Thai Airways International Public Company Limited operates the airline business and related transportation units in Thailand and internationally, together with its subsidiaries. It reports through three segments: Air Transportation Activities, which provides passenger, freight, and mail services; Business Units, covering cargo and mail commercial, ground customer, ground support equipment, and catering services; and Other Activities, comprising flight management services, duty-free and souvenir sales from the maintenance division, tourism, travel information technology, and aviation training. The company also provides aircraft maintenance, repair, and overhaul services. Founded in 1959, it is based in Bangkok, Thailand.
Flood crisis hits Thai Airways operations, CEO suspended; recovery and cheap valuation in focus
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Flooding forces flight cancellations and baggage chaos Bangkok flooding left ground staff unable to reach work, so Thai Airways cancelled dozens of flights, stranded over 5,600 bags, and cut Bangkok capacity by about 30%. This directly hits peak-season revenue and adds compensation costs, weighing on the shares.
This is the core new event that explains the sharp drop in THAI shares this period.
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Cargo operations suspended, 12,000 tons backlogged Thai Airways halted inbound and outbound cargo at Suvarnabhumi from October 1–6 after flooding caused a staffing shortage, leaving about 12,000 tons of goods stuck. The government pressured the airline to fix it fast, adding to reputational and financial damage.
Cargo is a meaningful profit source and the suspension is a new operational blow not previously reported.
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CEO suspended, board launches investigation The board suspended CEO Chai Eamsiri and appointed an acting chief pending a fact-finding probe into crisis management. Leadership uncertainty and possible governance issues are a short-term overhang, though brokers see limited profit impact if operations normalise quickly.
This is a major new governance event that adds uncertainty and affects investor confidence.
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Recovery underway, brokers see cheap valuation and Q4 rebound Thai Airways restored most flights by October 1–3 and cleared the baggage backlog. Brokers recommend gradual accumulation, citing a 7.56 baht consensus target, a cheap 2027 P/E of 6.9x, lower fuel costs, and a high-season earnings recovery.
This provides the counterweight: the operational crisis is easing and analysts still see value and a Q4 rebound.
Q2 profit trough and core earnings beat Q2 marked the profit trough, with core earnings beating expectations on higher fares and cargo revenue. This suggests the worst may be over, supporting recovery hopes.
It signals a potential turning point in profitability, a key driver for the stock.
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Lower oil prices and broker upgrades Lower oil prices and broker upgrades (KKPS Buy, 9.20 baht target) provided support. Fleet expansion under Jump+ plan and FTSE Small Cap inclusion also boosted sentiment.
These factors directly improve cost outlook and investor perception, driving price.
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Q2 profit plunge and share lock-up expiry Q2 profit plunged 87% on doubled jet fuel costs and weak demand. The expiry of a 19.8bn-share lock-up created heavy selling pressure, weighing on the stock.
These are major negative events that pressured the stock price during the quarter.
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Bangkok flooding and CEO suspension Bangkok flooding caused cancellations, a 12,000-ton cargo backlog, and 30% capacity cuts. The CEO's suspension adds leadership uncertainty, further dampening investor confidence.
Operational disruptions and management instability are significant negative drivers.
News & notes movingTHAI.BK
Thailand
THAI.BK▲
Phiphat Prepares for IMF-World Bank Meetings, Lays Out Plan to Clear Backlog and Sign 67-Billion-Baht AOTGA Deal
Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said that Thai Airways International's inbound and outbound flights have been operating at 100% of normal capacity since Saturday, October 3, 2026, with no flight reductions. Cargo remaining at warehouses is down to just 3-4%, and roughly 400 pieces of baggage remain unclaimed, with staff contacting their owners. Airports of Thailand, or AOT, has given Thai Airways its full cooperation and assistance. For the IMF-World Bank Annual Meetings 2026, which Thailand will host from October 12-18, 2026, with more than 15,000 participants from 191 countries, the Prime Minister has instructed the Transport Ministry to prepare from the airports onward, especially to ensure baggage handling does not create another backlog. AOT and Thai Airways have already coordinated their plans, and the war room continues to work together at all times. On transport in Bangkok, the Cabinet agreed that government agencies in the Bangkok area will work off-site on October 12, 14 and 15, 2026, while Friday, October 16, 2026, has been declared a special public holiday for government agencies in Bangkok only, to ease traffic problems. Meanwhile, the Transport Ministry, the Department of Highways, the Department of Rural Roads and the Expressway Authority of Thailand will survey cars parked on roads or bridges in flooded areas to coordinate with their owners to move them, and will prepare equipment and high-clearance vehicles together with the Department of Disaster Prevention and Mitigation, the Interior Ministry, and will seek cooperation from the armed forces. Ms. Pavina Jariyathitipong, Chief Executive Officer of AOT, said that on October 8, 2026, AOT will sign a contract with Airport Ground Services Thailand, or AOTGA, as the third operator of cargo warehouses, apron and ground equipment services, ground passenger services and other related businesses at Suvarnabhumi Airport, with a total value of more than 67 billion baht. Services are expected to begin in early 2027, while the cargo warehouse will be built as quickly as possible, taking about 18 months. Having a third operator follows a Cabinet resolution requiring one once passenger numbers exceed 45 million a year, and Suvarnabhumi currently handles more than 60 million passengers a year. AOTGA's contract also sets service performance measured through key performance indicators, along with penalties if the targets are not met, up to and including termination of the contract. These penalty conditions will also be added to the new tender for the second operator. Only Thai Airways' contract remains, with KPIs but no penalties. As for the 25-year contract term, Ms. Pavina said these projects require high investment and appropriate service fee controls, so it takes time to break even, and the appropriate period was calculated at 25 years. AOT is proceeding under the Public-Private Partnership Act of 2019. Having a third operator will ease the burden and give airlines more choices, since previously there were only two, leaving Thai Airways with no alternatives and insufficient capacity, which was one cause of flight delays.
AOT.BK · Demand · Positive AOT will sign a 67-billion-baht contract with AOTGA and is coordinating with Thai Airways to handle IMF-World Bank meeting traffic and baggage backlog.
THAI.BK · Demand · Positive Thai Airways flights operating at 100% normal capacity with cargo backlog down to 3-4%, and it is coordinating with AOT for the IMF-World Bank meetings.
Thai Airports Ground Services · Demand · Positive AOTGA is set to sign a 67-billion-baht contract with AOT as the third airport ground services provider.
Anutin Says Third-Quarter Economy Is Improving, Urges Preparations for IMF–World Bank 2026 Hosting
Prime Minister and Interior Minister Anutin Charnvirakul said several indicators of Thailand's economy are showing improvement, including rising export values and better import figures. The three major credit rating agencies, Moody's, S&P Global Ratings and Fitch Ratings, continue to rank Thailand among countries with stability and a positive outlook. The economy in the third quarter just past is trending better, but the National Economic and Social Development Council still needs to finalize all indicators within two to three weeks. Agricultural exports have increased, and gross domestic product is expected to rise. Next week, Thailand will host the annual meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group in 2026, or IMF–World Bank 2026, which will bring together financial leaders from 191 countries, including national leaders, finance ministers, central bank governors and various investment institutions. The prime minister believes this meeting will benefit Thailand's economy and the economic outlook for the final quarter of 2026. As for additional stimulus measures in the final quarter to keep GDP on target, the government will base them on what the situation requires and is ready to act. In addition, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas will bring Sumrit Saniang, acting Chief Executive Officer of Thai Airways International Public Company Limited, or THAI, to meet the prime minister in the afternoon to introduce himself and discuss past problems, as the company is recovering and its operating results are improving. The government will listen to proposals and offer advice, but cannot directly order Thai Airways because it is independent. If it wants to give policy direction, it will act through the Finance Ministry as the largest shareholder. Later, at 2:30 p.m., Anutin chaired the third meeting this year of the national committee preparing to host the 2026 annual meetings of the Boards of Governors of the World Bank and the International Monetary Fund at Phakdi Bodin Building, Government House. He instructed Airports of Thailand Public Company Limited, or AOT, and airlines to prepare at full capacity to prevent a repeat of last week's problems with slow check-in systems, unclaimed baggage or flight cancellations. He also ordered preparations for a Fast Track channel for meeting participants and told relevant agencies to integrate their work on visas, immigration, security systems, public health and public relations to build confidence in Thailand.
