The numbers

BCM’s first two months lift the top line

BGC produces glass bottles and other packaging and trades in packaging products under a Total Packaging Solutions strategy. In 2Q26, revenue rose 12.6% YoY to Bt3,838m. The MD&A attributes this mainly to the consolidation of aluminum can maker Bangkok Can Manufacturing (BCM), which added Bt461m for May and June, and to Trading, up 89.6%. Glass revenue fell 3.7% YoY to Bt2,664m, and other packaging fell 8.0%.

A steady margin and lower finance costs

Gross margin was 16.1%, up from 15.9% in 2Q25, which the MD&A attributes to cost management and softer prices for some raw materials. Finance costs fell 38.4% YoY to Bt45m. Net profit rose 6.8% YoY to Bt63m, a net margin of 1.6%.

BCM lifts assets and goodwill

Total assets rose 12.5% to Bt20,718m from end-4Q25, mainly due to the consolidation of BCM. Interest-bearing debt fell 3.3% to Bt9,694m. Goodwill rose to Bt294m from Bt71m. The MD&A notes that the BCM accounting is provisional until the purchase price allocation is complete.

What the numbers don’t show

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

BCM is consolidated in full; the 30.9% stake is not restated in 2Q26

The 1Q26 MD&A disclosed that BGC had bought a 25.9% stake in BCM from Toyo Seikan for about Bt789m, taking its holding to 30.9%. Because the investment agreement gives BGC control of BCM’s operations, the filing said BCM would be consolidated from the next period.

In 2Q26, BCM’s Bt461m of revenue and Bt70m of gross profit appear in full in the group figures, but the filing does not restate the ownership share. Profit for the period was Bt79m, of which Bt63m was attributable to BGC’s shareholders. Equity rose 27.0%, which the filing attributes mainly to the BCM combination.

Idle-line depreciation, named in 1Q26, is not mentioned in 2Q26

The 1Q26 MD&A named one primary driver for the Bt60m rise in selling and administrative expenses: depreciation on production lines that had ceased operations. Separately, the same filing linked a Bt516m fall in inventories to “Capacity Balancing,” aligning production with demand.

In 2Q26, selling and administrative expenses rose 35.2% YoY to Bt503m. The MD&A attributes the rise mainly to higher expenses within the glass packaging business, plus Bt35m from BCM, without specifying the glass-side expenses. The 6M26 commentary cites the same two drivers. Neither the idle lines nor capacity balancing is mentioned.

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The numbers

Social Security drives growth as general-patient revenue dips

VIH operates private hospitals under the Vichaivej International Hospital brand, serving self-pay, privately insured, and Social Security patients. In 2Q26, total revenue rose 3.8% YoY to Bt767m. Social Security revenue grew 16.9% YoY to Bt205m, while revenue from general patients slipped 0.8% to Bt555m.

Costs held back, margins wider

Gross margin widened to 27.5% from 26.1% in 2Q25, as hospital operations costs rose 2.0% while hospital revenue grew 3.9%. Selling and administrative expenses rose 4.0% YoY. Net profit grew 11.6% YoY to Bt108m, a net margin of 14.1%.

Cash and deposits edge higher after dividends

Cash and financial assets rose to Bt1,416m from Bt1,377m at end-4Q25. Net financing outflows of Bt186m in 6M26 were mainly dividend payments, partly offset by cash from the exercise of rights to buy new shares. Total liabilities fell 2.3% to Bt583m.

What the numbers don’t show

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

The 2026 revenue growth target is not referenced in 2Q26

In its account of VIH’s earnings call, the 1Q26 MD&A stated a 2026 target of 10% revenue growth on FY25 total revenue of Bt3,107m. The disclosure sat among the quarter’s key events, alongside the strategies expected to deliver it, including optimization of the medical pricing structure.

The 2Q26 MD&A does not mention the 2026 target. It introduces a three-year plan under SET’s JUMP+ program, targeting total revenue of Bt4,000m and EBITDA of Bt1,000m by 2028. Total revenue grew 4.2% YoY in 6M26.

Stricter life insurer policies are named in 2Q26

In 1Q26, inpatient revenue grew 6.1% YoY. The MD&A linked the growth to complex-disease treatment and the expansion of specialized centers, including surgery, trauma, heart, and bone and joint care. Insurer policies were not discussed.

In 2Q26, inpatient revenue fell 3.6% YoY. The MD&A attributes the decline mainly to a slowdown in the number of privately insured patients admitted for simple conditions, following stricter treatment approval and claims assessment by life insurance companies. Over 6M26, inpatient revenue was still up 1.2% YoY.

Heart Center revenue and catheterization case numbers do not appear in 2Q26

The 1Q26 MD&A reported Vichaivej Heart Center revenue up 32.1% YoY to Bt116m. Separately, it cited higher cardiovascular patient volumes, with cardiac catheterization cases rising from 835 to 1,155, as the main driver of general-patient growth.

The 2Q26 MD&A names the Heart Center as a driver of outpatient growth but gives no Baht revenue figure or growth rate for it, and no catheterization case count.

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The numbers

Outsourcing grows, Recruitment slides

PRTR supplies outsourced staff to corporate clients in Thailand. It also runs a recruitment business, corporate training (The Blacksmith), and an HRIS software platform (Pinno). In 2Q26, total revenue rose 2.2% YoY to Bt1,954m. Outsourcing grew 2.5% YoY to Bt1,885m, and Training rose 62.9% to Bt10m. Recruitment fell 18.4% YoY to Bt45m. Total revenue was also up 4.3% QoQ.

A thinner Recruitment margin weighs on the group

Gross margin eased to 8.5% from 8.9% in 2Q25. The MD&A attributes this to the Recruitment gross margin falling to 48.3% from 54.9%. Selling and administrative expenses rose 7.5% YoY. Net profit fell 18.0% YoY to Bt47m, a net margin of 2.4%.

Dividend draws down cash and equity

PRTR paid a Bt180m dividend in 2Q26. Cash fell to Bt288m from Bt536m at the start of the year, and equity declined 5.0% to Bt1,644m from the end of 4Q25. Net cash used in operating activities was Bt133m in 6M26. In 6M25, there was an inflow of Bt140m in withholding tax refunds.

