Rail Transportation

Stadler Rail's board has confirmed that long-serving executive Philipp Brunner will succeed Markus Bernsteiner as Group CEO from January 2027, putting a long runway under the company's leadership change. The handover comes as the Swiss train maker's order backlog has grown to CHF 29.4 billion, up from previous periods, on the back of increased urbanization, government-led investment in public transport, and decarbonization momentum in Europe. Stadler also leads in alternative drives, with more than 300 battery and hydrogen trains sold and options for 200 or more additional units. The stock last closed at CHF30.40, against a most-followed fair value estimate of CHF30.86, after a 90 day share price return of 31.72%, a year to date share price return of 39.19%, and a 1 year total shareholder return of 56.90%, though its 5 year total shareholder return remains down 14.81%. The narrative could be knocked off course if heavy capacity spending keeps free cash flow deeply negative or if large contract timing swings keep earnings choppy.

Hankyu Hanshin Holdings has expanded its share repurchase authorization, adding 4,500,000 shares for ¥20,000 million and extending the enlarged ¥50,000 million, 12,000,000 share program through to March 31, 2027. The stock last traded at ¥4,571.0, with a year to date share price return of 13.71%, a 1-year total shareholder return of 9.97% and a 5-year total shareholder return of 44.11%. On valuation, Hankyu Hanshin trades at a price-to-earnings ratio of 13.1x, above the JP Transportation industry average of 11.6x but below the peer average of 14.6x and an estimated fair P/E of 15.8x. A discounted cash flow model puts the estimated future cash flow value at ¥2,760.14, below the current share price. The company's earnings come from urban transportation, real estate, entertainment and other services.

Canadian National Railway moved 7.94 million metric tonnes of grain from Western Canada in the third quarter of 2026, a new quarterly record that tops the previous mark of 7.48 MMT set in 2020. The company said the result reflects sustained customer demand, strong coordination across the grain supply chain and effective execution of its operating strategy, and it pledged to carry that momentum into winter. Canadian National also unveiled its 2026-2027 Winter Plan, which sets out the actions, investments and technologies it will deploy to keep the railway running efficiently in extreme weather, with the goals of promoting safe working conditions, meeting customer demand, improving network performance and enhancing network resilience. Separately, Canadian Pacific Kansas City reported record grain volumes for September and the third quarter, moving 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September. Both Canada and the United States set new third-quarter records, surpassing marks set in 2020.

Guangshen Railway announced on October 8 that as of September 30, the company had repurchased a total of 20.01 million shares, accounting for 0.28% of total share capital, with a repurchase amount of 60 million yuan and a repurchase price range of 2.96 yuan to 3.03 yuan per share. In the first half of 2026, Guangshen Railway achieved revenue of 14.789 billion yuan and net profit attributable to the parent of 1.19 billion yuan.

Union Pacific Chief Executive Jim Vena said he is "99.99%" confident regulators will approve the railroad's proposed $85 billion acquisition of Norfolk Southern, arguing the combination would speed freight deliveries and strengthen rail's competition with trucking. Speaking with Fox Business News on Oct. 6, Vena defended the merger against opposition from some labor unions, agricultural groups and competing railroads, and said the deal remains subject to approval by the Surface Transportation Board, with a final decision expected in 2027. Vena said joining the Union Pacific and Norfolk Southern networks could save customers 24 to 48 hours by eliminating interchange delays on freight moving between the western and eastern United States, and that the combined railroad would encompass roughly 50,000 miles of track. Opponents, including the Stop the Rail Merger Coalition of shippers, contend the consolidation would give the partners near-monopoly powers and place nearly half of the nation's rail traffic under one company's control, warning of harm to farmers, manufacturers, energy producers and railroad workers. Vena argued that competitors' opposition reflected concern about the stronger service offering the merged company could bring to the market.

