A total of 19.8 billion shares of Thai Airways International Public Company Limited, or THAI, representing about 70% of all shares, will exit their lock-up period on 3 August 2026 and become tradable on 4 August 2026. These shares are the remaining 75% of the shares allocated to each creditor from the debt-to-equity conversion under the rehabilitation plan, with a low cost of just 2.5452 baht per share. Analysts at Krungsri Securities Public Company Limited estimate that more than 80% of the shares becoming tradable on that date are conversion shares, and view this as a negative sentiment pressuring the share price in the short term. Meanwhile, analysts at TTB Wealth Securities Public Company Limited note that of the 19.8 billion shares, 11.7 billion are held by strategic shareholders who are likely to hold for the long term, but another 8.1 billion shares could be sold in the short term. They therefore maintain a sell recommendation and lower the target price to 5.5 baht.
Thai Airways International Public Company LimitedLock-up expiry of 19.8 billion shares (70% of total) creates oversupply risk, with analysts lowering target price to 5.5 baht and maintaining sell.