What the numbers don’t show

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

The collection period is reported on a different basis in 2Q26

The 1Q26 MD&A reported an average collection period of 47.7 days at 31 March 2026, down from 53.1 days at end-4Q25. It linked a Bt84m rise in trade receivables to the seasonal billing cycle in the first quarter.

The 2Q26 MD&A reports 67.4 days, up from 63.0 days in 2Q25. The figure now includes contract assets, which the filing says is for comparability with the prior year. No figure is given on the earlier basis, and the comparison point has moved from end-4Q25 to 2Q25. The filing links the higher figure to an expanding client base and the billing cycle.

Recruitment: a recovery in 1Q26, a hiring cycle in 2Q26

The 1Q26 MD&A described Recruitment’s 3.6% YoY growth as a recovery from the 2025 decline. It credited higher Executive-level placement volumes and said management expected the positive momentum to continue. It also reported the Recruitment gross margin rising to 56.4% from 51.8%.

The 2Q26 MD&A attributes Recruitment’s decline to corporate clients delaying hiring, mainly in Automotive, Machinery and Logistics. Its outlook section now says the business is expected to remain subject to hiring cycles in the near term. Over 6M26, Executive placements fell 6.4% to 44, though Executive revenue rose 8.7%. Junior placements rose 34.0%, while revenue per Junior placement fell 30.9%.

Click here to read our latest report on PRTR.

The numbers

ICT solutions carry the top line

ROCTEC, part of the BTS Group, delivers transportation, digital display, and integrated technology projects in Thailand and Hong Kong, as well as an out-of-home advertising business. In 1Q26/27, the first quarter of its April-to-March fiscal year, operating revenue rose 10.8% YoY to Bt914m. ICT Solutions grew 15.1% YoY, led by Transportation Solutions (up 36.3%), while Advertising fell 13.9% YoY.

Gross profit edges up; net profit slips

Gross profit rose 1.4% YoY to Bt231m, but gross margin fell to 25.3% from 27.6% in 1Q25/26, which the MD&A attributes to project mix and revenue-recognition timing. SG&A was broadly stable at Bt104m, while share of profit from investments fell 23.1% YoY to Bt23m. Net profit fell 6.8% YoY to Bt113m, a net margin of 12.4%.

Treasury assets redeployed into the Trans.Ad buyout

Total assets fell to Bt7,102m from Bt7,666m at end-FY25/26, as ROCTEC redeemed current financial assets to fund the Bt617m purchase of the remaining 18.35% of Trans.Ad Solution, lifting its effective ownership to 100%. Equity fell to Bt4,549m from Bt5,046m, mainly reflecting a Bt463m deficit due to a change in ownership interest. ROCTEC remains free of interest-bearing borrowings.

What the numbers don’t show

Comparing the FY25/26 MD&A with 1Q26/27, a few things stand out.

Gross margin lower, explained differently from FY25/26

The FY25/26 MD&A attributed that year’s modest margin compression to a volume-driven approach on selected Digital Display orders. Its outlook expected “a clearer improvement” in margins as R&D translated into recurring engagements. Gross margin was 25.3% in 1Q26/27, against 27.6% a year earlier and 26.9% in 4Q25/26. The 1Q26/27 outlook says margin was temporarily shaped by “a deliberate tilt towards flagship entry projects.”

The 1Q26/27 filing’s only margin-related reference to Digital Display is a risk bullet carried over from FY25/26. Both filings call the SRT telecommunications network project ROCTEC’s flagship entry into Thailand’s government infrastructure sector; no other project carries the label.

HelloLED moves from drag to support in the associate explanation

For FY25/26, the share of profit from associates primarily reflected weaker performance at HelloLED, partly offset by improved contributions from VGI Vietnam. HelloLED is under a Bt2,000m share purchase agreement with Plan B Media. For 1Q26/27, the 23.1% decline is attributed to a prior-year one-off order at Prowtech Vietnam Holding, partly offset by an improved contribution from HelloLED. VGI Vietnam is not named in 1Q26/27; Prowtech Vietnam Holding is not named in FY25/26.

FY25/26 delay language not repeated; a 69% budget coverage figure added

The FY25/26 outlook said management had observed early signs of project timeline adjustments in parts of its portfolio, and that further delays remained possible. That statement does not appear in 1Q26/27. The 1Q26/27 filing cites project-pipeline timing in explaining the Integrated Technology decline and repeats the general delay-risk paragraph from FY25/26.

The 1Q26/27 outlook adds that 69% of the FY26/27 revenue budget was secured by end-July 2026 (25% actual, 44% backlog). Neither filing states the budget figure.

Click here to read our latest report on ROCTEC.

The numbers

Volume carries the top line

Haad Thip is a Coca-Cola bottler for Southern Thailand that has launched Monster energy drinks and is expanding its drinking water range. In 2Q26, revenue rose 8.7% YoY to Bt2,106m, driven by higher sales volume. Modern trade grew by 15.3%, and traditional trade by 8.2%.

Middle East costs squeeze margins

Gross margin fell to 41.7% from 42.7% in 2Q25. The MD&A attributes the decline to the conflict in the Middle East, which raised costs for energy, transportation, and packaging materials. SG&A rose 19.6% YoY to Bt790m, or 37.5% of revenue, up from 34.1%, driven by selling, employee, and fuel-related transport costs. Net profit fell 28.5% YoY to Bt102m, a net margin of 4.8% against 7.4% in 2Q25.

Cash falls after the May dividend

Cash and cash equivalents fell to Bt99m from Bt232m at the end of FY25. The MD&A attributes the fall in total assets, including cash, mainly to a Bt217m dividend paid in May 2026. Total liabilities fell 9.5% to Bt3,253m, mainly on lower short-term borrowings and trade payables.

What the numbers don’t show

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

The over-80% sparkling share reference does not appear in 2Q26

In its business overview, the 1Q26 MD&A listed the company’s medium-term ambitions. These included expanding its non-alcoholic ready-to-drink market share and sustaining its sparkling soft drink leadership “with a market share of over 80%.” The same filing reported a sparkling share of 77.3%. The 2Q26 overview keeps the leadership goal but drops the figure. It reports a sparkling share of 77.5%.

