Airports Of Thailand PCL

AOT Ground Aviation Services Company Limited, or AOTGA, in which Triple I Logistics Public Company Limited, or III, holds a stake and participates in management, signed a contract with Airports of Thailand Public Company Limited, or AOT, on October 8, 2026, to provide ground services and manage cargo warehouses at Suvarnabhumi Airport under a 25-year contract. Tip Dalal, Chief Executive Officer and Chairman of III, said AOTGA will begin preparing tools, equipment and personnel after signing, and is expected to start services at Suvarnabhumi within December 2026 to handle rising flight and passenger volumes during the tourism season. On the cargo business side, AOTGA plans to build a new air cargo warehouse at Suvarnabhumi, with construction taking about 18 months before opening, aimed at handling time-sensitive, high-value goods, and will bring AI and robotics technology into the warehouse. III, meanwhile, will contribute its logistics and technology capabilities to support AOTGA, including linking transport between Suvarnabhumi, Don Mueang and Phuket through the Airport Truck Link system. Yuanta Securities (Thailand) Company Limited said in an analysis that AOTGA will add about 18 million baht per year to III's profit share starting in 2027, and is expected to reach 337 million baht in 2036. It forecast net profit of 471 million baht in 2026, up 12% year on year, and continued growth of 10% year on year to 499 million baht in 2027, and therefore maintained a Buy recommendation while raising its end-2027 target price to 7.40 baht.

Airports of Thailand, or AOT, has signed a public-private partnership agreement with AOT Ground Aviation Services, or AOTGA, to carry out the ground handling apron and equipment services project, the ground passenger services and related activities, known as GSE, and the cargo terminal services project, or Cargo, at Suvarnabhumi Airport as a third-party operator. The signatories were Ms. Paweena Jariyathitipong, Chief Executive Officer of AOT, and Mr. Siriwat Towachirakul, Chief Executive Officer of AOTGA. AOT is acting under Section 36 of the Public-Private Partnership Act B.E. 2562. AOTGA submitted the proposal and was selected as the operator for both projects, in line with the Cabinet resolution of 8 September 2026, which approved the results of the private-sector selection and the key contract conditions as proposed by the Ministry of Transport. The GSE project is expected to begin services in 2027 after AOTGA prepares its personnel and equipment. The Cargo project will involve construction of a cargo terminal and preparation in various areas, expected to take about 23 months, with the overall project operating period totaling 25 years. AOT has set service efficiency as a key performance indicator, or KPI, along with penalty and fine conditions if the operations do not meet the terms specified in the contract.

Banking stocks are entering the third-quarter 2026 earnings season amid pressure from a falling interest-rate cycle. FSS estimates that seven stocks, namely BBL, KBANK, KTB, SCB, TTB, KKP and TISCO, will report combined net profit of 54.98 billion baht, down 0.7% QoQ and down 11.6% YoY. The main pressure comes from three policy rate cuts, or 0.75%, over the past 12 months, which pushed loan yields lower, although cheaper funding costs and loan growth have partly offset the impact. Meanwhile, Thai Airways has made no progress in its search for a new CEO, with applicants saying they have only received an email confirming they passed qualification screening but have not yet been told the date for their vision presentations. AOT is set to sign two AOTGA contracts tomorrow, covering the ground services and the third cargo terminal projects, with a combined value of 67.3 billion baht over 25 years, starting operations in 2027. Brokers note that AOTGA is a key piece in strengthening airport revenue after it earned a profit of 898 million baht in 2025, and expect Airports of Thailand to post normal profit of 4.7 billion baht in the fourth quarter of 2026, with the full quarter of the new PSC, and to raise its 2027 target with profit surging 45% to 28 billion baht, with a target price of 73 baht. As for MGC, brokers expect normal profit in the third quarter of 2026 to jump 30% to 350 million baht on XPENG X9 deliveries, and expect a new high of about 500 million baht in the fourth quarter of 2026, with a buy recommendation and a target of 20.20 baht per share. Meanwhile, three real estate associations are joining forces to hold the 50th House and Condo Expo from 29 October to 1 May 2026 at the Queen Sirikit National Convention Center, targeting sales of more than 10 billion baht. GRAMMY reported that GMM MUSIC had total revenue of 2.1612 billion baht in the first half of 2026, up 12.2%, and net profit of 280.7 million baht, up 29.2%. For TRUE, brokers recommend buying and expect record third-quarter 2026 profit of nearly 7 billion baht, with a maximum target of 19 baht. DIF is expected to post investment profit of 3.138 billion baht in the third quarter of 2026, up 3% from a year earlier, and to pay a dividend of 0.222 baht per unit, with an average full-year yield of 8.7% and a target of 10.60 baht.

