The Stock Exchange of Thailand (SET) and CLSA co-hosted a two-day Thai corporate day in London last week, bringing five major Thai companies — Bangchak Corporation (BCP), Muangthai Capital (MTC), PTT Oil and Retail Business (OR), SCB X (SCB), and SCG Packaging (SCGP) — together with international investors.
According to a CLSA market outlook report dated 25 May 2026, investors expressed growing interest in the Thai market, buoyed by the SET Index’s strong year-to-date performance and higher-than-expected GDP growth in recent quarters. Key discussions spanned company-specific updates alongside broader themes including politics, government policy, tourism, and the impact of the Middle East conflict.
BCP: Navigating Board Issues and Margin Pressure
BCP’s session, led by CEO Chaiwat Kovavisarach, said that on operations, BCP has been sourcing more crude oil from Africa, Argentina, and the Far East to replace Middle East crude. The company faces an oversupply of refined products due to declining domestic demand and may need to reduce its run rate if the government continues to restrict exports. Management guided 2Q26 gross refining margin (GRM) at US$18 per barrel — in line with 1Q26 — while expecting a full-year 2026 average GRM of US$15, reflecting the diesel price cut impact. The government recently permitted refiners to export jet fuel to Vietnam and the Philippines, though volumes remain limited.
BCP has repurchased 3.5 million shares out of a total 29.5 million shares, equivalent to 2.14% of paid-up shares, at a total budget of Bt1.1 billion, running from 16 December 2025 to 15 June 2026. A three-year buyback program (2026–28) totalling Bt3.8 billion has been approved, though the size of the second and third-year tranches has yet to be announced.
On the question about Alpha Chartered Energy, two board members linked to Alpha Chartered Energy whose shares were frozen by the Anti-Money Laundering Office never attended board meetings since the freeze and one of the board ended his term.
MTC: Solid Fundamentals Amid Weak Consumption
MTC CEO Parithad Petampai highlighted strong institutional credentials since joining in 2015, with loan size expanding from US$200 million to US$5.6 billion and branch count growing from 500 to 8,754 in 1Q26, with a target of 9,000 branches by end-2026.
MTC is shifting its focus toward offline lending, with an average loan tenor of 1.5–2.0 years and average lending size of US$700. The company serves over 3.6 million active customers out of 5 million total. Foreign ownership has declined from 16% pre-COVID to 2% in 2026. Its balance sheet remains robust with a net debt-to-equity ratio of 3.4x, with room to increase to 5–6x. Two-thirds of funding comes from long-term loans. MTC targets loan growth of 10% per annum in 2026–28, down from over 20% previously, reflecting a more cautious macro environment.
Two-wheel and four-wheel vehicles represent one-third of total portfolio each. Non-performing loans (NPL) improved from 3.6% in 2022 to 2.5% in 1Q26, while credit cost improved from 2.5% last year to 2.1% in 1Q26. The company intends to place greater emphasis on secured lending going forward.
OR: EV Ambitions and Hotel Expansion
OR’s CEO M.L. Peekthong Thongyai addressed the company’s strategy around electric vehicles and hospitality expansion. OR’s EV charger availability has increased from four to six hours per day, with 330,000 EVs registered and 600,000 members for its EV station, including 220,000 active EV members.
OR plans to open five budget hotels near airports and tourist locations in 2027 and one more in 2028 in the first stage, representing a total investment of Bt700 million on a 100% ownership basis. OR holds a 49% stake in the joint venture, with Central Plaza Hotel owning 51%.
On capital allocation, OR is directing 65% of its Bt58 billion five-year capex toward mobility, 17% to lifestyle, 12% to global, and 6% to others. In 2026, Bt18.7 billion is earmarked for spending, the bulk of which will go toward 89 new petrol stations.
SCB: Restructuring to Drive Higher Returns
SCB’s Head of Investor Relations, Nuntana Taveeratanasilp, explained how the group’s ongoing restructuring is designed to raise long-term profitability. SCB targets return on equity (ROE) of 11% within 2–3 years, up from 8.2% in 1Q26, and return on assets (ROA) of 4–5%, up from the current 2%.
Its credit card business, Card X, has reached a 14% market share and ranks in the top three nationally — a relatively mature penetration level. SCB remains open to mergers and acquisitions to grow its retail business. Loan growth in 2026–27 is expected to be driven by corporate and mortgage segments, with low- to mid-single-digit growth targeted for 2026, following a 3.4% increase in 1Q26.
SCGP: Indonesia Operations at Inflection Point
SCGP CFO Danaidej Ketsuwan emphasized the company’s ambitions in Indonesia through its Fajar subsidiary, which reached breakeven in 1Q26. Management expects Fajar to contribute Bt1 billion in profit during normal operating years. SCGP identified itself as a market leader in Thailand, Indonesia, and Vietnam.
Domestic testliner prices in Indonesia, historically below international levels, have recently begun catching up. SCGP plans to continue acquiring downstream box plants and polymer packaging facilities in Indonesia, aiming to replicate its full-range packaging model from Thailand and Vietnam — though management acknowledged this could take five or more years and would help lift group EBITDA margins. The company continues to pursue M&A as a key growth lever.
SET: Jump+ Program and Governance Focus
SET President Asadej Kongsiri addressed investor interest in the exchange’s Jump+ program and broader governance reforms. The program, launched in 2025 and closed for registration in 1Q26, covers a three-year plan from 2026 to 2028. A total of 142 companies have joined, with 87 listed on the SET and 57 on the Market for Alternative Investment (MAI). Among SET-listed participants, four are in SET50 — PTTEP, PTT, TISCO, and MTC — and 11 are in SET100. Combined market capitalisation of participating companies stands at Bt1.8 trillion.
Benefits for participating companies include advisory services on grants, research, SET fee discounts, and government tax incentive advocacy. One concern raised was whether large corporates could realistically meet the program’s targets.
On market structure, the SET is studying a potential reduction in afternoon trading hours from the current 2:00–4:30 PM back to 2:30–4:30 PM. The SET index currently has a 25% weighting in DELTA, which carries a free float of 13–14%, with three custodians each holding 4.0–4.5%. The SET stated it is examining appropriate measures regarding DELTA but has not yet disclosed specifics.
