American, United and Southwest Cut Marginal Routes as Jet Fuel Hits $4.71 a Gallon
American Airlines, United Airlines and Southwest Airlines are cutting their least-profitable routes as jet fuel prices climb to $4.71 per gallon, more than double the cost a year ago and near a 20-year high. Speaking at Morgan Stanley's annual Laguna Conference on Sept. 16, American CFO Devon May said the fuel spike has added $1 billion to the carrier's projected fourth-quarter expenses, prompting it to cut some December flights and plan for less growth next year. Southwest CFO Tom Doxey said the airline halved its planned 2-3% flight capacity growth "because fuel has been higher," while United CFO Mike Leskinen said United will fly fewer flights in December and could cut further next year, noting that 35% of its fourth-quarter tickets were already booked but that higher fuel costs get passed through to consumers with a lag. United and American declined to share the number of flights they cut, and a Southwest spokesperson told Fortune its schedule adjustments were "very minimal" and do not affect large-scale exits of routes or airports. United and American spent about $8.2 billion and $7.8 billion respectively on fuel in the first six months of this year, both up almost 49% from a year earlier, while Southwest spent nearly $3.6 billion, up about 39%; fares were 23.4% higher in August than a year earlier, compared to a 3.4% increase in overall consumer prices. The fuel shock has also hit Europe, where Ryanair cut its full-year passenger forecast this month from 216 million to 214 million.
Joby Aviation Q2 Revenue Beats at $38.64M as First Dallas EIPP Flights Target This Month
Joby Aviation reported Q2 revenue of $38.64 million against a $30.38 million consensus and raised its fiscal 2026 revenue guidance to $115 million to $125 million, with CEO JoeBen Bevirt saying the company is preparing for commercial service and targeting its first EIPP flights in Dallas-Fort Worth this month. The stock trades at $6.26, down 52.57% year-to-date and 56.49% over the past year, well below its $19.98 52-week high. Joby's FAA Stage 4 certification progress has moved from 6% to 20%, Blade seats sold rose more than 50% year-over-year in Q2, and the company counts a $250 million direct investment from Toyota, a Virgin Atlantic UK partnership, and a Dubai vertiport network among its supports. Against rival Archer Aviation, which carries a $4.02 billion market cap and posted just $5 million in Q2 revenue, Joby's $6.04 billion valuation rests on a larger revenue base. Risks include an operating margin of -1,346.92%, guided H2 2026 cash use of $385 million to $415 million, prior raises of $1.2 billion in February and $576 million in October 2025, and certification timing that could slip into 2027.
Pacific Basin Shipping Upgraded to Zacks Rank #2 Buy on Rising Estimates
Pacific Basin Shipping Ltd. has been upgraded to a Zacks Rank #2 (Buy), a rating driven entirely by an improving earnings outlook. The upgrade reflects steadily rising analyst estimates: over the past three months, the Zacks Consensus Estimate for the company has increased 53.3%. For the fiscal year ending December 2026, Pacific Basin Shipping is expected to earn $0.92 per share, unchanged from the year-ago reported number. The Zacks Rank #2 places the stock in the top 20% of the more than 4,000 Zacks-covered stocks in terms of estimate revisions, a position the rating system says implies the shares could move higher in the near term.
Diesel at all-time high of 644 threatens company earnings, JB Hunt warns
Diesel prices have hit an all-time high of 644 and gasoline is about 10 cents off its May peak, raising the question of whether energy costs will start shocking company earnings. JB Hunt warned earlier this week that its bottom line is being hit by the swift rise in diesel prices, saying it expects a quarter-to-quarter profit decline of 5 to 10 percent because pricing cannot be adjusted quickly enough. PNC Asset Management Group CIO Amanda Agati said she does not expect energy costs to crack the trajectory of earnings growth, noting positive revisions coming into the end of the third quarter remain positive and largely broad-based. Agati said companies are scrambling to hedge in this environment and that margins have been impressive for years, but warned that if energy prices remain elevated a year from now, the story would be very different. The discussion comes as diesel sits just pennies away from an adjusted inflation record.
ZIM Shares Gain 11.8% Since Q2 Earnings Beat and 2026 Guidance
ZIM Integrated Shipping Services shares have risen about 11.8% since its last earnings report, outperforming the S&P 500. The company reported second-quarter 2026 adjusted earnings of 64 cents per share, beating the Zacks Consensus Estimate of a loss of 10 cents, while revenues of $1.78 billion rose 8.9% year over year and topped the consensus mark of $1.63 billion by 9.5%. ZIM carried 922 thousand twenty-foot equivalent units, up 3.0% year over year, as the average freight rate per TEU increased 7.5% to $1,590, with Pacific trade volume up 20.3% to 426 thousand TEUs. For 2026, ZIM expects adjusted EBITDA of $2.0-$2.4 billion and adjusted EBIT of $700 million-$1.1 billion, and management expects significantly stronger performance in the second half of the year. The company currently operates 115 containerships with aggregate capacity of 707 thousand TEUs, along with 13 car carriers, and has charter agreements covering 40 vessels and roughly 286 thousand TEUs of capacity, the vast majority of which is newbuild capacity.
