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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The numbers

Revenue eases as inpatient volumes soften

Ratchaphruek Hospital operates a private hospital in Khon Kaen that provides specialist medical and surgical care and is expanding into plastic surgery services through its subsidiary, Kaen Pha-nga Co., Ltd. In 1Q26, total revenue fell 5.5% YoY to Bt272m, as lower outpatient and inpatient volumes, particularly weaker inpatient numbers and bed occupancy, pulled inpatient revenue’s share of the hospital total down to 58.8% from 61.6% a year earlier.

Margins compress as the cost ratio climbs

Gross margin fell to 30.7% in 1Q26 from 34.6% in 1Q25, as hospital operations costs held roughly flat while hospital revenue declined, pushing the cost ratio to 69.3% of hospital revenue from 65.4%. Distribution costs and administrative expenses rose 5.8% YoY to Bt48m. Net profit fell 32.6% YoY to Bt29m, with a net margin of 10.8% versus 15.1% in 1Q25, and earnings per share were down 25.0% to Bt0.06.

Liabilities climb on subsidiary construction payables

Total assets rose 4.0% to Bt1,984m, driven by a 5.7% rise in property, plant, and equipment to Bt1,389m as buildings under construction increased at the plastic surgery hospital subsidiary. Total liabilities rose 24.0% to Bt239m from Bt193m at FY25, driven by higher construction payables at the subsidiary and increased employee benefits provisions, while equity rose 1.7% to Bt1,745m and cash rose Bt16m to Bt296m.

What the numbers don’t show

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

A Bt100m buyback authorized for 20.45m shares; 8,500 repurchased so far

The FY25 MD&A disclosed that the Board approved a second share repurchase program for financial management purposes on 8 January 2026, with a budget of up to Bt100m for as many as 20.45 million shares, up to 3.75% of issued shares, a formal authorization rather than a stated intention. The 1Q26 MD&A reports that, as of 9 February 2026, the Company had repurchased 8,500 shares at Bt4.94 each under the program, with no further repurchase figures disclosed for the remainder of the quarter.

A cosmetic surgery hospital was renamed, and its 4Q26 target not repeated

The FY25 MD&A’s Project Progress section stated the Company expects its cosmetic surgery hospital project, elsewhere identified in the same filing as the plastic surgery hospital of subsidiary Kaen Pha-nga Co., Ltd., to be completed and ready for operation within 4Q26, a specific timeline for a project already reflected in construction payables on the balance sheet.

The 1Q26 MD&A discusses the same project, now named the Plastic Surgery Hospital Rajapruk-Kaen Pa Nga project, reporting actual progress of 39.6% against a planned 37.7%, with sanitary and electrical works ahead of schedule and air-conditioning and interior decoration work still in preparation, but it does not restate the expected completion quarter. Neither filing states whether the target has changed.

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The numbers

Every channel grows, Rojukiss brand leads

Rojukiss International develops and distributes skincare, cosmetics, and food supplements under the Rojukiss and Sis2Sis brands, exporting across Southeast Asia. In 1Q26, revenue rose 35.2% YoY to Bt331m, with the Rojukiss brand up 38% YoY and growth across every channel: General Trade up 112%, E-commerce up 82%, Export up 44%, and Modern Trade up 21%.

Gross margin jumps, but opex erodes the gain

Gross margin expanded to 59.2% in 1Q26 from 52.4% in 1Q25, helped by a richer product mix and the completion of inventory clearance for discontinued brands. Selling expenses rose to 29.9% of sales from 25.3%, and administrative expenses rose to 12.6% from 10.3%, driving EBITDA margin down to 18.8% from 20.0%. Net profit rose 27.3% to Bt46m, a net margin of 13.9% against 14.7% in 1Q25.

Cash redeployed into short-term funds

Total assets rose to Bt1,389m from Bt1,282m at FY25, almost entirely on a Bt100m increase in financial assets as the company shifted cash into short-term investments. Total liabilities rose to Bt334m from Bt275m, mainly on higher trade payables and tax-related current liabilities, while net cash from operations rose 66% YoY to Bt99m.

What the numbers don’t show

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

No update on the Vietnam market entered in January

Under FY25 Key Highlights, the company disclosed it had entered Laos in 4Q25 and expanded into Vietnam in January 2026 through retail partners, part of a push toward an 8% international revenue target for 2026. The 1Q26 MD&A repeats the same three-pillar strategy and target almost verbatim, but its Key Highlights cover only market share, new products, and an industry award. Vietnam and Laos are not mentioned again.

Selling expense ratio keeps climbing; the same explanation, plus a new promise to normalize

FY25 attributed a selling expense ratio rise, from 21.4% to 24.7%, to marketing and selling costs supporting sell-out in Modern Trade and Online channels, KOLs/KOCs, and promotional spending. The 1Q26 MD&A uses near-identical language to explain a further rise, from 25.3% to 29.9%, and adds a new claim: that 1Q26 spending was front-loaded and expected to normalize to unspecified target levels, a claim not present in the FY25 filing.