Vietnam's Vingroup and France's Alstom announced on the 6th that they have agreed to supply 200 train sets and transfer related technology for the expansion of Hanoi's urban rail network. Under the agreement, the first 83 train sets will be designed and manufactured by Alstom at its facilities in France, each consisting of five cars and capable of fully automated driverless operation. The remaining 117 train sets will be manufactured and assembled by Vingroup in Vietnam, with Alstom providing technical expertise, support for manufacturing equipment, and key components. The delivery timeline was not disclosed. Urban rail is one of the fastest-growing segments of Vietnam's railway market, with 12 lines planned in the major cities of Hanoi and Ho Chi Minh City, and Hanoi's urban rail network is slated to expand to 18 lines with a total length of 979 kilometers by 2045.

Union Pacific is positioned to beat earnings estimates again when it reports on October 22, 2026, according to Zacks Investment Research. The railroad has topped estimates by an average of 4.68% over the last two quarters, including a 6.56% surprise in the most recent quarter with earnings of $3.41 per share versus the Zacks Consensus Estimate of $3.2 per share, and a 2.81% surprise the quarter before with earnings of $2.93 per share against an expected $2.85 per share. Union Pacific currently carries an Earnings ESP of +0.29% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. The positive Earnings ESP suggests analysts have recently become bullish on the company's earnings prospects.

Vingroup and Alstom have signed a rolling stock contract and a Technology License Agreement under which Alstom will transfer train manufacturing and assembly technology to Vietnam and supply a total of 200 Metropolis trainsets for Hanoi's urban rail projects. The first 83 trainsets will be designed and manufactured at Alstom's Valenciennes Petite-Forêt site in France, while Alstom will also provide technology, engineering expertise, tooling support and key components so that Vingroup can build local capability to manufacture and assemble the remaining 117 trainsets in Vietnam. All the trains are new-generation five-car sets with aluminium car bodies, wide-body interiors, fully automated driverless GoA4 operation and a braking system combining regenerative and disc brakes. Vingroup is general contractor for Hanoi's metro projects through its subsidiary Vinhomes, and under Hanoi's Capital Master Plan with a 2045 vision the city's urban rail network is planned to reach 979 kilometres across 18 lines, one of the largest urban rail development programmes in Southeast Asia. Alstom CEO Martin Sion called the agreement a major milestone in one of the fastest-growing mobility markets in the world, and Vingroup Vice Chairman and CEO Nguyen Viet Quang said next-generation transport infrastructure is a key area under the group's Infrastructure pillar.

Canadian Pacific Kansas City has reached a tentative five-year collective agreement with the Brotherhood of Locomotive Engineers and Trainmen covering about 250 train and engine employees on the southern Dakota, Minnesota and Eastern network in Minnesota, Iowa, Illinois and Missouri. Separately, its Canadian Pacific Railway unit completed several new fixed-rate bond issues maturing in 2030, 2037 and 2056. The tentative five-year BLET deal curbs near-term labor disruption risk on part of the U.S. network, while the multi-decade unsecured notes lock in long-term funding and give the company more clarity around interest costs as it pursues projects tied to truck-competitive transit times and network improvements. Canadian Pacific Kansas City's narrative projects CA$19.0 billion revenue and CA$5.4 billion earnings by 2029, requiring 7.2% yearly revenue growth and about a CA$1.5 billion earnings increase from CA$3.9 billion today. Three fair value estimates from the Simply Wall St Community cluster between CA$124.26 and CA$139.68, against a CA$139.53 fair value estimate implying 14% upside to the current price.

Canadian Pacific Kansas City set new September and third-quarter records for grain transportation, moving 2.94 million metric tons in Canada and 2.51 million metric tons in the United States during September. Both countries set new third-quarter records, surpassing the previous records set in 2020. Through Week 8 of the 2026-2027 crop year, CP has moved more than 4.99 million metric tons and 51,268 carloads of Canadian grain. CP's shares have gained 16.8% year to date, compared with 20.3% growth for the Transportation - Rail industry, and the stock carries a Zacks Rank #3 (Hold).

