Kasikorn Securities has highlighted a significant upcoming event for Thai Airways International Public Company Limited (SET: THAI), as nearly 19.802 billion shares—about 70% of total shares—will see their lock-up period end at the open on August 4, 2026. This follows the earlier unlocking of 6.6 billion shares on February 4, 2026.
The cost basis for the debt-to-equity conversion for these shares stands at around THB 2.5452 per share.
In the previous unlocking event, THAI’s share price saw substantial volatility. On February 4, the opening price was THB 5.25, representing a 25% drop from the closing price of THB 7.00 on February 3. However, the shares rebounded during the session, closing at THB 6.00—a 14% increase from the opening price.
Looking at the short-term outlook, Kasikorn Securities anticipates THAI to report positive results for the second quarter of 2026, buoyed by a tax reversal. This outcome is notably better than previous expectations, which had projected a net loss of approximately THB 2.6 billion. Data shows THAI carried 3.66 million passengers in Q2/2026, down 7.8% year-on-year. The load factor dropped to 71.5%, compared to 77% in Q2/2025.
Nonetheless, the firm sees passenger yield climbing by an estimated 20% year-on-year. Cost pressures persist, however, as overall fuel costs have surged by around 70% compared to the previous year.
Kasikorn Securities maintains its “Hold” recommendation on THAI, setting a target price at THB 6.53 per share.
