The numbers

Product sales surge as installation work slows

ALT Telecom is a Thai digital infrastructure company that builds fiber-optic networks and base stations and is an approved vendor for major telecom operators, including AIS and DTAC. In 2Q26, total revenue rose 8.8% YoY to Bt424m, as network services revenue grew 19.3% YoY to Bt182m and product sales rose 53.2% YoY to Bt134m, offsetting a 27.6% YoY decline in system installation and maintenance services revenue to Bt108m.

Net profit falls on a high base a year earlier

Gross margin was 18.4% in 2Q26, little changed from 18.2% in 2Q25. Net profit fell 73.6% YoY to Bt22m, a net margin of 5.3%, but 2Q25 included a one-off Bt68m gain on the sale and management of assets. Excluding that item, normalized net profit rose 8.1% YoY to Bt22m. Finance costs rose 8.1% YoY to Bt14m, driven by lease liabilities tied to network expansion rather than loan interest.

Backlog builds while liabilities edge higher

Total assets rose 2.2% to Bt4,399m from Bt4,304m at FY25, while total liabilities rose 2.7% to Bt2,687m, as a Bt25m rise in lease liabilities and a Bt29m rise in trade payables were partly offset by a Bt40m reduction in bank loans. Equity rose to Bt1,712m from Bt1,686m at FY25. Backlog stood at Bt5,151m at the end of 2Q26, up 2.9% from Bt5,005m at the end of 1Q26.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, a couple of things stand out.

Bt74m of assets reclassified as held for sale, without identification

The 1Q26 MD&A’s account of asset movements makes no reference to any assets held for sale. The 2Q26 MD&A introduces a new line: non-current assets classified as held for sale rose Bt74m, against total assets of Bt4,399m, alongside a Bt37m rise in related liabilities and a Bt53m fall in investment in joint ventures. Neither filing names the asset, subsidiary, or business involved, or the timing of disposal.

Fiber optic network additions swing into a decline

Both filings measure fixed-asset movements against the same FY25 year-end balance. The 1Q26 MD&A identified a Bt41m increase in fiber-optic cable networks as one of two main asset increases that quarter. The 2Q26 MD&A, covering the six months since FY25, instead lists fiber-optic cable networks among the items that decreased by Bt7m. Neither filing explains the shift from an increase to a decrease.

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The numbers

Consolidation drives the headline; organic growth is much softer

Ramkhamhaeng Hospital’s growth reflects the consolidation of Thonburi Healthcare Group (THG) and Chiangmai Ram Hospital (CMH) as subsidiaries, effective August and December 2025, respectively. In 2Q26, total operating revenue rose 113.1% YoY to Bt5,414.2m, with THG and CMH now accounting for 52.0% of hospital revenue. Excluding both, hospital revenue grew a more modest 1.2% YoY, as growth at Vibharam (+3.2%) offset a decline at Ramkhamhaeng (-0.7%).

Margins compress as costs outrun revenue

Gross margin fell to 21.8% in 2Q26 from 24.3% in 2Q25, as costs rose faster than revenue, while EBITDA margin eased to 21.7% from 25.8%. Net profit rose 42.1% YoY to Bt415.9m before non-controlling interests, aided by higher other income and associate profit share; after non-controlling interests of Bt71.3m, net profit attributable to the parent rose 28.5% to Bt344.6m, a net margin of 6.1% against 9.9% in 2Q25.

Financial assets gain from fair value re-measurement

Total assets edged up 0.2% to Bt63,905.5m since FY25, mainly from a Bt776.0m rise in other non-current financial assets tied to fair value gains on listed equity holdings, while trade and other receivables fell Bt404.3m on debt collection at a THG subsidiary.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, a few things stand out.

A Bt8,000m refinancing flips the debt structure from short-term to long-term

The 1Q26 MD&A attributed the small decline in debt to “regular repayments of loans from financial institutions,” with no mention of refinancing. On 26 June 2026, the Company refinanced Bt8,000m with five banks, shifting the debt profile from short-term to long-term to align repayments with cash flows and reduce financial risk. The current ratio rose from 0.42 in 1Q26 to 0.72 in 2Q26, as current liabilities fell to Bt9,268.9m from Bt16,787.0m.

Nan-Ram Hospital’s project status is unchanged even after a stake increase to 96.3%

Both the 1Q26 and 1H26 MD&As describe Nan-Ram Hospital in identical terms: a deferred project, with shareholders offered a voluntary share sale and further steps still to be decided. The same 1H26 filing’s key events table reports that, on 27 July 2026, the Board acknowledged the acquisition of a 34.7% stake in Nan-Ram Hospital, taking RAM’s combined shareholding to 96.3%. The project progress table has not been updated to reflect this.

The Ramkhamhaeng 3 Hospital dispute moves from litigation to a court order

The 1Q26 MD&A described the Ramkhamhaeng 3 Hospital land dispute as an active legal proceeding to terminate the lease agreement and recover the security deposit. The 1H26 MD&A reports that on 3 August 2026, the Court ordered the counterparty to pay RAM a security deposit of Bt62.83m and damages of Bt5.0m, with the case now pending the counterparty’s appeal.

Click here to read our latest report on RAM.

The numbers

Contract work drives a return to growth

SAMTEL is an ICT system integrator and telecom solution provider serving government agencies and state enterprises in Thailand and Cambodia. In 2Q26, total revenues rose 14.3% YoY to Bt1,149m, reversing 1Q26’s 10% YoY decline, as revenue from sales, contract work, services and rental rose 13.4% YoY to Bt1,124m. Other income also rose sharply, up 77% YoY to Bt25m, though it remains a small share of the total.

Cost ratio still rising, net profit nearly flat

Gross margin fell to 13.2% in 2Q26, down from 15.7% in 2Q25, as cost of sales, contract work, services and rental rose 16.8% YoY against revenue growth of 13.4%. EBITDA fell 14.7% YoY to Bt192m, even as finance costs fell 66% YoY to Bt4m. Net profit fell 2.1% YoY to Bt33m, a net margin of 2.8%, against 3.3% in 2Q25.