Hankyu Hanshin Holdings announced on the 2nd that it is expanding its share buyback, raising the maximum acquisition limit to 12 million shares, or 50 billion yen, equivalent to 5.16% of its outstanding shares. The previous limit, decided in May, had set a maximum of 7.5 million shares and 30 billion yen. The expansion amounts to 20 billion yen. With the buyback completed ahead of schedule, the company aims to further enhance shareholder returns and improve capital efficiency. The acquisition period, originally scheduled to end on October 29, has been extended to March 31, 2027.

Canadian Pacific Kansas City has reached a tentative, five-year agreement with 250 train operators in Minnesota, Iowa, Illinois, and Missouri. The deal with the Brotherhood of Locomotive Engineers and Trainmen provides higher wages and more flexible work rules. Shares of Canadian Pacific Kansas City were inactive in Thursday's premarket trading after falling more than 1% on Wednesday to a 3-month low.

Canadian Pacific Kansas City said it has reached a new tentative five-year collective agreement with the Brotherhood of Locomotive Engineers and Trainmen. The tentative agreement, which provides increased wages and more flexible work rules, covers approximately 250 train and engine employees on the southern portion of the Dakota, Minnesota and Eastern property operating trains in Minnesota, Iowa, Illinois and Missouri. CPKC President and Chief Executive Officer Keith Creel said the company was very pleased to reach the latest tentative collective agreement benefiting more of its railroaders in the United States, and thanked BLET leadership for working with the company at the bargaining table. The tentative agreement is pending ratification by the union's membership.

Piya Techakul, Chief Executive Officer of ATP30 Public Company Limited, or ATP30, disclosed that although flooding has forced temporary closures of some route sections in Prachin Buri and Rayong provinces within its service areas, the company has adjusted its bus operations plan and fleet management to match the situation. It assesses the impact as short-term only and not materially affecting overall operations. For routes constrained by water levels, the company can switch from electric buses to diesel buses suited to road conditions, so that it can continue providing employee shuttle services for its customers. On 18 September 2026, an extraordinary shareholders' meeting approved the company's expansion of its business objectives to officially accommodate the sale of electricity from its commercial Solar Roof & Smart Charger stations, building on the infrastructure it invested in and uses to support ATP30's own EV fleet. It plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts from two charging units, before expanding charging stations to other potential areas such as Saraburi, Lopburi, Chonburi and Rayong provinces within 2027, in order to improve asset utilisation and create opportunities for additional revenue.

ATP30 Public Company Limited, or ATP30, received approval from an extraordinary shareholders' meeting on 18 September 2026 to expand its business objectives to officially support the sale of electricity from commercial Solar Roof & Smart Charger stations, building on the infrastructure the company invested in and uses to support ATP30's own EV fleet. The company plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts and two charging units, before expanding charging stations to potential areas such as Saraburi, Lopburi, Chonburi and Rayong provinces within 2027, in order to improve asset utilisation efficiency and create opportunities for additional revenue recognition. Chief Executive Officer Piya Techakul said that the current flooding situation has forced temporary closures of some routes in Prachinburi and Rayong provinces that fall within the company's service areas. The company has adjusted its route plans and fleet management in line with the situation, and can switch from electric buses to diesel buses on routes limited by water levels. It assesses the impact as short-term only and not materially affecting overall operations.

Hankyu Hanshin Holdings' full-year results for the fiscal year ending March 2026 showed operating revenue of 1.2035 trillion yen, operating profit of 127.1 billion yen, ordinary profit of 124.5 billion yen, and net profit attributable to owners of the parent of 78.5 billion yen, all setting record highs. Three pillars drove the profit increase: a sharp rise in condominium sales revenue in the real estate business, demand captured by the urban transportation and hotel businesses from the Osaka-Kansai Expo, and strong performance in the sports business, including the Hanshin Tigers' league championship. By segment, real estate posted the largest operating profit at 67.1 billion yen, while urban transportation, including railways, came to just 35.2 billion yen, making clear that real estate now earns roughly twice the profit of urban transportation. The company said it expects lower operating profit for the fiscal year ending March 2027, as the one-off boost from the Expo and the professional baseball championship fades and the situation in the Middle East weighs on results, and it plans operating revenue of 1.265 trillion yen, operating profit of 121.7 billion yen, ordinary profit of 114 billion yen, and net profit of 79 billion yen. In the first quarter of the fiscal year ending March 2027, operating revenue was 339 billion yen, operating profit 49.5 billion yen, ordinary profit 52.3 billion yen, and net profit 36.8 billion yen, with operating profit reaching 40.7 percent of the full-year plan, a start well ahead of the one-quarter pace.

