BTS Group Holdings Public Company Limited

Rabbit Life Insurance Public Company Limited, or Rabbit Life, a subsidiary of BTS Group Holdings Public Company Limited, has announced a partnership with Rabbit Gateway, a leader in payment and e-commerce solutions, to make insurance premium payments more convenient and secure. The collaboration was signed by Mr. Korn Chinsuvananon, Managing Director of Rabbit Life, and Mr. Kin Pong Kelvin Leung, Managing Director of Bangkok Smartcard System Company Limited, or BSS. Rabbit Life customers will be able to pay both new premiums and renewal premiums through QR Payment PromptPay and leading credit cards such as Visa, Mastercard, JCB, American Express and UnionPay, under a Payment Facilitator or PF licence, PCI-DSS standards and 3D Secure authentication. This partnership reflects the strength of the Business Ecosystem under the BTS Group umbrella, which aims to connect services and lifestyles in a fully integrated way.

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.

U-Tapao International Aviation Company Limited, or UTA, officially received its Notice to Proceed, or NTP, on April 3, 2026, clearing the way to move ahead with the development of the U-Tapao Airport and Eastern Aviation City project in the portions that are ready, after the project was delayed for more than six years, partly due to conditions tied to the high-speed rail project linking three airports. Earlier, the Eastern Economic Corridor Office and UTA signed a joint contract management agreement on January 29, 2026, to allow parts of the project to proceed even though the high-speed rail has yet to reach a clear conclusion. Weerawat Panthawangkul, Chief Executive Officer of UTA, disclosed that the company is preparing investment and reviewing the project's development approach, especially the size of the passenger terminal in the first phase, which under the original plan was set to handle about 12 million passengers a year, compared with the current roughly 300,000 to 400,000 passengers a year and about 2 million a year before the COVID-19 pandemic. The long-term target remains a maximum capacity of about 60 million passengers a year. UTA has already spent more than 6 billion baht on the project for preparation and development before construction began, and it expects infrastructure investment to begin within the next 12 months. If work can start under that framework, the project will take about five more years to develop before opening for service. UTA is a joint venture between Bangkok Airways Public Company Limited, or BA, and BTS Group Holdings Public Company Limited, or BTS, which each hold 40%, while Stecon Group Public Company Limited, or STECON, holds 20%. BTS's investment in UTA falls under its MOVE business. Surapong Laoha-Unya, an executive director and chief of BTS's MOVE business group and a UTA director, said the company is designing, laying out and studying ways to use the area while seeking approval from relevant agencies, preparing an environmental impact assessment, or EIA, and arranging funding sources. The project covers a total area of about 6,500 rai. Most recently, the Cabinet acknowledged the necessary and urgent support measures under a resolution of the Eastern Economic Corridor Policy Committee and assigned the Eastern Economic Corridor Office and related agencies to expedite legal and other measures so they take practical effect by September 30, 2026. The Eastern Economic Corridor Office estimates that if the measures take effect, they will help stimulate about 1.3 trillion baht in private investment within the project over its lifetime, create a total of more than 63,701 jobs, add about 400,000 foreign tourists a year, spur about 20 billion baht in spending in the area once service begins, and add more than 37 billion baht to gross domestic product in the first year of service.

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).

Surapong Laoha-Unya, Executive Director and Chief Executive Officer of the MOVE business line at BTS Group Holdings Public Company Limited, or BTS, told the Stock Vision news team that total rail system ridership continues to grow even as the overall economy slows. The Green Line, both the northern and southern sections, averages more than 800,000 passengers per day, and when the Green Line, Pink Line, and Yellow Line are combined, total system ridership stands at about 1 million passengers per day. The Yellow Line continues to show improving growth, while the Pink Line has seen ridership rise to nearly 100,000 passengers per day. The company is pressing ahead with marketing and promotion strategies, including new ticket products such as monthly passes and tickets valid for a set number of days, and is organizing events along rail routes to generate revenue during event periods. In the advertising business on the Pink and Yellow lines, the focus is on train wrap advertising. The Mix & Match business is trending better this year. For business expansion, BTS sees opportunities in the country's rail infrastructure, aiming to expand in Bangkok, the surrounding provinces, and the regions, and is open to both public-private partnership models, or PPP, and contracts to manage and operate trains. It is especially interested in the Phuket rail project. As for the U-Tapao airport project, work is under way to push forward the portions that can proceed immediately without waiting solely for the high-speed rail link connecting three airports to be ready, since the project has already been running for more than six years.

BTS Group Holdings is accelerating preparations to support the government's common ticketing policy for electric trains, which is set to take effect on January 1, 2027. Mr. Surapong Laohanya, executive director and head of the MOVE business unit, revealed that discussions are underway with the government to adapt the EMV payment system for the Green and Gold lines, which do not yet support it, while the Pink and Yellow lines already do. The challenge is that the Green Line has over 1,000 fare gates, and installation could take about a year and a half, so they are considering installing additional swing gates like those on the Pink and Yellow lines. Currently, the BTS group serves about 1 million passengers per day, with the Green Line carrying over 800,000, the Pink Line nearly 100,000, and the Yellow Line about 60,000. Studies show that the common ticket could increase system-wide ridership by 10-20%, especially on the Pink Line, which connects to the Green Line at Wat Phra Si Mahathat station. Meanwhile, the Yellow Line still relies on area development along its stations and new urban planning, which will enhance its long-term potential.