Dividend policy shifts to quarterly, a change absent from FY25

The FY25 MD&A makes no reference to a change in dividend frequency; the company had paid an interim and a final dividend in FY25, totaling Bt0.23 per share. The 1Q26 MD&A discloses that the board, at its meeting on 13 May 2026, approved a shift to quarterly payments and declared a first interim dividend of Bt29m, Bt0.05 per share, a 64% payout ratio.

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The numbers

Every segment slips together

S&P Syndicate operates a nationwide restaurant and bakery chain in Thailand and overseas, with brands spanning S&P Restaurant, S&P Bakery Shop, Patara, and the newly added Wingstop chicken concept. In 1Q26, total revenue fell 6.7% YoY to Bt1,286m, with domestic restaurants down Bt58m, retail and food service down Bt23m, and overseas restaurants down Bt11m.

Cost control lifts margin even as profit slips

Gross margin rose to 55.9% in 1Q26 from 55.4% in 1Q25, as LEAN production initiatives and procurement efficiency offset higher raw material and transportation costs linked to war-related conditions. Selling and administrative expenses fell 4.8% YoY to Bt687m, though the expense ratio rose to 53.4% of revenue as fixed costs held steady against lower sales. Net profit fell 8.3% YoY to Bt44m, a net margin of 3.4% against 3.5% in 1Q25.

Cash climbs as liabilities ease

Total liabilities fell 5.2% to Bt1,518m from Bt1,602m at FY25, driven mainly by lower lease liabilities and trade payables. Cash and cash equivalents rose to Bt696m from Bt564m, while total assets eased slightly to Bt4,141m from Bt4,182m.

What the numbers don’t show

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

S&P Restaurant’s international count falls from four branches to zero

The FY25 MD&A reported four international S&P Restaurant branches as of 31 December 2025, down from five a year earlier, attributing the decline to closures in Cambodia linked to the conflict with Thailand. The 1Q26 store count table shows zero international S&P Restaurant branches as of 31 March 2026, indicating that the remaining four closed during the quarter. The narrative attributes only a Bt11m decline in overseas revenue to the closures, without noting the scale, while UK sales rose at the newly opened Platapian restaurant.

A stated 5.5% waste ceiling was exceeded for the first time it was measured

The FY25 MD&A states that the company controls surplus bakery production to no more than 5.5% of sales, without disclosing the actual ratio. The 1Q26 MD&A repeats the same 5.5% language but for the first time discloses a quarterly figure: a 6.4% ratio in 1Q26, with 15.3% of the excess redistributed through the S&P Food Rescue project. Neither filing explains why the stated ceiling was exceeded.

An e-commerce rental strategy named in FY25 is absent from 1Q26

The FY25 MD&A’s outlook section identified a specific initiative: expanding into e-commerce to capture online customers, which it said would allow the company to “focus on standalone stores and community malls” and reduce high rental costs. The 1Q26 MD&A’s outlook section does not repeat this initiative or its rationale for rental costs. Elsewhere, the filing’s business strategy section discusses digital and delivery channels, including a new “Cake Express” concept, but without reference to e-commerce or rental costs.

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The numbers

A softer top line as international volumes slip

VL operates a fleet of oil tankers providing vessel transportation services for petroleum and chemical products, domestically and internationally. In 1Q26, total revenue fell 0.4% YoY to Bt179m. Within freight charges, which fell 0.8% YoY to Bt178m, domestic revenue (92.8% of the total) rose 1.0% YoY, while international revenue fell 19.5% on lower transportation volume.

Margins expand sharply as depreciation costs ease

Gross margin rose to 20.0% in 1Q26 from 12.1% in 1Q25, as the cost of freight fell 9.7% YoY to Bt142m, partly reflecting a review that extended the estimated useful life and residual value of the Company’s vessels from 25 years to 30 years. Finance costs fell 34.6% YoY to Bt3m as lease and loan repayments continued. Net profit rose 294% YoY to Bt20m, a net margin of 11.1%.

Cash builds as a vessel is sold

Total assets rose 1.0% to Bt1,493m. Cash and cash equivalents rose 73.1% to Bt75m, while vessels and equipment fell 2.5% following depreciation and the sale of the vessel V.L. 14, which carried a net book value of Bt19m.

What the numbers don’t show

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

A useful life extension, disclosed for the first time in 1Q26

The 1Q26 MD&A attributes part of the 9.7% fall in cost of freight to a review that extended the estimated useful life and residual value of the Company’s vessels from 25 years to 30 years, a change that reduces annual depreciation expense. The FY25 MD&A explained its own decline in cost of freight solely by reference to lower freight revenue, with no mention of any useful life review. This is a new disclosure and contributes directly to both margin expansion and the 294.0% increase in net profit reported in 1Q26.

An impairment allowance set up in FY25 is reversed by the same amount in 1Q26

The FY25 MD&A explained part of the Bt109m decline in the Company’s vessels and equipment, setting up a Bt2.6m allowance for asset impairment during the year. The 1Q26 MD&A explains part of the further decline in vessels and equipment through a reversal of the allowance for impairment of assets of Bt2.6m, the same figure. Neither filing names the asset involved, explains what triggered the original impairment, or why it was reversed in full the following quarter.