ATP30 Public Company Limited, or ATP30, a provider of employee shuttle services in the eastern and central industrial estates, continues to serve its customers without interruption despite flooding in several areas. Chief Executive Officer Piya Techakul said the floods forced the temporary closure of some routes in Prachin Buri and Rayong provinces, which are within the company's service areas. The company therefore adjusted its route plans and fleet management to match the situation, including switching from electric buses to diesel buses on routes limited by water levels, in order to maintain continuity in transporting client employees. It assesses the impact as short-term only and not materially affecting overall operations. In addition, on 18 September 2026, an extraordinary shareholders' meeting approved an expansion of the company's business objectives to officially support the sale of electricity from commercial Solar Roof & Smart Charger stations, an extension of the infrastructure the company invested in and uses for ATP30's EV fleet. It plans to open its first commercial service in Nakhon Nayok province in October 2026, with a power output of 120 kilowatts from two charging units, before expanding charging stations to potential areas such as Saraburi, Lop Buri, Chon Buri and Rayong provinces within 2027, in order to improve asset utilisation and create opportunities for additional revenue.

BTS announced the success of its 1/2026 bond offering, comprising three tranches with a total value of 15 billion baht, drawing an overwhelmingly strong response from retail investors. The result reflects confidence in the company's business potential and financial strength as the operator of the BTS Skytrain, recognised as the world's number one sustainable rail transport company. Meanwhile, NCL has cleared another major case after the Supreme Court declined to allow the plaintiff's petition, bringing a case worth 23.07 million baht to a close, with NCL bearing no liability under the claim. The company is awaiting a positive accounting reversal, which, combined with an earlier dispute worth 25.08 million baht, gives NCL the chance to record a total accounting reversal of approximately 48 million baht by the end of this year. SUSCO, for its part, is continuing to pass on assistance to people affected by the flooding, donating SUSCO drinking water through the Bangkok Metropolitan Administration donation point at Bangkok City Hall in Din Daeng, and opening up space at its service stations so that members of the public can park their cars and motorcycles, reducing the risk and damage that flooding might cause.

BTS Group Holdings successfully offered its first bond issue of 2026, with a total value of 15 billion baht, divided into 3 tranches. The first tranche has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. The second tranche has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. The third tranche has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is paid every 6 months throughout the life of the bonds. Subscription opened on 25 and 28-29 September 2026, with the bond issuance date set for 30 September 2026. Chawadee Rungruang, Chief Financial Officer, said the company plans to use the proceeds to repay debt in order to strengthen its financial position. The bonds and the company received a credit rating from TRIS Rating of BBB+, which is in the Investment Grade category, on 24 August 2026, with a negative credit outlook. This offering had 13 leading financial institutions serving as joint arrangers.

BTS Group Holdings Public Company Limited successfully offered its 1/2026 series of debentures in three tranches with a combined value of 15 billion baht, drawing an enthusiastic response from general investors. All three tranches are registered, unsubordinated, unsecured debentures with a debenture holders' representative. Tranche 1 has a two-year term with a fixed interest rate of 3.20% per year and matures in 2028. Tranche 2 has a three-year term with a fixed interest rate of 3.55% per year and matures in 2029. Tranche 3 has a four-year term with a fixed interest rate of 3.75% per year and matures in 2030. Interest is payable every six months throughout the life of the debentures. Investors were able to subscribe between September 25 and September 28 to 29, 2026, through leading financial institutions appointed as joint lead managers, with the debentures issued on September 30, 2026. Chawadee Rungruang, Chief Financial Officer of BTS Group, said the debentures and the company received a credit rating of BBB+ from TRIS Rating, placing them in the investment grade category, on August 24, 2026, with a negative credit outlook. The company plans to use the proceeds from this debenture offering to repay debt, strengthening its financial position, and will continue to expand its business as the world's number one sustainable rail transport system operator, while working with the government to support the common ticket scheme, for which it is currently developing the relevant systems. BTS Group thanked the 13 leading financial institutions that took part in this success.