BTS Group Holdings (BTS) has revealed that ridership on the Green Line electric rail has continued to recover, reaching over 820,000 passenger trips per day on weekdays and approximately 900,000 per day on Fridays. Meanwhile, the Pink and Yellow Lines have achieved operating revenues that cover their expenses, strengthening cash flow. The company also benefits from government measures accelerating the U-Tapao airport and Eastern Aviation City projects, allowing double deduction of capital and operating expenditures in corporate income tax calculations, along with other incentives such as EEC Visa and reduced air transport business taxes. U-Tapao International Aviation (UTA), a joint venture company, is currently revising the Aviation City layout and developing infrastructure, with mixed-use projects to be developed gradually starting in the first half of 2027, while maintaining the target for commercial operations in 2031. Although the main Green Line concession ends in 2029, BTS has ongoing operation and maintenance contracts through 2042, while the Pink and Yellow Lines have approximately 30 years of concession remaining, ensuring long-term revenue and steady cash flow.

BTS Group Holdings is preparing to open a luxury hotel on the Chao Phraya River, The Langham Custom House Bangkok, in December 2026. The project involves restoring the 140-year-old Customs House building into a 75-room super-premium hotel, developed by Rabbit Holdings, in which BTS holds nearly 69%. The site is near the Mandarin Oriental hotel and the French Embassy, opposite Iconsiam, under a 30-year long-term lease, and is expected to pay back before the lease ends. Hotel revenue will begin supporting the MATCH business from 2027 onwards.

Bualuang Securities released its review of the financial statements of 11 companies, finding that 8 reported better-than-expected profits: GUNKUL, CK, SPRC, CPF, CBG, AWC, HANA, and BCH. STECON and BH posted profits in line with expectations, while BTS reported a smaller loss than expected. GUNKUL posted core profit of 567 million baht, 7% above expectations. CK posted core profit of 800 million baht, 17% above expectations, and announced an interim dividend of 0.20 baht per share. SPRC posted core profit of 7.09 billion baht, 11% above expectations, and announced a first-half dividend of 0.50 baht per share. CPF posted core profit of 4.57 billion baht, 13% above market expectations. CBG posted core profit of 736 million baht, 13% above expectations. AWC posted core profit of 232 million baht, above expectations. HANA posted core profit of 278 million baht, 25% above expectations. BCH posted core profit of 343 million baht, 13% above expectations, and announced an interim dividend of 0.15 baht per share. STECON posted core profit of 910 million baht, in line with expectations. BH posted core profit of 1.89 billion baht, in line with expectations, and announced an interim dividend of 4 baht per share. BTS reported a core loss of 601 million baht, smaller than the slight profit originally expected.

BTS Group Holdings Public Company Limited, or BTS, has nearly doubled its stake in Roc Tech Global Public Company Limited, or ROCTEC. As a result, ROCTEC's retail shareholding, or free float, fell to 15.01% as of August 2026, close to the 15% minimum threshold set by the Stock Exchange of Thailand. If the free float remains below that level for a full year, the company will be subject to a suspension, or SP, sign to halt trading. BTS holds its ROCTEC shares through Metha Asset Management Company Limited, increasing its stake from 366,262,000 shares, or 4.51%, in 2025 to 626,262,000 shares, or 7.71%, in 2026, moving up to become the third-largest shareholder from fifth previously. Meanwhile, ROCTEC's board approved a dividend for the period from 1 April 2025 to 31 March 2026 at 0.0184 baht per share, payable on 21 August 2026. The BTS group will receive total dividends of 115,969,774.48 baht. ROCTEC's share price from the start of the year to 11 August 2026 has risen by 19.64%.

BTS share price jumped 6.80% to 2.20 baht after Mr. Keeree Kanjanapas, executive of BTS Group Holdings, revealed the company is preparing to deploy 50 billion baht in cash for new projects focused on quick returns, while also clearing accumulated losses to pave the way for resuming dividend payments in the future. Meanwhile, InnovestX Securities views the target for the Pink Line and Yellow Line to reach breakeven within three years as challenging, given current annual losses of 1.6 billion baht, and expects the company to wait until earnings return to profitability before announcing dividends, maintaining a NEUTRAL recommendation and a target price of 2.3 baht per share.

BTS shares rose nearly 4 percent after investors welcomed a new business plan driven by liquidity of over 50 billion baht. The company received debt repayment from the Bangkok Metropolitan Administration of about 36 billion baht, leaving it with deposits of around 45 billion baht and short-term debt instrument investments of about 5 billion baht. It is now moving ahead with investments in projects offering fast returns and low risk. One key strategy is the return to property development through Ban Chao Thai Company Limited, a wholly owned subsidiary, with two condominium projects worth a combined 19.25 billion baht and plans to launch three more projects by late 2026. Meanwhile, the U-Tapao Airport and Eastern Aviation City project, in which BTS holds a 40 percent stake in UTA, is awaiting cabinet acknowledgment to begin operations. The shareholders' meeting approved a transfer of 6.2 billion baht from share premium to offset accumulated losses and pave the way for dividend resumption after a two-year hiatus. For the fiscal year 2026-27, the company targets total revenue of about 27 billion baht and recurring EBITDA of 9 to 10 billion baht.

The committee studying the Land Bridge project concluded that the transport system development linking the Gulf of Thailand and the Andaman Sea has a low probability of proceeding, due to budget burden risks and broad uncertainties. This direction aligns with the prime minister's earlier order to delay the project. Research analysts assess that the shift in transport infrastructure investment will focus on missing links, the Thai-Chinese railway, and certain new deep-sea ports proposed by the private sector, pointing to clearer public-private cooperation. Fiscal constraints mean the government must rely more on private investment, and scaling down projects from very large to medium or small will enable faster and more efficient investment. This trend is positive for the Thai stock market, boosting investment momentum and supporting upside potential for gross domestic product. Benefiting stocks include banking names such as KTB and KBANK, contractors like STECON and PYLON, industrial estate groups such as AMATA and WHA, and logistics players seeking new investment projects like BEM and BTS.