Trinity Securities has released its first calculation for the 1H27 review cycle, forecasting which stocks will be added to and removed from the SET50 and SET100 indices, based on data through September 30, and will wait for actual data through the end of November. The stocks expected to be added to the SET50 index are KCE, SPRC, IRPC and CENTEL, all four with 99.99% confidence. The stocks expected to be removed from the SET50 are LH, OSP, TIDLOR and MRDIYT, also with 99.99% confidence. The stocks expected to be added to the SET100 index are MBK, TTW and PSL, while STPI could slip in as the fourth if HANA unexpectedly drops out of the index. The stocks expected to be removed from the SET100 are AURA, QH and MOSHI, and HANA must avoid being placed on the Trading alert list throughout October and November. Strategically, Trinity recommends gradually buying for speculation the stocks certain to be added to the SET50 index, namely KCE, SPRC, IRPC and CENTEL, with KCE the most attractive because it has the largest market cap, and recommends avoiding stocks that may be removed from the SET50, namely LH, OSP, TIDLOR and MRDIYT, over the next one to two months. Meanwhile, Kasikorn Securities noted that the Prime Minister has ordered all agencies to accelerate preparations to host the 2026 World Bank-IMF meeting, which is expected to draw more than 10,000 participants from at least 19 countries, focusing on upgrading airports, airlines, visas, immigration, security and public health, and using this stage to attract investment and build confidence in the Thai economy. This is seen as positive sentiment for stocks related to travel, tourism, airports, hotels and convention centres, such as AOT, AWC, CENTEL and ERW.

TTB Wealth stated that the widening gap between Thai and US bond yields has pressured the baht to weaken, recently standing at 33.68 THB/USD, causing foreign fund flows to continue flowing out. However, the weaker baht benefits several groups. The electronics export group gains from both the weak baht and strong order volumes; preferred stocks are DELTA, KCE, and HANA. The food export group stands out for high dividends and still-laggard prices; preferred stocks are TU and ITC. The tourism group benefits from entering the high season for tourism; preferred stocks are AOT, ERW, CENTEL, and MINT, making a total of 9 beneficiary stocks.

Asia Plus Securities, or ASPS, recommends a Selective Investment strategy, highlighting DRs linked to global technology stocks such as the Optical, CPU & AI Server, Semi Equipment, Cloud and Power groups, alongside Thai stocks that benefit from the weakening baht and the high season. Analysts note that the direction of US Federal Reserve policy continues to pressure the baht. If the terminal interest rate sits at 4.5%, the baht will fluctuate weaker in a range of 35-37 baht per US dollar, or depreciate 4-10%, which is positive for the hospital group that treats foreign patients, such as BH, BDMS, BCH and PR9, as well as the tourism group like AOT, THAI and CENTEL, and the export group like TU, ITC and CPF. For the five standout stocks and interesting DRs, they include SHOP06, whose third-quarter earnings trend remains strong on the back of bringing AI to boost trading volume on its platform; MRVL06, which gets a boost from its Investor Day, where new technology is expected to be unveiled; ITC, which benefits from the weak baht and is awaiting progress on closing its merger deal in the fourth quarter of 2026; TRUE, whose third-quarter 2026 profit is expected to expand prominently, with an interim dividend of 0.15 baht anticipated; and BH, whose revenue and patient numbers from the Middle East are recovering strongly, while the stock still has high upside. On fund flows, although foreign investors still hold Thai stocks including NVDRs amounting to 36.5% of market value, cumulative net buying since the start of the year has fallen from a peak of 75 billion baht to just 18 billion baht, after more than 50 billion baht in net selling over the past two months. However, in the latest trading session, foreign investors began switching to net buying through the NVDR channel to the tune of 2.66 billion baht, reflecting selective accumulation of individual stocks expected to post fourth-quarter 2026 earnings growth to capture the high season.