The same domestic fleet explanation, for a much smaller gain

The FY25 MD&A attributed the 9.0% YoY rise in domestic freight charges to the Company’s more efficient management of the domestic fleet. The 1Q26 MD&A uses the identical phrase, the Company managed the domestic fleet more efficiently, to explain a domestic freight increase of just 1.0% YoY. Neither filing offers further detail on what the efficiency measures involve.

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The numbers

Traffic grows before late-quarter softness

Don Muang Tollway operates the elevated Utraphimuk Tollway on Highway No. 31, linking central Bangkok with areas to its north under a concession running to 2034. In 1Q26, total revenue rose 4.6% YoY to Bt683m as average daily traffic grew 2.7% YoY to 110,118 vehicles, though traffic eased 0.9% QoQ after the Middle East conflict escalated in late February, pushing up energy costs and denting travel demand.

Margins hold; finance costs fall to near zero

Gross margin was 60.1% in 1Q26, little changed from 60.3% in 1Q25, as costs of toll road operations rose 1.4% YoY, below the 2.7% rise in traffic, partly on higher amortization. Net profit rose 4.9% YoY to Bt286m, a net margin of 41.9%, aided by finance costs falling 68.1% YoY to Bt0.6m as the company carried no interest-bearing debt during the quarter.

Cash shifts into investments; a first fair-value loss appears

On the separate balance sheet, investments rose to Bt1,400m at 1Q26 from Bt828m at FY25, as the company redirected cash into temporary and long-term holdings; net cash used in investing activities rose to Bt565m, from Bt137m a year earlier. The quarter also included the company’s first recognized loss on changes in fair value of investments, of Bt5m.

What the numbers don’t show

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

A fourth risk factor: economic conditions and geopolitical conflict

The FY25 MD&A’s risk framework listed three factors: government policy, indirect competition, and technological disruption. Geopolitical conflict did not feature. The 1Q26 MD&A adds a fourth factor, economic conditions and geopolitical conflict, warning that prolonged conflicts affecting global energy supplies could raise oil prices and slow traffic growth. The filing separately names the Iran-Israel-US conflict, which escalated in late February 2026, as driving the quarter’s softness in traffic.

M82 advances to a proposal; M5 does not appear in 1Q26

The FY25 MD&A described bidding preparations for public-private partnership projects, named M82 as the company’s 2025 business flagship, and stated that the M5 project was also moving forward. The 1Q26 MD&A reports that the company has submitted a proposal to jointly invest in M82, a step beyond bid preparation, while continuing to prepare the tollway for the remainder of its concession. M5 does not appear anywhere in the 1Q26 filing.

The tariff negotiations outlook factor does not appear in 1Q26

The FY25 MD&A’s outlook for 2026 named the outcome of Thailand-U.S. tariff negotiations as a distinct factor to watch, alongside government policy direction and airport traffic. The 1Q26 MD&A’s outlook for 2Q26 does not mention tariff negotiations at all, replacing them with a new factor, changes in travel behavior linked to the energy crisis. Neither filing explains the change in framing between the two outlook sections.

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The numbers

System integration and cloud lift the top line

MFEC is a Thai technology and digital transformation company providing IT consulting, systems integration, cloud, and cybersecurity services to public- and private-sector clients across Thailand. In 1Q26, total revenue rose 5.3% YoY to Bt1,646m, led by system integration revenue, up 32.1% YoY to Bt451m, and cloud solution revenue, up 26.6% YoY to Bt226m, while other business revenue rose 88.5% YoY to Bt36m.

Derivative gains lift net profit as margin holds

Gross margin was 16.9% in 1Q26, little changed from 17.0% in 1Q25. Operating profit rose 7.2% YoY to Bt96m. Net profit rose 21.7% YoY to Bt73m, a net margin of 4.5% against 3.9% in 1Q25, lifted in part by a Bt22m gain on the fair value of derivative instruments, against a loss a year earlier. Selling and administrative expenses rose 8.4% YoY to Bt216m, mainly on higher personnel costs and expansion of the group’s payment gateway business.

Cash falls as short-term debt is repaid in full

Cash and cash equivalents fell 56.5% YoY to Bt268m from Bt616m at FY25, as MFEC settled trade payables, fully repaid Bt71m in short-term borrowings, and allocated part of its excess liquidity to low-risk fixed income funds. Total liabilities fell 12.3% to Bt3,538m, while shareholders’ equity rose 3.9% to Bt2,715m.

What the numbers don’t show

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

Net profit from normal activities falls 17.0% as headline net profit rises 21.7%

The FY25 MD&A featured “net profit from normal operations” as a headline metric, showing underlying profit grew 3.2% YoY to Bt252m even as a prior one-off gain made reported net profit look weaker YoY. The 1Q26 MD&A’s executive summary reports only net profit, up 21.7% YoY to Bt73m. Later in the filing, the equivalent measure, “profit from normal activities,” is down 17.0% YoY to Bt51m, a gap the filing attributes mainly to a Bt22m derivative gain against a prior-year loss.

A Bt85m AI stake from FY25 is not mentioned in 1Q26

In the FY25 MD&A, MFEC disclosed a 35% stake in Cleverse Corporation, a specialist in AI transformation development and services, acquired through Synergy Group Ventures for a total investment of Bt85m completed in December 2025. It was recorded as part of a Bt41m rise in investments in joint ventures and associates on the FY25 balance sheet. The 1Q26 MD&A’s assets section does not mention Cleverse, Synergy Group Ventures, or the investment’s contribution to results.