Thai Airways makes full recovery as flights run at 100%, with only 150 bags left behind
The Ministry of Transport reported progress in resolving the crisis at Suvarnabhumi Airport involving Thai Airways International Public Company Limited. As of about 8:00 this morning, Thai Airways inbound and outbound flights were operating according to plan at 100%, with 122 inbound flights and 123 outbound flights. Leftover outbound and transit baggage fell to 150 pieces, down from a peak backlog of 7,175 pieces. Inbound baggage continued its downward trend, with 712 pieces remaining, down from a peak of 5,423 pieces. Passengers have already collected 300 pieces, leaving 412 still to be handled. On staffing, 105.48% of the planned workforce reported for duty, or 1,348 people against a plan of 1,278. As for cargo services, there is no longer any cargo left in the warehouse, though demand remains for warehouse space to accommodate shippers arriving to collect goods that have already been sorted.
THAI.BK · Supply · Positive Thai Airways' Suvarnabhumi baggage backlog cleared from 7,175 to 150 pieces and flights running at 100%, resolving the operational disruption.
Prime Minister to Meet Acting Thai Airways CEO to Discuss Leftover Baggage Problems
Anutin Charnvirakul, the Prime Minister and Minister of Interior, disclosed that this afternoon Ekniti Nitithanprapas, the Deputy Prime Minister and Minister of Finance, will bring Samrit Saniang, Acting Chief Executive Officer of Thai Airways International Public Company Limited, to meet him for an introduction. He said he will ask about past problems, because Thai Airways is about to recover and has improving operating results, so he does not want anything to cause a disruption. The Prime Minister said that anyone coming in as an executive at this level must already be aware of the situation, and the government does not need to give instructions, only to listen to proposals and offer advice if there are any doubts. He also confirmed that the government cannot issue direct orders, because Thai Airways is an independent entity, with the Ministry of Finance as its largest shareholder. If the government wants to give policy, it will do so through the Ministry of Finance in its capacity as the major shareholder.
THAI.BK · · Neutral PM to meet acting Thai Airways CEO over leftover baggage problems; no concrete development, only a planned introduction and discussion.
ASPS recommends investing in CPALL, THAI, BH to weather floods and inflation
Asia Plus Securities Public Company Limited, or ASPS, recommends an investment strategy focused on three stocks with specific positive factors and strong earnings structures: CPALL, THAI, and BH, as a shelter from flood situations and inflation pressure. Its research department assesses that the construction materials sector is a group that benefits from flooding, while retail, hospitals, and food also receive support. Groups to watch include electronics, power plants, construction contractors, agriculture, and commercial banks, while groups negatively affected include tourism, property development, and non-bank hire-purchase. Meanwhile, the Thai stock market faced accelerating net selling by foreign investors, hitting a 39-week high for the year 2569, with a value of more than 26.8 billion baht in the past week. At the same time, domestic inflation in September 2569 is likely to accelerate to 3.0% from 2.5% the previous month, which could pressure the Monetary Policy Committee, which has currently cut interest rates to 1.00%, to consider raising rates if inflation stays at a high level for too long. In addition, Thailand must also cope with risks from storms and flash floods during 4-7 October 2569, with a preliminary assessment that if flooding persists for one week, it will cause economic damage of 5,000-10,000 million baht and drag third-quarter 2569 GDP growth down to 2.1-2.3%.
Asia Plus sees limited impact from THAI flight cuts, watches CEO suspension
The research department of Asia Plus Securities has issued an analysis of Thai Airways International Public Company Limited, or THAI, after the company's board resolved to investigate the facts surrounding the flood incident in late September 2026, as well as to review its crisis management process. During the investigation, the board resolved to suspend the CEO from duty. THAI resumed all flights from 3 October after cutting 15 and 9 flights on 1 and 2 October respectively. Asia Plus research views that the impact of the flight reductions, compared with all TG flights at Suvarnabhumi, which averaged about 120 flights per day in August, on the departure side alone, remains limited for fourth-quarter 2026 operating results. Going forward, the focus should be on the investigation and on long-term solutions to ground handling problems, including the adequacy of staffing, equipment, and emergency response processes, to reduce the chance of a repeat incident, especially before the high season. On management, although the CEO's term is due to end in January 2027, the situation may add uncertainty to the company's strategic direction, which bears continued monitoring. As for the overall effect on 2027 forecasts, jet fuel, which accounts for about 37% of OPEX, remains the key variable for profit recovery. Normal profit for 2027 is expected to recover 25% from a low base, assuming jet fuel at 117 US dollars per barrel, based on the IATA jet fuel year-to-date average through 25 September 2026 of 161 US dollars per barrel. The recommendation is to buy THAI with a 2027 target price of 6.80 baht.
Stocks to Watch Today: THAI Appoints New CEO After Flood Crisis
The Thai Airways board has ordered the removal of Chai Eamsiri from the CEO position and appointed Samrit to take over, after the flood crisis damaged its reputation and operations. The board also opened the way for a full fact-finding investigation and immediately changed the authority to sign binding commitments on behalf of the company. Most recently, Thai Airways signed a contract with EEC to proceed with the U-Tapao aircraft maintenance centre, investing 10 billion baht on 210 rai of land, targeting construction in 2027 and the opening of the centre in 2030, with capacity to service 90 aircraft per year and generate revenue of 4,000 to 5,000 million baht. It also issued relief measures for passengers affected by the floods, including flight changes, full refunds, and compensation for delayed baggage. Among other stocks to watch, MRDIYT hinted at bright third-quarter 2026 results driven by branch expansion, while OR teamed up with CENTEL to develop budget hotels, starting with six pilot locations at prices from 800 to 1,300 baht per night, aiming to expand to 50 locations by 2031. AWC filed a filing with the SEC to establish the AWR trust, expecting net cash flow of more than 30,000 million baht, and WP completed its share buyback in full, 1.5 million shares, or 2.94%, worth 57.08 million baht.
THAI.BK · Regulation · Negative Thai Airways' board removed CEO Chai Eamsiri after the flood crisis damaged its reputation and operations, and opened a fact-finding investigation.
THAI.BK · Capital · Positive Thai Airways signed a 10 billion baht contract with EEC for the U-Tapao aircraft maintenance centre, targeting 4,000-5,000 million baht in annual revenue.
AWC.BK · Capital · Positive AWC filed with the SEC to establish the AWR trust, expecting net cash flow over 30,000 million baht.
CENTEL.BK · Demand · Positive CENTEL teamed up with OR to develop budget hotels, starting with six pilot locations and aiming for 50 by 2031.
OR.BK · Demand · Positive OR partnered with CENTEL to develop budget hotels, starting with six pilot locations.
WP.BK · Capital · Positive WP completed its share buyback in full, 1.5 million shares (2.94%), worth 57.08 million baht.
THAI Suspends CEO Chai Eamsiri Over Alleged Wine Procurement Corruption
Thai Airways International Public Company Limited, or THAI, informed the Stock Exchange of Thailand that the company's board has resolved to suspend Mr. Chai Eamsiri from his duties as Chief Executive Officer during a fact-finding investigation and review of management processes in a crisis, following the floods in late September 2026 that affected the aviation business and the organization's image. The board appointed Mr. Samrit Saniang, a director, to serve as acting Chief Executive Officer, effective from October 2, 2016 onward. The resolution was made at the company's 9/2569 extraordinary board meeting on Friday, October 2, 2016. Mr. Chai posted a clarification on his personal social media that the allegations of corruption in the wine procurement involved careful procedures and regulations that can be examined at any time, and affirmed that throughout 41 years of work he had never been involved in corruption. He also stated that he was already the board member with the weakest financial standing among THAI's board members, and that he welcomed any agency in the country to investigate.
