Bangkok Commercial Asset Management Public Company Limited
Bangkok Commercial Asset Management Public Company Limited is an asset management company based in Bangkok, Thailand. It operates through two segments: Non-Performing Loans (NPLs), and Non-Performing Assets (NPAs) and Investments in Securities. The company purchases or transfers NPLs and NPAs for management, further disposal, or transfer, and acquires NPLs from financial institutions to manage through debt negotiation. It also handles the acquisition and transfer of NPAs from financial institutions, transfers of assets from debt settlement, and purchases of collateral at auction from the legal execution department, with an emphasis on adding value. The company was founded in 1998.
BAM buys 10bn baht SCB bad debt at cheap prices BAM took over about 10 billion baht of SCB bad debt, with revenue starting to show in Q3 2026. Because rivals pulled back, BAM negotiated prices of 14-20% of debt value, down from 23-25%, which should lift returns.
This is the main new event driving BAM's profit outlook and stock price.
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BAM shifts to asset-light, profit-focused strategy BAM is moving from buying debt and rushing collection to managing assets for net profit, keeping assets at 100-120 billion baht. It expects 2026 normal profit of about 1.2 billion baht plus 500-700 million baht from the new SCB portfolio.
This strategy change is new and directly shapes future earnings and capital use.
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BAM targets 2bn baht 2026 profit, more JV AMCs BAM set a 2026 net profit target of 2 billion baht, expects to close 1-billion-baht deals, and plans to set up two more asset management joint ventures in November 2026. It will also pay dividends at least twice a year from 2027.
This gives a concrete profit target and new joint-venture plans that support the stock.
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Brokers see strong H2 but full-year profit still down InnovestX expects H2/69 profit to jump 140% from H1 and 281% from a year earlier on higher debt collections, but keeps a Neutral rating and 7 baht target. Yuan Da keeps Buy with a 9 baht target, noting 2026 profit may fall 8.7% before growing in 2027.
This shows the real counterweight: strong second-half recovery but full-year profit still lower than last year.
BAM buys 10bn baht SCB bad debt at cheap prices BAM took over about 10 billion baht of SCB bad debt, with revenue starting to show in Q3 2026. Because rivals pulled back, BAM negotiated prices of 14-20% of debt value, down from 23-25%, which should lift returns.
This is the main new event driving BAM's profit outlook and stock price.
▲
BAM shifts to asset-light, profit-focused strategy BAM is moving from buying debt and rushing collection to managing assets for net profit, keeping assets at 100-120 billion baht. It expects 2026 normal profit of about 1.2 billion baht plus 500-700 million baht from the new SCB portfolio.
This strategy change is new and directly shapes future earnings and capital use.
▲
BAM targets 2bn baht 2026 profit, more JV AMCs BAM set a 2026 net profit target of 2 billion baht, expects to close 1-billion-baht deals, and plans to set up two more asset management joint ventures in November 2026. It will also pay dividends at least twice a year from 2027.
This gives a concrete profit target and new joint-venture plans that support the stock.
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Brokers see strong H2 but full-year profit still down InnovestX expects H2/69 profit to jump 140% from H1 and 281% from a year earlier on higher debt collections, but keeps a Neutral rating and 7 baht target. Yuan Da keeps Buy with a 9 baht target, noting 2026 profit may fall 8.7% before growing in 2027.
This shows the real counterweight: strong second-half recovery but full-year profit still lower than last year.
News & notes movingBAM.BK
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BAM extends "Start Anew with BAM" programme to 30 December 2026
Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced the extension of its "Start Anew with BAM" programme to 30 December 2026, from its previous end date in September 2026. According to Dr. Raks Vorakitpokatorn, Chief Executive Officer, the programme has received an excellent response and been highly successful. BAM offers two forms of assistance for retail debtors. In the account closure case, debtors can settle their debt at a rate of no less than 70% of the outstanding principal within 60 days from the date of approval, with no interest charged. In the instalment case, debtors can pay monthly instalments with a 0% interest rate for the first three years and can take up to 10 years to repay. Dr. Raks said the extension of the programme this time builds on the assistance already provided, giving retail debtors who still intend to resolve their debt problems more opportunities to negotiate and access relief measures. BAM customers can ask for further details from today until 30 December 2026 through the Call Center on 02-6300-700, the website www.bam.co.th, and Line Official: @bamthailand. Terms and conditions apply as determined by the company.
BAM.BK · Demand · Positive BAM extends its debt-relief programme to Dec 2026, giving retail debtors more opportunity to negotiate and access relief measures.
BAM signs MOU with Department of Agriculture to offer special-condition NPA sales
Bangkok Commercial Asset Management Public Company Limited, or BAM, has signed a memorandum of understanding with the Department of Agriculture to support welfare and promote housing security for the department's personnel. Dr. Ruk Vorakitpokatorn, Chief Executive Officer of BAM, signed the agreement together with Mr. Raphiphat Chantharasriwong, Director-General of the Department of Agriculture. The collaboration is carried out through the welfare asset project "Baan Phuea (N) Khon Tham-ngan," which BAM established to support housing for personnel of both government and private sector organizations. It offers a variety of non-performing assets, or NPA, across the country, including detached houses, townhouses, condominiums, commercial buildings, and vacant land, under special conditions and privileges. In addition, BAM is ready to assist Department of Agriculture personnel who have non-performing loans, or NPL, under the company's management, allowing them to negotiate debt settlements or restructure their debts under flexible, lenient, and fair guidelines. Dr. Ruk said this collaboration reflects BAM's role in using its expertise in NPA and NPL management to deliver tangible benefits to the public, viewing a home not merely as an asset but as the foundation of security and quality of life.