The high tourism season: forecast for 2Q26, placed in 1Q26

The 1Q26 MD&A explained first-quarter volume growth through private consumption, warmer weather, channel growth, and new products, with no reference to tourism. Its outlook expected modest market growth in 2Q26, supported by the high tourism season. The 2Q26 MD&A places the high season in the first three months of the year. It says tourism activity then moderated and consumer spending became more cautious, citing the Middle East conflict.

An affordability package strategy, and revenue growth below volume growth

In 1Q26, the MD&A credited the stable gross margin in part to effective price, pack, and channel mix management. Revenue rose 11.9%, driven by volume growth of 10.9%. In 2Q26, with consumption described as cautious, the MD&A lists an affordability-package strategy and expanded drinking-water products among measures to maintain volume. Volume rose 11.3% while revenue rose 8.7%. The filing does not comment on revenue per case or price changes.

Click here to read our latest report on HTC.

The numbers

Disposables carry a modest top-line gain

Techno Medical imports and distributes medical devices to Thai hospitals and, through a subsidiary, runs a Bangkok nursing home, The Parents. The 2Q26 MD&A reports on the six months to June. In 6M26, revenue from sales rose 2.5% YoY to Bt339m. Disposable equipment and supplies, 99% of sales, grew 2.8%. Medical equipment and instrument sales fell 26.1% on lower sales of coronary artery fixation devices.

Margins widen on China-sourced products

Gross margin on product sales rose to 40.5% in 6M26 from 37.4% in 6M25. The MD&A attributes the improvement to a larger share of lower-cost products imported from China and a price increase in 2Q26. Distribution costs rose 7.3%, and administrative expenses rose 11.1%, the latter on consultant fees and new hires. Net profit rose 33.3% YoY to Bt14m, a net margin of 4.2%.

Nursing-care losses narrow as patient numbers rise

Service income at The Parents rose 34.6% YoY to Bt14m, with average patients up to around 45–50 from 40–45. The service gross loss narrowed to 15.0% of service income from 25.0%. The MD&A notes relatively high fixed costs, such as depreciation and wages.

What the numbers don’t show

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

A 2Q26 price increase and lower 2Q26 sales

The 1Q26 MD&A explained disposables growth through a shift toward lower-cost products imported from China. It made no reference to pricing. The 2Q26 MD&A adds a second driver: a policy to raise product prices in 2Q26 because of rising shipping costs. The filing says this increased sales and improved gross margins.

The tables in the 2Q26 MD&A cover only the six-month period. On a standalone basis, sales rose 6.0% YoY in 1Q26, then fell 1.1% YoY to Bt163m in 2Q26, the quarter in which prices were raised.

Government hospital receivables: from "can collect" to "continuous rise"

Both MD&As trace the company’s overdue receivables to sales to government hospitals. In 1Q26, the MD&A described a problem with late payment from these customers, adding that the company can collect in the future. The 2Q26 MD&A does not repeat that statement. It says government hospitals are likely to pay more slowly in 2026, resulting in a continuous rise in outstanding receivables.

The 2Q26 filing also discloses a Bt0.4m bad-debt write-off. Impairment and bad-debt charges were Bt0.3m in 1Q26 and Bt1.7m for 6M26. In 6M25, there was a net reversal of Bt0.1m when the company collected receivables more than 12 months overdue.

Click here to read our latest report on TM.

The numbers

Outpatients carry growth as inpatient revenue stalls

WPH operates private hospitals in Southern Thailand, including Trang, Ao Nang, and Samui, with a further hospital under construction in Phuket. In 2Q26, total revenue rose 2.1% YoY to Bt495m. Medical treatment revenue rose 2.6% YoY, driven mainly by outpatients, while inpatient revenue rose 0.3% YoY. The MD&A cites a lower OPD-to-IPD conversion rate that reduced inpatient volume, offset by higher average revenue per patient.

Costs outpace revenue and net profit falls

Gross margin fell to 21.3% from 24.5% in 2Q25, as cost of medical treatment rose 7.0% YoY. The MD&A names doctor fees, staff expenses, depreciation from newly launched clinics, and pre-operating personnel costs for a new subsidiary as the drivers. Finance costs fell 11.1% YoY, which the MD&A attributes to ongoing loan repayments and lower interest rates. Net profit fell 55.5% YoY to Bt17m, a net margin of 3.4%.

Phuket construction lifts both assets and liabilities

Total liabilities rose 13.2% to Bt1,738m from Bt1,536m at end-FY25, driven by a subsidiary’s long-term loan drawdowns to fund Wattanapat Phuket Hospital, scheduled to open in October 2026. Total assets rose 9.6% from end-FY25 to Bt3,928m, with land acquisition and construction for the Phuket hospital and Koon Wattanapat Hospital among the key investments. The current ratio stood at 0.6x, against 1.2x in 2Q25.

What the numbers don’t show

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

International growth slows from 23.3% to 4.8%

The 1Q26 MD&A reported international revenue up 23.3% YoY. It noted airspace closures and higher airfares led European and Scandinavian patients to delay travel. It called the impact temporary and limited, coinciding with the second- and third-quarter low season. In 2Q26, international revenue grew 4.8% YoY. The filing credits Wattanapat Samui Hospital for growth. Its geopolitical references appear only in its private hospital industry section, on Middle Eastern patients.

The same SG&A explanation, a slower international line

Both filings name promotional spending tied to international revenue growth as the first driver of higher SG&A, followed by marketing, headcount, travel, bank fees, and pre-operating personnel costs. In 1Q26, SG&A rose 23.1% YoY while international revenue grew 23.3%. In 2Q26, SG&A rose 20.0% YoY while international revenue grew 4.8%. The explanation is repeated in nearly identical terms. The 1H26 section, where international revenue grew 18.3%, uses similar wording.

Click here to read our latest report on WPH.

The numbers

A one-off project drops out of the base

ARIP is a Bangkok-based media company and technology event organizer, publishing COMTODAY and Business+ magazines, running conventions and exhibitions, and providing digital marketing and IT training. In 2Q26, revenue fell 28.7% YoY to Bt43m. The MD&A attributes the decline to a one-off project that contributed a large share of 2Q25 revenue. For 1H26, revenue was Bt103m, down Bt28m YoY, and net profit was Bt3m.

