The numbers

Strongest first quarter on record

Bound and Beyond owns and operates two ultra-luxury hotels in Bangkok: Four Seasons Hotel Bangkok at Chao Phraya River and Capella Bangkok. In 1Q26, total revenue rose 14.3% YoY to Bt1,049m, driven by a 17% YoY increase in RevPAR and a 13% YoY rise in food and beverage revenue. The company described 1Q26 as its strongest first-quarter performance to date.

Margins expanding, finance costs falling

Gross margin rose to 46.8% in 1Q26 from 42.6% in 1Q25, as hotel operating costs grew at 5.9% against revenue growth of 14.2%. Finance costs fell 17.8% YoY to Bt81m, reflecting partial loan repayments during the quarter. Net profit doubled to Bt110m, a net margin of 10.6% against 6.1% in 1Q25.

Debt declining, buyback absorbing equity gains

Total liabilities fell 2.7% to Bt6,571m from Bt6,755m 4Q25, with the debt-to-equity ratio easing to 0.80x from 0.82x. Equity rose to Bt6,506m, with net profit of Bt110m partially offset by Bt55m in treasury stock purchases during the quarter.

What the numbers don’t show

Comparing the 4Q25 MD&A alongside 1Q26, a couple of things stand out.

The tourism forecast has been revised down; the revenue target has not

In the FY25 MD&A, the company set a revenue target of approximately Bt3,600m for 2026, representing 10% growth over FY25, citing the Tourism Authority of Thailand’s forecast of 36.7 million international arrivals. The 1Q26 MD&A reports that TAT has since revised its arrival forecast down to 30–34 million visitors, citing the situation in the Middle East, elevated oil price volatility, and weakness in certain European markets that route through the region. The company expresses continued confidence in its performance outlook, but the Bt3,600m target stated in the FY25 filing does not appear in 1Q26.

Three ventures named in FY25; two named in 1Q26

The FY25 MD&A stated that the company had established three additional subsidiaries and joint ventures, both domestically and internationally, to support long-term growth. The 1Q26 MD&A announces two overseas lifestyle F&B ventures launched during the quarter: Zephyr in Monaco and Jul’s in London. The 1Q26 filing does not identify a third venture, describe its nature, or indicate whether the full set of three disclosed in the prior filing has been established.

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The numbers

Contract work pulls the top line lower

SAMTEL is an ICT system integrator and telecom solution provider serving government agencies and state enterprises in Thailand and Cambodia. In 1Q26, total revenues fell 10% YoY to Bt1,209m, with the MD&A attributing the entire decline to lower contract work revenues. The 4Q25 annual filing noted that 91.9% of full-year 2025 revenue came from government and state enterprise clients.

Cost ratio up, margins lower, net profit sharply down

Gross margin fell to 12.4% in 1Q26, down from 14.4% in 1Q25, as the cost ratio on sales, contract work, services, and rental rose to 88% of revenues from 86%. SG&A expenses were broadly flat at Bt122m. Finance costs fell 46% YoY to Bt4m, reflecting lower short-term borrowings. Net profit fell 57% YoY to Bt23m, a net margin of 1.9%.

Cash down, liabilities falling faster

Total liabilities fell 9% to Bt2,596m, driven by lower short-term bank loans and reduced trade payables. The D/E ratio eased to 0.71x from 0.79x at year-end 2025. Cash and cash equivalents fell to Bt689m from Bt904m at the end of 4Q25, with the company reporting net cash used in operating, investing, and financing activities during the quarter.

What the numbers don’t show

Comparing the 4Q25 MD&A alongside 1Q26, a couple of things stand out.

The litigation provision: booked in 4Q25, not mentioned in 1Q26

The 4Q25 MD&A named a single item as the primary reason SG&A rose 30.5% in FY25: a Bt126m provision for non-current liabilities arising from litigation with a state enterprise. Provisions of this size are typically recognized once and do not require re-disclosure each quarter. The 1Q26 MD&A nonetheless provides no update on the underlying dispute, its current status, or whether the matter has progressed or been resolved.

Contract work: named in both directions, never broken down

The 4Q25 MD&A attributed FY25’s 28.7% revenue rise to “growth in revenues from sales and contract work.” The 1Q26 MD&A attributes the 10% YoY revenue decline to “the decline in revenues from contract work,” with sales no longer named as a driver. Both filings identify contract work as the primary explanatory variable, and neither discloses contract work as a share of total revenues nor provides any commentary on project backlog or pipeline.