BAM.BK · Demand · Positive BAM signed an MOU with the Department of Agriculture to offer its NPA housing assets and NPL debt-restructuring services to department personnel, expanding its customer base.
BAM launches 3-month debt payment suspension to help flood-affected customers
Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced a three-month debt payment suspension measure to assist customers affected by flooding in Bangkok and its surrounding provinces. Dr. Raks Worakitpokatorn, Chief Executive Officer of BAM, said the company has accelerated surveys and data collection on affected customers so that assistance can be provided appropriately and quickly. The surveys cover both customers undergoing debt restructuring and customers who purchased BAM's non-performing assets on installment plans. BAM will assess damage and impacts on housing, workplaces, and the ability to carry on normal daily life before considering assistance guidelines based on each customer's level of damage and hardship on a case-by-case basis, so that customers have the time and opportunity to regain their footing during the recovery of their homes and livelihoods.
BAM.BK · Regulation · Neutral BAM launches a three-month debt payment suspension for flood-affected customers, a policy measure whose net effect on the company is unclear.
BAM targets 2026 profit of 2 billion baht, set to close 1-billion-baht deals and establish AMC joint ventures this November
Bangkok Commercial Asset Management Public Company Limited, or BAM, has set a net profit target of 2 billion baht for 2026, driven by Big Lot debt purchases from partner banks. This is new debt and is expected to support collections in the second half of the year, while generating gross profit of more than 200 million baht. Chief Executive Officer Dr. Raks Worakitphokathorn disclosed that the company is likely to close negotiations on deals with four debtors and on sales of foreclosed assets, with a combined value of more than 1 billion baht, under the "Start Anew with BAM" and "Sap Mahachon Plus" campaigns. These are mid-sized deals worth roughly 200 to 500 million baht each. Most recently, the company closed a sale of non-performing assets consisting of nearly 500 rai of land on Koh Yao Yai in Phang Nga Province, worth more than 200 million baht. As for the establishment of two more asset management joint ventures, or JV AMCs, the company and its partners have reached a common understanding on the principles, and the ventures are expected to be set up within November 2026. One further project is still under negotiation, with a conclusion expected within 2026 and establishment in the first quarter of 2027. Once all five joint ventures are fully operational, they are expected to generate profits of approximately 100 to 200 million baht per year, giving the company's overall profit the potential to sustainably exceed 2 billion baht. Meanwhile, expected credit loss expenses, or ECL, in the third quarter of 2026 are likely to decline, and the company will begin paying dividends at least twice a year starting in 2027.
BAM.BK · Capital · Positive BAM targets 2 billion baht net profit for 2026, expects to close 1-billion-baht deals, and plans JV AMCs and twice-yearly dividends from 2027.
BAM takes over 10 billion baht of SCB bad debt, boosting ROE momentum, target 9 baht
Bangkok Commercial Asset Management Public Company Limited, or BAM, has taken over bad debt from SCB worth around 10 billion baht, with revenue beginning to be gradually recognized in the third quarter of 2026, following an analyst meeting yesterday. Research from Yuan Da Securities noted that BAM's cash collection improved compared with the previous quarter after some debtors who had requested payment deferrals resumed payments under their contracts. Meanwhile, competition in auctions to buy secured bad debt from commercial banks has fallen sharply because the second- and third-ranked competitors have reduced their bad debt purchases and small AMCs are facing liquidity problems, allowing BAM to negotiate purchases at lower prices, down from around 23-25% of debt value to only 14-20%. As for the establishment of JVAMCs, two are expected to be set up in November this year and one more in early 2027, giving BAM as many as five JVAMCs in 2027, up from two currently, which are with GSB and KBANK. The research house maintained its forecast for 2026 net profit at 1.655 billion baht, down 8.7% year on year, before returning to growth of 6.7% in 2027, and kept its buy recommendation, noting the stock trades at a 2026 PBV of only 0.5 times, with 30.4% upside from a 2027 fundamental value of 9 baht, and an expected dividend yield of another 6.6%.
BAM.BK · Capital · Positive BAM took over ~10bn baht of SCB bad debt and Yuan Da keeps buy rating with 9 baht target and 30.4% upside.
BAM.BK · Competition · Positive Rivals cut bad-debt purchases and small AMCs face liquidity problems, letting BAM negotiate purchases at 14-20% vs 23-25% of debt value.
Yuanta Securities (Thailand) Company Limited · Capital · Neutral Yuanta's research is the source of the analysis, but the news is about BAM, not a development for Yuanta itself.
SCB.BK · · Neutral SCB is the seller of the ~10bn baht bad debt to BAM, but no clear positive or negative impact is stated.
BAM champions "rent-to-own plus direct instalments" model to open the path to homeownership as banks reject loans
BAM has launched a "rent-to-own" model alongside "direct instalments" to widen the options for Thais who want to buy a home but face high expenses, slowing income and purchasing power, rising housing prices, and worries about loan rejections and credit denials from financial institutions. Dr. Raks Worakitpokatorn, Chief Executive Officer of Bangkok Commercial Asset Management Public Company Limited, or BAM, said access to credit is one of the key problems in today's real estate market, especially in the housing segment priced at roughly 2 to 5 million baht and among low-income earners, the self-employed, and those with irregular income. BAM has given the public the chance to pay for properties directly to BAM through the "Mahachon Assets" programme, which brings non-performing assets, or NPA, including detached houses, townhouses, condominium units, shophouses, and land in locations nationwide, to add more choices. Currently more than 21,000 properties have joined the programme. Dr. Raks said the overall real estate market still has a large amount of supply, while purchasing power and access to credit are constrained. Therefore, solving the problem should not focus only on creating new supply, but should bring existing properties back to be managed, improved, and passed on to those who genuinely need to use them at an appropriate price.