BTS Group Holdings Public Company Limited, or BTS, successfully offered 3 tranches of bonds in its first issuance of 2026, with a total value of 15 billion baht, meeting its target, drawing strong interest from general investors. Ms. Chawadee Rungruang, the company's Chief Financial Officer, disclosed that the three tranches are registered, unsubordinated, unsecured bonds with a bondholders' representative. Tranche 1 has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. Tranche 2 has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. Tranche 3 has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is payable every 6 months throughout the life of the bonds. The company opened subscriptions to investors on 25 and 28-29 September 2026 through financial institutions appointed as bond distribution managers, with the bonds scheduled for issuance on 30 September 2026. BTS and the bonds received a credit rating from TRIS Rating Co., Ltd. at BBB+, which is in the Investment Grade category, with a negative rating outlook as of 24 August 2026. Ms. Chawadee said the company plans to use the proceeds from this bond offering to repay debt in order to strengthen its financial position, while continuing to expand its rail transport business and seek new business opportunities to support long-term growth. In addition, BTS is in the process of developing related systems to support the common ticket measure, preparing for connectivity with electric train networks and operating systems to accommodate future cooperation with the government sector.

BTS Group successfully closed the sale of its 1/2026 debentures, comprising 3 tranches with a total value of 15,000 million baht, receiving an overwhelming response from general investors. All 3 tranches are registered, unsubordinated, unsecured debentures with a debenture holders' representative. Tranche 1 has a 2-year term with a fixed interest rate of 3.20% per year, maturing in 2028. Tranche 2 has a 3-year term with a fixed interest rate of 3.55% per year, maturing in 2029. Tranche 3 has a 4-year term with a fixed interest rate of 3.75% per year, maturing in 2030. Interest is paid every 6 months throughout the life of the debentures, with the issue date set for 30 September 2026. Miss Chawadee Rungruang, Chief Financial Officer of BTS Group Holdings Public Company Limited, revealed that the company will use the proceeds to repay debt in order to strengthen its financial position, while continuing to operate its business as the BTS skytrain service provider, recognised as the world's number 1 sustainable rail transport company, and stands ready to cooperate with the government sector to support the common ticket measure, for which the related systems are currently being developed. The debentures and the company received credit ratings from TRIS Rating Co., Ltd. at BBB+, which is in the Investment Grade category, on 24 August 2026, with a negative credit outlook. A total of 13 leading financial institutions acted as joint arrangers of the debenture offering.

Alstom has received an order from Västtrafik for 35 additional Avelia Stream Nordic X80 trains through an option worth approximately €350 million exercised under an existing frame contract, bringing the total fleet Alstom will deliver to Västtrafik to 80 trains. The option exercise follows the successful entry into service of the first Avelia Stream Nordic trains and reflects Västtrafik's continued confidence in Alstom's ability to deliver a modern, reliable and sustainable regional fleet. The order will be booked in the second quarter of Alstom's fiscal year 2026/27. The trains have a top speed of 200 km/h and 270 seats across three cars, with step-free boarding, dedicated spaces for wheelchairs and strollers, and real-time information systems, and can operate through 80 cm of snow and in temperatures down to -40°C. The first trains were delivered in spring 2026 and are now operating on the regional rail network in Västra Götaland, and Alstom is also performing maintenance of Västtrafik's fleet, which currently comprises both the new trains and older generation rolling stock.