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The numbers

Revenue steadies after a government-driven dip

AIT is a major Thai ICT solution provider and system integrator, delivering network systems and IT/telecom maintenance services primarily to government agencies. In 1Q26, revenue rose 0.7% YoY to Bt1,717m, recovering from a Q4-25 slowdown tied to a change in government that had delayed agency projects.

Margins improve YoY as net profit holds flat

Gross margin was 20.1% in 1Q26, up from 19.3% in 1Q25. Net profit rose 0.5% YoY to Bt143m, a net margin of 8.3%, against 8.4% in 1Q25.

Trade receivables build as government payment cycles lengthen

Total assets rose 3.8% over the quarter to Bt6,787m from Bt6,540m at FY25, driven by a Bt234m increase in trade and other current receivables as large government projects awaited the standard acceptance and payment procedures of client agencies. Total liabilities rose 4.1% to Bt2,623m, with the debt-to-equity ratio at 0.63x, up from 0.61x a year earlier.

What the numbers don’t show

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

The delay-penalty provision returns to growth, now linked to a memory chip shortage

The FY25 MD&A reported the delay-penalty provision falling 15.3% YoY to Bt86m as prior penalties were settled, with no mention of supply chain risk. The 1Q26 MD&A reports that the provision rose 16.9% over the quarter to Bt100m, attributed to new penalties from a memory chip shortage, now identified as a distinct risk factor expected to persist for years. This risk does not appear in the FY25 filing.

Q4-25’s revenue dip gets a new explanation in 1Q26

The FY25 MD&A attributed Q4-25’s revenue decline (down 17.5% from Q3-25) to project timing, noting most projects were delivered in Q3-2025. The 1Q26 MD&A revisits the same shortfall and cites a different cause: a change of government that led agencies to review policies and delay projects. This political explanation does not appear anywhere in the FY25 filing.

Click here to read our latest report on AIT.

The numbers

Services growth offsets a sharp fall in equipment sales

ALT Telecom is a Thai digital infrastructure group that provides fiber-optic network construction, telecom equipment distribution, and network leasing services. In 1Q26, total revenue rose 4.4% YoY to Bt339m. Construction and installation services grew 28.4% YoY to Bt138m, and network services rose 5.4% YoY to Bt179m. Equipment sales fell 53.1% YoY to Bt22m, due to the absence of signal expansion equipment recognized in the prior-year comparable period.

Gross margin expands; associate and JV losses weigh on net profit

Gross margin improved to 21.0% in 1Q26, up from 20.3% in 1Q25. Net profit rose 1.9% YoY to Bt9m, a net margin of 2.7%. The share of loss from associates and joint ventures was Bt5m in 1Q26, compared with a gain of Bt4m in 1Q25. An FX gain of Bt9m partially offset this drag. The 1Q26 MD&A does not name the associate or joint venture responsible for the swing.

What the numbers don’t show

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

The expected credit loss reversal did not materialize

The FY25 MD&A, filed in February 2026, explicitly flagged a Bt5m expected credit loss recognized during the year and stated it “is expected to be reversed in Q1/2026.” In 1Q26, the expected credit loss line shows a charge of Bt5m, not a reversal. The comparative period (1Q25) had shown a Bt2m reversal on the same line. The 1Q26 MD&A provides no explanation for why the forecast reversal did not occur and instead became a fresh charge of similar magnitude.

TalayLink and the Bt1,594m network investment are not referenced in 1Q26

The FY25 MD&A devoted a dedicated section to the TalayLink subsea cable, announced by Google on November 24, 2025, naming ALT’s subsidiary IGC as a collaboration partner in a new Southern Thailand connectivity hub. The same filing disclosed Board approval in August 2025 of Bt1,594m for two fiber optic projects: a high-security Bangkok-to-EEC route, and a new subsea cable connecting the coastal station in Satun province. In the forward-looking section, these were presented as primary catalysts for growth in 2026 and beyond. The 1Q26 MD&A does not reference TalayLink, Google, IGC’s role, or the status of either network project.

Click here to read our latest report on ALT.

The numbers

Aviation volume rises; utilities drag the top line flat

Bangkok Aviation Fuel Services provides jet fuel refueling at Suvarnabhumi and Don Mueang International Airports, with subsidiary businesses in fuel pipeline transportation (Utilities) and solar power generation (Power). In 1Q26, total revenue was Bt967m, flat YoY. Aviation fuel volume grew 5% to 1,486 million liters, recovering to 92% of pre-COVID-19 levels, lifting aviation revenue 1% to Bt798m, while utilities revenue fell 12% to Bt103m as tight supply conditions limited pipeline throughput in late March.

Gross margin expands; finance costs drive net profit higher

Gross margin improved to 46.5% in 1Q26 from 45.7% in 1Q25, as aviation costs were well controlled relative to higher refueling volumes. Finance costs fell 10% YoY, reflecting gradual loan repayments and lower bank lending rates. The aviation segment EBITDA rose 4% to Bt449m, and the group EBITDA rose 2% to Bt533m. Net profit rose 6% YoY to Bt152m, a net margin of 14.4% against 13.6% in 1Q25.

