Containers & Packaging

SCG Packaging Public Company Limited, or SCGP, has filed a draft registration statement with the Securities and Exchange Commission to prepare the issuance and offering of unsubordinated, unsecured bonds with a maturity of 3 years and 11 months, at an interest rate of 2.50% per year, with interest paid every 3 months, offered to the general public. The first subscription period runs from November 11 to 13, 2026, for general retail investors who hold bonds of SCG Packaging Public Company Limited issued under the 2/2022 series maturing in 2026, or SCGP26DA. The second period runs from November 26 to 27 and on November 30, 2026, for general retail investors as well as holders of SCGP26DA bonds. On Saturday, November 28 and Sunday, November 29, 2026, subscriptions will be open only through the online systems of certain bond underwriters. The bond underwriters are Bangkok Bank, Krungthai Bank, Bank of Ayudhya, and Siam Commercial Bank, with Bank of Ayudhya Public Company Limited acting as the bondholders' representative. The company's and the bonds' credit rating stands at A(tha), assigned by Fitch Ratings (Thailand) Limited on February 16, 2026. The company intends to use the proceeds from this bond offering to repay debt from its issuance of debt instruments.

A wave of deal activity spanned multiple sectors this week, led by Qualcomm's acquisition of robotics software firm PickNik to boost its presence in physical AI and robotics. Smurfit Westrock agreed to acquire Empresas CMPC's Chilean containerboard and corrugated business for $420M, including a paper machine in Santiago that produces roughly 250K tons per year. Madison Dearborn Partners agreed to acquire holding firm The Marygold Companies in an all-cash transaction valuing it at $2.00 per share, a 100% premium over its September 24, 2026 closing price. Brookfield is in exclusive talks to buy fraud detection business Actimize from Nice for $2 billion, while Goldman Sachs emerged as the lead bidder for Palmer Square Capital Management, a credit manager overseeing more than $37 billion. Elsewhere, Capri Holdings soared 10% on a report it has connected with potential acquirers, Evonik rose 7.2% in German trading after a report that BASF approached it about a takeover, RPM International agreed to acquire Italy-based Volteco S.p.A. for its Tremco Construction Products Group, and Superstar Platforms agreed to acquire fintech company TitlePal in an all-stock transaction.

United Paper Public Company Limited, or UTP, a producer and distributor of kraft paper for the packaging and container industry, is signalling that its fourth-quarter 2026 operating results will recover on the back of economic activity and the late-year festive season, after the third quarter of 2026 is expected to be flat due to seasonal factors, particularly the rainy season when demand for paper boxes and packaging slows. Mr. Vachara Chinsetthawong, Chief Executive Officer and Managing Director, told the Stock Vision news team that UTP's plant currently has production capacity of about 260,000 tonnes per year and is running at close to full capacity. The company is therefore focusing on improving the efficiency of its existing machinery rather than investing in large new machines, with the work expected to be completed in 2027 and to add roughly 10 to 20 percent to capacity, lifting total capacity to about 300,000 tonnes per year to serve rising demand for packaging paper, especially from e-commerce and consumer goods. On raw material management, the company uses about 60 percent domestic raw materials and imports about 40 percent, with the main import sources being Europe and the United States. It also manages the timing of imports in line with global market prices and considers alternative raw materials with suitable costs to cope with price volatility and uncertainty from geopolitical situations. At the same time, the company is emphasising Product Mix management by increasing the share of value-added products, or High Value Products, such as paper for box surfaces, to support sales growth in line with its targets.

Wiwan Hemmontarop, Chairman of the Executive Committee of Panjawattana Plastic Public Company Limited, or PJW, told the Stock Vision news team that the company expects its operating results in 2027 to recover outstandingly, growing 100% from the current year, after recognizing a full year of revenue from new automotive model parts. PJW currently has total revenue of approximately 3.5 billion baht, of which the automotive parts business accounts for about 20%, or roughly 600 to 700 million baht per year, and this business is expected to grow about 50% or more next year to reach 1 billion baht, driven by production of parts for Japanese automakers, covering both hybrid and electric vehicles, with revenue gradually recognized starting last October. For the first three quarters of 2026, performance slowed due to a flat automotive market and higher plastic raw material costs, and full-year net profit is expected to fall by no more than 20% from the previous year, though the fourth quarter of 2026 should improve on the first nine months. In the packaging business, raw material price conditions are expected to ease in the fourth quarter of 2026 after Long Son Petrochemicals, or LSP, a plant under the SCC group, resumed operations, and the company began gradually adjusting selling prices to reflect actual costs starting in the fourth quarter of 2026, with full adjustment expected in the first quarter of next year. Meanwhile, the industrial laundry service business continues to grow steadily at about 10%.