Liabilities ease further as cash position tightens

Total liabilities fell 1.5% to Bt2,813m from Bt2,857m at FY25, driven by lower accrued project costs. Cash and cash equivalents fell to Bt557m from Bt689m at the end of 1Q26, as net cash used in operating activities widened to Bt105m from Bt42m in 1Q26. The D/E ratio rose to 0.77x from 0.71x in 1Q26, while the current ratio eased to 1.79x from 1.82x.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, a couple of things stand out.

Contract work named as the swing factor behind both revenue and cost lines

The 1Q26 MD&A attributed both a 10.1% YoY revenue decline and an 8.0% YoY cost decline in the same combined line to “the decline in revenues from contract work” and a matching cost decrease. The 2Q26 MD&A attributes the reversal, a 13.4% revenue increase and 16.8% cost increase, to an increase in both. Contract work’s share of either line is not disclosed in either filing or is the reason for the swing.

Salaries and advertising named as SG&A drivers in 2Q26

The 1Q26 MD&A attributed a 1% YoY decline in selling, administrative and other expenses to a decrease in other expenses, without naming a specific cost category. The 2Q26 MD&A reports the same expense line up 8.5% YoY, now attributed to “increases in salaries and employee benefits and sales promotion and advertising expenses.” Neither salaries nor advertising costs are named in the 1Q26 filing.

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The numbers

E-commerce lifts a slowing top line

Rojukiss International is a Thai beauty and health company that sells skincare, cosmetics, and food supplements, primarily under the Rojukiss brand, across major Asian markets. In 2Q26, revenue rose 11.6% YoY to Bt299m, as e-commerce sales grew 347% YoY and modern trade rose 8%, while general trade and export sales declined from a year earlier.

Margins expand as selling costs climb

Gross margin rose to 59.7% in 2Q26 from 52.0% a year earlier, driven by a higher-margin sales mix and the clearance of discontinued-brand inventory. Selling expenses rose to 32.2% of sales from 28.8%, reflecting continued spending on marketing and e-commerce promotion. Administrative expenses eased to 12.5% of sales from 13.6%, aided by a lower expected credit loss provision. Net profit rose 40.0% YoY to Bt33m, a net margin of 10.9%.

Cash moves into short-term funds as liabilities grow

Total assets rose to Bt1,377m from Bt1,282m at FY25, as the company invested Bt100m in short-term financial assets and built inventory by Bt120m ahead of second-half launches, partly offset by a Bt73m decline in trade receivables and contract assets. Equity eased to Bt1,000m from Bt1,007m after an Bt88m dividend payment, partly offset by net profit.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, a couple of things stand out.

Selling expenses were guided to normalize; instead, the company now expects to keep raising them

The 1Q26 MD&A reported selling expenses at 29.9% of sales, up from 25.3% a year earlier, attributing the rise to front-loaded marketing to build sales momentum, and said this ratio was expected to normalize the next quarter. In 2Q26, selling expenses rose further to 32.2% of sales, and the MD&A now states that commercial investment will continue to rise to support long-term brand growth. Neither filing references the other’s guidance.

Sis2Sis, a named growth driver in 1Q26, is absent from 2Q26

The 1Q26 MD&A described a packaging relaunch of the Sis2Sis brand, effective from 4Q25, and reported that Sis2Sis sales grew 47% YoY in 1Q26. In 2Q26, Sis2Sis is not mentioned anywhere in the MD&A’s narrative; only the Rojukiss brand is discussed by name. The filing does not disclose whether the relaunch effect has faded or state Sis2Sis’s current contribution to revenue.

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The numbers

Revenue collapses as project handovers run their course

FLOYD is a mechanical, electrical, and plumbing (MEP) engineering, procurement, and construction contractor, including MEP work for data centers, in Thailand. In 2Q26, revenue fell 77.2% YoY to Bt44m, as most projects were executed and progressively handed over. Residential projects made up 38.8% of quarterly revenue, followed by data center work at 37.8%.

Margins hold up, but net profit falls sharply

Gross margin rose to 42.9% in 2Q26 from 19.0% in 2Q25, as cost of services fell 84.0% against a 77.2% drop in revenue. Administrative expenses rose 34.2% YoY to Bt17m, continuing a rise the company attributes to personnel costs shifting back from cost of services to head office. Net profit fell 84.7% YoY to Bt3m, a net margin of 7.4% against 11.0% in 2Q25.

Equity falls as a dividend outpaces first-half profit

Total liabilities fell 14.9% to Bt105m from Bt123m at FY25, due to reduced payables. Equity fell 5.1% to Bt511m, as a Bt44m dividend paid during the first half exceeded the Bt17m net profit generated over the same period.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, a few things stand out.

A Bt817m backlog is absent from the 1Q26 filing

The 2Q26 MD&A states that, as of June 30, 2026, the company holds ongoing projects with a total revenue backlog of Bt817m. The 1Q26 MD&A describes the company as bidding on projects across the same four customer groups but discloses no total backlog figure. Neither filing explains why the backlog total appears only in 2Q26, and the 1Q26 filing provides no earlier number for comparison.

The revenue decline deepens, but the explanation stays the same

The 1Q26 MD&A attributed a 52.3% YoY revenue decline to the fact that “most projects have been executed and progressively handed over.” The 2Q26 MD&A repeats identical language for a steeper 77.2% YoY decline. Both filings state that revenue reflects ongoing 2025 projects and new 2026 contracts, without disclosing how many new contracts have been secured this year.

Administrative expenses keep climbing on the same explanation

The 1Q26 MD&A attributed the 11.3% YoY rise in administrative expenses to personnel costs reallocated from the cost of services back to the head office, tied to the progressive handover of projects. The 2Q26 MD&A repeats this explanation word for word for a 34.2% YoY rise, even as quarterly revenue fell 77.2%. Neither filing addresses why staff costs continue to shift toward administration as revenue continues to shrink.