BAM.BK · Demand · Positive BAM launched a rent-to-own plus direct instalments model and its Mahachon Assets programme with over 21,000 NPA properties to reach buyers denied bank loans.
SEC Appoints Apisit Suksakorn as Assistant Secretary-General for Digital Technology
The Securities and Exchange Commission, or SEC, has appointed Apisit Suksakorn as Assistant Secretary-General for Digital Technology, overseeing the Information Technology Risk Supervision and Examination Department, the Data Management and Analysis Department, and the Information Technology Department, effective from January 1, 2027. Meanwhile, Starflex Public Company Limited, or SFLEX, reported record-high revenue and net profit for the second quarter of 2026, driven by higher selling prices and a product mix that boosted margins. CEO Dr. Sompoch Valyasavee said the second-half plan will upgrade production with advanced technology, expand Green Packaging, and accelerate Star Union Packaging. Separately, Chaoshua Foods Industry Public Company Limited, or CHAO, announced its business plan for the second half of 2026, focusing on developing the domestic market and expanding abroad through alliances with major retail partners to penetrate the Chinese market, with completion expected within 2026. Winner Medical Public Company Limited, or WINMED, reported strong second-quarter 2026 results, with CEO Nanthiya Darakananda citing bright second-half prospects after its Pathogen Inactivation, or PI, innovation won strong acceptance from public and private hospitals, along with the launch of Thailand's first mobile blood donation bus service. Britania Public Company Limited, or BRI, received an excellent rating with a full 100 points and five stars from the 2026 AGM Checklist assessment of annual general meeting quality, according to CEO Krit Techasumma. And Bangkok Commercial Asset Management Public Company Limited, or BAM, held an analyst meeting to outline its second-half 2026 business picture, advancing a resilient business model, reducing reliance on big-ticket items, accelerating TDRs, and revolving NPA assets, while setting up three more joint-venture AMCs, with the first expected to be finalized as early as the end of the third quarter of 2026. It aims for its total asset portfolio to surpass 600 billion baht by year-end under the BAM Universe approach, according to CEO Dr. Raks Worakitphokathorn.
SFLEX.BK · Capital · Positive Starflex reported record-high Q2 2026 revenue and net profit driven by higher selling prices and a favorable product mix.
BRI.BK · Regulation · Positive BRI received a full 100-point, five-star rating in the 2026 AGM Checklist assessment of annual general meeting quality.
CHAO.BK · Demand · Positive CHAO's H2 2026 plan targets domestic market development and expansion into China via alliances with major retail partners.
WINMED.BK · Technology · Positive WINMED's Pathogen Inactivation innovation won strong acceptance from public and private hospitals, supporting bright H2 prospects.
BAM.BK · · Neutral Article only notes BAM held an analyst meeting on its H2 2026 outlook; no concrete development or cause given.
ASL recommends buying BAM with a target of 8.10 baht, names it Top pick in the AMC group
ASL's research note recommends "Buy" on BAM and has rolled its target price forward to 2027 at 8.10 baht, based on a PBV of 0.58 times. It expects third-quarter 2026 results to grow continuously both quarter on quarter and year on year, driven by an acceleration in cash collection, which it estimates at no less than 5 billion baht for the period. It also expects the second half of 2026 to be better than the first half, as collections enter the high season, while ECL has room to fall further, revenue is recognised from newly purchased debt portfolios, and NPA sales tend to improve. Management is maintaining its target of growing the asset portfolio to 600 billion baht, or a 21% year-on-year increase from 592 billion baht in the first half, along with a 2026 net profit target of at least 2.0 billion baht, even though the first half delivered only 451 million baht, or 22% of the goal. ASL estimates this year's net profit at 1.9 billion baht, up 4.7% year on year and slightly below the company's target, reflecting uncertainty over cash collection and large NPA sales, but it still sees upside to its estimates if collections accelerate to the targeted 17.9 billion baht. It names BAM as its Top pick in the AMC group because of its attractive valuation, with the current share price trading at a PBV close to one standard deviation below its historical average, and it expects a dividend yield of 7.5% this year and 8.3% next year. On the technical side, the price has swung sharply higher on a bullish candle with rising trading volume, with the 100-200 day EMA at 6.75 and 6.95 as the resistance range to watch, and support at 6.50 and 6.35.
BAM.BK · Capital · Positive ASL recommends Buy on BAM with a rolled-forward target price of 8.10 baht, naming it Top pick in the AMC group on attractive valuation and 7.5-8.3% dividend yield.
