant, or AE II, with a capacity of 615 megawatts, in New York City, United States, through its wholly owned subsidiary EGCO New York, LLC. The company signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, the energy investment arm of Harbert Management Corporation, on 16 September 2026. This investment is part of EGCO's Asset Recycling strategy, which channels capital from the rotation of fully matured assets into premium infrastructure assets that are already in commercial operation. The AE II plant is located in Queens, less than 2 miles from LaGuardia Airport, within the Zone J load center of the New York Independent System Operator, or NYISO, and sells electricity under a long-term tolling agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States. This gives EGCO stable revenue and cash flow that is not subject to fuel price volatility. Thawatchai Samranwanich, President of EGCO, said the investment will be integrated with the company's existing US asset portfolio, including the Linden Cogen power plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, to serve growing electricity demand from AI and data center technologies, as well as the transition to clean energy in the United States, which is the company's second growth base.

DAOL Securities stated that COM7 has notified the resolution of its shareholders' meeting approving two board seats for PLANB, expanding COM7's board structure from seven seats to nine seats, with PLANB receiving two seats, representing a 22% proportion, which is considered to carry control influence. As a result, PLANB will change its recognition of returns from dividends only to the equity method immediately, driving significant profit growth. The research team holds a positive view on the COM7 deal, in which PLANB currently holds an 11.01% stake, because it helps increase media capacity and expand the customer base, extending the growth of OOH revenue in the long term. Net carry under the equity method is expected at 53 million baht in 2026E before turning to 422 million baht in 2027E. However, the research team's assumptions still exclude upside from synergies. The new target price for 2026E is 7.40 baht and for 2027E is 10.5 baht, based on 26x PE. The research team maintains its net profit estimate for 2026E at 1,258 million baht, up 14% YoY, but still excludes the COM7 deal from its estimates. It also maintains a buy recommendation and keeps the target price at 7.10 baht, based on 2026E PER of 26x. Currently PLANB trades at 2026E PER of 22.7x. The research team continues to favor PLANB for its leadership in the OOH media business and expects it to be one of the biggest beneficiaries of the economic recovery and advertising spending.

Yuanta Securities issued an analysis of Tipco Asphalt Public Company Limited, or TASCO, stating that the resumption of crude oil imports from Venezuela opens long-term upside, but the third-quarter outlook remains challenging. The firm said asphalt sales volumes will slow both quarter-on-quarter and year-on-year, weighed down by weak domestic sales as the country enters the rainy season and as government budget disbursements slow toward the end of fiscal year 2026. Even so, remaining investment budgets awaiting disbursement are still as high as 239 billion baht, or 31% of the total investment budget. Overseas sales were flat to slightly weaker, as international asphalt prices rose above 700 US dollars per tonne, the highest in 10 years, prompting customers to delay orders. The company maintained its 2026 sales target of 1.1 to 1.2 million tonnes, having already achieved 0.53 million tonnes in the first half, or roughly 44% to 48% of the full-year target. Its construction contracting business is expected to be steady compared with the second quarter, with management maintaining its target of recognizing about 2.5 billion baht in revenue in the second half of 2026, up 88% half-on-half and 117% year-on-year, and with a backlog of 6.2 billion baht at the end of the second quarter of 2026. As for Venezuelan crude imports, the company brought in its first lot of 600,000 to 700,000 barrels in late July 2026 and its second lot of 800,000 to 900,000 barrels in mid-August 2026. Both were lot-by-lot contracts arranged through intermediaries, not long-term contracts directly with PDVSA. The resumption of these imports will lift asphalt yield by about 10% to 15% compared with using crude from other sources. The research team maintained its 2026 profit forecast at 1.563 billion baht, up 57.3% year-on-year, and its 2027 forecast at 1.935 billion baht, up 23.8% year-on-year. It also maintained its end-2027 fair value of 19.40 baht and expects a 2026 dividend of 1.00 baht per share, a dividend yield of 5.9%, and therefore kept its buy recommendation.

The government plans to extend the Thai Chai Thai Plus scheme and the new phase of the state welfare card by another two months, to November-December 2026, from an original end date of 30 September 2026, and will submit the plan to the Cabinet for consideration on 22 September. This renewal of Thai Chai Thai Plus will use the first 200 billion baht allocated and reserved for the state welfare scheme and the Thai Chai Thai Plus project, with no budget shifted from other areas, and the co-payment ratio will remain at 60:40 through the Paotang application. The state welfare card will continue to receive 100% assistance as before. The government will announce the list of eligible recipients on 30 September 2026, with benefits usable from 1 October 2026 onward. Currently, 26 million people receive Thai Chai Thai Plus benefits, 9.5 million qualify for the state welfare scheme, and about 5 million are awaiting a review of their eligibility, bringing the total number hoping for benefits to 40 million. Dao Securities (Thailand) said it has a more positive view of the measures because the timeline is clearer, and sees the stocks benefiting most, based on their share of domestic revenue, as NEO with a target price of 31.00 baht, CBG with a target of 67.00 baht, and OSP with a target of 20.00 baht.