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The numbers

A modest revenue gain on faster production cycles

Chuwit Farm (2019) operates a contract broiler chicken farming business in Thailand, raising broilers under contract from eight farms in Buriram Province, alongside a smaller by-products line, mainly chicken manure. In 1Q26, revenue from contract broiler farming rose 4.3% YoY to Bt50m, as a shorter rest period between production cycles, averaging 30 days, lifted chick placement by 29.5% YoY, while by-product revenue fell 17.4% YoY to Bt1.0m.

Margins widen sharply as costs ease

Gross margin rose to 22.0% in 1Q26 from 16.9% in 1Q25, as costs and expenses of contract broiler farming fell to 78.0% from 83.1%, on lower repair and maintenance spending. Administrative expenses fell 8.8% YoY to Bt6.7m, reflecting the absence of public relations and advertising spending and a reduction in annual bonuses. Net profit rose 137% YoY to Bt1.8m, a net margin of 3.5% against 1.6% in 1Q25.

Liabilities ease on scheduled loan repayments

Total liabilities fell 5.0% to Bt163m from Bt172m at FY25, as scheduled repayments continued on long-term bank loans from financial institutions, extending a decline that had already cut liabilities 18.8% over FY25. Total assets eased 0.8% to Bt834m, mainly reflecting depreciation on property, plant and equipment. Shareholders’ equity rose to Bt670m from Bt669m, lifted by retained profit for the quarter.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

A border-area conflict named as a cost factor in FY25 does not appear in 1Q26

The FY25 MD&A named two developments alongside administrative expenses: a temporary suspension of poultry houses for operational efficiency, and additional expenses tied to security unrest related to border-area conflicts, without quantifying either. The 1Q26 MD&A does not mention either item; administrative expenses in 1Q26 are instead attributed to the absence of public relations and advertising spending and a reduction in annual bonuses. Neither filing states whether these issues were resolved.

By-product revenue decline traced to manure inventory held over from before 2025

The FY25 MD&A explained a 64.3% full-year drop in by-product revenue to Bt2.8m with three general factors: shorter farming cycles, a lower unit price, and fewer industrial customers, with no mention of carried-over inventory. In 1Q26, by-product revenue fell 17.4% YoY to Bt1.0m, which the MD&A ties to a Bt0.12 per kilogram price decline from disposing of 4,760 tons of chicken manure inventory carried over from before 2025.

A Bt3.6m impairment swing recorded in FY25 does not appear as a line in 1Q26

The FY25 MD&A recorded a Bt3.6m loss on impairment of financial assets for the year, a swing from a Bt0.2m reversal in FY24. No narrative sentence in the filing addressed this item beyond the summary table. The 1Q26 MD&A’s income statement carries no impairment of financial assets line. Separately, 1Q26 introduces a new operating-level line, loss on measurement of by-product inventory held for sale, that does not appear in the FY25 table.

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The numbers

Printing and platform segments lift revenue

TKS Technologies is a Thai holding company investing in digital technology and security solutions, organized around four business lines: Image and Security Fulfillment, Platform Solution, IT and Digital Ecosystem, and Investment, including a 39% stake in Synnex (Thailand). In 1Q26, revenue rose 9.0% YoY to Bt414m, driven by special projects in the printing business and the packaging and labeling segment, while platform technology continued to grow.

Synnex profit share drives net profit higher

Gross margin improved to 38.9% in 1Q26 from 35.2% in 1Q25, aided by higher-margin special projects in the printing segment. EBIT rose 31.3% YoY to Bt90m. Net profit rose 100.8% YoY to Bt152m, a net margin of 36.6% against 19.9% in 1Q25, lifted by a 194.0% jump in profit sharing from associates to Bt85m, primarily driven by the share of profit from Synnex (Thailand) in the quarter.

Buyback program steps up alongside equity growth

Total shareholders’ equity rose 2.0% to Bt3,518m from Bt3,451m at FY25, with the debt-to-equity ratio steady at 0.27x. During the quarter, the company repurchased 13.89 million shares, or 2.73% of paid-up shares, for a total value of Bt86m under its Treasury Stock program, and total liabilities rose 2.3% to Bt955m.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

Buybacks already exceed FY25, but the cash hasn’t followed

The FY25 MD&A disclosed 7.79 million shares repurchased for Bt46m during 2025, matching the Bt46m cash outflow in the FY25 cash flow statement. The 1Q26 MD&A discloses 13.89 million shares for a stated repurchase value of Bt86m, already exceeding the full FY25 total, yet the cash flow statement records only Bt40m in cash payments for stock repurchases during the quarter.

Income tax increase attributed to a decrease in profit

The FY25 MD&A explained a 26.0% YoY fall in 4Q25 income tax as due to a decrease in operating profits, consistent with EBIT falling 32.0% YoY. The 1Q26 MD&A repeats this language for a 34.9% YoY rise in income tax, again citing a decrease in operating profits, while the same paragraph attributes the QoQ rise in income tax to an increase in operating profits. EBIT rose 31.3% YoY to Bt90m.

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The numbers

Subsidiaries outpace the parent

NDR is a Chonburi-based manufacturer and distributor of motorcycle tires, inner tubes, and industrial rubber parts for the automotive industry. In 1Q26, consolidated revenue rose 11.9% YoY to Bt259m, well ahead of the 5.4% YoY rise reported in the separate, parent-only financial statements, pointing to faster growth outside the parent company itself.

Margins expand sharply, net profit surges

Gross margin rose to 22.2% in 1Q26, up from 18.6% in 1Q25, driven by a shift toward higher-margin products and expanding international market share. Administrative expenses rose 13.2% YoY to Bt28m but fell 17.5% QoQ, a decline the MD&A attributes to a one-off obsolete stock write-off at a Malaysian subsidiary booked in 4Q25. Net profit rose 175.2% YoY to Bt12m, a net margin of 4.6%.