Margin up, net profit down

Gross margin rose to 34.3% from 26.9% in 2Q25. Total costs fell 35.9% against the 28.7% revenue decline, but gross profit still fell 9.2%. Selling and administrative expenses rose 3.3% to Bt13m, and net profit fell 57.6% YoY to Bt1m, a net margin of 2.6%.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, there is little new to compare. Both filings are one-page letters covering revenue, costs, gross margin, selling and administrative expenses, and net profit, with no discussion of business lines, projects, or outlook. One detail is worth noting.

The same margin explanation, a higher number

Both filings explain the gross margin increase in near-identical terms: lower-margin revenue fell away while new work carried lower costs. Gross margin was 27.1% in 1Q26 and 34.3% in 2Q26, against 21.9% and 26.9% a year earlier. One shift: “the new project” in 1Q26 becomes “new projects” in 2Q26. Neither filing names them, nor do the one-off projects in the prior-year base.

Click here to read our latest report on ARIP.

The numbers

Domestic routes carry the top line

V.L. Enterprise transports petroleum and chemical products by tanker, both within Thailand and abroad. In 2Q26, total revenue rose 1.2% YoY to Bt180m. Domestic freight charges grew 7.2% YoY to Bt167m, which the MD&A attributes to more efficient management of the domestic fleet. That lifted their share of freight charges to 93.0% from 88.3%. International freight charges fell 39.6% YoY to Bt12.5m.

A wider margin and lighter finance costs

Gross margin, measured against freight charges, was 12.7% in 2Q26, up from 11.9% in 2Q25. Freight charges rose 1.8%, compared with a 0.9% increase in freight costs. Administrative expenses fell 8.5% YoY to Bt6.5m, and finance costs fell 40.8% YoY to Bt2.9m. Net profit rose 75.0% YoY to Bt7.7m, for a net margin of 4.3%.

Debt repayments shrink the liability base

Total liabilities fell 15.0% to Bt357m from Bt420m at end-FY25. Over the same period, interest-bearing debt fell 24.3% to Bt253m from Bt334m. The MD&A attributes this to repayments of lease liabilities and loans from financial institutions under their agreed terms. The debt-to-equity ratio eased to 0.33x from 0.40x at FY25.

What the numbers don’t show

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

International freight: lower volume in 1Q26, a shaft repair in 2Q26

The 1Q26 MD&A attributed a 19.5% YoY decline in international freight charges to lower transportation volume. In 2Q26, international freight charges fell 39.6% YoY, and the quarterly explanation cited a different reason: the company brought a vessel back to Thailand for shaft repair. The 6M26 explanation cited both lower shipping volume and the repair. The 1Q26 filing did not mention a shaft repair.

International freight charges were Bt12.8m in 1Q26 and Bt12.5m in 2Q26, compared with Bt15.9m in 1Q25 and Bt20.7m in 2Q25. The 2Q26 filing did not name the vessel, state how long it was out of international service, or indicate whether it has returned to service.

Middle East oil prices named as the primary 2Q26 cost driver

In 1Q26, freight costs fell 9.7% YoY. The 1Q26 MD&A attributed the decline to a review of the vessels’ estimated useful life (from 25 to 30 years) and residual value, along with cost control. It does not mention fuel prices.

In 2Q26, freight costs rose 0.9% YoY to Bt157m, and the MD&A cites higher per-liter oil prices, resulting from the Middle East conflict, as the primary cause. The filing does not quantify the fuel effect. Its 6M26 section still credits the useful-life review for a 4.4% fall in 6M26 freight costs.

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The numbers

Enterprise solutions lead the top line

G-Able provides enterprise IT solutions in Thailand, spanning cybersecurity, cloud and data center modernization, managed services, value-added distribution, and software platforms. In 2Q26, total revenue rose 11.3% YoY to Bt1,625m. Enterprise Solutions and Services, which accounted for 71.8% of sales and service income, grew 13.1%, while value-added distribution rose 18.2% and software platform revenue rose 57.8%.

Gross margin narrows; net profit falls 25.2%

Gross margin fell to 17.3% in 2Q26 from 20.4% in 2Q25. Alongside the decline, the MD&A notes an increase in recognized hardware orders compared with the prior year. Administrative and other expenses fell 7.2% YoY. Net profit fell 25.2% to Bt60m, resulting in a net margin of 3.7%. For 1H26, net profit rose 94.8% to Bt143m.

Dividends reduce equity; no borrowings

Equity fell to Bt2,240m from Bt2,321m at FY25, with the MD&A attributing the decline mainly to dividend payments. The Group has no borrowings from financial institutions. Unearned revenue from service contracts stood at Bt2,773m, representing 65.4% of total liabilities.

What the numbers don’t show

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

Segment backlog figures from 1Q26 do not appear in 2Q26

The 1Q26 MD&A paired its two declining segments with backlog figures: Bt1,047m for value-added distribution and Bt391m for Business Application, the latter up 21.8% from FY25. It described both as supporting future revenue recognition.

In 2Q26, value-added distribution revenue rose 18.2%. Business Application revenue fell 36.0% YoY to Bt67m, following an 18.9% decline in 1Q26. The 2Q26 MD&A provides no backlog figure for either segment, and its Business Application section reports revenue and share without a growth rate. Its overview states that backlog grew YoY in 1H26, without a figure.

A new revenue breakdown shows maintenance down 4.3%

The 2Q26 MD&A includes an operating-segment breakdown that was absent in 1Q26. Development and implementation revenue rose 20.7% YoY to Bt1,016m, increasing its share of sales to 63.0% from 58.2%. Maintenance revenue fell 4.3% to Bt515m, and its share declined to 31.9% from 37.2%. The table appears without commentary.

Lower expenses credited to efficiency; the 1Q25 one-off is not mentioned

Alongside effective cost control, the 1Q26 MD&A noted that the prior year included a one-time Bt33m expense for management restructuring. The 2Q26 MD&A reports an 18.9% decline in 1H26 administrative and other expenses to Bt207m, and notes that the Group achieved greater efficiency in controlling operating expenses. The 1Q25 one-time expense, which forms the 1H25 comparison base, is not mentioned.