Pi Securities assesses that CK is starting to see signs of new bidding activity, after the early part of this year saw only 870 million baht in new contracts signed, causing its backlog to fall from over 168 billion baht at the start of 2026 to 146 billion baht at the end of the first half of 2026. Most recently, on September 1, the cabinet approved proceeding with three double-track railway projects with a combined value of over 106 billion baht, comprising the Chumphon-Surat Thani route at 36.892 billion baht, the Surat Thani-Hat Yai Junction route at 61.534 billion baht, and the Hat Yai Junction-Padang Besar route at 8.371 billion baht. Bidding is expected to be held in early 2027. These three double-track rail routes are part of Phase 2 of the double-track railway programme, which comprises six projects in total, so moving forward on three of them is a good signal that other projects will follow. The research team views that with the contracts expected to be split into five packages across the three projects, CK will have a chance to win some of the bids, which would help support 2027 revenue above the research team's forecast of 42.134 billion baht, since new work had not previously been included. As for the earnings outlook for the third quarter of 2026, it is expected to remain at a high level, continuing from the second quarter of 2026, driven by the high season for CKP. In addition, there are two other large projects that CK has a high chance of winning because they are projects involving its subsidiary BEM: the electrical and signalling system works for the southern section of the Purple Line, valued at approximately 30 billion baht, and the Double Deck expressway works, valued at 35 billion baht. The research team therefore maintains its Buy recommendation with a fair value estimate of 23.1 baht.

Wind Energy Holding, or WEH, Thailand's largest wind power producer, successfully closed its fundraising through bonds totalling 7 billion baht in full, split into four tranches of ordinary bonds and Investment Grade green bonds offered to institutional and high-net-worth investors. The bonds received a AAA rating with a stable outlook from TRIS Rating, under the guarantee of the Credit Guarantee and Investment Facility, or CGIF, which was established through cooperation among ASEAN member countries, China, Japan, South Korea and the Asian Development Bank. The bonds were issued by two WEH subsidiaries, Tropical Wind Company Limited and K.R.S. Tree Company Limited, as amortising bonds with an interest rate of 3.56 percent per year, a term of 9 years and 9 months, maturing in 2036. Kiatnakin Phatra Securities is the bond distribution manager, and Kiatnakin Phatra Bank is the bond registrar and bondholders' representative. This transaction is the largest CGIF-supported deal in Thailand to date. WEH currently has eight operational wind power plants with a total installed capacity of 717 megawatts, and four wind and solar projects with energy storage systems under construction and development with a combined capacity of 1,106 megawatts, with a goal of expanding to 2,000 megawatts. The company's revenue has exceeded 10 billion baht and net profit has topped 5 billion baht for five consecutive years, and it has paid shareholders total dividends of more than 11 billion baht.

Bualuang Securities says a new angle for KCE shares is the possibility that the selling price increase cycle could extend into 2027, even though the market has already priced in the July increase and another in the fourth quarter of 2026. The key driver is not direct demand for AI circuit boards, but the cost of standard E-glass, the upstream raw material for CCL, which continues to rise after producers gradually shifted capacity to higher-grade materials for AI that offer better returns. Morgan Stanley's price index for standard E-glass fiber rose from 1.0 times in September 2025 to 3.7 times in August 2026 and 4.1 times in September 2026, while KCE's fiberglass purchase price rose from 0.49 US dollars per meter in the second quarter of 2025 to 0.74 US dollars per meter in the second quarter of 2026, an increase of 51% year on year, which is still much smaller than the rise in upstream raw material prices, leaving a risk that cost pressure will feed through further. The research team has not yet included a third price increase in 2027 in its base-case estimates, because the general-grade CCL market is not yet entirely in shortage. It keeps its assumptions for the July and fourth-quarter 2026 price increases, maintains its TRADING BUY rating with a 70 baht target price, and views any additional price increase in 2027 as upside rather than part of the base case. Core profit is expected at 1.44 billion baht in 2026, up 78% year on year, 2.07 billion baht in 2027, up 43.9%, and 2.30 billion baht in 2028, up 11.1%.

The Ministry of Finance is preparing to extend the Thai Help Thai Plus Phase 2 programme by another two months, covering October through November 2026, using the same 60:40 formula. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the extension will use remaining budget and will not divert funds from the second tranche earmarked for the energy transition, and that it will be submitted to the Cabinet meeting on 22 September 2026. Analysts at Dao Securities Thailand turned more positive after the timeline became clearer, with the stocks benefiting most from domestic revenue exposure being NEO, rated Buy with a target price of 31 baht, CBG, rated Buy with a target price of 67 baht, and OSP, rated Buy with a target price of 20 baht. Meanwhile, Finansia Syrus Securities estimates that the Phase 2 measure will inject an additional 3.5 to 7.1 billion baht into the system in the fourth quarter of 2026, helping consumption and same-store sales continue to recover. It expects third-quarter 2026 profits for DOHOME and COM7 to grow by around 35 to 45 percent year on year, and keeps its weighting on the commerce sector at NEUTRAL, selecting BJC and COM7 as its top picks.