BAM says Thai property market is undergoing structural change, moves ahead with four engines to respond
Dr. Raks Vorakitpokatorn, Chief Executive Officer of Bangkok Commercial Asset Management Public Company Limited, or BAM, disclosed that the Thai real estate market is entering a major transition amid challenges in the economy, purchasing power, technology, and demographic structure. He views that the market has not disappeared but is changing shape, and demand for housing among Thai people remains, though behavior and conditions for purchase decisions have shifted from the question of how new a home is to the question of how worthwhile it is, whether payments are manageable, and how well it meets real life. He stated that in the future the real estate market will not have a single answer for everyone, because the elderly, the new generation, freelancers, and consumers in each area have different lifestyles and financial constraints. Asset development must therefore shift from the One Size Fits All concept toward a deeper understanding of each customer group. In this context, BAM is moving forward to drive the organization through four key engines: managing NPLs to create a path back and a fresh start for debtors; upgrading NPAs from ready-to-sell assets to ready-to-live-in homes; expanding asset management capability through JV AMC; and bringing Data, AI, and the potential of People under BAMX to elevate work processes. Dr. Raks said the goal is not merely to have debts managed or assets sold, but to enable people, businesses, assets, and capital to move forward again, under the concept of Thailand Beyond Tomorrow and reviving people, reviving assets, reviving the economy, while elevating its role from an Asset Management Company to becoming part of Thailand's economic infrastructure.
BAM.BK · · Neutral BAM outlines a structural market shift and its four strategic engines (NPL management, NPA upgrades, JV AMC, BAMX data/AI) but gives no concrete financial or demand figures to judge direction.
BAM joins forces with MRTA to sign MOU for the 'Baan Phuea (N) Khon Tham-ngan' project, boosting housing and comprehensive debt resolution
Bangkok Commercial Asset Management Public Company Limited, or BAM, together with the Mass Rapid Transit Authority of Thailand, or MRTA, have signed a memorandum of understanding, or MOU, for the welfare asset project 'Baan Phuea (N) Khon Tham-ngan'. The signatories were Mr. Rak Vorrakitpokatorn, Chief Executive Officer of BAM, and Mr. Kajpholchon Udomthamphakdee, Governor of the MRTA. The collaboration aims to promote housing welfare and improve the quality of life of MRTA personnel by giving them access to quality housing at special prices. Under the agreement, BAM will offer non-performing assets, or NPA, covering detached houses, townhouses, condominiums, commercial buildings and vacant land in various locations nationwide, for MRTA personnel to purchase under special conditions with additional benefits. It also opens the way for personnel with debts under BAM's management to receive consultations, negotiate debt settlements and restructure their debts under appropriate and fair conditions. BAM stated that this collaboration is more than an expansion of housing benefits; it brings together the strengths of both organisations to create opportunities for home ownership alongside opportunities for financial stability, and to improve the quality of life of workers so they can enjoy sustainable security.
BAM.BK · Demand · Positive BAM signed an MOU with MRTA to offer its NPAs (houses, townhouses, condos, land) for purchase by MRTA personnel, expanding demand for its assets.
BAM jumps 5.51% as broker sees strong H2/69 profit on big deals and new JVAMC
BAM shares rose 5.51%, or 0.35 baht, to 6.70 baht, with trading value of 263.05 million baht, after InnovestX said debt collections will increase significantly in H2/69 from four mid-sized deals worth a combined 1.2 billion baht, split into 400 million baht from two NPL deals and 800 million baht from two NPA deals. It also sees upside from two large transactions: Soneva Kiri Resort on Koh Kood and the Indra Regent Hotel in Pratunam. The broker expects collections of 5-6 billion baht per quarter in Q3/69 and Q4/69, compared with 3 billion baht in Q1/69 and 3.5 billion baht in Q2/69. For the full year 69, collections are expected to be at least 16.5 billion baht, against a target of 17.9 billion baht, or an 8% decline from an unusually high base in year 68. Meanwhile, BAM is in the process of setting up three more JVAMCs with commercial banks, with two deals expected to be concluded in December 69 and one more in H1/70, on top of the existing two, Ari AMC and Arun AMC, which contributed 72 million baht in share of profit in H1/69. The research team kept its year 69 profit forecast at 1.6 billion baht, down 11%, and expects H2/69 profit to rise 140% HoH and 281% YoY. It maintained a NEUTRAL rating and a mid-70 price target of 7 baht based on the DDM method, supported by a strong dividend yield of 7%, and expects a DPS of 0.45 baht for year 69, a payout ratio of 90%, compared with 0.5 baht in year 68.
BAM.BK · Capital · Positive InnovestX sees H2/69 profit up 140% HoH and 281% YoY on higher debt collections from four mid-sized deals and two large transactions, keeping a 7 baht target and 7% yield.
ARI-AMC · Capital · Positive Existing JVAMC Ari AMC contributed 72 million baht in share of profit in H1/69, cited as part of BAM's JVAMC upside.
ARUN AMC · Capital · Positive Existing JVAMC Arun AMC contributed 72 million baht in share of profit in H1/69, cited as part of BAM's JVAMC upside.
Stocks to Watch Today: ICHI, VIH, KTMS, OSP, BAM Lead Positive News
Today's stocks to watch include several companies announcing plans and earnings outlooks. ICHI is confident of standout growth in the second half, with revenue this year reaching 9,000 million baht. It is pushing ahead into the fertilizer business, with a three-year plan to lift revenue to 1,500 million baht, and is teaming up with COCOCO to launch a coconut water jelly drink, targeting sales of 15 million baht this year. Meanwhile, GPSC and RATCH received positive news as the Energy Policy and Planning Office is set to extend the operating life of gas-fired power plants in the first five years of the PDP 2026 plan, with hopes for extensions for the 677-megawatt GLOW IPP plant and for Ratch Group's 3,645-megawatt Ratchaburi plant to qualify. Target prices were set at 61 baht per share for GPSC and 41.40 baht per share for RATCH. VIH hinted at standout growth in the third quarter of 2026, benefiting from treatment of complex diseases, which supports higher margins, with cash reserves of more than 1,400 million baht and a push toward medical excellence by 2028. KTMS signaled a strong showing in the third quarter of 2026, accelerating the opening of 11 new dialysis branches and installing 36 to 64 additional dialysis machines, supporting a 2026 revenue target of 800 million baht. OSP said the third quarter of 2026 will grow in line with plan, highlighting premium beverages as the main driver, with its automation system in Ayutthaya having already cut costs by more than 300 million baht, and it is confident revenue this year will grow at a single-digit rate. BAM is adjusting its business model toward asset management, focusing on net profit and cost control, driving an asset-light model with assets of 100,000 to 120,000 million baht and eyeing profit of 2,000 million baht.