Smurfit Westrock said post-market Wednesday it agreed to acquire Empresas CMPC's Chilean containerboard and corrugated business for $420M. The deal includes a paper machine located in Santiago that produces roughly 250K tons per year, strengthening the company's regional paper system. Smurfit Westrock said the acquired assets sit close to Chile's key fishery and agricultural regions, complementing its existing corrugated business and offering the opportunity to take one of the leading positions in containerboard and corrugated in Chile. The company added that it can integrate recycled paper into its operations in Argentina, Peru, and Ecuador while routing kraftliner from Brazil and North America into the acquired Chilean corrugated assets. Smurfit Westrock Latam chief executive Alvaro Henao said the acquisition firmly establishes Smurfit Westrock as the leading player in Chile and further strengthens its regional footprint.

AptarGroup has entered a research agreement with Massachusetts General Hospital to deepen its presence in nose to brain drug delivery, centered on the Stanton Lab's work on neurological disease treatments. The collaboration aims to build a translational research platform combining in vitro, in vivo and computational methods to map how molecules travel from the nasal cavity to the brain, with the resulting methodology expected to integrate Aptar's nasal platforms into early compound evaluation. Cerespray and Neurospray already reflect Aptar's focus on precise deposition in the upper nasal cavity, and embedding those tools into an MGH research framework gives the technology a more formal role in preclinical decision making. The Stanton Lab contributes expertise spanning neurogenetics, omics and cell biology, along with nanotechnology, machine learning and microfluidic systems. AptarGroup shares recently traded at US$123.40, with a 30 day share price return of 8.46% in the red, while the most followed valuation narrative pegs fair value at $155.00, implying the stock is 20.4% undervalued.

The SFLEX board has approved the appointment of Dr. Chatchai as the new CEO, along with a management restructuring in which NETBAY will take over the business and Kobkarnjana will join as an advisor. SFLEX shares are known for their strong dividends, having delivered a 277% return over the past six years. Meanwhile, GGC has successfully completed its capital restructuring, strengthening its financial stability and driving sustainable growth. TOA continues its eco-friendly momentum with the launch of its biggest campaign of the year, TOA Wood Expert, inviting Thais to care for wood and forests. And INNOPOWER is advancing its integrated energy systems development, piloting a Net Zero Campus model.

KCG Corporation, or KCG, announced its first-half 2026 operating results with a net profit of 276.8 million baht, up 25.2%, driven by efficient management of production costs and expenses despite challenging macroeconomic factors. Chief Executive Officer Dumrongchai Wipawattanakul expressed confidence that profit will continue to grow in the second half. Meanwhile, Sermsang Power Corporation, or SSP, reported a net profit attributable to shareholders of 325.1 million baht and electricity sales revenue of 1,572.1 million baht, following revenue recognition from the Leo 2 solar farm and increased power generation from SPN's repowering. Warut Thammawaranukup noted that business trends in the second half will grow prominently, with plans to sell power from two community waste-to-energy plants by year-end, and expressed confidence that power generation volume will more than double by 2028. Separately, Demco, or DEMCO, reported a first-half 2026 net profit of 30.2 million baht, up 519.4% from the same period last year. Chief Executive Officer Nattapong Korom said the current backlog stands at 2,699 million baht, to be gradually recognized as revenue within 2028, while the company pursues new business investment opportunities. Northeast Rubber, or NER, received an AGM Checklist assessment for 2026 at the excellent level of a full 100 points for the third consecutive year, and Starflex, or SFLEX, received an AGM Checklist score for 2026 in the 90–99 range, or the 4 gold-star level.

