Thai Stocks Diverge: AP, KTC, Netbay, Sky, Thaicom, WHA in Focus

AP.BK – AP (Thailand) Public Company Limited Real estate developer focused on low-rise (detached houses & townhouses), high-rise condominiums, after-sales services, property brokerage and construction services in Thailand. YTD 2026 Performance ▼ -5.81% 8.60 → 8.10 THB View full analysis → AP: Two tranches of commercial debentures (CDs), offering interest rates of 1.91% and 2.61% p.a., totaling THB3.5bn, were fully subscribed, with demand reaching nearly 2x the offering size (THB6.3bn). Comment: Nearly 2x? That’s not the usual 3-5x we’ve been reading about in the past. KTC.BK – Krungthai Card Public Company Limited Leading credit-card and personal-loan provider; also active in merchant acquiring, payment services, provincial & occupational retail lending, e-money, hire-purchase and leasing. ▲ +57.83% 24.71 → 39.00 THB KTC: 2Q net profit came in at THB2.22bn (+17.4% YoY), beating the THB2.1bn consensus, driven by an improved cost-to-income ratio of 34.6% (vs. 35.0% a year ago), supported by lower ECL (-13.9% YoY), lower credit cost (-16.1% YoY), and lower OPEX (-0.8% YoY). The loan book edged up 0.6% YoY, while the NPL ratio stood at 1.86% at the end of 2Q. Comment: Lower rates ftw. And now for how much longer? NETBAY.BK – Netbay Public Company Limited Provides Software-as-a-Service (SaaS) platforms for electronic transactions (B2G, B2B, B2C). Operates e-Business and e-Service segments covering digital platforms, data-centre and security services. ▼ -26.29% 21.30 → 15.70 THB NETBAY: The Central Administrative Court has dismissed a lawsuit filed by National Telecom (NT) regarding service fees for the National Single Window (NSW) system for the Customs Department. NT retains the right to appeal within the legally prescribed timeframe. Comment: This is amusing…so what’s a minority shareholder to do with this? Trust it’s over? Or expect NT to come back w/ another SKY.BK – Sky ICT Public Company Limited Provides information-technology systems for the aviation industry, travel-process and passenger-information management, plus tourism platforms serving visitors to Thailand. ▲ +54.05% 11.10 → 17.10 THB SKY: The company stated that the aviation industry is entering an upcycle, with a clearer recovery outlook despite war-related disruptions. It expects passenger traffic to accelerate this year and continues to expand its aviation technology business to create new growth drivers (New S-Curve). SKY is developing airport management platforms and AI humanoid solutions for the global market. The expansion of AOT is also expected to increase demand for airport management technologies. Comment: And SKY is going to love it….as are their subs… THCOM.BK – Thaicom Public Company Limited Satellite operator providing transponder services for domestic and international communications; also runs internet & media and telephone-network businesses. ▲ +25.84% 8.90 → 11.20 THB THCOM: State enterprise National Telecom (NT) has extended the retirement date of the Thaicom 4 satellite to the end of Sep 2026, although it has declined to pay Thaicom 4’s management fees to Thaicom Plc, citing technical risks. The move follows Thaicom’s proposal to NT to extend the satellite’s operating life after two previous extensions. Comment: It looks like THCOM is on the backburner until the major owner decides to put some capex into it. WHA.BK – WHA Corporation Public Company Limited Develops and manages industrial estates, warehouses, factories and logistics facilities; also provides utilities, power, digital/data-centre services and mobility solutions. ▲ +66.16% 3.28 → 5.45 THB WHA: Management expects the Thai government’s visit to China to help attract investments in AI and data center projects, which should benefit the company by boosting land sales in its industrial estates. It also signaled stronger performance in 2H26, supported by a large pipeline of land transfers. WHA is targeting revenue and profit-sharing income of THB20bn in 2026, driven by robust growth in its industrial estate and logistics businesses. The company also aims to upgrade its infrastructure and capabilities to support future industries. Comment: Ding dong sing song. It’s becoming more clear that WHA, STEC and STPI are in cahoots to benefit from this data centre game in Thailand as the other players do not seem to want to be involved. Comparison Table (as of 17 July 2026) If this has helped you, please consider donating and buy me a Somtum Waffle The post Stocks in the news (ap, ktc, netbay, sky, thcom, wha) 20.07.26 first appeared on ThaiCapitalist.