THAI shares will see their lockup period expire on August 4, 2026, releasing 19.8 billion shares, or approximately 70% of total shares outstanding. This follows an initial unlock of 6.6 billion shares on February 4, 2026. The cost basis from THAI's debt-to-equity conversion is around 2.5452 baht per share. In the first unlock round, the stock opened at 5.25 baht, down 25% from the February 3, 2026 closing price of 7 baht, before closing at 6 baht, up 14% from the open. For the near-term outlook, Kasikorn Securities expects THAI's second-quarter 2026 performance to likely remain in positive territory, driven by a tax reversal item, which is better than the previous estimate of a normalized loss of about 2.6 billion baht. Passenger volume in the second quarter of 2026 stood at 3.66 million, down 7.8% year-on-year, while the passenger load factor was 71.5%, down from 77% in the second quarter of 2025. Passenger yield is expected to grow around 20% year-on-year, while overall fuel costs rose approximately 70% compared to the same period last year. Nonetheless, Kasikorn Securities maintains a Hold rating on THAI with a target price of 6.53 baht per share.
Thai Airways International Public Company LimitedLockup expiry unlocks 19.8 billion shares (70% of outstanding), creating supply overhang; first unlock saw stock drop 25% at open.