Kasikorn Securities stated that the Prime Minister has ordered all agencies to accelerate preparations for Thailand to host the World Bank-IMF meetings in 2026, which are expected to draw more than 10,000 participants from at least 19 countries. The focus is on upgrading airports, airlines, visas, immigration, security, and public health to accommodate leaders and senior executives, while using the forum as an opportunity to attract investment, expand trade, and build confidence in Thailand's economy over the long term. The brokerage views this as a positive sentiment for stocks related to travel, tourism, airports, hotels, and convention centers, such as AOT, AWC, CENTEL, and ERW, given the potential benefit from increased traffic and spending by attendees.

Asia Plus Securities said 10 standout stocks will benefit from the trend of a continuing weaker baht, divided into hospital groups that benefit from foreign patients, namely BH, BDMS, BCH and PR9; tourism groups that make it easier for foreign tourists to spend, namely AOT, THAI and CENTEL; and export groups that convert revenue back into baht at a higher rate, namely TU, ITC and CPF. The research department said the spread between the 10-year bond yield and Thailand's policy rate remains below its historical average, reflecting that the market still sees no clear signal of a change in interest rate direction. Meanwhile, factors from the United States, from the Fed's perspective, continue to pressure the baht. If the Fed's interest rate stands at 4.5%, the baht will fluctuate in the range of 35 to 37 baht per dollar, or weaken from the current level by about 4% to 10%, if the end of the Fed's interest rate cycle has not yet arrived. On Thailand's water situation, the latest data indicates that many large reservoirs have water volumes exceeding capacity or near critical levels, such as Pa Sak Jolasid Dam at 110%, Nong Pla Lai Dam at 105% and Kaeng Krachan Dam at 102%. Meanwhile, medium and small reservoirs in many provinces, such as Chonburi, Trat, Ubon Ratchathani, Phrae and Phayao, have water volumes exceeding normal storage levels from 113% up to 159%. The point requiring closest monitoring is the area below Chao Phraya Dam, which has a water volume of 2,500 cubic meters per second, while it can hold 2,840 cubic meters per second.

Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said that Thai Airways International's inbound and outbound flights have been operating at 100% of normal capacity since Saturday, October 3, 2026, with no flight reductions. Cargo remaining at warehouses is down to just 3-4%, and roughly 400 pieces of baggage remain unclaimed, with staff contacting their owners. Airports of Thailand, or AOT, has given Thai Airways its full cooperation and assistance. For the IMF-World Bank Annual Meetings 2026, which Thailand will host from October 12-18, 2026, with more than 15,000 participants from 191 countries, the Prime Minister has instructed the Transport Ministry to prepare from the airports onward, especially to ensure baggage handling does not create another backlog. AOT and Thai Airways have already coordinated their plans, and the war room continues to work together at all times. On transport in Bangkok, the Cabinet agreed that government agencies in the Bangkok area will work off-site on October 12, 14 and 15, 2026, while Friday, October 16, 2026, has been declared a special public holiday for government agencies in Bangkok only, to ease traffic problems. Meanwhile, the Transport Ministry, the Department of Highways, the Department of Rural Roads and the Expressway Authority of Thailand will survey cars parked on roads or bridges in flooded areas to coordinate with their owners to move them, and will prepare equipment and high-clearance vehicles together with the Department of Disaster Prevention and Mitigation, the Interior Ministry, and will seek cooperation from the armed forces. Ms. Pavina Jariyathitipong, Chief Executive Officer of AOT, said that on October 8, 2026, AOT will sign a contract with Airport Ground Services Thailand, or AOTGA, as the third operator of cargo warehouses, apron and ground equipment services, ground passenger services and other related businesses at Suvarnabhumi Airport, with a total value of more than 67 billion baht. Services are expected to begin in early 2027, while the cargo warehouse will be built as quickly as possible, taking about 18 months. Having a third operator follows a Cabinet resolution requiring one once passenger numbers exceed 45 million a year, and Suvarnabhumi currently handles more than 60 million passengers a year. AOTGA's contract also sets service performance measured through key performance indicators, along with penalties if the targets are not met, up to and including termination of the contract. These penalty conditions will also be added to the new tender for the second operator. Only Thai Airways' contract remains, with KPIs but no penalties. As for the 25-year contract term, Ms. Pavina said these projects require high investment and appropriate service fee controls, so it takes time to break even, and the appropriate period was calculated at 25 years. AOT is proceeding under the Public-Private Partnership Act of 2019. Having a third operator will ease the burden and give airlines more choices, since previously there were only two, leaving Thai Airways with no alternatives and insufficient capacity, which was one cause of flight delays.

