Thai Stocks in Focus: Bangchak, BEM, BGRIM, CRC, Delta Updates

The Thai stock market is buzzing with the latest developments from five key companies: Bangchak Corporation (BCP), Bangkok Expressway and Metro (BEM), B.Grimm Power (BGRIM), Central Retail Corporation (CRC), and Delta Electronics (Thailand) (DELTA). Bangchak Corporation (BCP) has seen its stock price surge by 107.7% year-to-date, trading at THB 54.00. Despite a proposed amendment to board qualification rules failing to pass at the shareholders' meeting, the company remains attractive due to its perceived undervaluation. The proposed amendment, which aimed to disqualify individuals indicted or facing asset seizure by the Anti-Money Laundering Office (AMLO), was voted down by only 69.50% of shareholders, falling short of the required 75% supermajority. This means the board representative of Alpha Charter Energy (ACE), a major shareholder, legally remains on BCP's board. The article hints at escalating internal friction and factionalism within BCP’s management structure, with further developments expected. Bangkok Expressway and Metro (BEM), which operates Bangkok's tollways and metro system, has experienced a 25.2% year-to-date increase in its stock price, reaching THB 6.70. The company is set to implement toll increases on certain expressways, including the Si Rat-Outer Ring road, by Bt15 starting December 15, 2026. This adjustment, following terms in the concession agreement requiring revisions every five years, is expected to boost its revenue. B.Grimm Power (BGRIM) is expanding its power generation and renewable energy businesses both domestically and internationally, with its stock price up 30.5% year-to-date to THB 18.40. The company is actively pursuing M&A talks for two independent power producer (IPP) gas-fired plants in Vietnam and Malaysia, totaling 3,000 MW, with expected finalization before year-end. Additionally, the first phase of its flagship data center in Chonburi is on track for commercial operation in November, with subsequent phases to bring the total project to 94 MW, all powered by its renewable portfolio. Central Retail Corporation (CRC), Thailand's largest retailer, has seen a significant 61.1% year-to-date rise in its stock price to THB 29.00. While analysts expect a quarter-on-quarter decline in core profit for the third quarter of 2026 due to seasonality, strong year-on-year profit growth is anticipated. This growth is expected to be driven by higher margins, reduced interest expenses, and the absence of losses from the Nguyen Kim department store chain in Vietnam, which was divested in the second quarter of 2026. A sales jump is expected in the fourth quarter due to the holiday season. Delta Electronics (Thailand) (DELTA), a manufacturer of power-electronics, thermal, and infrastructure products, has benefited from demand related to AI and data centers, with its stock price up 36.4% year-to-date to THB 236.00. Its parent company, Delta International Holding, has filed a plan for US$1.5 billion in zero-coupon exchangeable bonds, with two tranches targeting issuance on September 21. These bonds are exchangeable into *existing* DELTA shares held by the parent, not new paper. The strike prices are set at THB 266.80 for Tranche A and THB 301.60 for Tranche B. The stock experienced a significant drop on September 15th. There will be no change to the share count of the Thai-listed entity. These companies are navigating different business strategies and market environments. Investors are closely monitoring each company's performance, governance, and macroeconomic trends to make informed investment decisions.