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The numbers

Higher volumes lift the top line

Earth Tech Environment is a waste-to-energy power producer operating three plants, ETC, AVA, and RH, selling electricity under long-term power purchase agreements. In 2Q26, total revenue rose 13.2% YoY to Bt199m. Revenue from sales and services rose 13.9%, which the MD&A attributes to a 10.1% increase in electricity sales volume to 29.48m units. Electricity revenue rose across all three plants, led by AVA, up 16.2%.

Finance costs carry net profit

Gross margin was 32.4% in 2Q26, down from 33.0% in 2Q25, and profit from operating activities fell 2.8% YoY. Finance costs fell to Bt2m from Bt25m, following the reduction in the Group’s debt. Net profit rose 196.0% YoY to Bt36m, for a net margin of 18.1%.

Dividends and repayments shrink the balance sheet

Total liabilities fell 32.5% to Bt208m from Bt309m at FY25, with interest-bearing debt down to Bt84m from Bt146m. Equity fell Bt31m to Bt3,495m, as dividends of Bt108m paid in 1H26 exceeded net profit of Bt76m for the period.

What the numbers don’t show

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

A loan to the parent company is identified in 2Q26

The 2Q26 MD&A lists a long-term loan and accrued interest receivable from the parent company totaling Bt128m, net of the portion due within one year, which is 3.5% of total assets. The parent company is ETC’s controlling shareholder. The cash flow section records Bt50m in repayments from related parties during 1H26.

The 1Q26 MD&A does not identify the loan. Its list of significant assets includes five items, with the smallest at 4% of total assets. Its cash flow section reports Bt25m in interest received from “loans and investments” in 1Q26. Neither filing discloses the loan’s interest rate, maturity, or current portion.

Administrative expenses rise 15.4% in 1H26, with no driver named

The 1Q26 MD&A did not discuss administrative expenses. The 2Q26 MD&A adds a section reporting that administrative expenses and management remuneration rose 15.4% YoY to Bt54m in 1H26, contributing to an 18.0% decline in profit from operating activities. It provides only a six-month figure and does not explain what drove the increase. Quarterly selling, administrative and other expenses were Bt24m in 2Q26, compared with Bt16m in both 1Q26 and 2Q25.

The concluding paragraphs also differ. The 1Q26 conclusion cited long-term power purchase agreements and long-term growth opportunities. The 2Q26 conclusion refers to neither and names managing fuel costs and expenses as an area of focus.

Click here to read our latest report on ETC.

The numbers

Inspection demand lifts the top line

Dexon Technology provides non-destructive testing, in-line inspection, and asset integrity services to the oil, gas, and petrochemical industries in Thailand and overseas. In 2Q26, revenue rose 4.7% YoY to Bt192m. The MD&A discusses drivers only for the first half. It credits mechanical services for 1H26 service revenue growth of 3.3% and notes that demand in the non-destructive testing market maintained a solid project pipeline.

Costs fall, and margins widen

Gross margin was 27.3% in 2Q26, up from 11.2% in 1Q26. For the half, gross margin rose to 20.4% from 13.5% in 1H25, as the cost of services fell to Bt278m from Bt292m. The MD&A attributes the cost decline to a more favorable project mix and continued pricing discipline. Net loss narrowed to Bt2m from a restated Bt31m in 2Q25, resulting in a net margin of -1.1%.

Loan repayments pull liabilities lower

Total liabilities fell to Bt303m from Bt337m at FY25. The MD&A attributes this primarily to scheduled loan repayments and the settlement of trade payables. Loans from financial institutions fell by Bt35m to Bt136m, while cash rose to Bt216m from Bt191m.

What the numbers don’t show

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

The in-line inspection timing explanation now covers the half

The 1Q26 MD&A reported that in-line inspection revenue was lower that quarter, primarily due to project scheduling and execution timing. It anticipated a stronger contribution “in the subsequent quarters of 2026.” The 2Q26 MD&A offers the same explanation for certain in-line inspection projects in the first half. It now expects the stronger contribution in the remaining quarters of 2026. Neither filing quantifies in-line inspection revenue.

Mechanical service is named in 2Q26; Subsea Solutions is not

The 1Q26 MD&A explained higher service costs as driven by increased activity in the Advance Inspection and Subsea Solutions segments, noting that both recorded significant revenue growth in the quarter. The 2Q26 MD&A does not name Subsea Solutions. Its revenue discussion focuses on mechanical service, which is not mentioned in 1Q26. Neither filing discloses revenue by segment.

Restructuring credited in both filings; quarterly SG&A rises

In 1Q26, consolidated SG&A fell to Bt50m from Bt52m. The MD&A attributed the decline to restructuring and noted a fall in the parent company’s separate SG&A from Bt31m to Bt23m. In 2Q26, quarterly SG&A rose to Bt54m from Bt51m.

The 2Q26 MD&A discusses SG&A only for the half-year. It repeats the restructuring explanation and reports a separate-level reduction of Bt10.5m for 1H26. It states that this benefit was partially offset by “ongoing business activities and expansion across the Group.” Neither filing identifies those activities.

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The numbers

Hotel revenue grows through the low season

Bound and Beyond owns and operates two ultra-luxury hotels in Bangkok: Four Seasons Hotel Bangkok at Chao Phraya River and Capella Bangkok. In 2Q26, typically the low season for Thai tourism, hotel revenue rose 14.2% YoY to Bt733m. RevPAR rose 23% YoY, driven by higher occupancy and average daily rates, while food and beverage and banquet revenue rose 8%.

Costs lag revenue; the net loss narrows

Gross margin rose to 33.2% in 2Q26 from 28.1% in 2Q25, as hotel operations costs grew 6.2% while hotel revenue grew 14.2%. Finance costs fell 11.8% YoY to Bt77m, driven by lower loan principal and interest rates. The net loss narrowed to Bt47m from Bt88m in 2Q25, with a net margin of −6.4% against −13.8%.

Debentures repaid, cash drawn down

The company redeemed its Bt400m third series of debentures at maturity on 6 May 2026. Cash and cash equivalents fell 51.3% to Bt512m from Bt1,050m at end-FY25, and total liabilities fell 10.0% to Bt6,079m. The interest-bearing debt-to-equity ratio eased to 0.73x from 0.82x.