Pipeline Phase 3 investment drives asset growth; liabilities stable

Total assets rose 0.4% to Bt21,937m, driven by a Bt238m increase in property, plant, and equipment from ongoing construction of the Northern Fuel Pipeline Phase 3 (Ang Thong–Saraburi), now 83% complete and targeted for commercial operations by early 2027. Cash and cash equivalents rose 14% to Bt479m on improved operating cash flows. Total liabilities fell 0.1% to Bt15,467m, and the interest-bearing debt-to-equity ratio was stable at 2.0x.

What the numbers don’t show

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

A Bt137m INTECH delivery program for 2026 is not referenced in 1Q26

The FY25 MD&A’s business outlook section disclosed that BAFS INTECH, the Group’s aviation refueling vehicle subsidiary, was scheduled to deliver 11 refueling vehicles and related equipment to both domestic and international customers during 2026, with a combined contract value of approximately Bt137.3m. In 1Q26, the Aviation segment recorded no refueling vehicle sales revenue. The filing explains that no deliveries occurred in the period but does not reference the 11-vehicle delivery program, confirm the Bt137.3m contract value, or indicate when the first delivery is expected.

The utilities market share and utilization rate from FY25 do not appear in 1Q26

The FY25 MD&A described the pipeline business as holding a 39% market share of total fuel transportation to Thailand’s Northern region and a 55% utilization rate of the NBPT pipeline capacity, citing both as measures of competitive position. In 1Q26, throughput fell 8% YoY to 333 million liters, attributed to a temporary supply disruption in late March that constrained pipeline intake. Neither market share nor utilization rate is referenced in 1Q26, leaving the competitive position unclear against the volume decline.

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The numbers

Volume growth offsets a sharp price decline

BBGI is a Thai biofuel producer operating biodiesel (B100) and bioethanol businesses. In 1Q26, revenue fell 10.0% YoY to Bt4,849m, as the average biodiesel reference price dropped 20.0% YoY to Bt36.94 per liter, partially offset by biodiesel volume rising 9% YoY to 94.88 million liters and ethanol volume rising 3% YoY to 68.40 million liters. A government mandate to increase the biodiesel blending ratio from B5 to B7 took effect on March 14, 2026, supporting demand in the final weeks of the quarter.

Cost discipline more than compensates for the price headwind

Gross margin improved to 8.4% in 1Q26, up from 5.2% in 1Q25, driven by production efficiency improvements and lower feedstock costs in the ethanol business. Net profit rose 106% YoY to Bt265m, a net margin of 5.5%, as finance costs fell 38% YoY to Bt12m, reflecting continued debt repayment.

Receivables and payables both rise on B7 procurement

Total assets increased 6% to Bt13,424m from Bt12,682m at end-4Q25, with trade receivables rising Bt575m in line with higher volumes and inventories rising Bt259m from seasonal raw material stockpiling ahead of the B7 demand uplift. Trade payables increased by Bt633m for the same reason, lifting total liabilities to Bt3,684m from Bt3,339m.

What the numbers don’t show

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

BSGF associate losses named in 4Q25, not referenced in 1Q26

The 4Q25 MD&A identified BSGF Co., Ltd., an associate in which the Group had invested Bt250m during FY25, as a source of losses. The filing explicitly stated that, excluding BSGF’s share of loss, the Group’s FY25 net profit attributable to equity holders would have been Bt297m rather than Bt283m and attributed the loss to construction-phase expenses that could not be capitalized under accounting standards. In 1Q26, the income statement again shows a Bt9m share of loss from associates and joint ventures, marginally higher than the Bt8m loss in 1Q25. The 1Q26 narrative does not name BSGF, reference the status of the construction project, or explain the loss.

Specific ethanol export destinations named in 4Q25 are not referenced in 1Q26

The 4Q25 MD&A identified the Philippines and South Korea as specific destination markets for ethanol exports, noting that domestic ethanol inventories declined 29%, partly supported by those flows. The 1Q26 MD&A references forward export commitments and export demand for cassava in its ethanol pricing discussion, but does not name specific country markets or describe the scale or status of those export flows.

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The numbers

Domestic strength offsets a softer international picture

Symphony Communication is a premium telecommunications network and service provider in Thailand, offering domestic and international enterprise connectivity, private networks, cloud services, and ICT solutions. In 1Q26, total revenue rose 3.1% YoY to Bt550m, driven by service income growth of 2.1% YoY to Bt541m, supported by solid enterprise demand for domestic connectivity. International connectivity performance softened, attributed to the ongoing Thailand-Cambodia situation that began in June 2025.

D&A weighs on margins; net profit falls despite EBITDA stability

Gross margin fell to 32.0% in 1Q26 from 34.4% in 1Q25, as higher network depreciation from capitalized assets and domestic connection costs outpaced revenue growth. EBITDA was Bt201m, up 2.3% YoY, with the EBITDA margin of 36.4% broadly stable. Below the EBITDA line, higher depreciation and finance costs absorbed operating gains. Net profit fell 15.5% YoY to Bt43m, a net margin of 7.7%.