THAI.BK · Regulation · Negative THAI's board suspended CEO Chai Eamsiri amid a corruption investigation into wine procurement, creating governance and legal uncertainty for the company.
THAI Board Suspends CEO Chai Eamsiri, Appoints Samrit as Acting CEO
The board of Thai Airways International Public Company Limited, or THAI, has resolved to suspend Chai Eamsiri from his duties as Chief Executive Officer pending a fact-finding investigation and review of crisis management procedures following the floods in late September 2026, which caused labour shortages, a large backlog of unclaimed baggage, flight delays, and the temporary suspension of cargo warehouse services. The board appointed Samrit Samniang, a THAI director, to serve as acting CEO in his place, effective from 2 October 2026 onwards. Parinthorn Kijjathornpitak, Director of Securities Analysis at KGI Securities (Thailand) Public Company Limited, estimates preliminary damage at around 100 to 160 million baht, which will be reflected in fourth-quarter 2026 operating results, but views it as not affecting fundamentals, since it occurred during the high season when advance ticket bookings were growing, particularly on European routes with an 85% passenger load factor. Meanwhile, THAI has raised its oil hedging ratio to 60% over a 24-month period, from 50% over a 12-month period, and maintained its 2026 net profit forecast at 19.5 billion baht, down 36.8% from the previous year, and its 2027 forecast at 23 billion baht, up 17.7% from the previous year. It also maintained its "Buy" recommendation and its 2027 target price of 7 baht.
The board of Thai Airways has announced the removal of Chai Eamsiri from the position of Chief Executive Officer, or DD, and the appointment of Samrit Samniang as acting CEO on a temporary basis. Samrit and his team of key executives have been part of the management group driving the rehabilitation process and capital restructuring alongside Thai Airways from the outset, and he previously served as Senior Executive Vice President of the Finance and Accounting Group at PTT Exploration and Production Public Company Limited, or PTTEP, between 2019 and 2024. As for the backlog of unclaimed luggage, which had accumulated to more than 10,000 bags since September 26, 2026, due to flooding, the situation has now eased considerably, with only about 982 to 1,092 bags remaining, and efforts are underway to return all of them to passengers within today. Meanwhile, Thai Airways has announced normal service on all flights since October 3. In the short term, THAI shares remain under pressure from the news of the abrupt management change and operational problems, as well as profit-taking in shares converted from debt to equity by institutional creditors and cooperatives whose cost was around 2.54 to 4.48 baht, as their lock-up periods gradually expire. For the market outlook this week, October 5 to 9, 2026, Kasikorn Securities expects the SET Index to move within a range of 1,525 to 1,615 points, with first support at 1,550 points, next support at 1,525 points, and resistance at 1,590 and 1,615 points. Asia Plus Securities estimates the SET Index target at the end of 2026 at 1,720 points and recommends stocks expected to benefit from the high season and the low base effect, namely CPN, CBG, THAI, BDMS, BBL, COM7, STECON, and GUNKUL.
THAI.BK · Capital · Negative Abrupt removal of CEO Chai Eamsiri and appointment of an acting CEO, with shares pressured by the management change and expiring lock-ups on debt-to-equity converted shares.
Thai Airways Board Removes Chai Eamsiri as CEO After Tens of Thousands of Bags Pile Up
The board of Thai Airways International Public Company Limited has ordered the removal of Chai Eamsiri from the chief executive officer's seat, citing the problem of tens of thousands of unclaimed baggage and numerous delayed flights at Suvarnabhumi Airport. Chai worked with Thai Airways for 41 years and had a track record in business rehabilitation that restored the national carrier to strength, but when a manpower crisis arose, he was unable to manage the risk. The root of the problem lies in a strategy of reducing personnel costs during rehabilitation, which relied on outsourcing through Wingspan Services Company to procure and manage ground labor, including baggage handlers, baggage transport staff, and ground support staff. When employees could not come to work because their homes were flooded, the fragility of the system became apparent, and it also affected the reputation of Airports of Thailand Public Company Limited, or AOT, as well as the country's tourism confidence.
THAI.BK · Supply · Negative Board removed CEO Chai Eamsiri after tens of thousands of unclaimed bags and delayed flights exposed a ground-labor manpower crisis.
Wingspan Services · Supply · Negative Outsourcing ground labor through Wingspan proved fragile when flooded-out staff couldn't work, causing the baggage backlog.
AOT.BK · Supply · Negative Baggage pile-up and delayed flights at Suvarnabhumi damaged AOT's reputation as airport operator.
Thai Airways orders CEO Chai Eamsiri to step aside, appoints Samrit as acting chief
Thai Airways International Public Company Limited, or THAI, informed the Stock Exchange of Thailand that its board of directors has resolved to suspend Mr. Chai Eamsiri from his duties as chief executive officer during a fact-finding investigation and review of management processes in a crisis, effective from 2 October 2026. The board also appointed Mr. Samrit Samniang, a company director, to serve as acting chief executive officer in his place. The company stated that this action is a suspension pending a fact-finding investigation and is not a notification of resignation from the chief executive officer position. The resolution was passed at the 9/2569 extraordinary meeting of the board of directors on 2 October 2026, after the board took note of the flood situation that occurred in late September 2026, which affected the aviation business and the company's image. In addition, the company announced a change in the list of directors authorized to sign on behalf of the company, from Mr. Chai Eamsiri and Mr. Samrit Samniang signing jointly with the company seal, to Mr. Samrit Samniang and Mr. Winit Wisetsuwannaphum signing jointly with the company seal.
THAI.BK · Regulation · Negative Board suspended CEO Chai Eamsiri pending a fact-finding investigation into management processes during a crisis, creating leadership uncertainty.
THAI tipped for Q4 earnings recovery, brokers recommend gradual accumulation with target of 7.56 baht
ASL Securities recommends gradually accumulating THAI shares, viewing that although operational problems are weighing on short-term sentiment, earnings momentum has begun to recover since the fourth quarter of 2026, after the THAI board resolved to remove Mr. Chai Eiamsiri from his duties as CEO, appoint a committee to investigate allegations concerning procurement and management, and install an acting CEO to oversee operations. This is seen as a short-term negative sentiment issue stemming from uncertainty over management and governance, and the investigation's outcome and the process of selecting a new CEO bear watching. During the disruption, THAI cut 15 flights on October 1 and 9 flights on October 2, before preparing to restore all flights from October 3, and opened a 24-hour collection point for stranded baggage. Meanwhile, the Suvarnabhumi cargo warehouse temporarily suspended receiving goods until October 6. The impact on 2025 profit forecasts is seen as fairly limited if the situation does not drag on, because it occurred late in the third quarter, which is the seasonal low season, while the business fundamentals still have support from fleet expansion, network optimization, and yield management. In the first half of 2026, the company still posted an operating profit of 17.4 billion baht and an operating margin of 17.5%. The pressure from the CEO change and operational problems is assessed as a short-term overhang, but if THAI returns to full service and clears the baggage and cargo issues as planned, it will help limit the impact on profit, and the earnings trend should recover in line with the high season in the fourth quarter of 2026. The average target price from the IAA Consensus stands at 7.56 baht.
THAI.BK · Capital · Positive Brokers recommend gradual accumulation with a 7.56 baht consensus target, citing recovering earnings momentum and a Q4 2026 high-season recovery.
THAI.BK · Regulation · Neutral Board removed CEO and launched an investigation into procurement and management, creating governance uncertainty that is a short-term negative overhang.
