Maybank Securities (Thailand) PCL

Thai Packaging Industry Public Company Limited, or TIPAK, a leader in the manufacture and distribution of kraft paper packaging, has set the price for its initial public offering at 1.85 baht per share, for no more than 143.68 million shares, representing no more than 26.03% of the issued and paid-up ordinary shares after the IPO. Investors may subscribe on September 25 and September 28-29, 2026, and the company is expected to list and begin trading on the Stock Exchange of Thailand this October. Chief Executive Officer Weerachai Munsinthorn said the company has more than 50 years of experience in the packaging industry and operates two main businesses: corrugated paper sheets and corrugated paper boxes. Chief Financial Officer Noparat Munsinthorn disclosed that for 2023 to 2025 the company reported total revenue of 2.83 billion baht, 2.74 billion baht and 2.54 billion baht respectively, with net profit of 191.93 million baht, 170.21 million baht and 121.18 million baht respectively. More than 60% of revenue came from corrugated paper boxes. As of June 30, 2026, the company had total production capacity of more than 140,000 tonnes per year of corrugated paper sheets and more than 170 million corrugated paper boxes per year. For its 2027 investment plan, the company has budgeted approximately 100 million baht to upgrade and develop machinery and equipment at its plants in Samut Sakhon and Prachin Buri provinces. Proceeds from the fundraising will be used to invest in upgrading and developing machinery and equipment, improve production efficiency, repay loans to financial institutions and serve as working capital. Maybank Securities (Thailand) is the financial advisor and joint lead underwriter for this offering, together with three joint underwriters: KGI Securities (Thailand), Liberator Securities and Aira Securities.

Maybank Securities (Thailand) has maintained its buy recommendation on BCP shares with a 12-month target price of 65 baht, versus the current share price of 54.25 baht, implying 23% upside. The brokerage views refining margins as still strong and notes the company's growth plan focuses on the exploration and production, or E&P, business. BCP management said shareholder returns remain a key priority, with the possibility that dividend per share, or DPS, in the second half of 2026 will exceed 3 baht per share under a minimum payout policy of 30%, and the company is considering extending its share buyback program while reaffirming its commitment to a three-year long-term buyback plan. Under its five-year growth plan, BCP sees three main channels, with the E&P business, both organic and inorganic, as the primary driver, and has allocated 70% of initial capital expenditure to that business. Next is expanding refinery capacity, particularly at the Sriracha refinery, while it may consider raising sustainable aviation fuel, or SAF, output to 1.5 million liters per day from 1 million liters per day currently. On allegations against BCPG over its purchase of oil depot assets in 2023, management confirmed it followed proper procedures, including third-party valuation, and believes BCP shares held by Alpha Chartered Energy, or ACE, may be frozen for three to five years because legal proceedings brought by the government against ACE are still ongoing. In Maybank's estimates, BCP's 2026 revenue is 534.647 billion baht, EBITDA 74.606 billion baht, and core profit 28.347 billion baht, up 176.8% from the previous year. It forecasts core profit of 17.931 billion baht in 2027 and 13.139 billion baht in 2028, while projecting DPS of 5.10 baht in 2026 and a dividend yield of 9.4%.

Fourteen companies listed on the Stock Exchange of Thailand reported second-quarter net profit for fiscal 2569 growing more than 1,000 percent from the same period last year. B.Grimm Power Public Company Limited, or BGRIM, posted net profit of 675.97 million baht, up 9,773.97 percent from 6.85 million baht. That was followed by Wincost Industrial Park Public Company Limited, or WIN, with net profit of 2.75 million baht, up 5,553.90 percent, and Maybank Securities Thailand Public Company Limited, or MST, with net profit of 82.97 million baht, up 3,691.95 percent. Rompho Property Public Company Limited, or TITLE, recorded net profit of 250.74 million baht, up 3,256.68 percent, while RPCG Public Company Limited, or RPC, posted net profit of 18.91 million baht, up 2,458.46 percent. Christiani & Nielsen Thai Public Company Limited, or CNT, reported net profit of 158.73 million baht, up 1,938.40 percent, and The Steel Public Company Limited, or THE, posted net profit of 94.38 million baht, up 1,422.67 percent. Seafresh Industry Public Company Limited, or CFRESH, recorded net profit of 82.65 million baht, up 1,413.92 percent, while T.K.S. Technologies Public Company Limited, or TKS, posted net profit of 168.93 million baht, up 1,310.82 percent. Eastern Water Resources Development and Management Public Company Limited, or EASTW, reported net profit of 64.30 million baht, up 1,282.56 percent, and S. Pack & Print Public Company Limited, or SPACK, posted net profit of 13.88 million baht, up 1,275.98 percent. Pacific Pipe Public Company Limited, or PAP, recorded net profit of 298.90 million baht, up 1,125.00 percent, while Singer Thailand Public Company Limited, or SINGER, posted net profit of 148.84 million baht, up 1,095.30 percent. Amata Corporation Public Company Limited, or AMATA, reported net profit of 1.58 billion baht, up 1,032.15 percent. Finansia Syrus Securities Public Company Limited, or FSS, said overall listed-company profit in the second quarter of fiscal 2569 came in about 11 percent above expectations, and it expects third-quarter fiscal 2569 still has room to grow from commodity prices and economic stimulus measures. The firm also significantly raised its full-year 2569 earnings-per-share estimate for the SET and maintained its mid-2570 SET index target at 1,710 points.

Maybank Securities has launched two private funds, MSTPF Thai Equity and MSTPF ASEAN Equity, under the Maybank Private Fund brand, targeting assets under management of 1 to 2 billion baht by 2026. Chief Executive Officer Araphat Sangkharat said the company received its license from the Securities and Exchange Commission in May 2026 and officially began operations around June 2026. It currently has nearly 300 million baht in assets under management, with targets of 4 billion baht within three to five years and 10 billion baht within ten years. The funds require a minimum investment of 5 million baht. MSTPF Thai Equity focuses entirely on Thai equities, while MSTPF ASEAN Equity invests across the ASEAN region, which has a combined population of more than 700 million people and over 7,000 listed companies.