Starflex Public Company Limited, or SFLEX, a leading domestic manufacturer and distributor of flexible plastic packaging, disclosed that its operating performance in the third and fourth quarters of 2026 is expected to continue growing from the second quarter of 2026, which set a new record high. The company has invested in 10 additional machines for producing and attaching spout caps, on top of its existing 11 machines, to handle orders that have nearly doubled. As for its joint venture with Thai Union Group Public Company Limited, or TU, under Star Union Packaging, in which SFLEX holds a 51% stake, the project was delayed by about six months due to the conflict situation around the Strait of Hormuz. However, TU has now approved all orders and will begin gradually sending orders starting in the fourth quarter of 2026, with the first SKU in the packaging group for salmon products expected to generate revenue of approximately 100 million baht. For 2026, SFLEX is maintaining its revenue target at approximately 2.1 billion baht, up from about 1.9 billion baht in 2025.

SCG Packaging, or SCGP, has closed a deal to acquire a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a paper packaging producer in Chonburi province, for 68 million baht. The investment will add 28,000 tonnes per year of production capacity, expand its customer base among Chinese customers and the fruit export market, improve cost and logistics management efficiency, and capture growth opportunities in the packaging business in the eastern region. SCGP will begin recognizing JZF's operating results in its consolidated financial statements from October 2026 onward. Wichan Jitpukdee, Chief Executive Officer of SCGP, said JZF is a corrugated paper box packaging producer that emphasizes efficient cost management, has a core customer base of operators in the fruit export market to China, and has a factory in Chonburi province, a strategic location close to customers in the eastern region. In 2025, JZF had revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tonnes per year. The investment aligns with SCGP's strategic plan to expand its consumer goods packaging business in the ASEAN region, while creating synergies in operations, cost and trade management, and the sale of other related products and services. It also helps distribute existing fruit packaging orders to JZF to increase margins across the business group through cost management and reduced logistics expenses.

Kasikorn Securities, or KS, said in an analysis that Siam Packaging Group, or TCG, a joint venture in which SCG Packaging, or SCGP, holds a 70% stake, has acquired a 90% equity interest in Jinjongfa Paper Industry, or JZF, for a total of 68 million baht. SCGP will begin consolidating JZF's operating results from October 2026 onward. JZF manufactures corrugated paper boxes in Thailand, with its main customers being Chinese fruit exporters based in the country. It has annual production capacity of 28,000 tonnes and in 2025 recorded revenue of 205 million baht and a net loss of 11 million baht. KS assesses that folding JZF's results into SCGP's consolidated financial statements may not yet be material in the short term, given that JZF is still loss-making, but that joining the SCGP group will help create business synergies, including leveraging the customer base, procurement and cost management, which is expected to gradually support profit from 2027 onward. Meanwhile, third-quarter 2026 operating trends may face pressure from higher coal costs and narrower paper price spreads, though a recovery in the performance of Fajar Surya Wisesa Tbk, or Fajar, could help offset some of the impact. SCGP still has roughly 3,000 to 4,000 million baht of capital expenditure remaining in 2026 to fund new projects.

SCGP is investing 68 million baht to acquire a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a corrugated carton manufacturer in Chonburi province, through Siam Packaging Group Co., Ltd., or TCG, a joint venture between SCGP and Japan's Rengo Company Limited in a 70:30 ratio. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onward. JZF's main customers are fruit exporters to China; in 2025 it recorded revenue of 205 million baht, assets of 240 million baht, and production capacity of 28,000 tonnes per year. The investment is equivalent to 0.04% of SCGP's total assets under its consolidated financial statements as of 30 June 2026, and does not constitute a material or connected transaction. Wichan Jitpukdee, Chief Executive Officer of SCGP, said the investment aligns with the strategy of expanding the consumer packaging business in the ASEAN region and will help improve operational efficiency, cost management, and the distribution of fruit packaging orders to JZF to raise capacity utilisation and reduce transport costs.

SCG Packaging, or SCGP, has closed a deal to acquire a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a corrugated cardboard packaging manufacturer in Chonburi province, for an investment value of 68 million baht. The investment will add 28,000 tonnes per year of production capacity and expand its customer base from China as well as the fruit export market. Wichan Jitpukdee, Chief Executive Officer of SCGP, said JZF's main customer base consists of operators in the fruit export market to China, and its plant is located in a strategic location near customers in the eastern region, which has high growth potential. In 2025, JZF had revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tonnes per year. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onwards. The investment is in line with SCGP's strategic plan to expand its consumer packaging business in the ASEAN region, while creating operational, cost management and commercial synergies, as well as sales of other related products and services.