Toro Corp said on Friday it acquired two MR tanker vessels from unaffiliated third parties for a combined $83.4M. The company paid $45.9M for the 2018-built M/T Wonder Alasia and $37.5M for a 2014-built scrubber-fitted vessel, which is expected to be renamed M/T Wonder Atria. Both acquisitions were funded with cash on hand.
Uber Ordered to Pay $40 Million in Wrongful Death Case
A retired California judge ordered Uber Technologies to pay US$40 million in a wrongful death case tied to its ride hailing service. The ruling puts the company back under legal scrutiny as its shares trade at US$70.87, down 5.08% over the past 30 days and 14.47% year to date, though the 5 year total shareholder return stands at 55.83%. The most followed narrative on Uber Technologies assigns a fair value of $116, implying the stock is 39% undervalued, based on an 8.38% discount rate and assumptions that Uber sustains its current platform strength while absorbing higher investment into autonomous partnerships. That narrative assumes forecast revenue growth of 11.8% a year and expected earnings growth of 11.5% a year, both slower than the broader US market, and notes declining profit margins in the latest year. The thesis could be knocked off course if autonomous partners capture a larger share of trip economics, or if legal liabilities escalate materially from here.
Uber Ordered to Pay $40 Million to Parents of UCLA Graduate Killed After Driver Abandoned Her on Freeway
A retired California judge has ordered Uber Technologies, Inc. to pay $40 million to the parents of Emily Normandin-Parker, a 23-year-old UCLA graduate who was killed after an Uber driver abandoned her alongside freeway traffic during what was supposed to be a safe ride home. The award follows a five-day arbitration in which retired Judge Richard A. Stone rejected Uber's argument that it merely operates a technology platform and held that the company functions as a common carrier with a non-delegable duty to protect its passengers. Judge Stone further ruled that Proposition 22 does not shield Uber from vicarious liability for the negligence of its drivers. The arbitration arose from the August 12, 2023 death of Emily Normandin-Parker, who was left stranded on State Route 73 after Uber driver Vu Tran illegally stopped on a freeway gore point and ordered her and a friend out of the vehicle. The $40 million award provides $20 million each to Carol Normandin and Ken Parker for the wrongful death of their daughter. Emily's parents were represented by Panish | Shea | Ravipudi LLP attorneys Rahul Ravipudi, Ian Samson, and Matt Coe-Odess.
Thai Airways benefits as low-cost carriers cut flights, launches Bangkok–Da Nang service on 1 December
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.
Uber's $15 Billion Delivery Hero Buyout Clears Key Hurdle as Boards Back Offer
Delivery Hero's management and supervisory boards formally recommended on September 2, 2026, that shareholders accept Uber Technologies' takeover offer, moving the roughly $15 billion deal for the German food-delivery platform a step closer to completion. Under the agreement, Uber will pay €41.50 per share, implying an equity value of $14.8 billion, and Delivery Hero's second-largest shareholder, Prosus, has irrevocably committed to tender its 17% stake. The shareholder acceptance period runs until November 5. Uber already owned roughly 25% of Delivery Hero and expects the deal to increase non-GAAP EPS upon closing, with high-single-digit percentage accretion by the third year. The combined company would operate across 99 markets and generate $236 billion in pro forma gross bookings, though the transaction still requires regulatory approvals that could delay it or force concessions.
Krungsri says AirAsia's clarification eases concerns, but still does not recommend investing in AAV due to intercompany receivables
Analysts at Krungsri Securities Public Company Limited summarized the key points from the briefing on the situation of AirAsia in Malaysia by Tony Fernandes, noting that AirAsia denied reports that it was preparing to seek 3 billion USD in funding, confirming that it plans to raise only 1 billion USD to refinance existing high-interest debt borrowed during the COVID-19 crisis, with a conclusion expected late this year to early next year. Meanwhile, debt exceeding 4 to 5 billion USD is mostly debt arising from aircraft lease contracts under accounting standards. Aviation statistics in 2026 remain strong, with the passenger load factor from January to August 2026 in the high 70s to low 80s percent, and the situation is expected to recover further in the second half of 2026 after ticket price increases without any decline in travel demand. They assess that the above briefing helps the market ease concerns over news about the situation of AirAsia in Malaysia, but see pressure from rising oil prices as a key risk factor for the low-cost airline business that must be closely monitored. As for AAV (Thai AirAsia), the business situation is seen as less concerning than in Malaysia, but there may be downside risk in a worst-case scenario regarding intercompany receivables from ticket sales revenue through the AirAsia website and various collaborations. Therefore, they maintain a cautious view and still do not recommend investing at this time, even though AAV's share price is below the estimated target price.