Long-term debt rises as network investment continues

Total assets rose 1.8% to Bt4,913m from Bt4,825m at FY25. Long-term borrowings increased 15.2% to Bt521m, reflecting drawdowns to fund continued network infrastructure investment. Total liabilities rose 2.7% to Bt1,768m, with the D/E ratio edging to 0.56x from 0.45x a year earlier.

What the numbers don’t show

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

A Middle East network risk section appears in 1Q26 with no precedent in FY25

The FY25 MD&A, devotes its significant events section to a list of corporate achievements: ESG ratings, governance awards, cloud certifications, and the Google Verified Peering Partners designation. There is no mention of geopolitical risk to international network infrastructure. The 1Q26 MD&A introduces a dedicated section titled “Network Resilience and International Connectivity Continuity,” citing heightened tensions in the Middle East, including Iran, as an active operational concern. The section describes specific mitigation actions: rerouting international traffic away from Middle East chokepoints via the Pacific Ocean and terrestrial routes, activating backup international gateways, and deploying automated traffic-engineering tools. This section has no counterpart in the FY25 filing.

International outlook shifts from aggressive growth to selective in one quarter

The FY25 MD&A 2026 outlook stated that international connectivity across Thailand and ASEAN “will continue to expand aggressively” over the next two years, citing inbound investment from OTT players, hyperscalers, and regional AI and data center projects. The 1Q26 MD&A’s 2026 outlook uses markedly different language: the company “remains selective in pursuing international opportunities, prioritizing margin quality, sustainability, and risk management over volume-driven growth,” and expects international performance to “stabilize.” The FY25 filing was itself submitted after the Cambodia situation had begun. Neither the FY25 nor the 1Q26 MD&A explicitly frames the 1Q26 language as a revision of the prior outlook.

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The numbers

Finance costs drive a profit gain on falling revenue

Earth Tech Environment generates electricity from waste-to-energy (SRF fuel) through long-term Power Purchase Agreements, operating the ETC parent plant and two subsidiary plants, RH and AVA, in Saraburi and other locations. In 1Q26, total revenue fell 6.7% YoY to Bt189m, driven by lower electricity generation volumes following temporary shutdowns at the two subsidiary plants for scheduled maintenance.

Gross margin compresses as fixed costs hold; net profit rises anyway

Gross margin fell to 34.4% in 1Q26 from 41.9% in 1Q25, as fixed operating costs across the power plants remained broadly stable while revenue declined. The net profit story ran in the opposite direction: net profit rose 39.2% to Bt40m, a net margin of 21.6%, as finance costs fell sharply, reflecting the full repayment of the company’s debentures and bank borrowings carried out during 2025.

Cash reallocated into fixed deposits as debt approaches zero

Total assets rose modestly to Bt3,846m. The most significant balance sheet movement was a reallocation of Bt600m from cash and cash equivalents into other current financial assets, as the company placed the funds in fixed deposits to obtain higher investment returns. Total liabilities fell to Bt279m from Bt309m at end-FY25, bringing the balance sheet to near-zero leverage.

What the numbers don’t show

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

FY25 made no mention of planned maintenance at RH or AVA

The FY25 MD&A discusses all three power plants and notes that full-year electricity generation volume increased 1.44% from the prior year, with no mention of planned maintenance at either the RH or AVA subsidiary plants. The 1Q26 MD&A subsequently discloses that both plants temporarily suspended operations during the quarter for scheduled maintenance, with RH recording approximately 20% lower generation and AVA approximately 8% lower. The ETC parent plant was unaffected, recording a 7% increase in generation volume. Neither filing explains when the maintenance was scheduled or how long it was planned to last.

The disposed power project is not referenced in 1Q26

The FY25 MD&A disclosed that the company disposed of its investment in a power project in 2025, generating a one-time gain of Bt436m, which it described as part of its portfolio management strategy. The disposal materially altered the Group’s asset base and net income for the year. The 1Q26 MD&A does not reference the transaction, identify which project was disposed of, describe any effect on the Group’s remaining generation capacity, or provide any update on the portfolio rationale. The project’s name and its contribution to prior-year electricity generation do not appear in either filing.

Click here to read our latest report on ETC.

The numbers

Waste volumes lift the top line

Better World Green is Thailand’s leading integrated industrial waste management group, treating and disposing of hazardous and non-hazardous industrial waste through landfilling, incineration, wastewater treatment, and solid recovered fuel (SRF) production, alongside electricity-generation subsidiaries. In 1Q26, total revenue rose 9% YoY to Bt685m. Core waste management revenue grew 16% YoY to Bt465m as industrial waste volumes received increased 18%, with average service fees remaining stable.

Finance costs drive the net profit gain

Gross margin eased to 27.5% from 28.1% in 1Q25, as cost ratios held broadly steady. The dominant movement was in finance costs, which fell 64% YoY to Bt17m, reflecting the progressive repayment of debentures and bank borrowings carried out during 2025. Net profit rose 81% YoY to Bt74m, a net margin of 10.8%.

Cash moves into fixed deposits as debt continues to shrink

Total assets rose to Bt9,056m. The most significant balance sheet development was a reallocation of approximately Bt600m from cash and cash equivalents into short-term fixed deposits with financial institutions to obtain higher returns. Total liabilities fell to Bt2,005m from Bt2,096m at end-FY25, while equity rose to Bt7,051m, aided by a Bt145m private placement completed during the quarter.