PM discusses Airbus support for investment and aerospace technology transfer
Prime Minister and Interior Minister Anutin Charnvirakul held talks with Wouter van Wersch, Executive Vice President for International Affairs at Airbus, and Bert Porteman, a representative of Airbus Thailand, on ways to upgrade and expand cooperation between Thailand and Airbus in the aviation industry, space technology, human resource development, and clean energy. The Prime Minister affirmed the policy of promoting the aviation industry and future industries, and asked Airbus to consider broadening cooperation to cover more areas by building on the cooperation models the company has with other countries and extending them to Thailand. On clean energy, the Prime Minister proposed that Airbus promote the use of sustainable aviation fuel, or SAF, produced in Thailand, using Thai raw materials and agricultural output as part of the production chain. In addition, Airbus plans to establish a Center of Excellence in Thailand as a hub for developing knowledge, technology, and personnel, linking Airbus's global network to Thailand. The Prime Minister also proposed expanding cooperation in space technology and security, building on existing cooperation with the Geo-Informatics and Space Technology Development Agency, or GISTDA, and Thaicom Public Company Limited, as well as discussing cooperation with Thai Airways International Public Company Limited to support the goal of pushing Thailand to become the region's aviation hub.
AIR.PA · Demand · Positive Airbus is expanding cooperation with Thailand across aviation, space technology, personnel development, and clean energy, including establishing a Center of Excellence in Thailand.
THAI.BK · Demand · Positive Airbus and Thai officials discussed cooperation with Thai Airways to support Thailand's goal of becoming the region's aviation hub, implying potential business for the airline.
THCOM.BK · Demand · Positive Airbus plans to expand space technology cooperation building on existing work with GISTDA and Thaicom, signaling potential new business for the satellite operator.
Tisco expects bank group Q3/26 profit at 64.5 billion baht, picks KTB, KBANK, TTB as top stocks
Tisco Securities expects the combined net profit of the seven commercial banks under its coverage in the third quarter of 2026 to reach 64.5 billion baht, up 4% quarter-on-quarter but down 7% year-on-year. The performance is supported by a recovery in net interest margin, which has begun to stabilise after the Bank of Thailand's policy rate cut cycle ended. Net interest margin is expected to expand by about 2 basis points quarter-on-quarter, while total loans are likely to decline by about 0.2% quarter-on-quarter, though net interest income is still expected to grow by about 1% quarter-on-quarter. Fee income is forecast to grow 3% quarter-on-quarter and 12% year-on-year. On special items, Tisco said most banks have no significant items, except KTB, which may record an investment gain of about 3.7 billion baht from the revaluation of its 75% stake in Thai Airways International after the silent period ended in August. Tisco maintains an OVERWEIGHT view on the banking sector, with top picks KTB, KBANK and TTB. It expects BBL to post a profit of 10.128 billion baht, down 26.6% year-on-year but up 6.6% quarter-on-quarter. KBANK is expected to post a profit of 12.491 billion baht, down 4.0% year-on-year and down 5.7% quarter-on-quarter. KTB is expected to post a profit of 14.57 billion baht, down 0.3% year-on-year but up 20.2% quarter-on-quarter. SCB is expected to post a profit of 11.213 billion baht, down 7.0% year-on-year but up 0.9% quarter-on-quarter, while KKP is expected to post a profit of 2.116 billion baht, up 26.7% year-on-year but down 0.3% quarter-on-quarter.
KTB.BK · Capital · Positive KTB named a top pick and may book a ~3.7bn baht investment gain from revaluing its 75% Thai Airways stake.
KBANK.BK · Capital · Positive KBANK named a top pick with OVERWEIGHT sector view, though Q3 profit forecast down 4.0% y/y and 5.7% q/q.
BBL.BK · Capital · Neutral Tisco forecasts BBL Q3/26 profit of 10.128bn baht, down 26.6% y/y but up 6.6% q/q.
SCB.BK · Capital · Neutral SCB Q3/26 profit forecast at 11.213bn baht, down 7.0% y/y but up 0.9% q/q.
KKP.BK · Capital · Neutral KKP Q3/26 profit forecast at 2.116bn baht, up 26.7% y/y but down 0.3% q/q.
THAI.BK · Capital · Positive KTB may record a ~3.7 billion baht investment gain from revaluing its 75% stake in Thai Airways after the silent period ended.
THAI shares rebound 1.77% ahead of board meeting on probe into CEO Chai Eamsiri
Shares of Thai Airways International, or THAI, rebounded 1.77%, or 0.10 baht, to 5.75 baht on trading value of 192 million baht, after falling for four consecutive trading days, amid reports that CEO Chai Eamsiri is set to be removed over poor management. Today, Lavaron Sangsnit, permanent secretary of the Finance Ministry and chairman of THAI's board, called a special board meeting to monitor the situation regarding passenger services at Suvarnabhumi Airport after the airline faced problems with delayed flights and a large number of unclaimed baggage. The agenda is expected to include the appointment of a committee to investigate Chai Eamsiri, amid reports that he will be removed from his post before his employment contract expires on January 31, 2027.
THAI.BK · Regulation · Negative Board calls special meeting to investigate and reportedly remove CEO Chai Eamsiri over poor management and service problems.
Thai Airways Races to Restore Full Flight Schedule by October 3 After Cutting 24 Flights in Two Days
Thai Airways International Public Company Limited, or THAI, is accelerating flight management and mobilizing resources from all sectors to prepare to restore full passenger service on all flights by October 3, 2026, after previously reducing flights to align with its operational capacity. On October 1, 2026, it cut 15 flights, and on October 2, 2026, it cut another 9 flights, totaling 24 flights over the two days. To assist passengers, Thai Airways will open its ticketing office at its headquarters on Vibhavadi Rangsit Road on Saturday, October 3, and Sunday, October 4, 2026, from 08:00 to 17:00, to add service channels and help passengers during the return to normal service. On the same day, the Thai Airways board of directors is scheduled to hold a special meeting, and the market will be watching for the guidelines the board sets to improve flight management and service, as well as measures to prevent operational problems from affecting passengers again.
THAI Eyes MSCI Index Inclusion, Broker Sees Announcement on November 12
Thai Airways, or THAI, is watching for MSCI's latest index review announcement on the morning of November 12. Analysts at Yuanta Securities (Thailand) say THAI has a chance of being added to the MSCI index in November 2026, and that an actual inclusion would be a significant company-specific catalyst. The broker also expects THAI's share price to recover once the flooding situation eases. In addition, THAI has announced that its Suvarnabhumi cargo warehouse is back to normal operations around the clock, accepting all types of goods every day, after it had suspended inbound and outbound cargo acceptance from October 1 to 6 due to the impact of the floods. The research team views the announcement as helping restore confidence after investors treated the issue as a negative for the brand image, and as helping the stock begin to recover.
Dow Falls 443 Points After US PCE Comes in Below Expectations; Investors Eye Nonfarm Payrolls
US stock markets closed mixed, with the Dow Jones Industrial Average ending at 50,906.05 points, down 443.87 points or 0.86%, and the S&P 500 closing at 7,651.54 points, down 19.30 points or 0.25%, pressured by elevated oil prices and bond yields. The Nasdaq closed at 26,861.06 points, up 63.52 points or 0.24%, supported by buying in technology stocks. Headline PCE for August rose 3.4% year on year, below market expectations of 3.7%, while Core PCE rose 3.0% year on year, below expectations of 3.3%. The yield on 10-year US Treasury bonds rose above 5.3% and the 30-year yield above 5.6%. Investors are therefore watching September Nonfarm Payrolls, which the market expects to rise by 98,000 positions, compared with 162,000 in August, with the unemployment rate forecast at 4.1%. In European markets, the STOXX Europe 600 closed at 634.89 points, down 3.19 points or 0.50%, with bank stocks down 0.8% and insurance stocks down 1.4%. The DAX closed at 25,199.19 points, down 200.02 points or 0.79%, and the CAC 40 closed at 7,964.51 points, down 71.36 points or 0.89%, while the FTSE 100 closed at 10,606.00 points, down 30.71 points or 0.29%. In Asian markets, the Nikkei 225 opened at 67,106.52 points, up 352.80 points or 0.53%, boosted by buying in large technology stocks, while the KOSPI fell 0.8% and the S&P/ASX 200 dropped 1.09%. The Shanghai Composite and the Hang Seng Index were closed for China's National Day holiday. Thailand's stock market is expected to trade in a volatile and consolidating range, with sentiment pressured by surging US bond yields and concerns over continued foreign fund outflows. The stock to watch today is THAI, after the cancellation or rescheduling of domestic and international flights between October 1 and 3, 2026, along with efforts to clear backlogged baggage at Suvarnabhumi Airport, which could weigh on confidence and the company's short-term operations.