BAM.BK · Capital · Positive BAM is shifting to an asset-light asset-management model targeting net profit of 2,000 million baht and cost control.
KTMS.BK · Demand · Positive KTMS is accelerating 11 new dialysis branches and 36-64 additional machines, supporting a 2026 revenue target of 800 million baht.
OSP.BK · Demand · Positive OSP expects Q3 2026 growth driven by premium beverages, with automation cutting costs over 300 million baht.
GPSC.BK · Regulation · Positive Energy Policy and Planning Office set to extend operating life of gas-fired power plants, potentially benefiting GPSC's GLOW IPP plant; target price set at 61 baht.
RATCH.BK · Regulation · Positive RATCH's 3,645-MW Ratchaburi plant may qualify for operating-life extension under the PDP 2026 plan; target price set at 41.40 baht.
BAM shifts strategy to focus on net profit, keeping assets at 100-120 billion baht
Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced a shift in its business model from "buying debt and accelerating collection" to asset management aimed at generating net profit, with a focus on cost control and improving the quality of its debt portfolio, according to disclosures by Dr. Raks Varitkophakorn, Chief Executive Officer. The company aims to keep its asset size at approximately 100 billion to 120 billion baht under an Asset Light strategy, while reducing its cost-to-income ratio and using joint ventures and subsidiaries to distribute the workload, with each having the potential to generate about 100 million baht in profit back to the parent company per year. A key supporting factor is a new debt portfolio worth 10 billion baht from Siam Commercial Bank Public Company Limited, or SCB, which BAM acquired at approximately 20-23% of the debt value and which is expected to generate average accounting net profit of about 500-700 million baht per year over seven years. For its 2026 performance target, BAM expects normal operating profit of approximately 1.2 billion baht, split into about 500 million baht in the first half and about 700 million baht in the second half, with the new 10 billion baht debt portfolio expected to add another 500-700 million baht in profit.
BAM.BK · Capital · Positive BAM shifts to an Asset Light strategy targeting net profit, with 2026 normal operating profit of ~1.2 billion baht plus 500-700 million baht from the new debt portfolio.
SCB.BK · Capital · Positive SCB sold BAM a 10 billion baht debt portfolio at 20-23% of debt value, a transaction involving SCB as the seller.
BAM: Household debt at 86% of GDP drives mortgage rejection rate to 50%, highest in 5 years
BAM revealed that Thai household debt remains high at 86% of GDP, or approximately 16.41 trillion baht, leading to a mortgage rejection rate that has surged to its highest in five years. Particularly for homes priced below 3 million baht, the rejection rate has exceeded 50%, meaning that out of two loan applicants, one may be rejected. Dr. Rak Vorakitphokathorn, Chief Executive Officer, stated at a seminar that the Thai economy is growing the slowest in ASEAN, at below 2%, and the real estate market is entering the era of second-hand homes, which hold a 67% market share. Meanwhile, BAM has over 120,000 units in its portfolio, so it is accelerating the expansion of its Rent to Own model and collaborating with about 10 partners to renovate and resell second-hand homes. It also launched "BAM Guarantee" together with three insurance companies to build buyer confidence.
BAM.BK · Demand · Positive BAM's Rent to Own model and partnerships to renovate/resell second-hand homes expand its core business amid high mortgage rejections.
Sermsang Power Corporation Public Company Limited (SSP) has closed a deal to sell the Yamaka power plant with a capacity of 34.5 megawatts, receiving nearly 1 billion baht, and is preparing to record a special gain in the third quarter of 2026. This sale is part of its portfolio of power plants already in commercial operation totaling over 330 megawatts, with more than 420 megawatts of projects awaiting operation to be added to the portfolio through 2030, as revealed by Chayut Lihacheronkul, Chief Financial Officer. Meanwhile, Business Alignment Public Company Limited (BIZ) received a perfect score of 100 on the AGM Checklist for 2026, achieving an excellent level for the third consecutive year, reflecting strong corporate governance standards. The Srithai group, led by Srithai Superware Public Company Limited (STA) and Srithai Gloves (Thailand) Public Company Limited (STGT), won 4 awards for organizations promoting the employment of persons with disabilities for 2026, continuing for the ninth year. Additionally, Bangkok Commercial Asset Management Public Company Limited (BAM) is preparing to establish 3 joint venture companies, with the first expected to materialize within the fourth quarter of 2026 to strengthen its asset management business.
SSP.BK · Capital · Positive SSP closed the sale of the 34.5 MW Yamaka power plant for nearly 1 billion baht and will record a special gain in Q3 2026.
BAM.BK · Capital · Positive BAM is preparing to establish 3 joint venture companies, with the first expected in Q4 2026, to strengthen its asset management business.