Machinery investment drives assets and liabilities higher

Total assets rose 7.6% YoY to Bt1,298m, driven by a 13.3% YoY increase in fixed assets to Bt784m tied to new machinery investment. Total liabilities rose 19.6% YoY to Bt306m, driven by higher current liabilities linked to working capital and trade payables tied to investment and business expansion.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

A Middle East risk factor absent from the FY25 filing

The FY25 MD&A’s Management Outlook names four risk factors: raw material costs, an economic slowdown, labor costs, and Thai Baht fluctuations. None mention the Middle East. The 1Q26 MD&A raises the Middle East conflict repeatedly, as a factor in rising energy and raw material prices, a supply chain risk, and an unresolved item still being monitored. Neither filing quantifies the potential cost impact.

An electronics subsidiary named for the first time

The FY25 MD&A attributed 2025’s growth in non-current assets to ongoing capital expenditure in machinery to enhance production efficiency, without naming which business unit received the investment. The 1Q26 MD&A attributes the same asset growth specifically to “additional capital investment in machinery within our electronics subsidiary,” the first appearance of this entity in either filing. Neither filing elaborates on what this subsidiary produces.

https://qr.astotz.com/TOP37_NDR_2Q26_EN

The numbers

Warehouse revenue outpaces the terminal business

Namyong Terminal is a port operator specializing in Roll-on/Roll-off (Ro-Ro) terminal handling and storage for imported and exported motor vehicles at Laem Chabang, alongside a warehouse leasing business. In 1Q26, total revenue rose 10.9% YoY to Bt476m, with warehouse revenue up 13.9% to Bt138m, outpacing 6.0% growth in terminal services to Bt317m, even as total throughput held broadly flat at 216,961 units, down 0.1% YoY.

Net profit climbs faster than revenue

Net profit attributable to equity holders rose 32.2% YoY to Bt124m, a net margin of 26.0% against 21.8% in 1Q25. Cost of services rose 3.2% YoY, in line with terminal revenue growth, while cost of rental rose 13.9% YoY on higher depreciation from the new warehouse project.

A legal settlement reshapes the balance sheet

Total assets fell 0.6% to Bt6,959m. The main driver was a Bt284m fall in trade and other receivables, following the Group’s receipt of full payment under the Supreme Court’s judgment against the Bangkok Metropolitan Administration. Proceeds were redirected into short-term financial assets, up Bt306m, and continued construction of the new warehouse.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

The A5 terminal concession expired with no new operator named

The FY25 MD&A makes no mention of the A5 terminal, its concession, or the Port Authority of Thailand (PAT). The 1Q26 MD&A discloses that the concession expired on 30 April 2026, that PAT has not yet started a bidding process for a new operator, and that the Company is temporarily continuing operations while working toward a resolution with PAT. Neither the extension’s duration nor its terms are disclosed.

The joint venture investment reaches zero, and the associate turns negative

The FY25 MD&A attributed a widening joint venture loss, up to Bt35.3m from Bt12.5m, to the venture’s early-stage operating losses, without disclosing that the investment had been written down to zero. The 1Q26 MD&A confirms no further loss was recognized in the quarter for that reason. The Group’s associate, also flagged in FY25 as declining on lower throughput, swung from a Bt9.5m profit in 1Q25 to a Bt0.3m loss in 1Q26.

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The numbers

Offshore Service drag outweighs a Shipping rebound

Thoresen Thai Agencies is a Thai investment holding company operating across five segments: Shipping, Offshore Service, Agrochemical, Food & Beverage, and Other Investments. In 1Q26, total revenue fell 16.6% YoY to Bt6,087m, as a 34.8% YoY decline in Offshore Service revenue, following the completion of a decommissioning project in the Gulf of Thailand, outweighed a 15.6% YoY rise in Shipping revenue.

Margins improve, but a digital asset windfall disappears

Gross margin rose to 18.8% in 1Q26 from 13.9% in 1Q25, though it eased from 21.6% in 4Q25, as improved per-day margins in the Shipping segment offset the steep decline in Offshore Service revenue. Net profit to TTA fell 76.4% YoY to Bt201m, a net margin of 3.3%, as other income fell 93% YoY to Bt101m on the absence of digital asset disposal gains recorded in both 1Q25 and 4Q25.

A stake in a Canadian oil company lifts total assets

Total assets rose 8.5% to Bt53,370m, driven mainly by a 67.5% increase in other non-current financial assets to Bt6,600m, reflecting mark-to-market gains on TTA’s equity stake in Valeura Energy Inc., a Canada-incorporated upstream oil company, alongside a 14.1% rise in cash and cash equivalents to Bt9,006m. Digital assets fell 4.5% to Bt5,651m on mark-to-market impairment.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

The Bt578.5m related-party and associate impairment has no update in 1Q26

The FY25 MD&A disclosed net non-recurring losses to TTA of Bt578.5m for 2025, primarily impairment losses of Bt342.5m on loans to related parties following a reassessment of borrowers’ financial condition, and Bt262.2m on investments in associates and joint ventures. Management stated it would continue to monitor and reassess values. The 1Q26 MD&A does not reference these loans, associates, joint ventures, or any update on the borrowers involved.

Digital asset losses are booked even as the portfolio’s market value stays above cost

The FY25 MD&A discussed digital assets only in terms of portfolio restructuring and Bt2,000.5m of disposal gains for the year. The 1Q26 MD&A discloses Bt213.9m of non-cash digital asset impairment losses, absent from the FY25 filing, explaining that losses are recognized item by item when cost exceeds market value, while unrealized gains cannot be recognized until disposal, even though the portfolio’s aggregate market value remains above its carrying amount.

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The numbers

Selling prices, not volumes, pull revenue lower

BGC is a leading Thai producer of glass packaging and total packaging solutions, supplying containers to major beverage brands from its Pathum Thani plant, alongside other packaging and trading businesses. In 1Q26, total revenue fell 4.9% YoY to Bt3,569m, as glass packaging revenue, 81.3% of the total, fell 4.3% YoY to Bt2,903m on lower selling prices tied to raw material and energy costs, even as sales volume grew.