The Surface Transportation Board unanimously rejected opponents' requests to dismiss the revised merger application between Union Pacific Corporation and Norfolk Southern Corporation on September 22, keeping the transaction on track for expected completion in the second half of 2027. If approved, the deal will create America's first transcontinental railroad, converting 10,000 interline lanes into single-line service and offering Committed Gateway Pricing to expand customer access. A union agreement with SMART-MD guarantees lifetime job security for existing union members, securing majority labor support. Union Pacific posted record Q2 2026 net income of $2.0 billion, up 6% year-over-year, and adjusted diluted EPS of $3.41, while Norfolk Southern reported record Q2 2026 railway operating revenues of $3.5 billion, up 11% year-over-year on a 4% volume increase. Norfolk Southern's reported Q2 2026 operating ratio deteriorated by 540 basis points year-over-year to 67.6%, or 65.5% adjusted, while fuel cost volatility hit Union Pacific's Q2 operating ratio by 120 basis points.

JR Kyushu and SBI Holdings announced on September 25 that they will jointly develop a financial super app, tentatively named "JQ BANK," aiming to begin offering it during fiscal 2027. The plan assumes JR Kyushu will obtain a banking agency license with SBI Shinsei Bank as its affiliated bank, and it will leverage SBI Shinsei Bank's functions for banking and SBI Securities' functions for the securities segment. The financial platform underpinning JQ BANK will extend to crypto assets, FX, and stablecoin payments, with AI agents and media features also under consideration. Building on existing customer bases such as JR Kyushu Web members, the transit IC card SUGOCA, the JQ CARD credit card, and the JR Kyupo point service, the companies are considering offering perks tied to JR Kyushu Group services in station buildings, real estate, hotels, retail, and dining based on customers' use of financial services. Preferential mortgage rates are also under consideration, with JR Kyushu positioning itself not as a creator of financial products but as the holder of the gateway connecting finance and customers.

Kyushu Railway Company and SBI Holdings officially announced on September 25 a basic agreement toward a business partnership, disclosing plans to jointly develop JQ BANK, a financial super app exclusively for JR Kyushu web members, with the aim of launching the service during fiscal 2027. The underlying financial platform will include banking, securities, and insurance, as well as crypto assets, foreign exchange margin trading, and stablecoin payments, with AI agents and media functions also part of the concept. It is said to be the first financial app in the railway industry to combine banking functions with securities and other services. In this official announcement, along with the app's name and target membership, specific offerings such as deposits, home loans, investment trust accumulation plans, and point-based investing were revealed. For the banking functions, the app will use a system that lets users access SBI Shinsei Bank's deposit and payment services within the JR Kyushu app, and it will offer free allowances for convenience store ATM withdrawal fees and transfer fees to other banks, while also considering the introduction of the yen deposit service SBI Hyper Deposit. To begin the service, JR Kyushu must obtain a banking agency license with SBI Shinsei Bank as its affiliated bank.

JR Kyushu announced on the 25th that it will partner with SBI Holdings to launch a financial services business. The company aims to develop a members-only app called 'JQ BANK' (provisional name) that allows centralized use of financial functions such as deposits and payments, and to offer it by fiscal 2027. JR Kyushu has previously rolled out transit IC cards and other services, but will obtain a banking agency license and make a full-scale entry into the financial business. The aim is to improve customer convenience by combining rail services with financial services. The app will be exclusively for web members and will provide banking and securities services handled by SBI Group's SBI Shinsei Bank and SBI Securities, as well as services such as insurance and crypto assets. The company is also considering linking the app with its own point service and awarding points based on deposit balances.

JR Kyushu announced on the 25th that it will partner with SBI Holdings to launch a financial services business. The company plans to develop a members-only app called JQ BANK (provisional name) that will allow users to access banking, payment, and other financial functions in one place, with the goal of offering it during fiscal 2027. JR Kyushu has previously rolled out transit IC cards and other services, but will now obtain a banking agency license and make a full-scale entry into the financial business. The aim is to combine rail services with financial services to improve customer convenience. The app will be exclusively for web members and will offer banking and securities services handled by SBI Group's SBI Shinsei Bank and SBI Securities, as well as insurance, crypto assets, and other services. It will also be linked with the company's own point service, and JR Kyushu is considering awarding points based on deposit balances.