The Air Cargo Subcommittee, the Thai Chamber of Commerce and the Board of Trade of Thailand met Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn to discuss ways to improve the efficiency of air cargo management, after Thailand's air cargo volumes continued to grow and caused congestion at some stages of the shipping process. The Civil Aviation Authority of Thailand, or CAAT, the Office of Transport and Traffic Policy and Planning, and Airports of Thailand Public Company Limited, or AOT, joined the discussion on 5 October 2026. For urgent measures, the Board of Trade of Thailand proposed bringing in explosive detection dogs, or EDD, to support the cargo screening process in order to increase capacity to handle rising cargo volumes while maintaining aviation safety standards. For long-term measures, it proposed developing a security system for air cargo in line with international standards by promoting Known Consignor, or KC, and Regulated Agent, or RA, systems so that cargo inspection and security begin at the point of origin, helping reduce the burden and congestion at downstream stages. It also proposed setting up a joint working group among the relevant agencies to monitor and drive the various measures so they produce concrete practical results. CAAT and AOT explained that they are currently preparing to bring explosive detection dogs into use to support cargo screening, and that in the first phase they may seek support from AOT first, while discussing with relevant agencies how to increase the number of dogs to meet future demand. AOT, meanwhile, is developing an air cargo management system and will coordinate closely with the Thai Chamber of Commerce. The Minister of Transport has assigned the Permanent Secretary of the Ministry of Transport to chair the working group in order to monitor and drive joint operations continuously, aiming to fix the system's limitations in the urgent term alongside laying out a long-term system to support the growth of air cargo and concretely raise the efficiency of Thailand's air cargo transport system.

Prime Minister and Interior Minister Anutin Charnvirakul has instructed all agencies to manage water situations and transport systems to support the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group, to be held from October 12 to 18, 2026, in Bangkok, which will bring delegates from 191 countries and approximately 15,000 accompanying persons into Thailand. Government spokesman Ekapop Pienpiset said the Prime Minister chaired a meeting of the National Disaster Prevention and Mitigation Command to monitor flood situations and assistance to the public, issuing eight directives covering the drainage of reservoirs and waterways that are full or nearly full; the removal of waterway obstructions at bottlenecks, bridges, drainage pipes and underpasses; more precise targeting of risk areas; the mobilization of machinery from the public and private sectors; the immediate start of rehabilitation in zones where water has receded; preparation of rehabilitation plans and compensation for eligible households; discussions with the Bank for Agriculture and Agricultural Cooperatives on assistance for farmers whose crops were damaged; and consideration of reducing or waiving water and electricity charges for flood-affected households by waterworks and electricity agencies at both central and regional levels. He also instructed Airports of Thailand and the Ministry of Transport to fully manage inbound and outbound passenger travel and transport, and to expedite the return of services to normal as quickly as possible, in order to build confidence in Thailand's ability to host participants and attract foreign investment.