BIZ.BK · Regulation · Positive BIZ received a perfect 100 score on the 2026 AGM Checklist, reflecting strong corporate governance standards.
STGT.BK · Regulation · Positive STGT, as part of the Srithai group, won 4 awards for organizations promoting employment of persons with disabilities for 2026.
BAM plans to establish 3 joint ventures, expects 1 to be completed in Q4/2026
BAM has revealed plans to establish a total of 3 joint ventures, with expectations that 1 will be established within the fourth quarter of 2026. Dr. Ruk Worakitphokathorn, Chief Executive Officer, along with the executive team, attended the Krungsri Securities Financial Day activity to communicate the business direction for the second half of the year and trends in the asset management industry, as well as progress on the establishment of joint ventures, which is a key strategy for business expansion and long-term growth.
BAM launches major campaign to sell off 32 billion baht in assets
BAM has launched the "BAM Homes, Ready to Serve" campaign, running from now until October 31, 2026, to sell off over 14,000 quality assets with a total value exceeding 32 billion baht, covering houses, condominiums, townhouses, and commercial buildings in prime locations. Special discounts and benefits are offered, such as free transfer fees up to 900,000 baht per item for transfers completed within 30 days, along with gifts based on the asset price range, from air purifiers and 55-inch Smart TVs to side-by-side refrigerators or robot vacuum cleaners. Dr. Rak Worakitphokathorn, Chief Executive Officer, stated that this campaign not only helps people access housing more easily but also brings assets back into use and creates value for the economy.
Mr. Phayong Srivanich, President of Krungthai Bank (KTB) and Chairman of the Thai Bankers' Association, stated that solving structural debt problems requires a shift to a Debtor-Centric approach, placing the debtor at the center. He also revealed that progress in establishing a joint venture asset management company (JV AMC) with Bangkok Commercial Asset Management Public Company Limited (BAM) has exceeded 50%, with consideration still underway on whether to partner solely with BAM or include other parties. Mr. Phayong noted that the lack of standardized financial data systems has caused some debtors to move to Non-Bank and state banks, while the Bank of Thailand (BOT) is accelerating the Level Playing Field initiative to ensure fair competition. Regarding KTB's NPL situation, the worsening groups are mostly vulnerable segments affected by disruptions such as AI replacing labor, thus requiring a Sectorial Approach rather than a One-size-fits-all solution. In terms of growth, KTB emphasizes Asset Light and partnerships that do not require heavy investment, with this year's ROE still in line with the double-digit target, and Tier 1 capital (CT1) remaining at a high level. For 2026 performance, the focus remains on maintaining stability and delivering results in line with targets, while creating New Drivers to lay the foundation for being Future Ready.
KTB Confident Loan Growth in 2026 Will Exceed Target, Pushing Asset Light Strategy
Krungthai Bank, or KTB, is confident that total loans in 2026 will grow slightly above its target, which was previously set at 0-2%. The bank continues to emphasize sustainable growth, avoiding high risks, and maintaining a double-digit return on equity. Its tier-1 capital remains strong, and the current loan structure is mainly supported by large corporate clients, while retail lending continues to expand and SMEs are being supported. The bank is preparing to cater to the younger generation who are separating from family businesses (kongsi), by adjusting its infrastructure and creating new drivers aligned with the future economy. The next phase of its strategy focuses on an asset-light approach, expanding international business in a network-linked manner, without large-scale investments or acquisitions, while remaining open to new partners. As for the collaboration with BAM to establish a joint venture AMC, progress has been considerable. Meanwhile, debt resolution should shift towards a debtor-centric approach, integrating data from multiple sectors such as social security, and employing proactive debt restructuring to reduce NPL risks.
BAM grants 3-month debt moratorium to help flood-affected customers in Nan
Bangkok Commercial Asset Management Public Company Limited, or BAM, has introduced a three-month debt repayment suspension for customers affected by the flooding in Nan province. Chief Executive Officer Dr. Rak Worakijpokathorn said BAM has instructed its local offices to urgently survey and compile information on affected customers, covering both customers undergoing debt restructuring and customers purchasing BAM properties for sale on an installment basis, in order to assess the extent of damage and hardship related to housing, places of work, and the ability to carry on normal daily life. The information will then be submitted to headquarters for urgent consideration of assistance. Assistance will be considered on a case-by-case basis according to the level of impact and hardship faced by each customer, so that it is appropriate to the situation and needs.
BAM.BK · Demand · Positive BAM's debt moratorium for flood-affected customers may improve customer relations and support loan repayment, but it could also reduce short-term cash flows.
BAM reports second quarter collections up 16%, lifting profit 8%
Bangkok Commercial Asset Management Public Company Limited, or BAM, reported second quarter 2569 collections of 3.513 billion baht, up 16% from 3.026 billion baht in the first quarter, bringing first half collections to 6.539 billion baht. Second quarter 2569 profit was 234 million baht, up 8% from 217 million baht in the first quarter, making first half profit 451 million baht. Chief Executive Officer Dr. Rak Worakijpokathorn said BAM is focused on building a resilient business model that does not rely on large one-off collections, but emphasizes cash flow from normal operations through its TDR Factory, proactive NPA management, selective debt purchases, and using joint venture asset management companies as a new growth engine. In the second quarter of 2569, BAM received dividends of 30 million baht and recognized profit sharing of 28 million baht from ARI AMC and ARUN AMC respectively. For the second half of 2569, BAM will accelerate all three revenue engines, namely NPL, NPA, and joint venture asset management companies, to work simultaneously in order to increase collections, diversify cash flow, and improve earnings quality.