ATP30 Public Company Limited, or ATP30, a provider of personnel transport bus services, has unveiled its three-year JUMP+ Plan to increase corporate value over 2026–2028, targeting net profit of approximately 120 million baht by 2028, up from 58.50 million baht in 2025, or more than double. It also targets revenue growth of 10% in 2026, accelerating to 11% in 2027 and 13% in 2028, while the gross profit margin is targeted to rise from 21.06% in 2025 to 22.44%, 22.80% and 23.96% respectively. The net profit margin is targeted to move from 7.26% to 10.43% by 2028. The heart of the investment plan is the expansion of the electric bus fleet by an additional 100 vehicles by 2028, with total investment of approximately 570 million baht. In 2026, it will invest in 30 EV buses with a budget of 170 million baht, install a 120-kilowatt solar rooftop system and develop two charging stations, before adding another 35 EV buses for 200 million baht in 2027 and another 35 vehicles for approximately 200 million baht in 2028. The company expects the clean energy transport business to generate revenue of approximately 200 million baht in 2028. In addition, the company is preparing to build a new S-Curve through its VVS, or VIP Vehicle Services, business, planning to invest in 14 vehicles worth 40 million baht in 2026, add another 17 vehicles for 50 million baht in 2027 and another 17 vehicles for 50 million baht in 2028, targeting revenue of approximately 49 million baht in 2028. It is also pressing ahead with its AQS, or A Quick Service, business, expanding to a total of five branches with investment of approximately 60 million baht, comprising one branch in 2026 with investment of 12 million baht, two more branches in 2027 with investment of 24 million baht, and two more branches in 2028 with investment of 24 million baht, targeting total AQS revenue of approximately 74 million baht in 2028. Another key strategy is improving the efficiency of existing assets, with ATP30 set to accelerate the efficiency of its existing fleet of 760 vehicles by raising the utilization rate, reducing empty trips and retaining its existing customer base through continuous renewal of key contracts.

Jifeng Shares announced that its controlling subsidiary has secured a passenger car seat assembly project nomination, with an estimated total lifecycle value of 9.2 billion yuan. On the same evening, Halo New Network plans to make an additional investment of 1.265 billion yuan in the Helinger Intelligent Computing Center project, China Life plans to contribute no more than 4.5 billion yuan to participate in a partnership enterprise investing in high-quality unlisted equity in the artificial intelligence and semiconductor sectors, and Digital Zhengtong's wholly-owned second-tier subsidiary plans to purchase servers for 576 million yuan. Biwin Storage completed its first buyback of 1.0447 million shares on the same day at a cost of 222 million yuan; Seres' largest shareholder and its concert parties increased their holdings by 4.1501 million shares, Inovance Technology's largest shareholder plans to increase holdings by 150 million to 200 million yuan, and Chacha Food plans to buy back shares worth 50 million to 100 million yuan. China Railway Signal and Communication won three important railway market projects from July to August, with a total value of approximately 976 million yuan; ST Yitong will have its delisting risk warning removed starting September 29. In addition, Montage Technology's third-largest shareholder WLT plans to reduce its holdings by no more than 2.33 million shares, and Sanan Optoelectronics' actual controller Lin Xiucheng has been criminally detained on suspicion of embezzlement and misappropriation of funds.

Canadian National Railway has shipped the first unit train from Total Grain Marketing's recently expanded grain elevator at Lis, Illinois, on Sept. 16, 2026. The project includes a new 115-car loop track that replaces the existing 25-car footprint, along with extended receiving, storage and shipping capacity. The expansion adds 3.1 million bushels of grain storage capacity and three truck dump pits, enabling the facility to receive up to 85,000 bushels of grain per hour, with the new shipping capacity expected to load unit trains in just eight hours. Sandra Ellis, vice-president, Bulk, Industrial and Business Development at CNI, said the company is proud to work closely with TGM on the project and looks forward to creating value for both TGM and its customers. The railroad also reported that it moved 2.50 MMT of grain in August 2026, exceeding the previous August record of 2.34 MMT set in 2020.