Gross margin improves, but net profit falls 38.4%

Gross margin rose to 16.1% in 1Q26 from 15.7% in 1Q25, supported by lower raw material and energy costs, even as selling and administrative expenses rose 15.3% YoY to Bt452m on higher depreciation from production lines that ceased operations. Net profit fell 38.4% YoY to Bt53m, a net margin of 1.5% against 2.3% in 1Q25.

Deleveraging outpaces the quarter’s operating cash flow

Total liabilities fell 10.3% to Bt11,314m from Bt12,615m at end-FY25, driven by a Bt1,390m reduction in interest-bearing debt. Financing activities, including Bt1,387m in net loan repayments, Bt48m in dividend payments and Bt49m in share repurchases, used Bt1,413m during the quarter, more than the Bt904m generated from operations; cash and cash equivalents fell to Bt97m from Bt809m as a result. Shareholders’ equity was little changed at Bt5,761m.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

A Bt789m move into aluminum cans, with no precedent in FY25

On 28 April 2026, BGC’s AGM approved a 25.90% stake purchase in Bangkok Can Manufacturing Co., Ltd. (BCM), an aluminum can producer, from Toyo Seikan Co., Ltd. Combined with an existing 5.00% holding, total interest in BCM rose to 30.90%, for a consideration of approximately Bt789m, fully paid on 30 April 2026. FY25’s “Strategic Portfolio Restructuring” section covered a Prime Packaging buy-in and a Swan Industries stake sale but made no mention of BCM.

The Normalized EBT metric used to soften FY25’s profit miss is absent from 1Q26

FY25 net profit fell 66% YoY to Bt88m, a decline the MD&A partly attributed to Bt184m in one-time restructuring costs from halting production lines. Excluding these, the filing stated that a Normalized EBT of approximately Bt231m would remain resilient. In 1Q26, net profit also fell sharply, down 38.4% YoY, but the MD&A presents no normalized or adjusted profit figure, nor does it identify any one-off items in the quarter.

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The numbers

Raw water declines, tap and industrial water pick up the slack

East Water is Thailand’s largest raw water supplier, also providing tap water and industrial water services through a 553km pipeline network across the Eastern Economic Corridor. In 1Q26, total revenue was little changed at Bt918m, down 0.3% YoY. Raw water revenue fell 10.2% to Bt374m amid intensifying competition, offset by tap water revenue up 3.4% to Bt400m and industrial water revenue up 39.8% to Bt82m.

Cost cuts drive a sharp margin recovery

Gross margin rose to 33.4% in 1Q26 from 25.6% in 1Q25, as cost of sales and services fell 10.7% against roughly flat revenue, driven mainly by lower raw water costs (down 24.5%) following efficiency gains in pipeline and pumping operations. Net profit surged 597% YoY to Bt62m, a net margin of 6.8% against 1.0% in 1Q25.

Leverage eases as finance costs fall

Total assets and liabilities were little changed in the quarter. The debt-to-equity ratio eased to 1.40x from 1.59x a year earlier, and the Debt Service Coverage Ratio improved to 0.55x from 0.39x, as finance costs fell 13.7% YoY on the repayment of debt that matured in 2025. Two lawsuits disclosed in the FY25 filing, together valued at Bt131m, remain open and unchanged in value.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

The company’s response to a lawsuit appeal arrives a month after the stated deadline

The FY25 MD&A disclosed that a private company’s appeal in a defalcation case, relating to disconnected water pipelines at Map Ta Phut, had been filed with the court, and stated the Company was entitled to submit its response by 10 March 2026. The 1Q26 MD&A reports that the Company filed its response on 8 April 2026, nearly a month after that stated deadline, with no explanation for the gap.

The rainfall outlook reverses from abundant to below-average

The FY25 MD&A attributed 2025’s weak raw water sales partly to abundant rainfall, which let industrial and consumer customers draw on surface or local water instead of buying from the Company, and described the ENSO cycle as being in a La Niña state. The 1Q26 MD&A reports that La Niña has ended, with a 60-62% chance of El Niño by June-August 2026 and below-normal rainfall expected in late Q3-Q4 2026.

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The numbers

EPC surge offsets flat consulting revenue

TEAMG is a Thai engineering consultancy providing project management, study, and design services for national infrastructure, alongside a Related Business segment offering Engineering, Procurement, and Construction (EPC) services. In 1Q26, total revenue rose 25.8% YoY to Bt631m, entirely driven by Related Business/EPC revenue, which surged 108.1% to Bt258m and reached 40.9% of the total. Engineering consulting revenue was little changed, down 1.1% YoY to Bt373m.

Higher-cost EPC mix pressures gross margin

Gross margin fell to 23.7% in 1Q26 from 28.2% in 1Q25, as cost of services rose 33.6% against revenue growth of 25.8%. The MD&A attributes the compression to the Related Business/EPC segment’s higher cost structure relative to engineering consulting. Net profit rose 6.2% YoY to Bt50m, a net margin of 8.0% against 9.5% in 1Q25.

Trade payables rise on advance price-locking for EPC materials

Total liabilities rose 6.3% to Bt2,324m from Bt2,187m at FY25, driven by higher trade payables as the company accelerated purchases and locked in prices for materials and equipment to support the EPC expansion and hedge against price volatility. The debt-to-equity ratio rose to 1.6x from 1.27x a year earlier. Backlog reached a record Bt6,057m at 31 March 2026.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

The backlog growth calculation uses a different year-end 2025 figure than the FY25 filing itself

The FY25 MD&A states that backlog stood at Bt5,395m as of 31 December 2025, up Bt713m from Bt4,682m a year earlier. The 1Q26 MD&A reports backlog reaching a record Bt6,057m at 31 March 2026, and calculates the quarter’s growth against a stated year-end 2025 base of Bt5,800m, a Bt257m increase. The Bt405m gap between the two filings’ stated year-end 2025 backlog figures is not addressed in either document.