Natwarin Triphopsakul, Senior Director of the Equity Strategy Team at InnovestX Securities, or InnovestX, assesses that the Thai stock market will remain volatile in the short term due to a lack of new catalysts, amid an investment climate pressured by factors on all sides. These include the Fed's hawkish stance, which is keeping bond yields elevated at multi-year highs, causing fund flows to continue flowing out. This is compounded by energy prices that remain high due to prolonged geopolitical problems, and concerns over domestic flooding, which, although the impact on the economy is expected to be limited, remains an overhang factor creating negative sentiment toward the market. InnovestX therefore recommends a Selective Buy strategy, focusing on Buy on Dip through 3 trading themes with their own specific positive factors. These are: the Domestic Play theme, based on domestic consumption, comprising the commerce group CPALL, CPN, and CRC, the medical group BCH and PR9, and the communications group TRUE; the Flood Defensive & Recovery Plays theme, which benefits from stockpiling of essential goods during emergencies, comprising the commerce group CPALL, BJC, and CRC, extending to demand for home repairs after the waters recede, namely HMPRO and GLOBAL, and the construction materials group DCC; and the Tourism & Mega-Event Play theme, which is expected to benefit from the high season for tourism in the fourth quarter of 2026, supported by factors ranging from China's Golden Week from October 1 to 7 and world-class events such as the World Bank-IMF meetings from October 12 to 18, comprising the tourism group ERW, CENTEL, and AOT, and the retail group CPALL, CPN, and CRC. On external factors, the United States reported August PCE and Core PCE at 3.4% and 3.0% year on year, respectively, unchanged from the previous month and below market expectations, while real consumption expanded 0.6% from the previous month and ADP employment for September rose by 90,000 positions from 36,000 positions, reflecting that the economy remains strong but price pressures have not yet broadened, opening the door for the Fed to wait and assess more data. The market has reduced the odds of an October rate hike to about 35% from 70% last Monday. InnovestX still expects the Fed to raise rates in December and once more in early next year, but September NFP, CPI, and PPI must be monitored to assess the risk that the Fed may accelerate the pace of rate hikes. In China, the PBOC cut the PSL rate used to lend to state policy banks by 25 basis points to 1.50%, while increasing funding support for targeted economic sectors, and the government is subsidizing interest on first-home loans by 1% per year for no more than 5 years. However, the measures still focus on supporting the economy, while falling home prices continue to pressure purchasing power. InnovestX therefore maintains its forecast for China's 2026 GDP at 4.6% and views that the property sector may take at least another year to reach its bottom. Next week, attention will be on Thailand's September inflation, which InnovestX expects to accelerate from 2.53% year on year in the previous month, tracking higher oil and fresh food prices, as well as the final September services PMI for the United States, the eurozone, and Japan. Preliminary PMI readings reflect that the United States and the eurozone are accelerating, while Japan is slowing but still expanding. Also awaited is the report of the September FOMC meeting after the Fed raised rates by 25 basis points to 3.75–4.00%, with a focus on details of discussions about inflation risks, the strength of the economy, and the conditions that would lead to the next rate hike.

Airports of Thailand Public Company Limited, or AOT, reported total passenger traffic across its six airports in fiscal year 2025/2026 reached approximately 126.2 million, slightly above the earlier estimate of around 125.9 million recorded in fiscal year 2024/2025. The growth was driven by Chinese tourists who began arriving gradually starting two weeks before the long Golden Week holiday. Ms. Paweena Jariyathitipong, Chief Executive Officer of AOT, stated that the baggage handling problems and flight cancellations were limited to the services of certain ground handlers, while flights of other airlines continued to operate normally. AOT is therefore developing software and an application to track baggage, which can locate and progressively return more than 50% of bags to passengers within a short period, and will extend this to cargo tracking software. At the same time, AOT is preparing to sign a contract with its third ground handler, AOTGA, within October 2026, before starting services in late 2026 or early 2027 to handle the high season. Meanwhile, Thanachart Securities recommends buying AOT shares with a fundamental target price of 75 baht, viewing it as a standout stock in the tourism sector, and expects profit in fiscal year 2027 to reach a record high, growing 61%.