Phillip Securities (Thailand) says the overall food sector in the second half of 2026 is showing clearer signs of recovery. Farm-gate prices for live pigs in the eastern region rose to 79 baht per kilogram in late August to September 2026, up about 41% from the year's low of 56 baht per kilogram in February and up roughly 8% year on year, marking the first return to growth in three quarters. The average price in the third quarter of 2026 rose more than 12% from the previous quarter. The main driver was lower supply after small-scale farmers gradually reduced their breeding sow herds, which is expected to keep total pig volumes for all of 2026 at no more than 20 million head, down from an earlier estimate of 21 to 22 million head. Domestic broiler prices have risen steadily since late May 2026, with farm-gate prices at 46 baht per kilogram as of September 7, 2026, up about 21% from the low and up roughly 10% year on year, the strongest year-on-year growth of the year, driven by strong export demand, especially from Japan, Europe, and South Korea. As a result, advance orders for BTG and GFPT are full through the end of the fourth quarter of 2026.

Yuanta Securities raised its Dubai crude oil price assumptions for 2026-2027 to 90 dollars per barrel from 85 dollars per barrel, and to 75 dollars per barrel from 70 dollars per barrel, respectively, after Middle East tensions dragged on longer than previously expected, with the situation having been expected to gradually ease in the second half of 2026. Instead, tensions re-escalated from early September after the United States and Iran resumed attacks on each other following a ceasefire that had held since July, and the conflict also spread to Saudi Arabia and the Houthi group, which attacked refineries and the East-West Pipeline that carries roughly 4-5 million barrels per day, or 4-5% of global supply. Saudi Arabia said it could restore partial operation of about 50% within the next few days, but a full return to capacity may take around six weeks. The research team raised its 2026-2027 net profit forecasts for PTTEP by 5-12% to 77 billion baht and 72 billion baht, respectively. It maintained its investment weighting for the energy sector at "equal to market" and sees upstream energy stocks PTT, PTTEP and BANPU as the main choices for investment at this time, with BANPU as the top pick with a "buy" rating and a fair value of 19.00 baht, driven by its gas business in the United States, which is supported by the data center industry, and its coal business, which benefits from demand substituting for LNG in a region strained by war. Meanwhile, risk-averse investors can invest in PTT with a "buy" rating and a fair value of 45.00 baht, based on its integrated business with lower volatility and consistently high dividend payouts.

The Supreme Administrative Court ruled on 17 September 2026 to dismiss the case against Digital Phone Company Limited, or DPC, a subsidiary of ADVANC, in case number 1651/2558, valued at 1.2 billion baht. It is one of three cases filed since 2015 by National Telecom Public Company Limited, or NT, against both the National Broadcasting and Telecommunications Commission, or NBTC, and DPC. The three cases have a combined value of 3.2 billion baht and concern claims for compensation for the use of telecommunications equipment and networks during the 1800MHz spectrum remedy period between 16 September 2014 and 25 November 2015, after NT's concession ended. As a result of the ruling, DPC does not have to pay the 1,223 million baht demanded by NT, and the case is now final. However, two related cases remain, case numbers 918/2558 and 741/2559, with a combined value of 1.98 billion baht, which are still under consideration by the Supreme Administrative Court. In a worst-case scenario, losing both cases would affect earnings per share by only 0.67 baht per share. Asia Plus Securities maintains a Buy recommendation on ADVANC shares with a 2027 target price of 428 baht, expecting normal profit to grow by an average of 11% per year during 2026 to 2027, and anticipates dividend payouts at attractive rates of around 0% to 5.1% for 2026 to 2027 respectively. ADVANC shares have risen 12% since the start of the year, while TRUE has risen 17% since the start of the year.

Finansia Syrus Securities Public Company Limited, or FSS, has upgraded Delta Electronics (Thailand) Public Company Limited, or DELTA, to "Buy" with a 2027 target price of 290 baht. FSS expects DELTA's third-quarter 2026 profit to reaccelerate to 8.3 billion baht, up 37% from the previous quarter and up 12% from the same period a year earlier, driven by a recovery in gross margin as raw material problems begin to ease, while demand for AI data center products remains strong. For the fourth-quarter 2026 profit outlook, FSS expects a new high of more than 10 billion baht, supported by deliveries of orders delayed from earlier periods, which should lift full-year 2026 net profit to 32 billion baht, up 30% from the previous year. For 2027, FSS expects DELTA's profit to grow another 41% from the previous year to 45 billion baht, with the slowdown in bond yields a positive factor for investment sentiment in technology and growth stocks. On technical factors, FSS assesses DELTA's support at 235-232 baht, resistance at 248-250 baht, and the next resistance at 259 baht.