III Proposes Airport Truck Link to Ease Suvarnabhumi Cargo Congestion
Tipp Dalal, Chief Executive Officer of Triple I Logistics Public Company Limited, or III, disclosed that flooding has left air cargo operations at Suvarnabhumi Airport facing severe congestion, with cargo piling up beyond what warehouses can hold. Goods have had to be stored outside the airport, while handling capacity has fallen by roughly 30 to 40 percent because of limits on space, personnel and equipment. Although Thai Airways has lifted its temporary embargo on cargo acceptance at Suvarnabhumi, which had originally been planned to last seven days from 30 September to 6 October 2026, operations still face a large backlog of shipments that must be cleared from the system quickly. The company is therefore offering an Airport Truck Link service, moving air cargo by truck to connect three main airports: Suvarnabhumi, Don Mueang and Phuket. Together with AOT Ground Aviation Services, or AOTGA, it is proposing that new shipments be distributed to Don Mueang and Phuket instead of all being brought into Suvarnabhumi. For exports, goods can enter the Free Zone warehouse at Suvarnabhumi to complete customs formalities before being transported under customs escort to Don Mueang or Phuket to connect with cargo flights. Phuket has direct flights from major airlines in the Middle East, Europe and Asia. The company proposes that the government consider a Multi-Airport Model, using several airports to support one another and shifting both passenger and cargo flights to Don Mueang while Suvarnabhumi's capacity is constrained, as well as allowing partners with ready warehouse management capabilities, such as AOTGA, to help with congested space. III estimates that the cargo backlog will have a knock-on effect for about two weeks, or roughly half a month, during the September-to-October transition period, but the company has already prepared the Airport Truck Link system and airport connectivity structure in advance. Meanwhile, cargo airlines, especially freighter and cargo aircraft operators, are showing growing interest in moving their operations directly to Don Mueang, which represents a business opportunity to generate additional revenue from logistics and air cargo services.
Thai Airports Ground Services · Demand · Positive III proposes partnering with AOT Ground Aviation Services (AOTGA) to let partners with ready warehouse-management capabilities help handle Suvarnabhumi's congested cargo space.
THAI.BK · Supply · Neutral Thai Airways lifted its temporary cargo-acceptance embargo at Suvarnabhumi, but the article focuses on III's truck-link proposal and the ongoing backlog, not on Thai Airways' own outlook.
Three brokerages set SET targets for the final stretch of 2026, pick top Q4/2026 stocks
Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.
Thai Airways begins to recover, cancels 15% of flights, insists cargo service not suspended
Lavaron Saengsanit, Permanent Secretary of the Ministry of Finance and Chairman of Thai Airways International Public Company Limited, or THAI, disclosed that the overall operations of Thai Airways have begun to ease and are moving in a better direction. As of 12:00 p.m. on October 1, 2026, Thai Airways operated a total of 196 flights out of a planned schedule of 230 flights, representing a cancellation rate of approximately 15%. On punctuality, outbound flights departed on time at 81%, while inbound flights arrived on time at 90%. In terms of managing inbound passenger baggage, passengers were able to collect 100% of their luggage. As for baggage left over from September 26, the company has cleared it all, while baggage from September 27 is gradually being collected by passengers on an ongoing basis. Currently, there are still about 2,200 leftover bags from September 27–28, and about 7,000 transit or transfer bags still pending processing. The company will expedite sorting and forwarding them to their destinations as quickly as possible through Thai Airways' flight network and partner airlines. On cargo services, Lavaron confirmed that there has been no cancellation of service whatsoever and that operations continue as normal without interruption.
THAI.BK · Supply · Positive Thai Airways operations are recovering with only ~15% of flights cancelled and baggage backlogs being cleared, easing the operational disruption.
Thai Airways resumes Bangkok-Seoul flights on October 2-3, 2026
Thai Airways International Public Company Limited, or THAI, announced it will resume round-trip Bangkok-Seoul services on October 2-3, 2026, after previously adjusting the schedule for some flights. Flight TG656 on October 2, 2026 will operate the Bangkok-Seoul route, departing at 23:30 and arriving at 06:55 the following day. Flight TG657 on October 3, 2026 will operate the Seoul-Bangkok route, departing at 10:20 and arriving at 14:10. All times are local. Passengers can seek further information through the THAI Contact Center at +66 2 356 1111, the Overseas THAI Contact Center, and the email contact@thaiairways.com. Thai Airways said it apologizes for the inconvenience caused by the recent changes to its services.
Thai Floods Halt Toyota Production at 4 Plants; Thai Airways Suspends Cargo Services Through October 6
The flood situation in Thailand has spread to the business sector, with Toyota forced to temporarily halt operations at four automobile manufacturing plants because parts deliveries have been disrupted. Three of these are company plants, and one is a plant of Toyota Auto Works, a joint venture. Meanwhile, Thai Airways has suspended both inbound and outbound cargo services from Wednesday, September 30, through October 6, after a large number of employees were unable to travel to work. A Toyota spokesperson said the company is coordinating with suppliers to restore parts deliveries and will try to restart production lines as soon as possible. On the broader impact, data from the Ministry of Interior indicates that 44 provinces out of 77 have been affected, and as of Wednesday flooding persisted in 32 provinces, with at least 24 deaths. Ekkaphab Phanthasri, spokesperson for the Prime Minister's Office, citing data from the Ministry of Public Health, said the death toll stood at 40, and officials are accelerating efforts to drain floodwater in Bangkok, aiming to return the situation to normal within two to three days. Bangkok has faced heavy rainfall of as much as 320 millimeters in just three days, nearly equal to the average rainfall for the entire month of September. At Suvarnabhumi Airport, about half of the employees were unable to come to work, leaving thousands of pieces of passenger baggage stranded and many flights canceled.
7203.JP · Supply · Negative Flooding disrupted parts deliveries, forcing Toyota to halt production at four Thai plants until supplier deliveries can be restored.
THAI.BK · Supply · Negative Thai Airways suspended inbound and outbound cargo services through October 6 after flooding left about half its Suvarnabhumi staff unable to reach work.
Thai Airways baggage backlog crisis on 26 September 2026 highlights low-cost model's emergency response risks
Thai Airways faced a ground services crisis in late September 2026, as flight delays, long passenger waits for baggage, and unclaimed baggage became clearly visible from 26 September. The airline explained that flooding prevented some ground staff from travelling to work, and that some baggage conveyor vehicles broke down, affecting both outbound flights and the unloading of baggage from inbound flights. The key issue is that heavy cost-cutting in the past, selling off equipment and reducing permanent staff before shifting mainly to an outsourcing system, has made manpower control harder in an emergency. During this crisis, Thai Airways received assistance from Bangkok Flight Services Company Limited, a joint venture between Bangkok Airways and AOT Ground Aviation Services Company Limited, part of Airports of Thailand Public Company Limited, or AOT. Meanwhile, the Royal Thai Air Force deployed 69 personnel to help with ground operations, and discussions were held with Thailand Post about delivering baggage to passengers' accommodation. For investors, this incident is a question that should be weighed alongside the airline's profit and profit margin: whether the company has enough people, equipment, and systems to handle the workload, and how well it can maintain service standards when something goes wrong.