Yuanta Securities (Thailand) said in an analysis dated September 30, 2026, that the earnings outlook for Airports of Thailand, or AOT, is continuing to recover and could enter a new growth cycle, driven by a full quarter of recognition of new Passenger Service Charge, or PSC, revenue, along with a recovery in passenger numbers and the tourism sector. The research team expects AOT to post normal profit of about 4.7 billion baht in the fourth quarter of 2026, up 25% from the previous quarter and 17% from the same period a year earlier. Total revenue is expected at about 18 billion baht, up 17% from the previous quarter and 12% from a year earlier, marking the first year-on-year growth in seven quarters. The gross margin is expected at about 41%, improving both from the previous quarter and from the same period a year earlier. The research team also raised its 2027 profit forecast by 7% to about 28 billion baht, or an increase of 45% from a year earlier, lifting its assumptions for passenger and flight growth in 2027 to 6% from 4%. It upgraded its recommendation on AOT to Buy and set a fair value of 73 baht at the end of 2027, up from 67 baht.

Kasikorn Securities revealed that Trip.com Group indicated Chinese tourists during Golden Week 2026 are tending to travel earlier and stay longer, with flight bookings to Phuket rising 78% year on year, while Chiang Mai is gaining popularity among Gen Z, in line with the recovery of travel in Asia. In addition, bookings for accommodation of seven nights or more rose 123% year on year, reflecting both an increase in the number of trips and in their duration. The research team views this as positive momentum for the tourism sector, namely AOT, AAV, BA, CENTEL and ERW, given the recovery opportunity for Chinese tourists and tourism activity during Golden Week. However, the flood situation still needs to be monitored closely.

Airports of Thailand, or AOT, has unveiled an investment plan worth 152 billion baht to elevate Suvarnabhumi Airport into an aviation hub and support long-term growth. The plan is part of efforts to expand capacity to handle passengers and flights, which are expected to keep rising. Meanwhile, an analysis from IAA Consensus estimates AOT's target share price at 71.50 to 85.00 baht, based on data as of September 30, 2026.

Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.

CGSI, or CGS International (Thailand), estimates that the net profits of Airports of Thailand, or AOT, and Thai Airways International, or THAI, will grow 60% and 24% respectively in 2027 from the same period a year earlier. In the third quarter of 2026, AOT is expected to post a normal profit of 4.4 billion baht, up 9% from the same period a year earlier and up 16% from the previous quarter. THAI is expected to post a normal profit of 2.8 billion baht, down 48% from the same period a year earlier but up 138% from the previous quarter. For THAI, the passenger load factor is expected to recover to 76% in the third quarter of 2026 from 71.5% in the second quarter of 2026, but passenger yield is expected to fall 10% from the previous quarter to 2.87 baht per RPK after it passed on some of the lower fuel costs through fare cuts and fuel surcharges. THAI also plans to take delivery of 14 Airbus A321neo aircraft and 12 Boeing 787 aircraft, lifting its fleet from 84 aircraft at the end of the second quarter of 2026 to 102 aircraft by the end of December 2026. AOT expects foreign tourist arrivals in July to September 2026 to total 7.03 million, down 5% from 7.43 million in the same period a year earlier. Although passenger numbers will fall 2% from the same period a year earlier, an increase in the departure passenger service charge will help offset this and support profit. CGSI recommends overweighting the tourism sector and prefers THAI over AOT given its attractive valuation. THAI trades at a 2027 P/E of 6.9 times, 27% below the sector average, while AOT trades at 27.6 times, 48% above the sector average.

