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Strategy | Key Takeaways from Thailand Focus 2026: Reignite Thailand
- Thailand Focus 2026 reinforced our positive view on Thailand’s emerging investment cycle, with capital shifting from traditional industries towards data centres, semiconductors, advanced electronics and AI infrastructure. Progress on direct PPAs and power-grid modernisation will be critical in converting record investment applications into actual investment. We expect utilities, renewable energy, telecommunications and industrial estates to be the key beneficiaries. Our top picks are BGRIM, GPSC, GUNKUL, TRUE and WHA.
Company Update | Bangchak Corporation (BCP TB/BUY/Bt49.50/Target: Bt65.00)
- BCP’s Investor Forum 2026 reinforced our view that 2026 should establish a structurally higher earnings base rather than a one-off peak. We raise 2027 core profit to Bt19.4b, driven by higher refining margins, full-year SAF contribution and stronger trading earnings, which should help offset the planned refinery maintenance. Strong cash flow and disciplined capital allocation should also support shareholder returns. We maintain BUY and roll forward our target price to Bt65.00.
Company Update | PTT (PTT TB/BUY/Bt40.50/Target: Bt45.00)
- We remain positive on PTT, supported by improving earnings quality and a stronger balance sheet. While the Genesis project could be delayed to 2027, its strategic rationale remains intact. Meanwhile, the expansion of the LNG and trading businesses should provide new growth engines for PTT beyond its traditional energy businesses. On dividends, we estimate an interim dividend of Bt1.10/share. Maintain BUY; target price: Bt45.00.
Top Stories
Strategy | Key Takeaways from Thailand Focus 2026: Reignite Thailand
- Thailand Focus 2026 reinforced our positive view on Thailand’s emerging investment cycle, with capital shifting from traditional industries towards data centres, semiconductors, advanced electronics and AI infrastructure. Progress on direct PPAs and power-grid modernisation will be critical in converting record investment applications into actual investment. We expect utilities, renewable energy, telecommunications and industrial estates to be the key beneficiaries. Our top picks are BGRIM, GPSC, GUNKUL, TRUE and WHA.
Company Update | Bangchak Corporation (BCP TB/BUY/Bt49.50/Target: Bt65.00)
- BCP’s Investor Forum 2026 reinforced our view that 2026 should establish a structurally higher earnings base rather than a one-off peak. We raise 2027 core profit to Bt19.4b, driven by higher refining margins, full-year SAF contribution and stronger trading earnings, which should help offset the planned refinery maintenance. Strong cash flow and disciplined capital allocation should also support shareholder returns. We maintain BUY and roll forward our target price to Bt65.00.
Company Update | PTT (PTT TB/BUY/Bt40.50/Target: Bt45.00)
- We remain positive on PTT, supported by improving earnings quality and a stronger balance sheet. While the Genesis project could be delayed to 2027, its strategic rationale remains intact. Meanwhile, the expansion of the LNG and trading businesses should provide new growth engines for PTT beyond its traditional energy businesses. On dividends, we estimate an interim dividend of Bt1.10/share. Maintain BUY; target price: Bt45.00.
Key Indices
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