Krungsri Securities Public Company Limited said COM7 is a Conviction Call in the IT retail sector, taking a more positive view on normal profit momentum in 2H26F continuing into 2027F after 3QTD sales grew more than 20% y-y, above the company's assumption of 16% y-y, while bookings for the iPhone 18 Pro and Pro Max remain strong even though average selling prices rose 8–11% y-y. This gives normal profit in 3Q26F a chance of upside from the current estimate of 1.1 billion baht to 1.3–1.4 billion baht. On the lending business, Ufund Capital plans a private placement capital increase for some alliance partners, raising registered capital from 600 million baht to 2.04 billion baht, which is expected to ease D/E constraints that are currently close to the loan covenant of 2.5 times and to increase capacity to support the next phase of UFUND loan portfolio expansion. The company is also considering revising up its 2026–27F profit estimates from the current forecast growth of 13% and 9% y-y, with every 1% of sales above assumption adding about 2% to normal profit and about 0.75 baht per share to the target price, while maintaining a Buy recommendation and a 2027F target price of 35.0 baht.

Siam Cement Public Company Limited, or SCC, announced that Rayong Olefins Company Limited, or ROC, has completed the restart of its olefins plant on 17 September 2026, after a temporary shutdown caused by the situation in the Middle East region. Thammasak Sethaudom, President and CEO of SCC, said ROC had successfully begun the plant restart process after assessing operational readiness and safety standards. An analysis by Bualuang Securities views the news as positive, because ROC's restart will help offset the reduced olefins production capacity of the Map Ta Phut Olefins plant, or MOC, which will decline due to planned maintenance shutdown in the fourth quarter of 2026, keeping olefins output in the fourth quarter of 2026 roughly flat compared with the third quarter of 2026 and helping preserve the company's profitability during that period. The broker maintained its Buy recommendation with a target price of 332 baht.

Interlink Telecom Public Company Limited, or ITEL, disclosed that the National Broadcasting and Telecommunications Commission, or NBTC, has announced the lowest bidders for the high-speed internet procurement project in remote areas, Phase 3, or USO3. ITEL, together with partners, secured a total of three contracts: two contracts jointly with Thaicom and one contract with TKC covering the southern region. The project value attributable to ITEL alone is about 1.7 billion baht, with clarity on contract signing expected in the fourth quarter of 2026. The total contract value of the entire USO3 project stands at 5.42 billion baht, covering five regions nationwide. Following this award, the company's work in hand, or backlog, rises from about 2.2 billion baht to 3.9 billion baht. The project execution period is roughly five years, and revenue is expected to be gradually recognized through 2031. As for the outlook for the second half of 2026, the company expects continued growth from the first half, in which it already recorded revenue of about 1.36 billion baht. For the full year 2026, the company maintains its total revenue target at approximately 3.6 billion baht, up from about 2.86 billion baht last year. On the analyst side, Krungsri Securities Public Company Limited recommends buying ITEL shares with a target price of 2.00 baht, expecting revenue recognition to begin in the fourth quarter of 2026 and to help support a return to stronger profit growth in 2027.

The analyst team at KGI Securities (Thailand) says it holds an increasingly positive view on the outlook for Thailand's tourism sector, citing a recovering trend in foreign tourist arrivals, rising flight capacity, and still-resilient domestic tourism, all of which should support the operating results of hotel operators in the second half of 2026. Foreign tourist arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.4% from the same period a year earlier. Meanwhile, the Tourism Authority of Thailand expects the number of Chinese tourists during the travel season and the long Golden Week holiday to rise 24% from the same period last year to about 250,000. The research team expects RevPAR to accelerate in the third quarter of 2026, turning back to positive growth after a 10% decline in the second quarter of 2026, and forecasts that RevPAR for hotels in Thailand will grow at rates ranging from single digits up to about 20% compared with the same period a year earlier. Among hotel stocks, Asset World Corp, or AWC, is expected to be one of the leaders of the recovery, with RevPAR forecast to grow 24% from the same period a year earlier, while Central Plaza Hotel, or CENTEL, is expected to post mid-teens RevPAR growth, and The Erawan Group, or ERW, is expected to grow at a single-digit rate. The research team maintains an overweight stance on the hotel sector, naming AWC with a target price of 3.60 baht and CENTEL with a target price of 49.00 baht as its top picks, while keeping a buy rating on ERW with a target price of 4.30 baht, MINT with a target price of 30.00 baht, and SHR with a target price of 1.90 baht.

Thai Airways, or THAI, sees the liquidity crisis among low-cost carriers as an opportunity to step into routes where flights have been reduced. Mr. Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, disclosed that as of the end of the second quarter of 2026 through the present, the company has cash flow of more than 120 billion baht and has already hedged more than 40% of its fuel price exposure for its requirements throughout the second half of 2026. The company will rotate existing aircraft and refurbished aircraft it has taken on, such as the B787 and A321, to compensate on these routes, while increasing frequency and adding new cities in the Asian region, including India, China, and Vietnam. In particular, on China routes it will increase direct flight frequency to Shanghai, Beijing, and Guangzhou to 14 flights per week per route, and will resume the Bangkok–Xiamen route with 4 flights per week, and add a new route, Bangkok–Da Nang, with 14 flights per week, starting 1 December 2026. For the winter flight schedule of 2026/2027, between 25 October 2026 and 27 March 2027, Thai Airways will operate a total of 66 routes, covering both international and domestic services, increasing frequency on the Bangkok–Munich route to 10 flights per week, Bangkok–Zurich to 11 flights per week, and Bangkok–Paris to 14 flights per week. Meanwhile, for the CLMV countries, it will increase the Bangkok–Vientiane and Bangkok–Yangon routes to 21 flights per week per route. Yuanta Securities (Thailand) Company Limited stated in an analysis that it expects revenue for the third quarter of 2026 to recover both quarter-on-quarter and year-on-year, in line with the recovery in load factor, and maintained its Buy recommendation with a fair value at the end of 2027 of 8 baht.