What the numbers don’t show

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

The Bt3,600m target reappears; the revised TAT forecast is not referenced

The FY25 MD&A set a 2026 revenue target of approximately Bt3,600m. The 1Q26 MD&A did not repeat the figure. It reported instead that TAT had revised down its 2026 international arrivals forecast to 30 to 34 million, from a previous target of 36 million, due to the situation in the Middle East.

The 2Q26 MD&A states that the company maintains its Bt3,600m target, citing the positive factors in its outlook and continued growth of the hotel business. It does not refer to the revised TAT forecast. The outlook cites TAT efforts to stimulate demand and major international events, including a global conference in October 2026. Hotel revenue rose 14% YoY in 1H26 to Bt1,777m, while international arrivals fell 4%.

Loans to an “other person” now shown on their own line

The 1Q26 balance sheet reported a single line, “long-term loans to other and joint ventures.” Its cash flow commentary named a Bt27m loan to a related party. The 2Q26 filing splits out loans to an “other person”: Bt34m long-term and Bt6m current, with no balance shown at end-FY25.

For 1H26, cash paid for loans to a related party and another person totaled Bt103m. The MD&A does not identify the other borrower or disclose the purpose or terms of the loan.

A discontinued operation appears in the “Others” footnote

In the 1Q26 MD&A, a footnote defined the “Others” line in the income statement as finance income plus share of loss from joint ventures. In 2Q26, the same footnote adds a third component: profit for the period from discontinued operation. The combined line was a Bt1m loss in 2Q26. The filing does not name the discontinued operation or discuss it anywhere else.

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The numbers

Engineering projects and product sales lift revenue

DITTO provides document and data management, cybersecurity services, and technology engineering projects, mainly for Thailand’s public sector. In 2Q26, revenue rose 32.8% YoY to Bt1,009m. The MD&A attributes 6M26 growth to its two core segments (technology engineering and data management and cybersecurity) and to sales of other technology products.

Gross margin narrows as dividend income rises

Gross margin fell to 20.4% from 27.5% in 2Q25, which the MD&A attributes mainly to revenue from equipment-heavy projects in their final stages, typically carrying lower margins. Profit from operations fell 5.9% YoY, while dividend income rose to Bt55m from Bt16m, mainly from Somapa Information Technology. Net profit rose 12.8% to Bt190m, with a net margin of 18.8%, down from 22.1% in 2Q25.

New Zoo advances expand both sides of the balance sheet

Total assets rose 10.6% to Bt5,457m from end-FY25, including Bt285m of advance payments for the New Zoo Phase 2 project and a Bt324m rise in unbilled completed work. Liabilities rose 30.9% to Bt1,479m, mainly due to Bt334m in advances received from the Zoological Park Organization in excess of work completed.

What the numbers don’t show

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

The token’s 17,531-rai base is not linked to the areas listed in 1Q26

The 1Q26 MD&A included a section on the subsidiary’s mangrove carbon-credit projects. It listed 10,959 rai allocated directly, a further 9,399 rai managed with a partner, and 154,838 rai across 93 communities: 175,196 rai in total, under 30-year project periods. An initial coin offering of up to Bt480m was being prepared.

The 2Q26 MD&A reports that subsidiary Siam TC Technology offered 400 million tokens at Bt1.20 each from 3 to 13 July 2026, a total offering value of Bt480m. The underlying asset is a mangrove reforestation project covering 17,531 rai. The filing does not say how this area relates to those listed in 1Q26, and the 1Q26 project section does not appear in 2Q26.

Other technology products: Bt246m in 1Q26, Bt265m for 6M26

The 1Q26 MD&A reported Bt246m of revenue from other technology products in the quarter. The 2Q26 MD&A, which discusses revenue on a six-month basis, reports Bt265m for 6M26 and gives no quarterly figure.

The 2Q26 filing adds a dedicated section describing the line as an expansion into cybersecurity products and smart security systems, and credits it with contributing to overall revenue growth.

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The numbers

Waste management drives a stronger top line

Better World Green is an integrated industrial waste management group covering landfilling, incineration, wastewater treatment, and solid recovered fuel (SRF) production, as well as electricity-generation subsidiaries. In 2Q26, total revenue rose 19.1% YoY to Bt757m. Industrial waste management revenue grew 23.7% YoY, while electricity revenue rose 10.5% to Bt185m, driven by higher generation and sales volume.

Margins compress; net profit moves in two directions

Gross margin fell to 23.5% in 2Q26 from 27.0% in 2Q25, as maintenance and production-related costs rose in the SRF and electricity businesses. Operating profit fell 37.6% YoY to Bt50m, while finance costs fell 60.2% to Bt19m. Group net profit rose 21.1% to Bt35m, but net profit attributable to owners of the parent fell 35.0% to Bt11m, a net margin of 1.5%.

What the numbers don’t show

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

A hazardous waste landfill order follows the quarter end

The 1Q26 MD&A named landfill disposal among the waste management services behind that quarter’s revenue growth, with no reference to regulatory action. The 2Q26 MD&A discloses that on 15 July 2026, the company received an order from the Department of Industrial Works to cease operations in its hazardous-waste landfill section and to complete the required corrective actions within a prescribed period. The company has complied and filed an appeal.

On a preliminary assessment, the company does not expect a material impact on the continuity of overall operations, and it is still assessing related impacts. The filing does not disclose the landfill’s revenue contribution, the required corrective actions, or the prescribed period.

Average service fees: stable in 1Q26, up 27% in 2Q26

The 1Q26 MD&A attributed waste management revenue growth to volume. Industrial waste treated and disposed rose approximately 18% YoY, while the average service fee per ton remained relatively consistent. In 2Q26, volume growth was approximately 8.8%, and overall average service fees rose approximately 27%.

The 2Q26 overview attributes the quarter’s waste revenue growth to higher business activity and a service fee structure adjustment reflecting the types and characteristics of services provided. The 1Q26 MD&A does not refer to any change in fee structure. The 2Q26 filing also adds that actual volumes and fee levels are not disclosed because the information is commercially sensitive.