What the numbers don’t show

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

Two power plants reduced capacity; FY25 made no mention of planned maintenance at RH or AVA

Electricity generation revenue fell 9% YoY to Bt175m in 1Q26, representing 26% of total revenue. The 1Q26 MD&A attributes the decline to scheduled maintenance at two indirect subsidiary power plants, RH and AVA, which temporarily reduced operating capacity during the quarter. The FY25 MD&A discussed all three power plants with no reference to upcoming maintenance at either, noting full-year electricity volume up approximately 1%. The direct subsidiary ETC was unaffected, recording 7% higher electricity sales in 1Q26.

SRF volume consistently outpacing SRF revenue growth, with no explanation of the pricing gap

In FY25, the MD&A reported SRF volume growth of approximately 19% but SRF revenue growth of only 2%, implying unit price pressure. In 1Q26, the same pattern continues: SRF volume grew 66% while SRF revenue from external sales rose 45%. Neither filing explains what is driving the persistent gap between SRF volume and revenue growth, and the 1Q26 MD&A provides no commentary on pricing.

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The numbers

Industrial factories drive a stronger quarter

Sun Vending Technology operates a network of vending machines across Thailand, selling beverages, snacks, noodles, and other consumer products, and also has a secondary business in vending machine sales and refurbishment. In 1Q26, total revenues rose 12.4% YoY to Bt747m, with machine vending revenue up 10.8% YoY to Bt724m. Average revenue per machine per day rose to Bt420 from Bt400 in 1Q25, as automobile and electronics factories increased workers and working shifts.

Margins broadly steady, net profit up sharply

Gross margin was 34.3% in 1Q26, slightly below 34.7% in 1Q25, as the product mix shifted toward higher-margin second-hand machine sales, partly offsetting modest gross margin compression on the core vending business. Location fees and depreciation both rose in line with the expanded machine fleet. Net profit rose 29.3% to Bt31m, a net margin of 4.2%.

Cash builds as liabilities ease

Total assets rose 5.8% to Bt1,867m. Cash and cash equivalents increased by Bt49m during the quarter to Bt247m, as strong operating cash inflows of Bt95m more than covered Bt47m in capital investment. Total liabilities fell to Bt486m from Bt497m at FY25, with trade and other payables declining due to bonus payments made during the period.

What the numbers don’t show

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

Machine sales: named as the drag in FY25, named as the driver in 1Q26, never broken down

The FY25 MD & A attributed a 48.3% decline in machine sales revenue to fewer orders from a single buyer, in contrast to a peak in FY24, when that same buyer placed large orders. In 1Q26, machine sales revenue reached Bt14m, roughly one-third of the full FY25 annual total of Bt43m, in a single quarter. The 1Q26 MD & A attributes the surge to the same buyer: “Many vending machines were sold to the main customer in this period.” Both filings identify this relationship as the primary driver of machine sales in the relevant period. Neither discloses the size of any order, the terms of the relationship, or whether further orders are anticipated.

“Higher competition” is named in both filings; the location fee share continues to rise

The FY25 MD & A attributed the rise in location fees partly to “expansions of service areas into open spaces, higher competition.” The 1Q26 MD&A repeats this attribution in nearly identical language. Location fees as a share of selling and distribution expenses rose from 18.8% in 1Q25 to 19.4% in 1Q26, and from 18.3% in FY25 to 19.4% in 1Q26. The phrase “higher competition” appears in both filings without further elaboration on the nature of that competition, which segments it is affecting, or whether management expects it to intensify.

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The numbers

Network security drives a modest top-line gain

NForce Secure is a value-added distributor of cybersecurity and network management products, selling to enterprise, financial, government, and telecom clients via system integrator partners. In 1Q26, total revenue rose 4.9% YoY to Bt307m, with network security products accounting for 79.8% of product revenue, up from 72.4% in 1Q25, as network security grew 14.7% YoY to Bt236m. Endpoint security fell 47.0% YoY to Bt25m.

Gross margin expands; admin costs fall; net profit outpaces revenue growth

Gross margin improved to 22.1% in 1Q26, up from 21.6% in 1Q25, as the company continued its stated strategy of prioritizing higher-margin product lines. Administrative expenses fell 13.6% YoY to Bt15m, driven by lower employee costs. Net profit rose 18.7% YoY to Bt35m, a net margin of 11.2%.

Liabilities fall sharply as trade payables are settled

Total liabilities fell 31.1% to Bt260m from Bt386m at FY25, driven by a Bt134m reduction in trade payables as the company settled amounts owed to product vendors that had accumulated at year-end.

What the numbers don’t show

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

Maintenance agreements overtake software sales as the largest revenue category

The FY25 MD&A showed first-year software sales at 56.3% of combined product and service revenue, with maintenance agreement (MA) income at 33.2%. In 1Q26, that relationship reversed: MA revenue rose to 53.5% of the total (Bt163m), while software sales fell to 39.9% (Bt123m). This is the first time in the three-year history of quarterly figures shown in the 1Q26 filing that recurring MA revenue has been the dominant category. The 1Q26 filing does not comment on the shift or whether it reflects a deliberate mix strategy or a timing effect in new software sales.