Sri Trang Agro-Industry Public Company Limited, or STA, is benefiting from rising natural rubber prices after heavy rain in growing areas tightened supply, pushing rubber prices on both the Tokyo and Singapore futures markets to high levels. An investor relations officer at STA told Than Hoon that if the EUDR regulation is not postponed from taking effect at the end of this year, the company is ready to immediately ramp up EUDR rubber production. The company expects sales of 30,000 to 40,000 tonnes in the third quarter of 2026, with the fourth quarter of 2026 doubling again to return to its historical average of about 60,000 tonnes per quarter, after sales of this type of rubber fell to about 17,000 tonnes in the second quarter of 2026, down from roughly 233,000 tonnes for all of 2025. Analysts at Bualuang Securities Public Company Limited estimate that third-quarter 2026 profit could soften compared with the second quarter of 2026 due to lower sales volume and gross profit from a high base, but they raised their SICOM TSR20 range for the second half of 2026 to 215 to 235 cents per kilogram from 190 to 220 cents per kilogram. Meanwhile, Finansia Syrus Securities Public Company Limited noted that the SICOM rubber price surged past 240 cents per kilogram, hitting its highest level in nearly 10 years, and recommended trading for profit with a target price of 23 baht.

Planet Communications Asia, or PLANET, said its data centre in the Eastern Economic Corridor, or EEC, is attracting strong interest from both domestic and foreign investors, with operators continuously approaching the company to negotiate service use and joint investment. The momentum is driven by rapidly expanding demand for data, cloud and AI technology in the region, as well as government support through changes to laws, regulations and investment incentive measures in the EEC area. PLANET currently provides co-location data centre services under the name STP Planet DC in Ban Chang district, Rayong province, supporting a maximum IT load of 600 kW per data hall, and plans to support expansion of total gross load to as much as 6.8 MW to meet demand and accommodate the future growth of enterprise customers and large cloud service providers.

PRG Corporation Public Company Limited, part of MBK Public Company Limited, or MBK, has acquired a big lot of 125.66 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03%, from BBTV Equity Company Limited, the largest shareholder and a company of the Rattanarak family, owner of Channel 7HD, which has held VIH shares since 2014. Two days earlier, VIH shares jumped 10.71% to close at 9.30 baht amid reports of the big lot. VIH operates four hospitals: Vichaiyut International Hospital Om Noi, Vichaiyut International Hospital Nong Khaem, Vichaiyut International Hospital Samut Sakhon, and Vichaiyut Hospital Fai Chai, along with Srivichai Vocational School, and has consistently profitable operations, paying dividends every year, with the latest dividend yield at 4.24%. The acquisition marks MBK's advance into the medical and health business. MBK has six core businesses: rice production and distribution, contract manufacturing, food courts, property and real estate development, logistics, and energy. Synergies are expected, from opening comprehensive health centers or specialized clinics in the group's shopping malls such as MBK Center, Paradise Park, and The Nine Center, to expanding medical tourism with group hotels such as Pathumwan Princess Hotel, and linking customer databases and loyalty programs across the group's businesses.

A securities analysis recommends "buying" GULF shares, expecting operating results in the second half of 2026 to continue growing, and maintains guidance for 2026 revenue and EBITDA growth of around 12-15%. This is supported by roughly 700 MW of new capacity in the second half, including 623 MW of renewable power plants expected to generate additional profit of about 600 million baht per year, and the 10 MW Chiang Mai community waste-to-energy plant expected to generate profit of about 120 million baht per year. Meanwhile, the LNG Import and Optimization business is expected to generate profit of about 1.5 billion baht this year. On the US side, the Jackson power plant has already benefited from a Capacity Payment increase from 270 to 329 dollars per MW-day, driven by demand from data centers in the PJM market. As for GSA01, with a capacity of 25 MW, customers have used full capacity since June, allowing full profit recognition in the second half of 2026. The first roughly 200 MW of data centers that have already been committed are expected to be fully operational in 2027, before capacity expands to approximately 1,000 MW by late 2028. The company continues to expand its Digital Infrastructure to be fully integrated, with plans for equity investment of approximately 130-140 billion baht over five years, allocating about 10% to GULF Edge, which could rise to 15% depending on data center growth. On sentiment, the view is that the price decline over the Singtel share overhang issue is nearing resolution, after Singtel sold 416 million GULF shares, or 2.8% of total shares, in June 2026, reducing its stake from 7.73% to 4.95%, with a lock-up condition barring further sales of the remaining shares for 90 days, which will expire around September 21-22. On technical factors, the stock tested and held its psychological support at 60.00 and reversed upward with a positive signal candlestick, with resistance at 61.25 and 63-63.25. For those holding the stock, the recommendation is to hold or buy more; for those without the stock, the recommendation is a short-term buy, focusing on holding support at 60/59 and it should not fall below that.