BAM uses AI to revive impaired assets back to value
Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced the adoption of artificial intelligence, or AI, to enhance debt and asset management in three dimensions: faster, more precise, and more insightful. This spans debt screening, debtor potential analysis, property valuation, and matching assets with the right buyers, helping money, debt, and assets circulate back into the economy more quickly. Dr. Rak Worakijpokathorn, Chief Executive Officer of BAM, said AI will help BAM move from a one-size-fits-all approach to personalized solutions by using data analysis to design suitable remedies for each debtor. The key challenge should not stop at analyzing who is risky, but must look deeper into who still has potential, so that debt restructuring can keep viable debtors standing again. In asset management, AI can be used to analyze location, value, demand, and buyer behavior to increase precision in bringing properties back to market, create asset velocity, and turn dead assets into economic value. The faster assets return to the system, the faster capital and economic activity can circulate again. Dr. Rak said BAM in the AI economy will play four key roles: resolving debt with customer understanding, creating opportunities for people to access property, turning dead assets into economic value, and increasing productivity within the organization. BAM will also build on the BAM Opportunity Score concept to use data and technology to see potential and customers' ability to resume repayment, rather than using scores merely to classify risk or deny opportunity. Moreover, in the future AI may not be just a choice but a means of survival, and may be like an express train we must catch in time to help revive zombie firms, awaken dormant assets, and turn what was once stagnant back into motion, creating jobs, income, and economic value once again.
Bualuang sees Q2 stock profits up 13%, recommends continued recovery in H2
Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.
BAM discusses with 4 international partners, roadshows $100 million in NPA
Bangkok Commercial Asset Management Public Company Limited, or BAM, is expanding its international partner network through discussions with senior executives from four leading organizations in the asset management and debt management business during the 10th IPAF Summit and Conference in Astana, Republic of Kazakhstan. They include Zhejiang Zheshang Asset Management from China, Collectius, Korea Asset Management Corporation, or KAMCO, from South Korea, and Vietnam Asset Management Company, or VAMC, from Vietnam, to explore cooperation opportunities in managing non-performing assets and properties for sale, applying technology and data, and exchanging international knowledge. At the same time, BAM brought high-potential NPA assets worth approximately 100 million US dollars, equivalent to several billion baht, to a roadshow at the Investment Forum on August 13, 2026, to reach foreign institutional investors. The properties presented include condominium projects in central Bangkok, vacant land on an island in Phuket province, and hotels on Koh Chang and Koh Kood, which can be further developed into hotel, resort and hospitality services businesses.
Bualuang highlights JMT, MINT, BAM, KCE, MTC after analyst meetings
Bualuang Securities released analysis on JMT, MINT, BAM, KCE and MTC following analyst meetings. JMT expects cash collections in the third quarter of 2026 to recover both year on year and quarter on quarter after seeing improvement since May, supported by collections from new debt purchased in the first quarter. The research team therefore recommends buying MINT, maintaining its profit growth target of 15 to 20 percent per year during 2026 to 2028 and net debt to equity of 0.75 to 0.85 times, while keeping plans for a food IPO and asset sales. BAM still targets 2026 net profit of 2 billion baht, up 10 percent year on year, but the research team sees the slow economic recovery pressuring that target and recommends sell. KCE expects third quarter 2026 revenue to grow 13 to 15 percent quarter on quarter with a gross margin of 25 percent, with a chance for 2027 profit to exceed 2 billion baht and the share price to break above 50 baht. MTC has cut this year's loan growth target to 8 to 10 percent year on year from 10 to 15 percent previously because of stricter lending after the Middle East conflict, but the research team still recommends buy and expects third quarter 2026 net profit to reach a new high.
JMT.BK · Demand · Positive JMT expects cash collections to recover in Q3 2026, supported by new debt purchased in Q1, improving outlook.
KCE.BK · Demand · Positive KCE expects Q3 2026 revenue growth of 13-15% QoQ with 25% gross margin, and potential 2027 profit above 2 billion baht.
BAM.BK · Demand · Negative Slow economic recovery pressures BAM's 2026 net profit target of 2 billion baht, leading to a sell recommendation.
MINT.BK · Capital · Positive Bualuang recommends buying MINT, maintaining profit growth target of 15-20% annually and plans for food IPO and asset sales.
MTC.BK · Demand · Positive MTC cut loan growth target due to stricter lending after Middle East conflict, but buy recommendation and expected record Q3 net profit.
BAM joins forces with KAMCO to forge new model for NPL management, aiming to return debtors to the financial system
Bangkok Commercial Asset Management Public Company Limited, or BAM, is set to sign a memorandum of understanding with Korea Asset Management Corporation, or KAMCO, to elevate cooperation on non-performing asset management. The move follows discussions during the IPAF Summit and Conference in Astana, Republic of Kazakhstan. The two organizations will exchange knowledge, experience, and practices in non-performing loan management, and establish a concrete cooperation framework for the future. BAM has also invited KAMCO to join the seminar "Future Ready Economy 2026: Designing Capital for the Future," an official side event of the annual IMF–World Bank Group meetings at Siam Paragon on October 14, 2026. Dr. Rak Worakijpokathorn, Chief Executive Officer of BAM, said this collaboration will allow BAM to learn from an organization with international experience and aim to create the next practice for the AMC industry, focusing on sustainably returning debtors to the financial system.