Union Pacific Corporation and Norfolk Southern Corporation said their proposed combination to create America's first transcontinental railroad gained momentum after the Surface Transportation Board unanimously denied merger opponents' requests to dismiss the companies' revised merger application. With those requests rejected, the board can continue its review of what the companies call the most comprehensive merger analysis ever submitted in support of a major rail transaction, and the railroads said the combined network would remove more than 2 million truckloads from taxpayer-funded highways. Separately, the International Association of Sheet Metal, Air, Rail and Transportation's Railroad Mechanical Department entered a jobs-for-life agreement with the railroads, giving the merger the support of a majority of unions representing Union Pacific and Norfolk Southern employees. Union Pacific CEO Jim Vena said the momentum behind the transaction continues to build, while Norfolk Southern President and CEO Mark George said the combination will create new opportunities for customers across merchandise, bulk and intermodal markets. The transaction remains subject to Surface Transportation Board review and approval and to continued board oversight after closing, with the companies expecting completion in the second half of 2027.

BTS Group Holdings Public Company Limited, or BTS, plans to offer its first long-term bond issue of 2026 in three tranches to general investors. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. Subscription is scheduled for September 25 and September 28-29, 2026. The first tranche has a 2-year maturity with a fixed coupon of 3.20% per year, the second tranche has a 3-year maturity with a fixed coupon of 3.55% per year, and the third tranche has a 4-year maturity with a fixed coupon of 3.75% per year. On its financial position, the company said that as of the first quarter of its 2026/27 fiscal year, BTS held cash and highly liquid investments totaling more than 54.5 billion baht, along with cash flow from long-term electric train operations and maintenance contracts, known as O&M. TRIS Rating assigned the company a credit rating of BBB+ with a negative outlook on August 24, 2026, which remains at Investment Grade level. Interested investors can subscribe to the bonds through 13 financial institutions: Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, Government Savings Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, Maybank Securities (Thailand), YuanTa Securities (Thailand), Asia Plus Securities, KGI Securities (Thailand), Bluebell Securities, and Dao Securities (Thailand).

BTS Group Holdings is preparing to issue long-term bonds, its first offering of 2026, in three tranches for sale to general investors. The first tranche has a 2-year maturity with a fixed coupon of 3.20% per year, the second has a 3-year maturity with a fixed coupon of 3.55% per year, and the third has a 4-year maturity with a fixed coupon of 3.75% per year. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. On its financial position in the first quarter of the 2026/27 fiscal year, the company held more than 54.5 billion baht in cash and highly liquid investments, with steady cash inflows from long-term electric train operating contracts, along with a credit rating from TRIS Rating at BBB+ with a negative outlook as of August 24, 2026. The company will open subscriptions on September 25 and September 28-29, 2026, through 13 leading financial institutions, including Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, Government Savings Bank, and eight securities firms.

Odakyu Electric Railway announced on August 7 its first-quarter results for the fiscal year ending March 2027, reporting revenue of 101.735 billion yen (up 3.5% year on year), operating profit of 16.34 billion yen (up 6.9%), and ordinary profit of 16.214 billion yen (up 1.1%), with both operating profit and ordinary profit securing gains. Net profit fell 16.6% to 11.622 billion yen, but this reflects the reversal of gains on the sale of investment securities recorded in the same period a year earlier and does not indicate weakness in the core business. Among the three business segments, the transportation business posted operating revenue of 47.199 billion yen (up 4.2%), operating profit of 11.455 billion yen (up 9.1%), and an operating profit margin of 24.3%, far outpacing the others and accounting for about 70% of the total segment operating profit of 16.334 billion yen. The railway business benefited from higher passenger numbers and the bus business from fare revisions, while sales of the Hakone Free Pass reached a record high for a first quarter (up 7.4%), and sales to inbound tourists also hit a quarterly record high (up 6.6%). Against the company's full-year forecast of 461.3 billion yen in revenue, 54 billion yen in operating profit, 47.9 billion yen in ordinary profit, and 38.3 billion yen in net profit, the first-quarter progress rate stands at 30.3% for operating profit and 33.8% for ordinary profit, outpacing the standard 25% pace, and the company plans to raise its annual dividend forecast to 60 yen from the previous year's actual dividend of 55 yen.