Thailand

• Prima Marine PCL stands as a leading integrated marine logistics provider for the energy sector in Thailand and Southeast Asia, operating a diverse and modern fleet across five key segments.
• The company’s financial performance demonstrates consistent growth, supported by a strategic focus on securing long-term charter contracts, which currently account for approximately 70% of total revenues, ensuring stable and predictable cash flows.
• Future growth is anticipated from fleet expansion, with six new oil tankers expected in 2026, and strategic diversification into offshore support for activities like wind farm development, capitalizing on growing energy demand in the region.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Hana Microelectronics is a leading independent Electronics Manufacturing Service (EMS) provider in Southeast Asia with a diversified manufacturing footprint across Thailand, China, the US, Cambodia, and South Korea.
• The company is strategically positioned to benefit from long-term secular growth trends in the semiconductor industry, including the increasing electronic content in automobiles (especially EVs), the proliferation of IoT devices, and the rollout of 5G technology.
• While facing near-term headwinds from sluggish demand in certain segments and foreign exchange volatility, the company’s investment in high-growth areas like Silicon Carbide (SiC) power semiconductors and Radio Frequency Identification (RFID) presents significant future growth opportunities.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Thai Oil Public Company Limited (TOP) is primarily engaged in downstream oil refining, as well as the manufacture of petrochemical products.
• TOP operates Thailand’s largest complex oil refinery, with a capacity of 275 k bbl/day (accounting for c. 21% of the country’s total oil refining capacity).
• In addition, the company is expanding capacity through its clean fuel project, with the aim of raising capacity by c. 45% to 400 k bbl/day. 

• Asian Sea is a diversified food producer with four key segments: Frozen Food, Pet Food, Shelf-stable Human Food (Tuna), and Aquaculture Feed, leveraging over 60 years of experience.
• The company exhibits strong shareholder returns, evidenced by a high dividend yield and a perfect 5/5 Smartkarma dividend score, supported by robust operating and free cash flow growth.
• While long-term growth is impressive, the company has faced recent headwinds, reflected in negative 3-year net income and market cap compound annual growth rates (CAGR), alongside contracting margins in recent quarters.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Aggressive Capacity Expansion Pipeline: Prime Road Power is embarking on a significant growth trajectory, aiming to expand its renewable energy capacity from approximately 307.5 MW to 1,800 MW by 2027. This expansion is geographically diversified across Thailand, Taiwan, Cambodia, and Japan, with plans to enter the Indonesian market. Key projects include a 200-MW solar farm in Taiwan and a joint venture with the Industrial Estate Authority of Thailand (IEAT) to develop solar projects in industrial estates.
• Supportive Regulatory Environment: The company operates in a favorable regulatory landscape, particularly in its home market of Thailand. The government’s Power Development Plan (PDP) aims to increase the share of renewable energy to 51% of total power generation by 2037, creating a significant tailwind for growth. This long-term policy provides visibility and support for new renewable energy projects.
• Challenging Financial Performance: Despite strong revenue growth, the company has experienced significant net losses in recent years, as reflected in the provided financial data for 2023 and 2024. This unprofitability, coupled with negative operating and free cash flows in some periods and a high debt-to-equity ratio, presents a key challenge. The company’s ability to manage its finances and execute its ambitious growth plan profitably will be critical for future success.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Exclusive Concession Holder with High Barriers to Entry: Samart Aviation Solutions (SAV) wholly owns Cambodia Air Traffic Services (CATS), the exclusive operator of air traffic control services across all airports in Cambodia under a long-term concession valid until 2051. This monopoly position creates a significant economic moat with high barriers to entry.
• Direct Beneficiary of Resurgent Cambodian Tourism and Aviation Growth: The company’s earnings are in a strong recovery phase, directly benefiting from the rebound in tourism and increasing flight volumes in Cambodia. Growth is further supported by the Cambodian government’s pro-tourism policies and the development of new airports.
• Potential for Regional Expansion and New Revenue Streams: SAV is actively exploring opportunities to expand its air navigation services to neighboring countries, notably Laos, and is also considering diversification into related businesses such as air navigation equipment trading.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Do Day Dream is navigating a turnaround, with a return to profitability in 2024 after a challenging 2023, driven by its flagship skincare brand SNAILWHITE.
• The company operates in the large and growing Thai beauty and personal care market, which is valued at over USD 7 billion and benefits from trends like ‘skinimalism’ and demand for natural ingredients.
• Significant risks remain due to the highly competitive nature of the Thai cosmetics industry, which features numerous local and international players, leading to margin pressure and the need for continuous innovation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• DOD Biotech is a Thailand-based Original Design Manufacturer (ODM) specializing in dietary supplements and beauty products, operating in a growing but competitive domestic market.
• The company has demonstrated significant revenue volatility and negative net income in two of the last three fiscal years, reflecting operational challenges and market pressures. However, recent quarterly results in 2025 show a return to profitability.
• Positioned within the expanding Thai wellness and cosmetics industry, future growth hinges on successful product innovation, diversification of its client base, and effective management of operational costs to improve margin stability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
• Pledging in those shares – in what I call the Prakitchaiwattana Complex – have been static, to down, in the month of October.
• Recent big-ish moves were seen in Siam City Cement (SCCC TB) (up), Bangkok Expressway and Metro (BEM TB) (up); Next Capital (NCAP TB) (down) and Banpu Public (BANPU TB) (down).

• Fabrinet has reported strong financial performance for the first quarter of fiscal year 2026, showcasing a record revenue of $978 million, marking a 22% increase year-over-year and an 8% rise from the previous quarter.
• Non-GAAP earnings per share peaked at $2.92, reflecting the company’s robust operational efficiency and growth momentum.
• The company’s positive results are fueled by diverse growth drivers across its business segments, suggesting a promising outlook for the continuation of growth into the second quarter.

• Thailand’s rubber exports up by .5% MoM to 204,095 MT in Sept

• Chinese imports decline while US imports sharply rise

• Significant disruption to production due to rains

  Thailand, which continued to witness unusually heavy rains during its ongoing production season, saw rubber export volume increasing marginally from August to September, while the returns also increased correspondingly as tight supply prevented prices from falling further.

• The 3Q25 production and cash position at the end of September had been previously disclosed.
• November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d.
• The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we take a look at our capping flow expectations for the December 2025 index rebal event.
• We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).

• Dominant Market Position: Alucon is the largest producer of aluminum impact-extruded packaging in Asia, with a massive annual capacity of 1.2 billion units, providing significant scale advantages.
• Strong Financial Resilience & Shareholder Returns: The company demonstrates robust profitability and a commitment to dividends, supported by a strong balance sheet. The dividend yield is notably high, and the company has a stated policy of paying out not less than 50% of net profit.
• Exposure to Key Risks: Alucon’s profitability is sensitive to the volatility of aluminum prices, its primary raw material. Furthermore, it faces a persistent threat from substitute packaging materials like plastics and paper, which can be more cost-effective.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Leading Market Position in a Growing Niche: Business Online is a dominant player in Thailand’s business information and analytics market, a sector poised for structural growth driven by the increasing need for data-driven decision-making and digital transformation across the Thai economy.
• Robust Financial Profile with High Margins: The company exhibits a strong financial track record characterized by high and stable profitability margins (Net Margin consistently around 40%), strong operating cash flow generation, and a healthy balance sheet, supporting a consistent dividend payout.
• Strategic Partnerships and Proprietary Data as Key Moats: Long-standing exclusive partnerships, notably with Dun & Bradstreet, combined with an extensive proprietary database on Thai businesses, create significant barriers to entry and a durable competitive advantage.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.