Segment revenue figures narrow to electricity only

The 1Q26 MD&A gave Bt revenue figures for all three businesses: waste management (Bt465m, up 15.6% YoY), external SRF sales (Bt40m, up 45%), and electricity (Bt175m). It also reported SRF sales volume up 66% and named SRF growth among the quarter’s key supporting factors.

The 2Q26 MD&A gives a Bt revenue figure only for electricity. Waste management growth is reported at 23.7% for 2Q26 and 23.2% for 6M26, compared with 15.6% in the 1Q26 filing. SRF has no volume or revenue figure; its paragraph instead notes a non-recurring cost increase from major scheduled RDF maintenance in 2Q26.

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The numbers

Lightning systems and projects lift revenue

Kumwell manufactures lightning protection and grounding systems under its own brand, alongside a Solution & Innovation business covering projects, services, and new products. In 2Q26, revenue rose 94.6% YoY to Bt273m. Lightning System sales rose 109.4% to Bt161m, which the MD&A attributes to higher demand and recognition of project revenue. Domestic revenue rose 87.2% to Bt194m. Solution & Innovation sales rose to Bt47m from Bt12m.

Gross margin falls as net profit rises

Gross margin fell to 28.7% from 39.4% in 2Q25, as cost of sales rose 128.8% YoY. Distribution and administrative expenses rose 9.6%, falling to 16.3% of revenue from 29.0%. Net profit rose 162.0% to Bt24m, a net margin of 8.8% against 6.6% in 2Q25.

Short-term borrowing rises with working capital

Total liabilities rose 35.5% to Bt411m from end-FY25. Short-term borrowings, unchanged at Bt32m at end-1Q26, rose to Bt85m, which the MD&A attributes to working capital needs. Trade and other receivables rose 32.6% and contract assets 125.3% over the same period.

What the numbers don’t show

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

A pricing mechanism cited in 1Q26 is not referenced in 2Q26

The 1Q26 MD&A described a Dynamic Pricing Mechanism that links selling prices to market conditions and real-time raw material costs, and stated that it had no significant impact on profitability. The same section noted the cost ratio changed by only 1% YoY. Gross margin was 39.3% in 1Q26.

The 2Q26 MD&A does not mention the mechanism or state a cost ratio. Cost of sales rose 128.8% YoY against revenue growth of 94.6%, and gross margin was 28.7%. The filing links higher costs to sales growth, delivery volumes, and project activity, and describes gross profit growth “in absolute terms.”

The Smart Factory plan from 1Q26 does not appear in 2Q26

In 1Q26, the section on factors that may affect future growth covered one initiative. Under its JUMP+ project, the company said it had revised its investment plans and was adopting automation and robotics on production lines under a Smart Factory concept, which is expected to reduce operating costs and reliance on labor. No investment amount was disclosed.

The equivalent 2Q26 section lists five factors, including the Kumwell Clinic inspection service, digital infrastructure demand, and climate variability. Smart Factory, automation, and the revised investment plans are not mentioned in the 2Q26 filing, which refers only in general terms to improving internal processes and efficiency. JUMP+ appears once, as an organizational development program.

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The numbers

Real estate leads a softer top line

MBK runs shopping centers, hotels, golf courses, housing projects, rice sales, hire-purchase and secured lending, and car auctions, and holds associates in finance and shopping centers. In 2Q26, revenue fell 2.7% YoY to Bt2,886m. Real estate fell 41.3%, the largest decline in value, with smaller declines elsewhere, led by the hotel and tourism sector. Golf rose 15.9%, including Bt21m from the newly consolidated Lam Luk Ka golf course.

Operating profit slips, associates rise

Gross margin was 48.7% in 2Q26, against 49.2% in 2Q25. MD&A operating profit fell 6.0% YoY to Bt551m, as lower profits from the hotel and tourism, shopping center, and golf segments outweighed a 24.1% rise in finance. Share of profit from associates and joint ventures rose 26.0% to Bt723m. Net profit rose 13.6% to Bt1,352m, a net margin of 46.8%.

An April lease payment cuts liabilities

Total liabilities fell 6.1% to Bt36,207m from end-FY25. Finance lease liabilities, mainly for the Pathumwan and Paradise Park shopping center sites, decreased Bt1,035m after a Bt1,319m payment fell due in April 2026.

What the numbers don’t show

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

Motorcycle hire-purchase grew in 1Q26; new lending moved to a joint venture in 2Q26

The 1Q26 MD&A reported the motorcycle hire-purchase portfolio up Bt125m, primarily driven by new loan bookings “in line with the increasing market demand.” It also noted a Bt45m capital injection into an unnamed new associate in the same business.

The 2Q26 MD&A identifies the associate as TTB Leasing, a joint venture with a subsidiary of TMB Thanachart Bank, registered on 11 February 2026. The group holds 30%. From 1 May 2026, new motorcycle loans are booked by TTB Leasing, and the group’s own portfolio, down Bt441m from end-FY25, is expected to wind down over three to five years.

Shopping center occupancy and rents up; revenue down

Both filings state that shopping center occupancy and average rental rates continued to rise, and that the situation in the Middle East has not yet affected leasing. In 1Q26, the MD&A cited a decline of approximately 3% in visitor numbers in March against February. In 2Q26, it cites a decline of approximately 5% against 1Q26 without naming the measure.

Segment revenue was Bt981m in 1Q26 and Bt984m in 2Q26. YoY, it fell 1.8%, and segment operating profit fell 10.7% to Bt285m. The filing does not identify which revenue line declined.

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The numbers

Shipping strength offsets declines elsewhere

TTA is a diversified holding company spanning shipping, offshore services, agrochemicals, and food and beverage franchises (Pizza Hut and Taco Bell) in Thailand. In 2Q26, total revenue fell 23% YoY and 8% QoQ to Bt5,598m, as lower Offshore Service and Agrochemical revenue offset a stronger Shipping segment; Shipping, Offshore Service, Agrochemical, Food & Beverage, and Other Investments contributed 37%, 36%, 13%, 10%, and 4% of the total.