Government-driven growth strategy language does not reappear in 1Q26

The FY25 MD&A devoted a dedicated section to revenue growth by client segment, headlined “Government-Driven Growth Strategy,” disclosing that government-sector revenue rose 47% and private-sector revenue rose 16% during the year. The 1Q26 MD&A breaks revenue down by service type, engineering consulting versus Related Business/EPC, rather than by client, and gives no government or private-sector revenue growth figure for the quarter.

Joint venture and associate income swings from loss to profit, unexplained

In 1Q25, the Company’s share of profit from joint ventures and associates was a loss of Bt0.44m. In 1Q26, the same line reversed to a profit of Bt0.76m. For full-year FY25, this line was a loss of Bt3.66m, widening from a profit of Bt1.41m in FY24. Neither filing names the joint venture or associate involved, nor explains the reversal.

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The numbers

Steady growth as OEM offsets softer modern trade and labels

Salee Industry manufactures plastic parts for OEM customers and modern trade retailers through subsidiary PST, and self-adhesive labels through subsidiary SLP. In 1Q26, total revenue rose 4.5% YoY to Bt371m, as OEM plastic parts grew 28% YoY to Bt114m (30.7% of group revenue), offsetting a 5% YoY decline in modern trade to Bt109m and a 1% YoY dip in labels to Bt155m, as SLP continued expanding its customer base.

Margins edge up, net profit climbs on operating leverage

Gross margin rose to 25.3% in 1Q26 from 25.1% in 1Q25, as fixed elements within cost of sales did not scale with OEM’s higher sales turnover. Selling and administrative expenses held flat at Bt72m, easing to 19.4% of sales from 20.3%. Corporate income tax rose to Bt7.2m from Bt5.9m as pretax profit increased. Net profit rose 41.0% YoY to Bt14.6m, a net margin of 3.9%.

Liquidity builds as deposits and receivables both rise

Total assets rose 0.6% to Bt1,821m, as fixed deposits and short-term investments increased alongside a modest rise in accounts receivable. Capital expenditure was Bt11m in the quarter, funded from internal funds, for new machines to expand capacity and replace older equipment. Total debts fell 2.9% to Bt267m as account payables were paid down, easing the D/E ratio to 0.17x from 0.18x, while the current ratio strengthened to 4.99x from 4.63x.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

Domestic purchasing power turns from tailwind to headwind for modern trade in one quarter

The FY25 MD&A attributed a 12% YoY rise in PST’s modern trade revenue, to Bt443m, to improving domestic purchasing power. The 1Q26 MD&A attributes a 5% YoY decline in the same segment, to Bt109m, to domestic purchasing power that “remained weak from overall economic slowdown.” Both filings also cite new product launches, framed in FY25 as a growth contributor and in 1Q26 as an attempt to catch up to demand.

Middle East conflict named as a new risk factor for the first time in 1Q26

The FY25 MD&A’s factors section covered raw material and technology adequacy, input cost inflation, and current obligations, with no reference to the Middle East. The 1Q26 MD&A adds a new factor: the conflict began affecting the Group near the end of 1Q26, driving higher oil prices and plastic resin shortages that raised production and transportation costs. The Group says it is building inventory and consolidating deliveries to offset the impact.

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The numbers

A modest top line as segments diverge

MBK operates shopping centers, hotels, golf courses, real estate, food solution (rice), finance, and auction businesses across Thailand. In 1Q26, total revenue rose 0.6% YoY to Bt3,165m, with finance revenue up 17.3% and golf revenue up 22.2% (Bt26m of which came from a newly consolidated golf subsidiary), while food solution revenue fell 22.1% on lower rice sales and real estate revenue fell 14.4%.

Operating margin widens, but not everywhere

Operating profit rose 8.2% YoY to Bt855m, an operating margin of 27.0% against 25.1% in 1Q25, with finance posting the largest operating profit increase among segments, up 62.5% to Bt286m; within finance, secured lending revenue rose 33%, including Bt44m in gains from non-performing asset sales. Net profit rose 24.6% YoY to Bt1,211m, a net margin of 38.3%.

A golf subsidiary consolidation reshapes the balance sheet

Total assets rose 0.5% to Bt67,377m, largely reflecting the reclassification of Lam Luk Ka Golf and Country Club from an associate to a subsidiary after the Group’s stake reached 50.16% on 31 January 2026, adding Bt992m to property, plant and equipment. Total liabilities fell 4.2% to Bt36,962m, driven by the redemption of Bt1,000m in debentures that matured in February 2026 and a Bt617m reduction in short-term borrowings.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

Middle East conflict named as an active risk factor

The FY25 MD&A’s economic overview referred only generally to “geopolitical factors and conflicts in several areas,” without naming a region. The 1Q26 MD&A reports that conflict in the Middle East, emerging on 28 February 2026, raised global crude oil prices, cut travel demand from Middle Eastern visitors, and drove a roughly 3% fall in shopping center visitor numbers in March 2026 versus the previous month. Management assesses the near-term impact as unlikely to be material.

A Bt400m education campus commitment does not appear in 1Q26

The FY25 MD&A disclosed signed land purchase agreements and 30-year land leases with two international educational institutions in Phuket and Pathum Thani, worth more than Bt400m combined, with land transfer and rental income recognition due to begin in 2026 and classes expected from 2027. The 1Q26 MD&A’s real estate discussion covers residential transfers and backlog but does not reference either project.

Shopping center margin falls even as the impairment story stands

The FY25 MD&A recorded a Bt207m impairment allowance on shopping center buildings, stating that the reduced asset base would lower future depreciation, improve profit margin, and better reflect real operating performance. In 1Q26, shopping center revenue rose 3.3% YoY to Bt981m, while segment operating profit fell 5.4% to Bt295m, with the margin declining to 30.1% from 32.8%. Neither the impairment nor the segment’s lower operating profit is explained in 1Q26.

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The numbers

CLM and Thailand both pull revenue lower

Vintcom Technology distributes enterprise software and delivers IT solutions, including cybersecurity services, across Thailand and the CLM countries (Cambodia, Laos, and Myanmar). In 1Q26, revenue fell 14.3% YoY to Bt562m, as lower revenue from large-scale projects hit both Thailand (down 10.4%) and the CLM countries (down 27.9%).