Today's top picks are led by GULF, which newspapers report is making an aggressive move by joining forces with GUNKUL to invest 466.5 million baht for 50% stakes in 12 solar and wind farm projects with a combined generating capacity of 673.4 megawatts, with power supply set to begin in 2570, securing long-term revenue from fixed power purchase agreements. Solar Farm rates range from 2.1579 to 2.1679 baht per kilowatt-hour, Solar BESS at 2.8331 baht, and wind power at 3.1014 baht. Meanwhile, GUNKUL is bringing GULF in as a joint venture partner to strengthen liquidity and expand financial headroom, supporting investment opportunities under the PDP 2026 plan, while accelerating the expansion of its clean energy portfolio to 3,000 megawatts by 2573. On another front, EGCO has closed a deal to advance its clean energy game in the United States, acquiring 49% of Pinnacle IV, with a generating capacity of 339 megawatts from two operational wind and solar power plants, pushing its renewable energy portfolio up to 1,785 megawatts, or 26% of total generating capacity. Brokerages estimate the new projects will boost profits by 6 to 8% and give an average target price of 145.67 baht. As for AOT, it reports that Suvarnabhumi saw flights surge to 347,000 in 11 months, with passengers reaching 59.6 million, and is accelerating a 152 billion baht investment plan for a major upgrade of Suvarnabhumi, with 12 billion baht to drive the East Expansion to raise passenger capacity to 70 million per year, along with a 120 billion baht South Terminal plan and infrastructure including a fourth runway at another 20 billion baht. The average target price is 71.50 baht, with a high of 85.00 baht.

Delta Electronics (Thailand), or DELTA, may see its weighting increased in the end-of-quarter rebalancing of the SET50 and SET100 indices on 30 September 2026, which would force passive funds to buy additional shares worth an estimated 2 billion baht. Meanwhile, the National Broadcasting and Telecommunications Commission selection committee resolved to impose administrative enforcement measures against Dr. Soran Boonbaichaiyapruck, known as Dr. Hai, and filed a petition with the Administrative Court seeking a temporary protection order for him to cease performing his duties as NBTC chairman after he was stripped of the post for lacking qualifications and for obstructing other NBTC commissioners from carrying out their duties. On another front, Airports of Thailand, or AOT, is pressing ahead with accelerating Suvarnabhumi Airport, with Kittipong Kittikhachon, director of Suvarnabhumi Airport, disclosing that over 20 years Suvarnabhumi has handled more than 899.9 million passengers, over 5.57 million flights and more than 24.9 million tonnes of air cargo. For the 11 months of fiscal year 2026, there were 118 scheduled airlines and 346,905 flights, up 1.83%, 59.63 million passengers, up 2.43%, and cargo volume of more than 1.4 million tonnes, up 4.63%. There is also a major investment plan, the East Expansion, worth 12 billion baht over an area of 81,000 square metres, which will raise passenger capacity from 60 million per year to 70 million per year, with construction during 2027-2031. It is currently awaiting placement on the Cabinet agenda. Meanwhile, PTG Energy, or PTG, is investing jointly with Paisal Capital Co., Ltd., extending from the energy business into the financial business. Rangsan Puangprang, chief executive of finance and sustainability at PTG, said the cooperation stems from the funding needs of customers in the commercial vehicle and truck operator group. Sukrit Rianpinyawat, chief executive of Paisal Capital Co., Ltd., said the two sides began cooperating early last year and plan to expand the business nationwide, focusing on the truck group, and are preparing to file for an IPO early in 2027, expecting to begin trading on the stock exchange in the third quarter of 2027, with a five-year goal of driving loan volume from about 3 billion baht at present to 10 billion baht.