The US Federal Reserve raised its policy rate by 0.25% as expected, and signalled it may hike once more late this year. The Thai stock market had already priced in the news, and once it was confirmed, shares bounced in response and also on technical factors. Still, some analysts warn investors to brace for another correction in the Thai market, saying the index's earlier slide to around 1,560 points is not yet the bottom and further declines are likely. Meanwhile, bank stocks led by KBANK, KTB, SCB, BBL and TTB remain defiantly strong, reflecting that foreign investors parking money in bank shares are choosing to keep holding, and buying more on dips. TTB rose to around 3.14 baht per share, the same level as its previous resistance at 3.16-3.18 baht, which it has not yet broken through. The latest highest target price is 3.50 baht, from Krungsri Securities, followed by 3.30 baht from Tisco Securities, but the average, or consensus, target is 2.95 baht, below the board price, so caution may be warranted when speculating while the price holds above 3.00 baht. As for GULF, it is putting up a notable fight against the wall to avoid falling below 60.00 baht. Yesterday it fell to a low of 60.25 baht, then rallied in the afternoon to hold the price and return to 61 baht, but the chart and technical signals suggest it wants to drop below 60 baht, with the next support at 58.50 baht and the deepest support at 56.00-54.50 baht. On 15 September, the Supreme Administrative Court upheld the Central Administrative Court's ruling revoking the SEC's order suspending Chayanee Pokhanngern, a capital market professional who is now a senior executive at Kingsford Securities, from duty for one year, ruling that the order was unlawful. The case stemmed from the SEC's view that Chayanee gave false statements during an investigation into insider trading in BSEC shares, leading to the suspension order from 4 August 2017 to 3 August 2018. The next issue to watch is whether she will sue the SEC back, because there are whispers that if she does, damages could reach as much as 300 million baht.

The US Federal Reserve, or Fed, raised interest rates by 0.25% to a range of 3.75% to 4.00%, with a unanimous 12-0 vote by the Federal Open Market Committee, or FOMC. This is the first hike since July 2023, and the Fed signaled further increases this year in its fight against high inflation driven by surging crude oil prices amid the Iran-US war. The rate hike dragged the Dow Jones Industrial Average down 631.21 points, or 1.21%, to close at 51,461.90. The S&P 500 closed at 7,551.81, down 33.92 points, or 0.45%, while the Nasdaq closed at 25,978.42, down 3.15 points, or 0.01%. Technology stocks recovered, with semiconductor shares up 0.6%, the first gain since the AI company's executives warned against slowing development. Intel jumped 4% after reports that South Korea's SK Hynix is in talks with Intel about manufacturing memory chips in the United States, news that also lifted SK Hynix's US-listed shares by 0.6%. As for the Thai stock market, the index is expected to see a short-term technical rebound after the Fed's decision to raise rates came in as expected. The stock to watch today is GULF, which is investing more than 100 billion baht to develop a Data Center Park with a capacity of over 1,000 megawatts, with a plan expected to be finalized within this year, while accelerating the development of electricity and water infrastructure to serve major customers.

The government is considering expanding the One Million Solar Roofs programme from 1 million households to 1.5 million households, while keeping the subsidy at 50,000 baht per household and the quota at 500MW as before, under a 200 billion baht envelope set by the Emergency Decree on Promoting the Energy Transition. If expanded to 1.5 million households, the total budget required would be about 75 billion baht, which remains within the 200 billion baht ceiling, and the proposal is currently under review by the Ministry of Interior. The Research team at Bualuang Securities said the expansion is a positive factor for the power plant sector, especially the EPC business and equipment sales, as well as investment in upgrading the power grid system, which is likely to increase. GUNKUL benefits directly from construction work and equipment sales, with a backlog of such work of roughly 4.2 to 4.5 billion baht. Meanwhile, funding through On-bill Financing from GSB, GHB and BAAC helps reduce the constraint of upfront investment, and loan approval times have fallen from as long as one year to about 7 to 30 days. GPSC and BGRIM benefit more indirectly, through investments related to the grid system and energy storage systems. GULF is expected not to be significantly affected, because the subsidy comes from the emergency decree and is not passed through costs via electricity bills or the Ft tariff, so it does not pressure margins on existing PPAs.