Uber and WeRide Win Spain's First Level 4 Permit, Adding Madrid as Fourth City
Uber Technologies Inc. and WeRide, together with AVOMO, have secured Spain's first national permit covering level 4 autonomous passenger vehicles, making Madrid the fourth city in the Uber-WeRide partnership. The permit was issued by Spain's Directorate General of Traffic and allows WeRide to test its GXR vehicles and conduct roadmapping throughout Madrid ahead of a commercial launch planned for year-end, starting with 20 vehicles each supervised by an in-car specialist in high-demand areas of Greater Madrid. The Uber-WeRide partnership plans to reach 15 cities globally by 2030, part of an Uber asset-light AV strategy that spans more than 30 partnerships, with Uber expecting to commit over $10 billion across AV investments, infrastructure, and vehicle offtake over the coming years. That multi-partner bet is under strain: Uber and Waymo confirmed in late June that their Phoenix partnership had ended, Waymo is reportedly considering a broader exit, and the NHTSA is investigating Uber AV partner Avride after multiple crashes, while Tesla ramps up its own Cybercab fleet and Waymo has raised $16 billion to accelerate independent growth. Hedge fund ownership was broadly stable, with holders slipping from 153 at the end of Q1 2026 to 151 at the end of Q2 2026, and short interest stood at only 2.29% of float as of August 31, 2026.
CSX Plans Rail Access Push If Union Pacific-Norfolk Southern Merger Proceeds
CSX plans to seek broad access rights if the proposed Union Pacific and Norfolk Southern transcontinental merger is approved. The freight carrier intends to request entry to pivotal corridors and shared terminals that could be controlled by the combined rail operator, arguing the merger could reshape freight flows across the North American rail network. CSX is reacting to the risk that a merged Union Pacific and Norfolk Southern could control critical long haul corridors and terminals connecting into its eastern network, and broad trackage and terminal rights would help keep freight routings contestable for customers relying on multiple rail options. The critical signpost now is the Surface Transportation Board timetable and any formal ruling on the proposed combination, including whether access conditions for CSX are attached. The first detailed STB decision on the merger terms will show how much competitive protection CSX actually secures.
AAV Plunges 14.58% on AirAsia Malaysia Liquidity Concerns; Tony to Hold Briefing on September 18
Shares of Asia Aviation Public Company Limited, or AAV, closed on September 17, 2026 down sharply by 14.58% at 0.82 baht amid concerns over liquidity problems at AirAsia Malaysia. A senior source at AAV confirmed that the operations of Thai AirAsia, or TAA, are not directly connected to AirAsia Malaysia, and that AAV currently has sufficient cash flow to manage its operations. Forward ticket bookings also continue to grow in line with travel demand for both business and tourism. At the same time, Thai AirAsia has sent a letter seeking clarification of the facts to AirAsia Malaysia and is awaiting a response. Meanwhile, Tony Fernandes, founder and advisor of AirAsia Group Berhad of Malaysia, is scheduled to hold a press briefing in Thailand to clarify the facts on Friday, September 18, 2026, from 10:00 to 12:00. Dittanop Watthanavekin, a senior analyst at Krungsri Securities Public Company Limited, said that Thai AirAsia and AirAsia Malaysia keep clearly separate accounts. Although they benefit from an interline flight network, because AirAsia Malaysia sells tickets to Thai AirAsia, AAV holds the status of a creditor of AirAsia Malaysia. Therefore, in the worst case, if AirAsia Malaysia enters a business rehabilitation plan, Thai AirAsia may have to set aside provisions for doubtful debts under accounting standards. In its second-quarter 2026 financial statements, AAV had related-party receivables of more than 14 billion baht, of which 7 to 8 billion baht were overdue, equal to 0.59 baht per share. The analyst maintained a target price for AAV shares of 1.19 baht and kept a hold recommendation.
Ryanair Proposes $1.6 Billion Baltic Expansion as airBaltic Shrinks
Ryanair is proposing a $1.6 billion, five-year investment in the Baltic region that could double its traffic there by 2031, moving in as airBaltic restructures under Chapter 11 bankruptcy. The Irish low-cost carrier wants to offer 11 million annual seats across Latvia, Lithuania and Estonia and increase aircraft based in the region from seven to 16, adding nine aircraft to its Baltic bases. It is explicitly linking the investment to airBaltic's retrenchment: the Latvian carrier plans to cut its fleet from 54 aircraft to 36 by the end of 2026 and expects to operate only around 40 aircraft by 2031, abandoning its previous ambition to reach 100. Ryanair will first increase Riga winter capacity by 6%, adding flights on routes including Barcelona, Alicante and Milan, but will cut winter capacity in Lithuania and Estonia by 25% due to higher airport charges. airBaltic, which filed for Chapter 11 on September 14, has secured a commitment for €350 million, about $402 million, in debtor-in-possession financing while it restructures, with completion expected around June 2027.
Grab to Complete $900 Million Share Buyback Within 12 Months
Grab Holdings Limited announced plans to complete the remaining approximately $900 million of its authorized share repurchase programs over the next 12 months, subject to market conditions and the trading price of its Class A ordinary shares. Full completion would bring Grab's cumulative repurchases since its first buyback program launched in 2024 to a total of almost $1.75 billion. The repurchases will be funded from existing cash reserves, with gross cash liquidity of $7.4 billion and net cash liquidity of $5.4 billion as of June 30, 2026. Chief financial officer Peter Oey said the company's conviction has strengthened, not softened, and that progress toward its 2028 targets gives it the visibility to commit capital at this scale. Grab currently carries a Zacks Rank #3 (Hold).