THAI.BK · Supply · Negative Flooding and broken baggage conveyor vehicles plus past cost-cutting/outsourcing left Thai Airways short of staff and equipment, causing a baggage backlog crisis.
Bangkok Flight Services · Demand · Positive Bangkok Flight Services was called in to assist Thai Airways with ground operations during the crisis, providing additional ground-handling capacity.
Asia Plus sets SET year-end 2026 target at 1,720 points, recommends 8 laggard stocks
Asia Plus Securities estimates the SET index target at the end of 2026 at 1,720 points, based on an assumption of 2026 earnings per share of 95 baht per share. It notes that the overall investment picture in the fourth quarter faces the risk of accelerating inflation from the Middle East war that has dragged on for more than 7 months, which pressured the average September 2026 WTI crude oil price to 95.6 dollars per barrel, up 50% compared with the previous year. Meanwhile, the United States is collecting import tariffs from trading partners at an effective rate as high as 12.5% to 19%, up from the previous 2% to 2.5%, and investment in data centers and AI infrastructure has pushed prices of software and computer equipment up 25.4% compared with the previous year, hitting a new high. On the Thai economy, the ratio of public debt to GDP stands at 67.45%, close to the fiscal discipline ceiling of 70%, while the impact of flooding is estimated at approximately 5 billion to 10 billion baht, which could drag third-quarter GDP growth down to 2.2% to 2.5%. The research department has adjusted its strategy from index selection to selective stock selection, focusing on stocks that benefit from the high season and the low base effect, namely CPN, CBG, THAI, BDMS, BBL, COM7, STECON, and GUNKUL, and recommends holding cash at around 10% to 15% of the portfolio.
Thai Airways cancels domestic and international flights on 1-3 October 2026
Thai Airways International has announced the cancellation of additional routes and further changes to its flight schedule between 1 and 3 October 2026. On 1 October 2026, nine domestic round-trip routes were cancelled: Bangkok-Phuket TG201/TG202, Bangkok-Chiang Mai TG122/TG123, Bangkok-Ubon Ratchathani TG020/TG021, Bangkok-Khon Kaen TG040/TG041, Bangkok-Chiang Rai TG132/TG133, Bangkok-Phuket TG217/TG218, Bangkok-Chiang Mai TG114/TG115, Bangkok-Hat Yai TG267/TG268 and Bangkok-Udon Thani TG008/TG009. Five international round-trip routes were also cancelled: Bangkok-Frankfurt TG922/TG923, Bangkok-Singapore TG403/TG404, Bangkok-New Delhi TG315/TG316, Bangkok-Mumbai TG317/TG318 and Bangkok-Hanoi TG564/TG565. On 2 October 2026, six domestic round-trip routes were cancelled, along with the international round-trip flights Bangkok-Copenhagen TG950/TG951, Bangkok-Taipei TG632/TG633, Bangkok-Singapore TG413/414 and Bangkok-Seoul TG656. On 3 October 2026, the international flights Bangkok-Amsterdam TG936/TG937 and Seoul-Bangkok TG657 were cancelled. The airline has also made further schedule changes to several flights, such as TG401 Bangkok-Singapore, which becomes TG401D on 2 October 2026 with a departure time of 03:30 and arrival at 06:50 the same day, and TG950 Bangkok-Copenhagen, whose departure time changes to 06:00 with arrival at 12:50. The company stated that it is not standing idle and is working closely to resolve the situation until it eases and returns to normal.
THAI.BK · Supply · Negative Thai Airways cancelled numerous domestic and international flights from 1-3 October 2026, disrupting its capacity and operations.
Suphajee presses Thai Airways to fix air cargo problems, fears export impact
Suphajee Suthumpun, Deputy Prime Minister and Minister of Commerce, has called on Thai Airways to speed up its handling of air cargo service problems after the airline announced a temporary suspension of inbound and outbound cargo acceptance at its cargo terminal from September 30 to October 6, 2026. She said the seven-day period was too long and would have wide-ranging effects on the country's image and on exports, especially agricultural goods. Suphajee said the government must ask Thai Airways to resolve the problem in less than seven days, and that the Ministry of Finance, the Ministry of Transport and the Thai Airways board should meet to find a structural solution. She also assigned the Department of International Trade Promotion to closely assess the impact on the export sector and to coordinate with other airlines to urgently find alternative channels and routes, with special priority given to agricultural and perishable goods. Air cargo is not Thailand's main export channel, since most agricultural products, particularly those shipped to China, rely mainly on the rail system. As for export markets, Thailand depends on shipments to the United States and China combined for about one third of the total value of its exports, with more than 20% going to the United States and more than 10% to China. Thailand has negotiated with the United States and has now reached agreement in principle after the United States had initially aimed to impose tariffs on Thailand as high as 36%, and the two sides are finalising the finer details. At the same time, Thailand is accelerating efforts to diversify into the EU, which accounts for only 7-8% of its exports. Thailand-EU free trade agreement talks have completed nine rounds, with two thirds of the deal settled, and are now entering a tenth round, with the negotiations expected to conclude by the end of this year. As for India, where talks had been stalled for three years, the two sides agreed to take 45 days to find a joint model, and if successful they will aim to conclude the Thailand-India free trade agreement within 90 days.
THAI.BK · Supply · Negative Thai Airways suspended inbound and outbound cargo acceptance at its terminal for seven days, disrupting its air cargo service and drawing government pressure to resolve it faster.
Thai Airways Lifts Embargo on Inbound, Outbound and Transshipment Cargo, Effective September 30, 2026
The Cargo Operations Department of Thai Airways International Public Company Limited, or THAI, has announced the lifting of its embargo measures on inbound cargo, outbound cargo and transshipment cargo, allowing operators to transport air cargo as normal, effective from September 30, 2026 onwards. This notice was issued on September 30, 2026, following the embargo measures previously announced by the Cargo Operations Department on September 29, 2026. The lifting of these measures is intended to ease the difficulties faced by importers, exporters and operators involved in air cargo transport, and to reduce the impact on and facilitate operators affected by the earlier measures.
THAI.BK · Regulation · Positive Thai Airways lifted its cargo embargo on inbound, outbound and transshipment cargo, easing restrictions on air cargo transport.
Government Sets Up War Room to Tackle Thai Airways' 8,000-Piece Backlog of Stranded Baggage, Hopes to Finish in 2 Days
The government has joined forces with Thai Airways, Airports of Thailand, and the Royal Thai Air Force to set up a special operations centre, or War Room, to resolve the crisis of stranded passenger baggage from Thai Airways. Deputy Prime Minister and Transport Minister Phiphat Ratchakitprakarn said the accumulated backlog of baggage exceeds 10,000 pieces, and that roughly 1,800 pieces have recently been sorted and returned to passengers, leaving a target of about 8,000 pieces still to be cleared. Some of these are piled up in the area in front of the apron, while about 4,000 more are in the transfer baggage, or TBT, area inside. The goal is to finish between the 1st and 2nd of this month. Thai Airways and AOT have been ordered to report progress to the Ministry of Transport and the Civil Aviation Authority of Thailand every 8 hours, with an additional 100 personnel from the Royal Thai Air Force and 12 more sets of cargo-handling machinery brought in. Chai Eamsiri, Chief Executive Officer of Thai Airways, said staffing on site has returned to about 90% and operational personnel to 80%. Outbound flights will increase to 105 on October 2, with a target of restoring normal levels of 115 flights within 7 days. Thai Airways confirmed it will take responsibility for all damages, both for lost baggage and for passengers who miss flights, and confirmed it will not close its cargo warehouse.
THAI.BK · Regulation · Negative Thai Airways faces a stranded-baggage crisis with ~8,000 pieces still to clear, government-mandated 8-hour progress reports, and liability for all damages and missed flights.