Analysts say the baht is likely to weaken clearly after the US Federal Reserve raised its policy rate by 0.25% to 3.75-4.00% at its September 2026 meeting and the Bank of Japan raised its rate to 1.25%, while Thailand's policy rate stands at only 1%, making the interest rate differential a risk of capital outflows and pressuring the baht to weaken further. Prapak Sirivattanaket, Managing Director of Merchant Partners Securities, said on the MorningBrain program on the Tunhoon channel on September 17 that the rapidly strengthening US dollar is a factor pressuring regional currencies. Meanwhile, analysts from InnovestX Securities said the baht's depreciation is a positive factor for food stocks with export exposure, especially Thai Union Group, or TU, Charoen Pokphand Foods, or CPF, Betagro, or BTG, and GFPT. The research team recommends buying TU with a target of 16.00 baht, expecting second-half 2026 profit to grow from the first half, when margin was about 19.8%, after the company raised this year's sales growth target to 4-6% from 3-4%, and expects the full-year 2026 margin to rise to 19.5-20.5%. Analysts at Yuanta Securities (Thailand) recommend buying CPF with a target of 24.20 baht, expecting third-quarter 2026 normalized profit to grow from a year earlier on a recovery in domestic pork and chicken businesses, strong chicken export growth, and the weaker baht. It also recommends buying BTG with a target of 25.50 baht, estimating third-quarter 2026 normalized profit at about 1.4-1.6 billion baht, growing strongly from the previous quarter after pork and chicken prices rebounded sharply in a V-shape and as the export high season begins. It recommends buying GFPT with a target of 14.80 baht, expecting third-quarter 2026 normalized profit to grow from a year earlier because domestic chicken prices rose clearly, with the latest Department of Internal Trade live chicken price up more than 10% from a year earlier, while farming costs held steady.

King Gen Public Company Limited, or KGEN, disclosed that Rayong Wire Industries Public Company Limited, or RWI, has taken a stake in KGEN through a private placement subscription of newly issued ordinary shares worth no more than 250 million baht, at a price of no more than 1.35 baht per share, representing approximately 7.68% of the shares after the capital increase, with total investment of no more than 252 million baht. RWI will also receive the right to subscribe to KGEN-W3 warrants in proportion to its existing shareholding, worth no more than 2 million baht. The maximum transaction size of 24.67% qualifies as a Type 3 transaction, which requires approval from a shareholders' meeting by a vote of no less than three-quarters. An extraordinary shareholders' meeting, the first of 2026, has been scheduled for Thursday, October 22, 2026. Khanit Sivachiraprapha, Chairman of the Advisory Board of KGEN, said the partnership will strengthen the domestic supply chain for automotive parts production, in line with the policy of increasing the use of locally made parts in electric vehicle production under cooperation with the CHERY brand. RWI specialises in the production of cold-drawn steel, which is used to make automotive parts. KGEN has so far produced 20,000 vehicles, with EV production capacity of approximately 5,000 vehicles per month, and expects capacity to rise by another 15,000 to 20,000 vehicles in the final three months of the year, bringing total production for the year to around 40,000 vehicles. Year-end bookings are expected to accelerate on the back of the Motor Expo in December, where two to three new electric vehicle models will be unveiled. The company has also signed an agreement to support a transport fleet for J&T Express, including the use of electric pickup trucks for deliveries of no more than 400 kilometres.

Delta Electronics announced development work to speed deployment of AI factories built on the NVIDIA DSX AI Factory Platform, integrating power and cooling infrastructure from onsite energy through to the AI rack. The company said it bridges energy availability and compute productivity by connecting onsite energy, facility power, row and rack-level power and cooling, and chip-level solutions, aiming to help customers accelerate token production and generate higher AI yield from every available megawatt. Delta's 800 VDC power architecture reduces conversion stages between facility power and compute and delivers up to 98% power conversion efficiency, while high-density In-Row systems deliver up to 800 kW in a single power rack; at the board level, its 800 VDC DC-DC power distribution technology steps down directly to 50 VDC or 12 VDC with peak efficiency up to 98.5%. On the thermal side, Delta's portfolio spans 2.4 MW and 3 MW liquid-to-liquid cooling distribution units, In-Rack cooling, and thermal solutions for next-generation AI racks. Delta also applies prefabrication and modular design, with its Prefabricated AI Modular Data Center Solution integrating 800 VDC In-Row Power and 3 MW of liquid-cooling capacity into infrastructure blocks assembled and tested in the factory. Austin Tseng, President of Delta Electronics Americas, said power quality, GPU load transients and heat must be engineered together all the way into the rack, while Vladimir Troy, vice president of AI infrastructure at NVIDIA, said Delta's expertise in 800 VDC power delivery and liquid cooling will help customers deploy AI factories based on NVIDIA DSX faster.

Synergetic Auto Performance Public Company Limited, or ASAP, is preparing to establish an electric vehicle assembly plant for the MAXUS brand in Thailand, with operations expected to begin around the middle of next year. Chief Executive Officer Songwit Thitipunya disclosed that the company is currently negotiating the selection of three to four potential sites for the plant and is in discussions with its MAXUS partner from China to finalize the investment structure and shareholding proportions. Assembly of EVs will begin in CKD form, after an initial phase of importing fully built electric vehicles to market in the country. The plan falls under the MAXUS brand, with Evante Company Limited, part of the group, serving as the sole distributor of commercial electric vehicles in Thailand, in order to accommodate growth in the EV market and reduce reliance on imports of completely built-up vehicles. The company assesses that Thailand's electric vehicle market will continue to expand, forecasting a growth rate of approximately 5% compared with the previous year.