J.B. Hunt Warns Rising Costs Could Cut Q3 Earnings 5-10%
J.B. Hunt Transport Services CFO Brad Delco warned at the Morgan Stanley Laguna Conference that rising operating costs could push third-quarter earnings down 5-10% sequentially from the second quarter despite strong freight demand, sending JBHT shares down 13.3% on Sept. 16 from Sept. 15's closing level. The company expects driver-related expenses to rise approximately $25 million sequentially, covering recruitment, advertising, onboarding, training, higher compensation and sign-on, retention and safety bonuses, while sharp increases in diesel prices are expected to create at least a $10 million sequential impact in the third quarter as a timing lag between fuel purchases and surcharge collections squeezes margins. Higher accident claims and group medical costs are adding further pressure, and because intermodal pricing typically adjusts more slowly than truckload costs, a near-term mismatch between revenues and expenses is emerging even as J.B. Hunt reports strong intermodal activity, market-share gains and a record pipeline in its Dedicated Contract Services business. The cautious outlook weighed on other truck operators, with Old Dominion Freight Line falling 3.64% and ArcBest Corporation dropping 3.6% on Sept. 16 amid concerns about industrywide cost inflation. J.B. Hunt currently carries a Zacks Rank #3 (Hold).
Ryanair Cuts Full-Year Traffic Target to 214 Million Passengers on Fuel Costs
Ryanair Holdings plc cut its full-year traffic target from 216 million to 214 million passengers, saying it wants to shrink its exposure to unhedged jet fuel during its unprofitable winter schedule from November to March. Jet fuel was trading near $140 a barrel when the airline made the call, and Ryanair expects the smaller winter flight plan to trim its seasonal losses by €70 million to €100 million. Management warned that competitors with weaker fuel hedges could struggle to keep flying, or even survive, the coming winter. August traffic still grew 6% year over year to 22.2 million passengers, with the load factor holding steady at 96%. The airline has locked in about 80% of its fuel needs for the year at roughly $67 a barrel, far below the current $140 spot price, and holds roughly €2.8 billion in cash with no debt after repaying its final bond.
Southwest to Open First Airport Lounges in 2027 With JPMorgan Card
Southwest Airlines disclosed plans on September 2 to open its first-ever airport lounges, partnering with JPMorgan Chase on a new premium co-branded credit card launching in 2027 that will provide access. The first four lounges will open at Austin, Baltimore, Honolulu, and Nashville airports in late 2027, part of a longer-term plan for a network of at least 11 locations. The move continues Southwest's shift away from its historic no-frills model of free bags, open seating, and a single cabin, having already introduced assigned and tiered seating and bag fees for most passengers. CEO Bob Jordan has separately signaled Southwest could eventually add cabin options including true first class and long-haul international flying, though he described those as still just ideas. The transformation continues under pressure from activist investor Elliott Investment Management following weaker post-pandemic margins and comes as rising fuel costs from the U.S.-Israel-Iran conflict squeeze industry-wide airline margins.
Thai Airways shows cash flow of 120 billion baht, launches winter flight schedule with 998 flights per week
Thai Airways disclosed that it holds cash flow of as much as 120 billion baht and does not need to compete by cutting fares. Chai Eamsiri, Chief Executive Officer of Thai Airways, said at the THAI TALK event that the company has adjusted its strategy to stay flexible in the face of global uncertainty, as reflected in its second-quarter 2026 results, which showed a net profit of 1.537 billion baht, with improved margins despite a decline in passenger numbers. The company is continuing to invest in additional aircraft under its plan and is restructuring its fleet down to four aircraft types, while acknowledging that deliveries of new aircraft are running about three years late, with some models facing waits of five and even ten years. Kittiphong Sansomboon, Chief Commercial Officer, said the winter flight schedule for 2026/2027, running from 25 October 2026 to 27 March 2027, will cover a total of 66 routes, equal to 998 flights per week. It will open a new Bangkok-Da Nang route with 14 flights per week starting 1 December 2026, increase frequencies on Bangkok-Vientiane and Bangkok-Yangon to 21 flights per week on each route, operate Bangkok-Siem Reap with 7 flights per week, resume Bangkok-Xiamen with 4 flights per week, and on the European side serve Bangkok-Amsterdam with 7 flights per week while raising frequencies on Bangkok-Munich to 10 flights per week, Bangkok-Zurich to 11 flights per week, and Bangkok-Paris to 14 flights per week.
ASAP Plans to Set Up MAXUS Vehicle Assembly Plant in Thailand by Mid-2027
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.
Uber and Costco Expand Delivery Partnership to 47 States
Uber Technologies and Costco have significantly expanded their U.S. partnership, making Costco delivery through Uber Eats available to millions of additional customers across 47 states, up from 17 states previously. Nearly 600 Costco locations are now accessible through the Uber Eats platform, offering both on-demand and scheduled delivery of fresh produce, bulk groceries, household essentials and Costco-exclusive merchandise. As part of the expanded partnership, eligible Costco members can receive a 50% discount on an annual Uber One membership during the first year, followed by a 20% discount in subsequent years, while participating Costco stores and Costco.com will offer Uber and Uber Eats gift cards worth $100 for $79.99 for a limited period. Consumers can also purchase a Costco membership directly through Uber Eats for a limited time and receive 30% off their first eligible Costco order, and Uber One members can access delivery without Uber fees on eligible grocery and retail orders exceeding $60. The U.S. expansion builds on the companies' existing international relationship, with Costco also available through Uber Eats in Canada, Mexico, Japan, Taiwan, France and Spain.