Margins hold up as impairment reverses

Gross margin improved to 20.4% in 1Q26 from 19.2% in 1Q25, even as revenue declined. Net profit was aided by a swing in impairment items, from a Bt8m loss in 1Q25 to a Bt1m gain in 1Q26, alongside a 4.8% YoY fall in administrative expenses. Net profit rose 7.6% YoY to Bt36m, a net margin of 6.4% against 5.1% in 1Q25.

Short-term borrowings fall as receivables shrink

Total assets rose 5.3% to Bt1,563m. Trade and other receivables fell Bt75m during the quarter, while short-term borrowings from financial institutions fell Bt55m, even as trade and other payables rose Bt56m.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

CLM revenue reverses; the Cambodia investment story is not revisited

The FY25 MD&A attributed 29.7% YoY growth in CLM (Cambodia, Laos, and Myanmar) revenue to a resumption of investment by financial institutions in Cambodia. In 1Q26, CLM revenue fell 27.9% YoY. The 1Q26 MD&A attributes the overall revenue decline to lower contributions from large-scale projects in domestic and overseas markets, without revisiting the financial institution investment theme named as the driver of CLM’s growth a year earlier.

Cybersecurity’s share of revenue is disclosed in 1Q26; the absolute-growth reassurance is not

The FY25 MD&A disclosed that cybersecurity products and services fell as a share of total revenue, from 50.8% to 46.8%, but added that the segment still grew in absolute value, up 14.7% YoY. The 1Q26 MD&A discloses that cybersecurity products and services accounted for 35% of total revenue in the quarter but does not state whether cybersecurity revenue grew or fell in absolute terms, the qualifying detail the FY25 filing provided.

Contract assets named as a principal asset, but the movement is not quantified

The FY25 MD&A disclosed that contract assets increased by Bt85m during the year, alongside a Bt15m decrease in right-of-use assets. The 1Q26 MD&A names trade and other receivables, cash and cash equivalents, and contract assets as the group’s principal assets, but quantifies changes only in receivables, cash, and the associate investment. Goodwill is restated at the same Bt210m figure as in FY25. No figure is given for the change in contract assets during the quarter.

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The numbers

New segments offset a softer core business

PRTR provides outsourcing services, recruitment, corporate training (The Blacksmith), and an HR technology platform (Pinno), primarily to clients in Thailand. In 1Q26, total revenue fell 0.6% YoY to Bt1,874m, as a 1.0% decline in Outsourcing, which still accounted for 95.8% of total revenue, was largely offset by Training revenue up 80.3% and Recruitment revenue up 3.6%.

Gross margin improves as net profit edges down

Gross margin rose to 9.2% in 1Q26 from 8.7% in 1Q25, driven by a favorable mix shift toward the higher-margin Recruitment and Training businesses, while the HRIS platform’s gross margin fell to 24.7% from 33.0%. Administrative expenses rose 10.8% YoY to Bt111m, mainly reflecting the consolidation of Biz Resource Co., Ltd. since Q3 2025. Net profit fell 1.8% YoY to Bt54m, a net margin of 2.9%.

Cash falls as a one-off prior-year tax refund does not repeat

Total assets rose 1.6% to Bt2,457m. Cash fell Bt49m to Bt487m during the quarter, as operating cash flow reversed to a Bt41m outflow from a Bt117m inflow in 1Q25, a difference the MD&A attributes to a Bt140m tax refund received in the prior-year quarter that did not repeat.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

Recruitment: named as the drag in FY25, the driver in 1Q26

The FY25 MD&A attributed the year’s gross margin decline to “the reduced contribution from the high-margin Recruitment business,” after full-year Recruitment revenue fell 20.0% to Bt193m, with quarterly revenue as low as Bt38m in 4Q25. In 1Q26, Recruitment revenue rose 3.6% YoY to Bt55m, its gross margin improved to 56.4% from 51.8%, and the MD&A now credits Recruitment for driving the quarter’s gross margin gain to 9.2%.

The Pinno user count is not updated in 1Q26

The FY25 MD&A disclosed that the Pinno HR platform had 51,461 users as of December 31, 2025, up from 19,945 a year earlier, citing this as evidence of strong market acceptance. The 1Q26 MD&A reports HRIS revenue down 3.0% YoY to Bt9.7m and gross margin falling to 24.7% from 33.0%, but does not provide an updated user count, stating only that the platform “continues to expand its user base.”

U.S. tariffs named as a risk for the first time in 1Q26

The FY25 MD&A’s outlook listed competition in the recruitment industry, rising labor costs, and overall economic uncertainty as the risk factors management was monitoring, with no mention of trade tariffs. The 1Q26 MD&A adds a new item to the same list: potential effects from U.S. import tariff measures on customer industries, alongside the risks carried over from FY25.

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The numbers

Service revenue slips as hotel bookings pull back

Readyplanet provides an All-in-One Sales and Marketing Platform for Thai businesses, covering website creation, online advertising, and CRM, as well as a Hotel Direct Booking Platform for the tourism sector. In 1Q26, service revenue fell 0.7% YoY to Bt51m, as the All-in-One platform grew 0.8% to Bt45m while the Hotel Direct Booking Platform fell 11.2% to Bt6m on softer travel demand.

Associate swings to a loss, pulling margins and profit down

Gross margin fell to 65.6% in 1Q26 from 69.0% in 1Q25, as higher costs of services and a decline in Hotel Direct Booking Platform revenue weighed on the mix. The Group recognized a Bt1m share of loss from its associate, YDM (Thailand), against a Bt19m gain in 4Q25 that included a one-time bargain purchase gain on acquisition. Net profit fell 39.0% YoY to Bt6m, a net margin of 12.3% against 20.1% in 1Q25.