Starflex Public Company Limited, or SFLEX, a leading domestic manufacturer and distributor of flexible plastic packaging, disclosed that its operating performance in the third and fourth quarters of 2026 is expected to continue growing from the second quarter of 2026, which set a new record high. The company has invested in 10 additional machines for producing and attaching spout caps, on top of its existing 11 machines, to handle orders that have nearly doubled. As for its joint venture with Thai Union Group Public Company Limited, or TU, under Star Union Packaging, in which SFLEX holds a 51% stake, the project was delayed by about six months due to the conflict situation around the Strait of Hormuz. However, TU has now approved all orders and will begin gradually sending orders starting in the fourth quarter of 2026, with the first SKU in the packaging group for salmon products expected to generate revenue of approximately 100 million baht. For 2026, SFLEX is maintaining its revenue target at approximately 2.1 billion baht, up from about 1.9 billion baht in 2025.

Global Power Synergy Public Company Limited, or GPSC, has been selected and has signed power purchase agreements, or PPAs, for six ground-mounted solar power projects with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority, with contracted capacity and capacity based on its shareholding totaling 105 megawatts. The projects fall under the Energy Regulatory Commission's regulations on the procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022–2030 for the group without fuel costs. Mr. Manatchai Kongrakkawin, Senior Executive Vice President for Renewable Energy and Decarbonization Project Development at GPSC, disclosed that the six projects are divided into two groups. The first group has a scheduled commercial operation date, or SCOD, in 2028, comprising the Helios 1 project with a capacity of 24 megawatts, the Helios 2 project with a capacity of 31 megawatts, the Nathaap Solar Power Project, Project 1 of IRPC Clean Power Company Limited, with a capacity of 38 megawatts, which will sell electricity to the Provincial Electricity Authority, and the Helios 4.2 project with a capacity of 4 megawatts. The second group has an SCOD in 2030 and will sell electricity to the Provincial Electricity Authority, comprising the Helios 3 project with a capacity of 4 megawatts and the Helios 4.1 project with a capacity of 4 megawatts. This success is in line with GPSC's strategic plan to expand investment in clean energy, with the goal of increasing the proportion of generating capacity to more than 50% to support its Net Zero Emissions target by 2050.

Thai Airways, or THAI, has unveiled its second-half plan, saying it will continue managing yield alongside improving fleet efficiency and expanding routes in Asia. It sees the troubles of low-cost carriers in the industry as an opportunity to step in and fly routes that competitors have withdrawn from or reduced service on. CEO Chai Eiamsiri said at the THAI TALK press conference that the company has more than 120 billion baht in cash on hand and does not need to dump prices to bring cash into the company, but instead will focus on managing yield higher, after posting net profit of 1.537 billion baht in the second quarter despite it being the low season. For its full-year 2026 revenue target, it expects a chance of reaching 200 billion baht, after first-half revenue totaled 99.65 billion baht. As for dividend payments next year, these still need to be considered in line with relevant criteria and conditions. Chief Commercial Officer Kittiphong Sarsomboon said that in the winter flight schedule for 2026/2027, running from October 25, 2026 to March 27, 2027, Thai Airways will operate a total of 66 routes, covering both international and domestic destinations. It will open a new Bangkok–Da Nang route with 14 flights per week starting December 1, 2026, increase frequencies on CLMV and European routes, and resume service on the Bangkok–Xiamen route with four flights per week. On the new round of CEO applications between September 7 and 27, 2026, Chai said he has not yet decided whether to apply again.

Yuanta Securities (Thailand) said in an analysis note after visiting the factory of Stars Microelectronics (Thailand), or SMT, that the recovery trend in its business has become clearer, with second-quarter 2026 results reflecting a rebound in revenue, capacity utilisation and margins, and it expects the third and fourth quarters of 2026 to improve significantly on the prior quarter. SMT currently has advance orders covering roughly 8 to 12 months of production and targets 2026 revenue of no less than 2.6 billion baht, while for 2027 it expects growth of more than 10%, or above 3 billion baht. Yuanta views current estimates as based on fairly conservative assumptions and sees upside if orders convert to revenue faster than expected, particularly in wafer dicing, where market supply is constrained. Yuanta sees the Optical business becoming SMT's new growth engine on the back of AI growth, since the Optical and OSAT segments benefit directly from AI infrastructure investment and carry higher margins than the traditional business. Revenue from SMT's AI-related customers is still at an early stage and accounts for less than 5% of total revenue, but has the chance to rise to at least 10% next year. Meanwhile, its collaboration with Lumentum, a major player in the global Optical supply chain, marks an important starting point covering joint investment and development work. Yuanta expects SMT revenue of 2.67 billion baht in 2026, rising to 3.11 billion baht in 2027, and forecasts normalised profit of 150 million baht in 2026, rising to 256 million baht in 2027, or growth of about 70% from the previous year. On 2027 valuation, the stock trades at a PER of about 19 times, still below peers trading at roughly 28 to 58 times. Yuanta maintains its Buy rating on SMT with a target price of 7.60 baht, based on a PER of 25 times, compared with the closing price on 15 September 2026 of 5.85 baht, implying upside of about 29.9%.