AOT.BK · Regulation · Neutral AOT is part of the government-led War Room ordered to report baggage-clearance progress every 8 hours, a regulatory/oversight burden rather than a clear business gain.
Krungsri keeps Thai stock index target at 1,680-1,750 points this year, highlights 7 top picks for Q4 2026
Krungsri Securities maintains its Base-Best target for the Thai stock market index this year at 1,680-1,750 points, based on EPS of 103 baht, up from 98 baht, at a P/E of 17.0 times. The near-term momentum comes from the earnings quality of two main groups: those benefiting from energy and inflation, and those gaining momentum from the upstream AI CAPEX cycle, which is expected to help listed companies' profits continue expanding for at least two more quarters, namely the third and fourth quarters of this year. The research team assigns an Overweight investment weighting to three main groups: the group benefiting from the CAPEX cycle, covering the power sector with a recommendation for GULF, banking with a recommendation for KBANK, electronic components with a recommendation for DELTA, and construction contracting with a recommendation for SCC; the NTM Re-ratings group with potential to recover over the next 12 months or re-enter the MSCI index, such as THAI, PTTGC and TOP; and the agriculture and food group, covering agricultural substitutes, which benefits from Super El Niño, such as IVL. At the same time, it has raised its forecast for Thailand's GDP this year to 2.1% from 1.9%, supported by private investment rising 8.6% and exports rising 14.0%. Meanwhile, the pipeline of large-scale investment covers FDI/BOI, the PDP2026 worth 2.14 to 2.48 trillion baht, and mega projects worth 1.3 trillion baht. For the fourth quarter of 2026, the research team expects the index to move within a support range of 1,560 to 1,550 points and a resistance range of 1,680 to 1,750 points, with top picks for the fourth quarter of 2026 being TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK.
DELTA.BK · Capital · Positive Krungsri names DELTA among its Q4 2026 top picks and Overweight electronic-components group benefiting from the upstream AI CAPEX cycle.
GULF.BK · Capital · Positive Krungsri recommends GULF in its Overweight power group benefiting from the CAPEX cycle and lists it among Q4 2026 top picks.
IVL.BK · Capital · Positive Krungsri lists IVL among Q4 2026 top picks, citing agricultural substitutes benefiting from Super El Niño.
KBANK.BK · Capital · Positive Krungsri recommends KBANK in its Overweight banking group and includes it among Q4 2026 top picks.
PTTGC.BK · Capital · Positive Krungsri names PTTGC in its NTM Re-ratings group and among Q4 2026 top picks.
SCC.BK · Capital · Positive Krungsri names SCC as a top Q4 2026 pick and Overweight construction-contracting play benefiting from the AI CAPEX cycle.
THAI suspends inbound and outbound cargo at Suvarnabhumi warehouse from October 1 to 6 after floods hit staffing
Thai Airways, or THAI, has announced an embargo on inbound, outbound and transshipment cargo at its cargo warehouse at Suvarnabhumi Airport from October 1 to 6, 2026, effective from 00:01 on October 1, 2026, to 23:59 on October 6, 2026. The Cargo Operations Department of Thai Airways International Public Company Limited said flooding in the area continues to affect employee travel, particularly staffing, leaving some employees unable to report to work as normal. As a result, warehouse operations have been significantly affected, both in delivering cargo to customers and in dispatching cargo to scheduled flights, leading to a large backlog of goods. The company therefore needs to temporarily suspend acceptance of such cargo in order to manage available manpower and resources and to maintain safety and operational efficiency. Diplomatic documents, live animals, human remains and mail are exempted. The company apologizes for any inconvenience caused by the situation.
THAI.BK · Supply · Negative Flooding-driven staffing shortages force THAI to suspend cargo acceptance at its Suvarnabhumi warehouse Oct 1-6, disrupting its cargo operations.
Thai Floods Spread to Business: Thai Airways Cancels 22 Flights, Honda Halts Production Temporarily
Bloomberg reports that severe flooding in Thailand is beginning to have a broad impact on key business sectors, including airlines and the automotive industry, after several days of continuous heavy rain. The cabinet approved a budget of approximately 4 billion baht, or about 119 million dollars, for relief measures for those affected by the floods. Thai Airways International Public Company Limited canceled a total of 22 domestic and international flights scheduled between September 29 and 30, after a large number of employees were unable to travel to work. As a result, more than 5,000 passenger bags were left stranded at Suvarnabhumi Airport, and Thai Airways also cut its service capacity by about 30 percent from the previous level of roughly 110 flights departing Bangkok per day. Chai Eamsiri, chief executive officer of Thai Airways, expects services to return to normal within 72 hours. Meanwhile, Thai Airways shares fell as much as 2.4 percent. Honda Motor suspended motorcycle production at one of its plants in Thailand on Monday and Tuesday and expects to restart the production line on Wednesday. However, the Federation of Thai Industries said the automotive industry as a whole has not yet been significantly affected and maintained its car production target for 2026 at 1.45 million units. Authorities are closely monitoring the situation in Prachin Buri and Rayong provinces, and the floods have also affected 155 schools in Bangkok, with some facing continuous flooding for four to five days, after Bangkok received more than 300 millimeters of rain in just two to three days.
THAI shares fall 4% after cancelling 37 flights, with 5,600 bags left stranded
Shares of Thai Airways International, or THAI, fell 4.13% to 5.80 baht at 11:01 a.m. on September 30, 2026, amid concerns over service problems at Suvarnabhumi Airport affecting passenger flights, baggage handling, and the air cargo business. About 5,600 passenger bags remain stranded after flooding in Bangkok and surrounding provinces disrupted the travel of ground staff, slowing sorting and transport. The company aims to clear the backlog of baggage within 72 hours. Reuters reported that Thai Airways had to cut flights departing Bangkok by about 30% because of a staffing shortage, and announced cancellations on several domestic and international routes between September 29 and October 1, 2026, with a total of 37 additional flights cancelled, following earlier cancellations on some routes between September 29 and 30 covering Bangkok to New Delhi, Singapore, Kuala Lumpur, Frankfurt, Munich, and Brussels. Meanwhile, Thai Airways' cargo operations suspended inbound, outbound, and transshipment cargo at its cargo terminal at Suvarnabhumi Airport between October 1 and 6, 2026, after flooding affected staffing and left large amounts of cargo stranded. There is currently no information from the company or from securities firm research assessing the damage or the impact on profit forecasts officially. Today's weakness in THAI shares should therefore be interpreted as pressure from market concerns over short-term operational and revenue effects rather than a reflection of a clearly quantifiable financial impact.
Kasikorn Securities says floods have limited impact on tourism, recommends accumulating AWC, CENTEL, THAI
Kasikorn Securities stated that the impact of the flood situation on tourism businesses remains manageable, with tourism operations continuing as normal. According to flood reports, the situation has expanded to cover 25 provinces and Bangkok, resulting in 8 deaths across 3 provinces, according to the Department of Disaster Prevention and Mitigation as of September 26. About 84,600 people from 27,100 households in 21 provinces have been affected. During September 16–26, the floods affected a cumulative total of more than 102,000 people across 36 provinces. The three airlines under analysis did not cancel flights during September 25–27, though some ground operations were affected. All three airlines allowed passengers to change flights within one week at no additional cost, while THAI allowed changes to flights departing from Thailand through October 11. Hotel operators reported no property damage from the floods and no significant impact on revenue during September 25–27, with booking cancellations at about 2–15% of total bookings, mostly at upcountry hotels, partially offset by guests extending their stays, equivalent to about 20–30% of cancellations. The research team expects the floods to have a limited impact on third-quarter 2569 profits for the tourism sector, as the most severely affected period lasted only about 3 days. It therefore maintains a neutral view on the tourism sector and continues to favour hotel stocks, viewing the decline in hotel share prices due to the floods as an investment opportunity. It recommends BUY on AWC with a target price of 3.74 baht, BUY on CENTEL with a target price of 48.11 baht, and BUY on THAI with a target price of 6.78 baht.
