Globlex Holding Management Public Company Limited

Global gold prices continue to face persistent negative factors and may remain sluggish throughout October. SiriLak Pakotiprapha, Director of the Analysis Department at Hua Seng Heng Gold Futures, said that after global gold prices fell below 4,200 dollars on September 28, the key support level stands at 4,100 dollars, and if that fails to hold, prices could drop to the low 4,000 dollar range, though she believes they will not fall below 4,000 dollars. She expects that from November onward gold has a chance to recover, especially from December 2026 through January 2027, driven by seasonal factors ahead of the New Year and Chinese New Year. Hua Seng Heng maintains its gold price target for this year at 4,900 to 5,000 dollars, equivalent to Thai gold at 74,000 to 75,000 baht, even though global gold returns from the start of the year through October 5 were down 4.15 percent, while Thai gold was still up 2.16 percent. Jitti Tangsithpakdi, President of the Gold Traders Association, said gold shop business is sluggish and very quiet because many people are stuck holding losing positions and purchasing power is weak, and they have also been affected by flooding. However, he expects that after October, gold prices may move up again toward the end of the year, and he still sees this year's target at 5,000 dollars, equivalent to Thai gold above 70,000 baht. Nattawut Wongyaowarak, Director of Research at Globlex Securities, said the trend for gold prices at this time is unlikely to recover because the market expects the Fed to raise interest rates in December, which is the main pressure factor. He gives a support range of 4,000 dollars and resistance at 4,300 dollars, and advises long-term investors to buy gradually on average to lower their costs.

Suwat Sinsadok, Managing Director of Globlex Securities, analysed that the business and share price of Plook Phak Pro Rak Mae Public Company Limited, or OKJ, have begun to recover from their lowest point, reflecting positive signals from a major strategic overhaul after the company posted losses for three consecutive quarters. The key factor is the launch of a new business model, Grill & Ground, which marks a pivotal turning point in addressing the company's cost structure problems and core pain points. This strategy helps turn weaknesses into strengths by using more vegetables from its farms in the restaurants, transforming farm costs that were once a burden into part of the menu. It also involves renovating existing loss-making Ohkajhu branches into Grill & Ground outlets instead of investing in new openings, helping to reduce capital expenditure, or CAPEX, and generating revenue to cover existing rent obligations that were already a burden, while also using the same set of employees. On the investment outlook, Suwat expects OKJ's operating results to have already passed their lowest point after a loss of as much as 25 million baht in the second quarter of 2026, and sees a high chance that performance will turn around to reach break-even as early as the fourth quarter of 2026. The recommendation and target price are in the process of being revised, and it remains to be seen whether the company can achieve break-even in the fourth quarter as planned. Meanwhile, analysts view that OKJ should expand by about two new branches per quarter to maintain momentum and popularity, while coping with the risk of imitation by competitors and the problem of product sameness.

Puean Tae Capital, or PUEAN, is preparing to offer up to 200 million baht in secured debentures with a 4-year term and a fixed interest rate of 6.90-7.15% per year to institutional and high-net-worth investors. The company has already filed its registration statement with the Securities and Exchange Commission, or SEC. The offering is expected to take place on October 22 and October 26-27, 2026, with the debentures to be issued on October 28, 2026. This series of debentures is secured by business collateral in the form of claims against loan debtors, with the collateral value not less than 1.15 times the total value of the debentures issued and offered. The proceeds will be used as working capital to support the expansion of its loan portfolio, with a portion used to repay the existing debenture series PUEAN277A. On operating results, in 2025 the company had total revenue of 201.58 million baht and net profit of 27.57 million baht. In the first six months of 2026, it had total revenue of 103.66 million baht, up 8.22% from the same period a year earlier, and net profit of 12.03 million baht. It had loan debtors totaling 811.27 million baht, maintained a low NPL level of 4.89%, and saw its interest-bearing debt-to-equity ratio fall to 2.12 times, with a network of 26 branches nationwide. Dao (Thailand) Securities is the lead underwriter, together with Globlex Securities, Pi Securities, Merchants Partners Securities, and Trinity Securities. Bangkok Bank is the debenture registrar, and Globlex Securities is the debenture holders' representative.