THAI Opens New Bangkok-Da Nang Route with 14 Weekly Flights in December 2026
Thai Airways, or THAI, has announced plans to expand its flight network in the winter 2026/2027 schedule, operating a total of 66 routes. The highlight is the launch of a new Bangkok-Da Nang route in Vietnam with 14 flights per week, starting December 1, 2026. Kittiphong Sansomboon, Chief Commercial Officer of THAI, said the company will increase flight frequencies within the CLMV group, namely Vientiane and Yangon to 21 flights per week, and Siem Reap to 7 flights per week. For European routes, THAI will operate the Amsterdam route with 7 flights per week and increase frequencies on the Munich route to 10 flights, Zurich to 11 flights, and Paris to 14 flights per week. Meanwhile, in Asia, it will resume flights on the Xiamen route with 4 flights per week. Earlier, Chai Eamsiri, Chief Executive Officer of THAI, revealed at the THAI TALK event that the company has adjusted its business strategy to be more flexible in order to cope with global uncertainty, which has succeeded in maintaining financial stability, reflected by its second-quarter results with a net profit of 1.537 billion baht. It also plans to increase the number of aircraft and restructure its fleet to consist of 4 types. In addition, THAI is targeting new customer groups with the Junior Sky Explorers project for children and families, and the Royal Orchid Holidays travel program, which offers packages focusing in depth on tourism and culture in Pakistan.
Guggenheim Downgrades Lyft to Neutral, Cuts Price Target to $16
Guggenheim Securities downgraded Lyft to Neutral from Buy and cut its price target to $16 from $22, citing lower ride-volume forecasts for the second half of 2027 and a limited sentiment catalyst path ahead. Analyst Michael Morris lowered his second-half 2026 ride-growth forecast to 10.6% from 12.4%, below the 11.9% consensus cited in the note, and cut his 2027 ride-growth forecast to 10.3% from 11.4%, versus a consensus of 10.8%. Morris said he supports Lyft's international expansion and integration efforts but added that the lack of disclosed impact drives uncertainty as the company laps acquisitions, including FREENOW, while pointing to easing comparisons in North America and outsized growth in Canada driven partly by geographic expansion and a DoorDash partnership. Guggenheim said it was encouraged by the recent Waymo Nashville launch but does not anticipate meaningful near-term expansion as the platform focuses on operational learnings, and it lowered its 2027 buyback forecast to $500 million from $548 million to enable M&A flexibility. The $16 price target is based on 8 times 2027 estimated EV/OIBDA, down from 11 times previously, reflecting tempered Ride growth enthusiasm, particularly in the U.S.
Grab to buy 60% stake in Atome Financial for $1.49bn
Grab has signed definitive agreements with Atome Financial, Advance Intelligence Group and other parties to acquire a controlling 60% stake in Atome Financial for $1.49bn in cash. The deal would fold Atome Financial's buy now, pay later loans, consumer cash loans, BNPL cards and digital lending into Grab's financial services unit, which spans payments, digital banks, partner lending, insurance and consumer lending. Atome Financial operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand and has 25 million cumulative transacted users, while Grab reaches nearly 54 million Monthly Transacting Users and Atome Financial's network covers more than 30,000 brands. Grab said the $1.49 billion cash consideration includes $0.26bn in primary growth capital as Phase 1, and the transaction is due to close by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions. After completion, Grab will consolidate Atome Financial into its Financial Services segment, with Atome Financial's management team remaining in place to oversee the business.
Thai Airways Deploys 120 Billion Baht in Cash to Fill Routes Left by Struggling Low-Cost Carriers, Launching 66 Winter Flight Routes
Thai Airways is preparing cash reserves of more than 120 billion baht and stands ready to operate flights on routes where low-cost carriers are facing financial trouble. Chai Eamsiri, Chief Executive Officer of Thai Airways International, said the company views other airlines' crises as opportunities and is prepared to move quickly to seize them. The airline reported a net profit of 1.537 billion baht in the second quarter. Kittiphong Sansomboon, Chief Commercial Officer, disclosed that under the winter flight schedule for 2026/2027, running from 25 October 2026 to 27 March 2027, Thai Airways will operate a total of 66 routes covering both international and domestic destinations. The new route is Bangkok–Da Nang with 14 flights per week starting 1 December 2026. The airline will also increase frequency within the CLMV group, namely Bangkok–Vientiane and Bangkok–Yangon, to 21 flights per week per route, while Bangkok–Siem Reap will be served with 7 flights per week. On its European network, Thai Airways will operate Bangkok–Amsterdam with 7 flights per week, raise Bangkok–Munich to 10 flights per week, Bangkok–Zurich to 11 flights per week, and Bangkok–Paris to 14 flights per week. In Asia, it will resume Bangkok–Xiamen with 4 flights per week. The company also plans to restructure its fleet to four aircraft types and will begin offering new-look onboard products in mid-2027, along with launching the Junior Sky Explorers programme for children and families and the Royal Orchid Holidays travel programme for routes to Pakistan.