BFSI falls Bt32m YoY with no explanation; Enterprise takes the lead

In 1Q25, Banking, Financial Services and Insurance (BFSI) was the largest end-user group, contributing 38.3% of product revenue (Bt109m). In 1Q26, BFSI fell to 26.0% (Bt77m), a decline of Bt32m YoY. Enterprise moved into first place at 37.0% (Bt109m). The FY25 full-year filing identified BFSI as the dominant customer segment, accounting for 36.9% of annual revenue. Neither the FY25 nor the 1Q26 MD&A provides any commentary on what drove the change in the customer base’s composition.

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The numbers

A high-base effect in the project segment pulls revenue lower

BlueVenture Group operates three service lines: an EMCS platform for motor insurance claim management (BVG), a healthcare TPA administration business (BVTPA), and an actuarial and technology consulting unit (BVA, BVTECH, BVH). In 1Q26, total revenue fell 12% YoY to Bt133m, with the entire decline concentrated in the third segment, which contracted 58% YoY as the one-time TFRS 17 implementation projects delivered in 2025 did not repeat. The two core segments held steady: BVG fell 1.5% YoY, and BVTPA rose 1.0% YoY.

Gross margin recovers; net profit holds steady

Gross margin was 44.0% in 1Q26, up from 39.8% in 1Q25, as the high-cost TFRS 17 project work that weighed on margins in 2025 fell away. Administrative expenses were flat YoY at Bt44m. Net profit fell 16% YoY to Bt12m, a net margin of 9.0% against 9.4% in 1Q25, with the decline broadly proportional to the revenue drop.

What the numbers don’t show

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

TFRS 17 projects declared complete; MSA revenue not yet recognized in 1Q26

The FY25 MD&A described the TFRS 17 actuarial consulting work as an active engagement, noting that it “is expected to generate recurring revenue in the future under Maintenance Service Agreements.” The 1Q26 MD&A reports that these projects have now been completed and delivered, and states that the Group “expects to secure recurring revenue from Maintenance Service Agreements starting in 2026 and in subsequent years.” The shift from active engagement to completed delivery is new in 1Q26. No MSA revenue is identifiable in the 1Q26 income statement, and neither filing quantifies the expected MSA contribution.

An AI vs Non-AI breakdown appears in 1Q26 with no precedent in FY25

The FY25 MD&A describes the BVG segment’s performance entirely in terms of claim settlement volumes and motor insurance market growth — approximately 2% growth in voluntary motor policies in 2025. The 1Q26 MD&A introduces a new analytical lens: AI-related services versus Non-AI services. Under this framing, AI service utilization fell while Non-AI utilization rose, resulting in a 1.5% YoY revenue decline for the segment. The AI/Non-AI distinction does not appear anywhere in the FY25 MD&A’s discussion of the BVG segment.

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The numbers

Revenue rises on iPhone demand despite 11 branch closures

SPVI is an Apple Authorized Reseller and service provider operating across Thailand through iStudio, iCenter, UStore, Mobi, and AIS Shop by Partner formats. In 1Q26, total revenue rose 7.5% YoY to Bt2,016m, driven by strong demand for the iPhone 17 and the availability of diverse payment and installment options. The company closed 11 branches during the quarter, ending the period with 62 branches.

Gross margin reaches its highest level in four quarters; net profit triples

Gross margin expanded to 11.2% in 1Q26 from 9.8% in 1Q25, as purchase discounts from distributors improved alongside more efficient cost management. SG&A expenses rose just 1.1% YoY despite revenue growth of 7.5%, with the SG&A-to-revenue ratio improving from 9.0% to 8.5%. Net profit rose 182% YoY to Bt54m, a net margin of 2.7% against 1.0% in 1Q25.

Inventory drawn down; cash strengthens

Total assets fell 1.3% to Bt1,352m from 4Q25, as inventory declined from Bt607m to Bt520m. Cash rose from Bt285m to Bt360m over the same period. The cash cycle held at 11 days, unchanged from 4Q25 and significantly improved from 21 days in 1Q25.

What the numbers don’t show

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

Astore does not appear in 1Q26

The 4Q25 MD&A listed six branch formats operating across the network: iStudio (10), iCenter (4), UStore (21), Astore (9), AIS Shop by Partner (24), and Mobi (5), totalling 73 branches. The 1Q26 MD&A lists five formats: iStudio (10), iCenter (3), UStore (20), Mobi (5), and AIS Shop by Partner (24), for a total of 62 branches. Astore, which accounted for nine of the 73 branches at the end of 4Q25, does not appear in 1Q26. The filing states that 11 branches were closed during the quarter for failing to meet performance targets, but does not mention Astore by name or describe what happened to the format.

The gross margin explanation varies between filings

The 4Q25 MD&A attributed the improvement in gross margin to a single factor: higher purchase discounts received from distributors. The 1Q26 MD&A cites two factors: more efficient cost management and increased purchase discounts. The cost management language is new and was not present in the 4Q25 filing. The 1Q26 filing names two specific cost lines as contributors: a reduction in personal expenses and lower depreciation, both following the closure of underperforming branches.

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