AWC.BK · Capital · Positive Kasikorn Securities recommends BUY on AWC with a 3.74 baht target price, viewing the flood-driven share decline as an investment opportunity.
CENTEL.BK · Capital · Positive Kasikorn Securities recommends BUY on CENTEL with a 48.11 baht target price, viewing the flood-driven share decline as an investment opportunity.
THAI.BK · Capital · Positive Kasikorn Securities recommends BUY on THAI with a 6.78 baht target price, noting limited flood impact and normal flight operations.
Stocks to Watch Today: Thai Airways Races to Clear 5,600 Bags, PLANB to Subscribe to iCare Capital Increase
Today's standout stocks span several key themes. Thai Airways is racing to clear more than 5,600 pieces of unclaimed baggage within 72 hours after 100% of its flights were delayed and it had to cancel a combined 60 flights per day. The airline has brought Airports of Thailand, or AOT, onto its team, while mobilising military personnel and hiring outside contractors at full capacity. Meanwhile, PLANB shares jumped nearly 7% after its board approved subscribing to 46.28% of iCare's capital increase, worth 860 million baht, extending its mobile insurance business in partnership with COM7. Analysts expect the deal to add 200 million baht in recognised profit per year, creating 11-13% upside. They recommend buying with a target price of 8.10 baht, calling it a Top Pick in the sector. MMM has launched mortgage, sale-with-right-of-redemption, and housing loans through its subsidiary Keha Songkhro Capital, aiming to grow its loan portfolio to 700 million baht by 2028 under its Jump+ plan. TASCO confirmed it holds 1.52 million barrels of Venezuelan crude oil inventory, enough to last through the first quarter of 2027, helping lift asphalt output by 10-15%. Brokers recommend buying with a target price of 18.50 baht and expect a 5.9% dividend yield. STECON expects 2026 revenue to exceed its target of 35 billion baht, with brokers forecasting 2027 revenue could reach 50-60 billion baht, driven by data centres, state megaprojects, and its infrastructure investment business.
PLANB.BK · Capital · Positive PLANB board approved subscribing to 46.28% of iCare's 860 million baht capital increase, expected to add 200 million baht annual profit with analyst buy rating and 8.10 baht target.
THAI.BK · Supply · Negative Thai Airways is racing to clear 5,600+ unclaimed bags after all flights were delayed and 60 flights per day cancelled, a major operational/supply disruption.
MMM.BK · Demand · Positive MMM launched mortgage, sale-with-redemption and housing loans via Keha Songkhro Capital, targeting a 700 million baht loan portfolio by 2028.
STECON.BK · Demand · Positive STECON expects 2026 revenue above its 35 billion baht target, with 2027 seen at 50-60 billion baht driven by data centres and state megaprojects.
TASCO.BK · Supply · Positive TASCO confirmed 1.52 million barrels of Venezuelan crude inventory lasting through Q1 2027, lifting asphalt output 10-15%, a supply-side positive for the asphalt producer.
AOT.BK · Supply · Neutral AOT brought onto Thai Airways' team to help clear 5,600 unclaimed bags after mass flight delays and cancellations; impact on AOT itself unclear.
THAI Director Chananyarak Sells 500,000 Shares After Holding for Just 7 Days, Books 125,000 Baht Profit
Chananyarak Phetcharat, a director of Thai Airways International Public Company Limited, or THAI, has reported to the Securities and Exchange Commission the sale of 500,000 THAI common shares at an average price of 6.15 baht through the stock exchange via Auto Matching on September 28, 2026, executed through TTB Wealth Securities Public Company Limited, leaving her with 0 shares after the sale. Further examination of the data shows that on September 17, 2026, Chananyarak bought 500,000 THAI shares at 5.90 baht. Combined with the latest transaction, this THAI director held the shares for only 7 trading days, earning a return of more than 3.38% and a profit from the share sale of approximately 125,000 baht.
THAI.BK · · Neutral A THAI director sold 500,000 shares for a ~125,000 baht profit after holding only 7 days; an insider share sale with no stated operational cause.
Constitutional Court Rules Barcode Ballots Do Not Violate Constitution, Boosting Investor Confidence
The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.
BGRIM.BK · Regulation · Positive Ruling reduces political risk and supports continuity of government policy, a positive for power producer BGRIM.
CK.BK · Regulation · Positive Court decision avoids political/policy vacuum, benefiting construction contractor CK through continued government policy continuity.
DELTA.BK · Regulation · Positive Reduced political risk and continued normal government administration are positive for component maker DELTA.
GPSC.BK · Regulation · Positive Ruling removes feared election annulment, supporting policy continuity that benefits power producer GPSC.
GULF.BK · Regulation · Positive Constitutional Court ruling removes political-risk scenario, supporting policy continuity for power producers like GULF.
Brokerage says foreign investors sold Thai stocks for 6 straight days, nearly 20 billion baht, just short-term portfolio adjustment
Analysts at Yuanta Securities (Thailand) assess that the six consecutive days of net selling of Thai stocks by foreign investors, worth 19.8 billion baht, is merely short-term portfolio adjustment. Yesterday net selling accelerated to 7.685 billion baht, the highest in 29 trading days, in line with capital outflows from the region as US bond yields rose. But the heavier net selling of Thai stocks by foreigners during this period is expected to also stem from concerns over the government's water management. Although traffic on main routes has begun returning to normal, many areas remain heavily flooded due to water drainage, compounded by ground-handling problems at Thai Airways that could affect the tourism sector during this period. It is expected that after Friday's non-farm payrolls report, US bond yields will begin to slow their rise, prompting foreigners to return to net buying in the Thai stock market to speculate on third-quarter 2026 earnings during the earnings season from mid-October onward.
THAI.BK · Supply · Negative Ground-handling problems at Thai Airways are cited as a factor that could hurt the tourism sector during the flooding period.
Thai Shippers' Council Urges Government to Fix Suvarnabhumi Cargo Congestion, Plans to Submit Proposal to Transport Ministry on 30 Sept 2026
The Thai National Shippers' Council (TNSC) has called on the government to urgently and sustainably resolve the congestion problem at Suvarnabhumi Airport's cargo terminal, after the cargo operations division of Thai Airways International issued a notice on 28 September 2026 asking customers to limit and delay the delivery of outbound cargo between 29 September and 3 October 2026 in order to reduce the backlog. As a result, a number of airlines announced a temporary suspension of outbound cargo carriage, disrupting exports that could not be delivered to buyers in destination countries on schedule. TNSC Chairman Thanakorn Kasetsuwan said that although the notice was prompted by a disaster in Bangkok and its vicinity that prevented employees from travelling to work, the fact is that Suvarnabhumi Airport's cargo terminal has faced continuous congestion because cargo volumes have grown for several years, and since late 2025 the Civil Aviation Authority of Thailand has tightened pre-loading cargo inspections in line with International Civil Aviation Organization standards, putting outbound cargo at risk of missing flights, while in some cases inbound cargo takes about seven working days to leave the area and reach factories. The TNSC therefore proposes that Airports of Thailand procure additional channels and space to handle cargo in the short term, support investment in explosive trace detection equipment and explosive detection dogs, and establish an off-airport security screening centre; accelerate certification of Known Consignor and Regulated Agent standards to cover the supply chain; and speed up development of a National Cargo Community System to provide real-time visibility of cargo status. On 30 September 2026, the TNSC will submit these views and proposals to the Ministry of Transport to press for further action.
AOT.BK · Supply · Negative Suvarnabhumi cargo terminal congestion and the TNSC's call for AOT to add cargo capacity/screening highlight a supply-chain bottleneck at its airport.
THAI.BK · Supply · Negative Thai Airways' cargo division told customers to limit and delay outbound cargo, and airlines suspended outbound carriage, disrupting its cargo operations.
Thailand