Cash moves into fixed deposits as total liquidity rises

Total assets rose to Bt418m from Bt405m at FY25. Cash and cash equivalents fell Bt24m as the company shifted funds into fixed deposits maturing beyond three months, adding Bt34m to other current financial assets; combined, cash and fixed deposits rose Bt9m during the quarter. Total liabilities rose to Bt174m from Bt167m, and the company continues to carry no interest-bearing debt with financial institutions.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

Middle East instability is named for the first time in 1Q26

The FY25 MD&A makes no reference to the Middle East. The 1Q26 MD&A reports that escalating instability in the Middle East in March 2026 drove up domestic energy prices, prompting customers to delay purchasing decisions; new Monthly Recurring Revenue for the quarter came in below the record reached in 4Q25. The MD&A separately attributes the associate’s Bt1m share of loss to broader geopolitical headwinds and global economic volatility, without naming the Middle East specifically in that passage.

The adjusted net profit metric used throughout FY25 does not appear in 1Q26

The FY25 MD&A used the same approach in both its annual and 4Q25 sections: net profit and margin were also given, excluding one-time and incremental costs, at Bt41m and 20.3% for the year, and Bt10m and 18.9% for 4Q25. The 1Q26 MD&A cites a Bt0.7m one-time expense but gives no equivalent adjusted net profit or margin for the quarter.

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The numbers

Customer non-renewals pull revenue lower

ATP30 provides employee shuttle transportation services to industrial plants, primarily across Thailand’s Eastern Seaboard, alongside a growing electric vehicle (EV) transportation and EV charging station business. In 1Q26, revenue fell 3.7% YoY to Bt195m, as certain customers did not renew service contracts upon expiration. The company signed additional contracts for 8 EVs under a 5-year agreement during the quarter, with revenue recognition expected to begin in 2Q26.

Fuel costs outpace the revenue decline, margins and net profit fall

Gross margin fell to 20.0% in 1Q26 from 21.9% in 1Q25, as cost of service declined only 1.3% against the 3.7% revenue drop. The MD&A attributes the gap to higher diesel fuel prices and preparation costs for EV operations due to start in 2Q26. Net profit fell 36.6% YoY to Bt10m, a net margin of 5.0% against 7.5% in 1Q25.

D/E ratio reverses course as vehicle investment resumes

Total assets rose 2.7% YoY to Bt1,301m as of March 31, 2026, driven by additional vehicle investment and preparation for the 2025 annual dividend payment. The D/E ratio rose to 1.29x, up from 1.12x at FY25, reversing the deleveraging trend the FY25 MD&A had highlighted as a structural improvement.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

The DSCR outlook target does not appear in 1Q26, as D/E worsens

The FY25 MD&A devoted a dedicated section, “Cash Flow: Passing the Trough and Entering Recovery Phase,” to the company’s improving debt service coverage ratio (DSCR), which rose to 1.08x from 0.98x during 2025. The 2026 outlook section set an explicit target of maintaining EBITDA margins sufficient to support a DSCR consistently above 1.0x. The 1Q26 MD&A contains no cash flow discussion and does not report a DSCR figure. The one leverage metric it does disclose, the D/E ratio, rose to 1.29x from 1.12x at FY25, while EBITDA fell 11.7% YoY to Bt43m.

Fleet categories are redrawn; backlog and client count are not in the FY25 MD&A

The FY25 MD&A described the fleet as 747 vehicles at year-end: 328 diesel buses and minibuses, 388 diesel vans, 2 rental pickup trucks, and 29 electric buses. The 1Q26 MD&A uses a different structure: 818 buses and vans, including 60 affiliated vehicles, comprising 758 company-owned vehicles, of which 720 are internal combustion engine vehicles, and 38 are electric vehicles. The two breakdowns are not directly comparable. The 1Q26 filing also states that the company serves 62 clients with a total backlog of approximately Bt1,520m; neither figure appears in the FY25 MD&A.

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The numbers

Both patient segments soften

Sikarin is a private hospital operator in Thailand, running hospitals in Bangkok, Samut Prakan, and Hatyai. In 1Q26, total revenue fell 8.3% YoY to Bt1,404m, as revenue from Social Security Scheme patients fell 15.0% on fewer complex, high-cost surgical cases, and general patient service revenue fell 4.0%.

Costs hold firmer than revenue, margins compress

Gross margin fell to 27.0% in 1Q26 from 30.9% in 1Q25, as revenue declined faster than costs could adjust; the cost of medical treatment stood at 73.0% of medical service revenue in 1Q26. Selling and administrative expenses rose 3.8% YoY on higher building and facility repair costs. Net profit fell 39.3% to Bt125m, a net margin of 8.9% against 13.5% in 1Q25.

Equity builds on retained earnings

Total assets rose 1.2% to Bt9,671m, with current assets up 4.9%. Total shareholder equity rose 1.5% to Bt8,023m from Bt7,907m at FY25, broadly in line with net profit earned during the quarter.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a couple of things stand out.

A Bt162m buyback, completed with a resale decision still open, is not mentioned in 1Q26

The FY25 MD&A tracked a share repurchase program through 2025: approved in Q1 with a budget of up to Bt700m and up to 87,500,000 shares (4.3% of issued shares), and completed in Q3, when the Company repurchased 23,000,000 shares (1.1% of issued shares) for Bt162m. Regulations allow resale of the shares between six months and three years after completion, with unsold shares to be canceled once that window lapses. The 1Q26 MD&A’s summary of important events does not reference the buyback, the treasury shares, or any resale plan.

A 2050 Net Zero target appears in 1Q26; FY25 referenced only a 2027 goal

The FY25 MD&A’s sustainability section discussed a company greenhouse gas reduction target for 2027, tied to an electric vehicle charging expansion, alongside its SET ESG Ratings and corporate governance scores. It made no mention of a company-wide Net Zero target. The 1Q26 MD&A discloses that, following Thailand’s updated Nationally Determined Contribution submitted at COP30 in November 2025 advancing the national Net Zero target to 2050, the Company has revised its own Net Zero plan and targets to align with the national objective. Neither filing quantifies the Company’s Net Zero pathway or interim milestones.

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