BAM accelerates three JV AMCs to push BAM Universe portfolio past 600 billion baht
Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced its plan for the second half of 2026 to build a resilient business model, reduce reliance on big-ticket deals, accelerate TDR and the turnover of NPA assets, and establish three additional joint-venture asset management companies. The first of these is expected to become clear as early as the end of the third quarter of 2026, with a target of pushing the total asset portfolio value under BAM Universe beyond 600 billion baht by the end of 2026. Mr. Rak Worakijpokathorn, Chief Executive Officer of BAM, said the company still targets net profit for 2026 of close to 2 billion baht and will expand the new beginning project with BAM to restructure debtor obligations and bring them back into the economic system. It will also build on the public asset programme Plus to accelerate the turnover of NPA assets and expand its customer base. Expanding joint-venture asset management companies with financial institution partners will help increase capacity to absorb and manage NPLs from the financial institution system, without the need to grow solely from assets that BAM invests in and holds itself.
BAM.BK · Capital · Positive BAM announces plan to accelerate JV AMCs and target portfolio value beyond 600 billion baht, aiming for net profit close to 2 billion baht in 2026.
Bualuang Scans Q2 2026 Results; KCE a Standout, Beating Expectations
Bualuang Securities analyzed second-quarter 2026 results for nine listed companies. KCE reported core profit of 242 million baht, 12 percent above market expectations, and raised its 2026 profit forecast by 5 percent. The broker maintained a Trading Buy rating with a target price of 47 baht. IRPC, IVL, PR9, MTC, and SAWAD posted profits in line with expectations, while BAM, JMT, and BTG reported weaker-than-expected earnings. BTG had its 2026 profit forecast cut by 9.7 percent and its target price lowered to 23.40 baht from 26 baht.
KGI says BAM first-half 2026 results below expectations, set to revise forecasts
KGI Securities stated that second-quarter 2026 results at Bangkok Commercial Asset Management, or BAM, remained weak, with net profit of 234 million baht, up 8 percent quarter-on-quarter but down 82 percent year-on-year. First-half net profit was 451 million baht, down 70 percent from the same period last year. Second-quarter cash collections were 3.5 billion baht, down 25 percent quarter-on-quarter and down 50 percent year-on-year, while first-half cash collections were 6.5 billion baht, down 36 percent, still far from the full-year 2026 target of 17.9 billion baht. Operating expenses rose 8 percent quarter-on-quarter even though revenue did not increase. The research team is reviewing its profit forecasts and target price because first-half net profit accounted for only 26 percent of its full-year profit estimate.
BAM accelerates in second half, restructuring debt and selling NPAs to hit revenue target of 17.9 billion baht
BAM has announced its plan for the second half of 2026, accelerating debt restructuring and the sale of non-performing assets to achieve its revenue target of 17.9 billion baht. Dr. Rak Worakijpokathorn, Chief Executive Officer, revealed during a visit to the Phuket office that first-half performance is on track, and has tasked the team with urgently resolving non-performing loans before they become NPAs, using the "Fresh Start with BAM" program and the "Cost Plus Framework Fast Debt Closure" model to restructure debt according to each debtor's capacity. On the NPA sales front, the focus is on facilitating property viewings outside regular hours and on holidays, collaborating with brokers and partners, and setting prices based on actual market prices rather than sticking to old appraisals, while upgrading processes with service level agreement timelines from account transfer to legal action. Additionally, BAM is building a knowledge transfer system from senior to junior staff to reduce reliance on a few individuals. Phuket is also a strategic location with over 400 rai of high-potential NPA properties in Karon, Kamala, and near tourist areas, where BAM aims to make the Phuket office a model branch in the future.
BAM expects profit to accelerate in the second half of 2026, target price 9 baht
Yuanta Securities expects net profit of Bangkok Commercial Asset Management, or BAM, to accelerate markedly in the second half of 2026. It forecasts second-quarter 2026 net profit at 263 million baht, down 79.7 percent from a year earlier but up 21.2 percent from the previous quarter, supported by net interest income expected to rise 10.6 percent quarter-on-quarter and non-interest income expected to grow 13.6 percent from recovering sales of NPL and NPA assets, although provisioning is set to increase 12.9 percent from the prior quarter partly to cover a large bad-debt purchase from SCB worth around 6 billion baht. The research team maintains its full-year 2026 net profit forecast at 1.655 billion baht, down 8.7 percent from the previous year, and keeps a buy recommendation with a 2027 target price of 9 baht per share, implying 29.5 percent upside and an expected dividend yield of 6.6 percent.
BAM buys over ten billion baht in bad debt in first half, eyes three more major deals
Bangkok Commercial Asset Management Public Company Limited, or BAM, purchased more than ten billion baht in non-performing loans in the first half of 2026 from six leading financial institutions. One of those transactions was an exclusive big lot purchase from Siam Commercial Bank. Dr. Rak Worakijpokathorn, Chief Executive Officer, revealed that BAM is in talks to acquire three more large non-performing loan portfolios worth a combined total of approximately five billion baht. These are expected to generate returns of more than 15 percent within this year and will support performance growth in line with targets. The company is also applying a cost-plus model to restructure debt so that borrowers can recover more quickly.
BAM.BK · Demand · Positive BAM purchased over ten billion baht in bad debt and is in talks for three more large portfolios, boosting its core business.
SCB.BK · Demand · Positive SCB sold an exclusive big lot of non-performing loans to BAM, indicating active portfolio management.
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