Surf Air Mobility Signs First OperatorOS Contract With Sprintbach Aviation
Surf Air Mobility Inc. has signed a definitive agreement with Sprintbach Aviation for OperatorOS, its SurfOS flight operations software for Part 135 operators powered by Palantir Technologies, marking the official commercial launch of the product. The contract is the company's first commercial OperatorOS agreement and will contribute to its goal of having five operators live on OperatorOS by the end of 2026, with Surf Air Mobility earning a percentage of revenue for all Sprintbach flights managed through the software. OperatorOS is designed to manage aircraft and crew scheduling, flight management, reporting, and distribution for Part 135 operators, and has been used internally to run Surf Air Mobility's own airline operations, Southern Airways and Mokulele Airlines, since 2025. The system was recently approved by the Federal Aviation Administration as an authorized system of record for electronic signatures and recordkeeping. Sprintbach currently operates 9 aircraft with 16 pilots on staff, and OperatorOS will help it streamline and optimize aircraft and crew scheduling, generate actionable insights and clearer visibility into its operations, and reduce manual processes from a single AI-enabled software solution.
Thai Airways Expands Fleet and Asian Routes, Eyes 2026 Revenue of 200 Billion Baht
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.
Thai Airways is signalling continued profit growth in 2026, with Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, or THAI, revealing that the company expects full-year total revenue to potentially exceed 200 billion baht, after the first half of the year brought in nearly 100 billion baht, or approximately 99 billion baht, along with a profit of about 12 billion baht. At the same time, its liquidity position remains a strength, with more than 120 billion baht in cash on hand, up from the second quarter. The company is pressing ahead with managing its fleet of 87 aircraft to capture opportunities from regional low-cost carriers facing liquidity constraints and cutting services on certain routes. It plans to add Boeing 787 aircraft to the fleet and to return one existing aircraft that has been refurbished and fitted with seats to service on medium-haul routes. In the Asian market, particularly China, India, and Vietnam, it is preparing to add Airbus A321 aircraft. On fuel price risk management, for the remainder of 2026 the company has already hedged more than 40%, and for 2027 it has hedged about 48%. Kittiphong Sansomboon, Chief Commercial Officer, 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, launching a new Bangkok–Da Nang route with 14 flights per week starting December 1, 2026, while increasing frequency on the Bangkok–Vientiane and Bangkok–Yangon routes to 21 flights per week per route, Bangkok–Siem Reap to 7 flights per week, Bangkok–Amsterdam to 7 flights per week, Bangkok–Munich to 10 flights per week, Bangkok–Zurich to 11 flights per week, Bangkok–Paris to 14 flights per week, and resuming service on the Bangkok–Xiamen route with 4 flights per week.
Tisco raises AOT target to 75 baht, expects 58% profit growth in 2027
Tisco Securities has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, from "hold" to "buy" and raised its fair value from 64 baht to 75 baht per share, after lifting its earnings forecasts for 2026-2028 by 5-6% and expecting profit in 2027 to grow 58%, driven by an increase in the international passenger departure service fee, growth in both international and domestic passenger traffic, and higher minimum-guarantee revenue from the duty-free business. Management expects passenger numbers in 2027 to potentially expand by about 8.8%, as Thai Airways International Public Company Limited, or THAI, has confirmed plans to expand its routes and aircraft delivery delays are beginning to ease. Meanwhile, AOTGA, which has been approved as the third ground handling and cargo service provider at Suvarnabhumi Airport, is expected to generate about 500 million baht per year for AOT through revenue sharing and its share of profit from investments in associates. The resumption of inbound duty-free services is expected to add about 600 million baht per year to AOT's profit if approved.
Tisco upgrades AOT to Buy with 75 baht target on surging passenger traffic
Tisco Securities has upgraded its recommendation on AOT shares from Hold to Buy and raised its fair value to 75.00 baht, citing a stronger outlook for 2027 driven by passenger growth benefiting from tourism demand and more efficient slot utilisation, the potential for new profit sources from ground services and the cargo concession of AOTGA, and a more stable duty-free business. Management expects flight cancellations during the winter slot season from October 2026 to March 2027 to decline, even though slot bookings are currently up only 1%, as airlines face fewer aircraft delivery delays and THAI confirms plans to expand routes, which should accelerate passenger growth to 8.8%. The approval of AOTGA as the third ground handling and cargo operator at Suvarnabhumi Airport is expected to generate about 500 million baht per year for AOT through revenue sharing and income from its equity stake in the joint venture. Meanwhile, the possibility of reopening inbound duty-free is expected to add roughly 600 million baht per year to AOT's profit. Tisco has raised its 2026-2028 earnings forecasts by 5-6% and expects profit in 2027 to grow 58%, supported by the increase in international departure passenger service charges, growth in both international and domestic passenger numbers, and higher guaranteed minimum revenue from the duty-free business.