Suvarnabhumi Airport, operated by Airports of Thailand Public Company Limited, or AOT, reported operating results for the first 11 months of fiscal year 2026, from October 2025 to August 2026, with a total of 59.63 million passengers served, an increase of 2.43% from the same period last year. A total of 118 scheduled airlines provided service, with combined takeoffs and landings of 346,905 flights, up 1.83%. Air cargo flights totaled 15,855, up 6.34%, handling more than 1.4 million tonnes of cargo, up 4.63%. Kittipong Kittikachorn, Director of Suvarnabhumi Airport, said the airport is pressing ahead with upgrading service quality and applying technology to improve management efficiency in order to drive its goal of becoming a Global Aviation Hub under the concept "20 Years of Suvarnabhumi: Connecting Thailand to the World, Advancing Toward the Future." Since opening on September 28, 2006, Suvarnabhumi Airport has served more than 899.9 million passengers, handled more than 5.57 million flights, and processed more than 24.9 million tonnes of air cargo. On service efficiency, the airport plans to install a total of 122 automated passport control machines for international passengers on both arrival and departure, with 106 already installed. It is also renovating 124 restroom locations, with 69 completed, and all work is expected to finish within 2028. Meanwhile, the development results have placed Suvarnabhumi Airport eighth among the top 10 airports for air connectivity in the Asia-Pacific and Middle East region for 2025, according to the ACI Asia-Pacific & Middle East Air Connectivity Index.

Bualuang Securities, or BLS, remains positive on the Thai stock market, assessing that the index is likely to trend upward from the fourth quarter of 2026 through the first half of 2027 and could reach a best-case target of 1,780 points before shifting into sector rotation. Its base case puts the end-2027 target at 1,710 points, based on earnings per share of 106 baht, down 4% from the same period a year earlier, with the overall profit decline driven mainly by an earnings correction in upstream energy, refining and petrochemicals. The main supporting factors come from three drivers: the global technology wave, an upcycle in global industry, and foreign capital. It estimates that every 10 billion baht in net foreign buying would lift the index by about 15 to 20 points. For its fourth-quarter 2026 strategy, it recommends a barbell approach. The first core focuses on energy and petrochemicals, namely PTT and PTTGC. The other core focuses on power producers with structural growth, namely GULF, GPSC and GUNKUL. It also recommends retailers such as CRC and COM7, tourism names such as AOT, AWC and CENTEL, hospitals such as BH and BDMS, as well as 2027 growth leaders such as CBG, ICHI and BGRIM. In the first half of 2027, it advises rotating into groups that benefit from lower costs, such as CENTEL, before shifting to high-dividend stocks and companies with strong cash flows as the portfolio's core in the second half of 2027.

Asia Plus Securities assesses that although flooding in Bangkok has caused flight delays, major airports Suvarnabhumi and Don Mueang remain open and operating normally, while inner Bangkok and key destinations such as Chiang Mai, Phuket, and Samui remain safe. If the situation eases quickly, the impact on travel during the fourth quarter of 2026 through the first quarter of 2027, which is the tourism high season, will be limited. The Middle East situation remains the main factor shaping the direction of the tourism sector. For CENTEL, Thailand accounts for about 60% of hotel revenue, split between Bangkok at 22% and the provinces at 38%, which helps cushion the impact of the floods. Its restaurant business has about 34% of restaurant revenue in Bangkok, with average restaurant sales in Bangkok at roughly 12 million baht per day, and every single day that sales are hit by 30% to 50% would affect quarterly sales by only 0.1% to 0.2%. ERW says its Lux to Eco hotels, which account for 74% of revenue, remain open as normal, with about 54% of revenue in Bangkok, while Hop Inn, which accounts for 26% of revenue, has some branches affected but mostly in the provinces. MINT derives about 50% of revenue from hotels in the EU, so it faces a more limited fundamental impact. The research team maintains its view that normal profits for AOT and Thai hotel operators for the October to December period will expand both quarter on quarter and year on year, continuing through the January to March 2027 period in line with the tourism season. Although the market may open risk-off in the short term, the effect on earnings forecasts remains limited. It still favours CENTEL, followed by AOT, while ERW is an event trade and THAI is a tactical buy after its share price fell 12% year to date versus the SET's gain of 28%. If jet fuel rises above its previous peak in April at 209 US dollars per barrel and affects flight capacity, that would be a tactical trigger to consider reducing weightings in the tourism sector.