Margins improve, but a digital asset charge tips net profit into a loss

Gross margin rose to 23.0% in 2Q26 from 15.9% in 2Q25, supported by a higher per-day gross margin in the Shipping segment. TTA reported a net loss to TTA of Bt195m, against a Bt90m net profit in 2Q25, a net margin of -3.5%, driven by an extraordinary Bt562m non-cash loss from mark-to-market impairment of digital assets. Excluding that charge, normalized net profit was Bt367m.

Trade payables jump on higher bunker and dry-docking costs

Total assets rose 4% to Bt51,219m from year-end 2025, while total liabilities rose 3% to Bt18,204m. The main driver on the liability side was a Bt696m, 30% increase in trade payables to Bt3,028m, mainly attributable to the Shipping segment on higher bunker prices and dry-docking costs, and to the Offshore Service segment on higher outstanding payables from chartered vessels.

What the numbers don’t show

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

A debt service coverage ratio restated more than sixfold

In the 1Q26 MD&A, TTA reported a debt service coverage ratio, defined as EBITDA over total debt service, of 0.13 times for that quarter, with EBITDA of Bt698m. The 2Q26 MD&A’s own comparative table restates the same 1Q26 quarter at 0.86 times, more than six times higher, even though EBITDA for that quarter is revised only slightly, to Bt690m. Neither filing explains the change.

The interest coverage ratio for 1Q26 also shifts, from 1.77 times as first reported to 1.72 times, and EBITDA margin from 11.5% to 11.3%, both far smaller moves. The current ratio, debt-to-equity ratio, and other balance sheet ratios for 1Q26 match exactly between the two filings.

Digital asset impairment grows 2.6 times, same explanation word for word

The 1Q26 MD&A recorded an extraordinary net non-cash loss of Bt214m from mark-to-market impairment of digital assets. The 2Q26 MD&A records a loss of Bt564m (Bt562m attributable to TTA), roughly 2.6 times larger.

Both filings explain the mechanism in identical wording, sentence for sentence: impairment is recognized item by item, while unrealized gains above cost cannot be booked until disposal, even though the portfolio’s aggregate market value stays above its carrying amount. Neither filing quantifies that gap or explains why this quarter’s charge was so much larger.

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The numbers

Terminal volumes drive a return to growth

Sahathai Terminal provides sea logistics services in Thailand, including container terminal, vessel, and integrated warehouse and freight forwarding services from its facility on the Chao Phraya River near Bangkok. In 2Q26, service income rose 9.6% YoY to Bt413m, with terminal business revenue up 13.9% to Bt288m on higher container volumes, and inland transportation revenue up 16.1% to Bt56m, together accounting for more than 83% of the total.

Margins improve, but administrative costs eat into the gain

Gross margin improved to 24.5% in 2Q26 from 21.0% in 2Q25, as advanced fuel procurement and energy-efficiency measures partly offset higher energy-related service costs. Administrative expenses rose 29.1% YoY to Bt76m, which the filing attributes to additional tax-related expenses. Finance costs fell 11.9% YoY to Bt11m on continued loan repayment. Net profit rose 16.3% YoY to Bt8.2m, a net margin of 2.0%.

Liabilities keep falling against FY25, but the D/E ratio rises YoY

Total liabilities fell 4.3% to Bt1,669m from Bt1,744m at FY25, due to scheduled loan and lease repayments. Total assets fell 1.9% to Bt3,018m, and equity rose 1.1% to Bt1,349m over the same period. Against 2Q25, though, the D/E ratio rose to 1.24x from 1.19x, the only ratio in the table to move in the less favorable direction this quarter.

What the numbers don’t show

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

The Middle East conflict moves from a listed risk to the lead explanation

In 1Q26, Middle East tensions were listed only among several forward-looking outlook risks, alongside energy prices and US trade policy, absent from that quarter’s overview. In 2Q26, the overview opens by identifying the Middle East conflict as the direct source of the quarter’s volatility, linking it to higher fuel prices, freight rates, and insurance costs, and notes that the outlook shifted from gradual expansion to uneven growth.

Administrative expenses reverse from a decline to a sharp rise, now linked to tax costs

In 1Q26, administrative expenses fell 9.7% YoY, which the filing attributed to continuous expense management and control measures. In 2Q26, administrative expenses rose 29.1% YoY to Bt76m, a swing the filing attributes to additional tax-related expenses, a driver not mentioned in 1Q26.

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The numbers

Seasoning orders fall away, denting the top line

JD Food manufactures food seasonings, coconut-based snacks, and other food ingredient products, supplying OEM/ODM customers and its own brands across domestic and export markets. In 2Q26, revenue fell 1.1% YoY to Bt171m, as lower seasoning product sales following the discontinuation of orders from certain existing customers offset new product launches. OEM/ODM sales remained dominant at 92.1% of revenue, little changed from 92.6% a year earlier.

Automation and cheaper coconut meat lift the margin

Gross margin rose to 32.3% in 2Q26 from 27.7% in 2Q25, helped by machinery introduced to replace manual labor and lower coconut meat prices. Administrative expenses fell 19.6% YoY to Bt17m, as a one-time employee retirement compensation expense booked in 2Q25 did not repeat. Net profit rose 124.6% YoY to Bt19m, with a net margin of 10.9%, up from 4.8% a year earlier.

Liabilities fall by more than 40% in a single quarter

On the balance sheet, total liabilities fell 41.7% during the quarter to Bt137m at end-2Q26 from Bt235m at end-1Q26, while total assets fell 8.4% to Bt873m from Bt953m, and equity rose to Bt736m.

What the numbers don’t show

Comparing the 2Q26 MD&A with 1Q26, one thing stands out.

Export sales reverse; the China, Japan, and Australia story is not repeated

In 1Q26, export revenue rose 266.3% YoY to Bt34.87m, 15.8% of revenue, attributed by the MD&A to higher coconut chip and cluster sales and an expanding customer base in China, Japan, and Australia. In 2Q26, export revenue fell to Bt7.78m, accounting for 4.5% of revenue, down from Bt8.56m a year earlier. The 2Q26 MD&A does not reference exports or the three markets named in the previous quarter; it attributes the period’s revenue decline to lower seasoning sales from discontinued customer orders, without specifying whether those customers were domestic or export customers.

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