Click here to read our latest report on SAMTEL.

The numbers

Steady at the top line

PLAT owns and operates Platinum Fashion Mall, three hotels in Bangkok and Samui, and a food court business in the heart of the Ratchaprasong district. In 1Q26, total revenue rose 0.4% YoY to Bt736m, with hotel revenue up 3.0% offsetting declines in rental, food and beverage, and other income.

Margins holding, costs moving faster

Gross margin was 51% in 1Q26, broadly in line with recent quarters. Total costs rose 3.8% YoY against revenue growth of 0.4%, with hotel operating costs up 6.9%, partly from the new Moxy rooftop bar launched in December 2025. Net profit rose 1% to Bt146m, a net margin of 19.9%.

Financial assets rise on deployment into low-risk funds

Total assets rose 1.2% to Bt13,939m. The most notable movement was a Bt154m increase in current financial assets, as the company deployed cash into low-risk funds to achieve higher returns than conventional bank deposits.

What the numbers don’t show

Comparing the 4Q25 MD&A alongside 1Q26, a few things stand out.

Two projects renamed, one repositioned

The 4Q25 MD&A introduced “The Platinum Square” as the flagship Pratunam development and “The Market Bangkok” as the property undergoing transformation. In 1Q26, both have new names: “PLATINUM PALAIS” and “PLATINUM POP.” The 1Q26 MD&A explicitly confirms the rebranding of both. The strategic framing has also shifted: 1Q26 introduces the phrase “Business Ecosystem Transformation” to describe the overall repositioning, language absent from the 4Q25 filing.

The Samui expansion is not referenced in 1Q26

In the 4Q25 MD&A, the company disclosed that it had signed a land lease and committed Bt336m to expand Holiday Inn Resort Samui by 45 rooms, with completion expected around 2027. The 1Q26 MD&A covers Holiday Inn Resort Samui’s occupancy and room rates in detail, but the expansion project is not among the topics discussed.

Office occupancy disclosed for the first time

The 4Q25 MD&A recorded depreciation on the new office-building rental business but disclosed no occupancy figure. The 1Q26 MD&A states that the average occupancy rate for office rental space was 15% in 1Q26, rising to 25% following the signing of one additional major tenant, with related revenue to be recognized in 2Q26.

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The numbers

A softer top line

ITTHI distributes solar street lighting and electrical equipment, primarily to government projects. In 1Q26, revenue fell 3.2% YoY, with government solar sales accounting for more than 85% of the total.

Margins under pressure

Gross margin compressed further to 13.7%, down from 16.3% in 1Q25, as the high-volume, low-margin government channel continued to dominate the mix. Net profit fell 47.8% to Bt5.4m, a net margin of 2.9%.

Equipment rises on Solar Rooftop investment

On the balance sheet, equipment rose sharply following a Bt49m investment in the Solar Rooftop subsidiary.

What the numbers don’t show

Comparing the 4Q25 MD&A alongside 1Q26, a few things stand out.

Gridex and Evonic do not appear in 1Q26

The 4Q25 MD&A devoted a dedicated section to three ventures launched during 2025: Gridex (EV charging stations, 2Q25), Evonic (combustion-to-EV conversion, 3Q25), and Alternative Nice Energy (solar rooftop, 4Q25). In 1Q26, Gridex and Evonic are not mentioned. Alternative Nice Energy appears once in the balance sheet section, as the explanation for the Bt49m increase in equipment.

Selling expenses up 30%, but government sales down

In 1Q26, selling expenses rose 30% YoY to Bt6.5m. The MD&A attributes this to higher commission and brokerage expenses that “varied in line with the increase in sales to government project customers.” Solar street lighting sales to government customers in 1Q26 were Bt150m, down 2% from the same period last year. The relationship between the cost explanation and the revenue movement is worth a closer look.

The same explanation, a lower number

Both filings explain gross margin compression in nearly identical terms: solar lighting products carry roughly 10% margins and account for more than 85% of revenue. Gross margin was 16.3% in 1Q25, 14.5% in 4Q25, and 13.7% in 1Q26.

Click here to read our latest report on ITTHI.