BEM rises 3.82% as bondholders approve higher debt ceiling to support new projects
BEM shares rose 3.82% to 6.80 baht at 11:04 a.m. after bondholders of Bangkok Expressway and Metro approved raising the ceiling on interest-bearing debt to equity from 2.5 times to 3.0 times, along with a 0.1% increase in the interest rate on existing bonds. The 22 bond tranches have a combined value of about 30 billion baht, and the rate increase represents additional cost of only about 30 million baht per year, or roughly 1% of estimated profit for 2026-2028. Kasikorn Securities said the higher debt ceiling adds flexibility to support new investment projects such as Double Deck and M9. It maintained a Buy rating with a target price of 10.31 baht and named the stock a Top Pick in the Ground Transportation group, citing strong second-half profit growth, upside from the MRT Purple Line South and Double Deck projects, and the 17-45 baht electric train fare policy. Meanwhile, Dao (Thailand) said third-quarter 2026 net profit is expected to expand year-on-year and quarter-on-quarter on lower interest and maintenance costs, with a catalyst from progress on the common ticket policy, which is expected to boost electric train passengers by more than 10% in 2027 and save about 100 million baht per year from bringing Purple Line maintenance work back in-house. It recommended Buy with a target price of 9.00 baht.
Tisco upgrades AOT to Buy with 75 baht target on inbound duty-free upside
Tisco Securities upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" from "Hold," and raised its fair value to 75.00 baht from 64.00 baht, while lifting its 2026-2028 profit forecasts by 5-6%, supported by a stronger recovery trend in passenger numbers and expectations of higher concession revenue. Tisco's research team sees stronger profit momentum in 2028 driven by tourism demand, more efficient slot utilisation, opportunities for new profit sources from AOT's ground services and cargo concession business through AOTGA, as well as a more stable duty-free business. A significant upside point is the possibility of inbound duty-free services resuming, which is expected to add about 600 million baht per year to AOT's profit. Passenger surveys reflect strong support for bringing the service back, and if approved, AOT would benefit through a concession revenue-sharing model, another factor supporting non-aeronautical revenue. AOT shares today moved at 61.50 baht, up 1.00 baht, or 1.65%, with trading value of 368.38 million baht.
AAV Plunges 12.5% to 0.84 Baht as Krungsri Turns Negative on AirAsia Financial Risk
AAV shares fell sharply by 12.5% to 0.84 baht, down 0.12 baht, after Krungsri Securities took a Negative view on Asia Aviation Public Company Limited, even though it assesses that Thai AirAsia, wholly owned by AAV, will not be directly affected by AirAsia's severe financial risk. However, it faces indirect risk from the loss of competitive advantages, including the group's flight network, bargaining power in aircraft purchases, and other cooperation, as well as the risk that receivables from related companies could turn into bad debt, which could pressure profits and the target price. Krungsri Securities noted that the Malaysian government has begun planning to cope with AirAsia's financial problems by asking Malaysia Airlines and Batik Air whether they could take over AirAsia's domestic routes and passengers if a necessary situation arises. The issue emerged after AirAsia reported second-quarter 2026 results with a net loss of 831 million ringgit and current liabilities of more than 18.4 billion ringgit, while still owing at least 500 million ringgit in airport service fees to MAHB and facing pressure from higher jet fuel prices. AirAsia is currently rushing to raise up to 1 billion dollars from overseas bond markets, plus a domestic credit facility of another 700 million ringgit, to restructure its debt. It insists the fundraising target is sufficient for its needs and that the company continues to operate as normal. As for AAV, in its second-quarter 2026 statements it has more than 14 billion baht in related-party receivables, of which about 7 to 8 billion baht is overdue, equivalent to 0.59 baht per share, creating a risk that these receivables could become bad debt if AirAsia collapses, which would put further downside pressure on AAV's earnings and target price. Another factor to watch is the renewed intensification of war in the Middle East, which Krungsri Securities assesses leaves AAV with the highest risk in the sector from that issue. Although AAV's current share price of 0.84 baht is below Krungsri Securities' target price of 1.19 baht, the broker still does not recommend investing, advising investors to keep a close watch on two risk issues: the indirect impact of AirAsia's financial situation and the risk from war in the Middle East.
Thai SEC fines 3 individuals 4.89 million baht for manipulating NCL shares
The Securities and Exchange Commission, or SEC, announced civil penalty action against three wrongdoers for jointly creating price or trading volume in the shares of NCL International Logistics Public Company Limited, or NCL, ordering payment of civil penalties totaling 4,894,925.04 baht. The three wrongdoers are Ms. Phattheera Homwilai, Mr. Pongthep Wichaikul, and Mr. Pornthap Wichaikul, who are linked both personally and financially. Each must pay a civil fine and reimburse the SEC's expenses of 1,631,641.68 baht each. They are banned from trading securities or derivatives for 8.5, 14, and 8.5 months respectively, and barred from serving as directors or executives for 17, 28, and 17 months respectively, following behavior of submitting buy orders to push up the price of NCL shares between June 21 and October 26, 2023. NCL informed the Stock Exchange of Thailand that the incident does not affect its business operations, and Mr. Pongthep Wichaikul has resigned from his positions as director and chief executive officer, effective from September 16, 2026 onward. The company still has four authorized directors with signing authority and will expedite the search for suitable individuals to fill the vacant positions.
Three Major US Airlines to Scale Back Operations Amid Soaring Fuel Costs
Three major US airlines—American Airlines, United Airlines, and Southwest Airlines—are scaling back their planned operations in response to further increases in fuel prices. Executives from the three carriers disclosed this on the 16th at a conference hosted by Morgan Stanley. American Airlines CFO Devon May said fourth-quarter fuel prices have risen by about one dollar per gallon from assumptions made in July, adding roughly one billion dollars to fourth-quarter costs, and indicated the airline will continue adjusting seat capacity. United Airlines CFO Michael Leskinen said the carrier is canceling some flights planned for December and may make further adjustments from the first quarter of next year onward. Southwest Airlines had planned to expand seat capacity by 2 to 3 percent in 2026, but has cut that growth to about half amid soaring fuel costs, and CFO Tom Doxey indicated the airline could reduce further if fuel costs remain elevated.
THAI set to join FTSE Small Cap index on 18 September, foreign funds expected to add shares
THAI shares are set to be added to the FTSE Small Cap index, with the reweighting taking effect on Friday, 18 September, which will require foreign funds that use the FTSE index as a benchmark to add THAI shares to their portfolios. Analysts at Yuan Ta Securities (Thailand) said THAI has a short-term positive catalyst pending from the index inclusion. At the same time, although crude oil prices have risen recently, THAI shares have not reacted negatively, as the share price remains in the lower zone. Normal profit for the third quarter of 2026 is expected to still grow from the same period last year. THAI currently trades at an EV/EBITDA of only 6.2 times and offers an ROE of 20.9%.
Krungsri Securities advises against investing in AAV, fearing AirAsia collapse risk and bad debt impact
The analyst at Krungsri Securities has a Negative view on AAV, even though Thai AirAsia, which AAV wholly owns, is expected to avoid direct impact from the severe financial risk facing AirAsia. However, there is a risk of losing competitive advantages from the group's flight network, aircraft purchasing bargaining power, and other cooperation within the group, as well as potential bad debt from related companies. In AAV's second-quarter 2569 results, related-party receivables exceeded 14 billion baht, with 7 to 8 billion baht overdue, or 0.59 baht per share, which risks turning into bad debt if AirAsia collapses, creating downside for earnings and the target price. Krungthep Turakij newspaper reported that the Malaysian government has begun planning to handle AirAsia's financial problems by asking Malaysia Airlines and Batik Air whether they can take over AirAsia's domestic routes and passengers if necessary. This follows AirAsia's second-quarter 2569 results showing a net loss of 831 million ringgit, current liabilities exceeding 18.4 billion ringgit, and at least 500 million ringgit in overdue airport service fees to MAHB. It is also under pressure from surging jet fuel prices. AirAsia is currently rushing to raise up to 1 billion dollars from overseas bond markets and an additional 700 million ringgit in domestic credit lines to restructure its debt. The company insists its fundraising target is sufficient for its needs and that it continues to operate normally. In addition, AAV carries the highest risk in the group from the renewed intensification of the Middle East war. Therefore, even though AAV's share price is already below the target price of 1.19 baht, investment is still not recommended.
Uber and Costco Expand Delivery Partnership to 47 U.S. States
Uber Technologies and Costco Wholesale have expanded their delivery partnership to cover 47 U.S. states and nearly 600 warehouses. Costco delivery through Uber Eats now includes new membership perks and gift card benefits aimed specifically at Costco members. Uber describes the rollout as its broadest single retailer expansion for Uber Eats in the U.S., widening its grocery delivery reach against key competitors such as DoorDash and Instacart. The company, a transportation and delivery platform valued at about $145.9b, is tying Costco's loyalty-heavy membership scheme to Uber One perks and promotions as it pushes for deeper cross-platform engagement and spend per customer. Analysts continue to flag that lower-margin baskets and discounted tiers, including bulk groceries, could pressure average profitability.
Over 500 Customers Back Union Pacific-Norfolk Southern Merger
More than 500 customers across nearly every segment of the American freight economy have publicly backed the proposed Union Pacific and Norfolk Southern combination, with support growing through recent Surface Transportation Board filings. Recent filings included more than 150 new letters from customers, first responder organizations, community leaders and elected officials, adding to the more than 2,000 statements submitted with the railroads' amended application. Twenty-three new shippers from industries including agriculture, energy, fertilizer, forest products, food and automotive cited benefits of a single, integrated coast-to-coast rail network, including expanded market access, stronger supply chains, improved reliability and new growth opportunities. Union Pacific and Norfolk Southern say the combined railroad, described as America's first seamless coast-to-coast freight rail network, is expected to generate approximately $3.5 billion in annual savings and shift an estimated 2.1 million truckloads from highways to rail each year. The transaction remains subject to Surface Transportation Board review and approval, with the two companies expecting completion in the third or fourth quarter of 2027.