SCGP has completed the acquisition of a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a paper packaging manufacturer in Chonburi province, for a total investment of 68 million baht. Wichan Jitpukdee, Chief Executive Officer of SCG Packaging Public Company Limited, or SCGP, said JZF is a manufacturer of corrugated cardboard box packaging whose main customer base consists of operators in the fruit export market to China. In 2025, JZF had revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tons per year. This investment will add another 28,000 tons per year of production capacity, expand the customer base among customers from China and the fruit export market, and capture growth opportunities in the packaging business in the eastern region. SCGP will begin recognizing JZF's operating results in its consolidated financial statements from October 2026 onward.

SCG Packaging Public Company Limited, or SCGP, announced through the Stock Exchange of Thailand that Siam Packaging Company Limited, or TCG, a joint venture between SCGP and Japan's Rengo Company Limited in a 70:30 ratio, has acquired 90% of the ordinary shares of Jinjongfa Paper Industry Company Limited, or JZF, for a total value of 68 million baht. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onward. JZF manufactures corrugated paper boxes in Thailand, with its main customers being Chinese fruit exporters based in Thailand. In 2025 its operating results showed revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tonnes per year. JZF's production base is located in Chonburi Province, a strategic location close to SCGP's customer base in the eastern region. The investment aligns with SCGP's strategy of expanding its consumer packaging business in the ASEAN region and is expected to create synergies in operations, cost management efficiency and trade, as well as increase opportunities to sell related products and services to its existing customer base. The transaction constitutes an acquisition of a subsidiary, with a transaction size equal to 0.04% of total assets under SCGP's consolidated financial statements as of 30 June 2026. It therefore does not qualify as a material asset acquisition under the criteria of the Capital Market Supervisory Board and is not a connected transaction.

SCGP has acquired a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a corrugated cardboard packaging manufacturer in Chonburi province, for a total investment of 68 million baht. Wichan Jitpukdee, Chief Executive Officer of SCG Packaging Public Company Limited, or SCGP, said the investment will add 28,000 tonnes per year of production capacity, expand the customer base among Chinese clients and the fruit export market, improve cost and logistics management efficiency, and capture growth opportunities in the packaging business in the eastern region. In 2025, JZF recorded revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tonnes per year. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onward. The investment aligns with SCGP's strategic plan to expand its consumer goods packaging business in the ASEAN region through operational synergies, cost and trade management, sales of other related products and services, and the allocation of fruit packaging orders to JZF to raise profit margins across the business group.

SCGP has acquired a 90% stake in Jinjongfa Paper Industry Co., Ltd., or JZF, a manufacturer of corrugated paper box packaging in Chonburi province, for a total investment of 68 million baht. The investment will add 28,000 tonnes per year of production capacity, expand its customer base among fruit exporters shipping to the Chinese market, and improve cost management and logistics efficiency to capture growth opportunities in the packaging business in the eastern region. Wichan Jitpukdee, Chief Executive Officer of SCG Packaging Public Company Limited, or SCGP, said the investment aligns with the company's strategic plan to expand its packaging business for consumer goods in the ASEAN region and will further strengthen SCGP's market position and competitiveness. In 2025, JZF recorded revenue of 205 million baht, total assets of 240 million baht, and production capacity of 28,000 tonnes per year. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onwards.

Siam Packaging Group's joint venture TCG, a partnership between SCGP and Japan's Rengo Company Limited in a 70:30 split, has acquired 90% of the ordinary shares of Jinjongfa Paper Industry, or JZF, a Thai paper packaging producer, for a total of 68 million baht. SCGP will begin recognizing JZF's operating results in its consolidated financial statements from October 2026. For 2025, JZF reported revenue of 205 million baht, assets of 240 million baht, and production capacity of 28,000 tons per year, with its factory located in Chonburi province, close to SCGP's customer base in the eastern region. JZF produces corrugated paper boxes with a focus on efficient cost management, and its main customers are Chinese fruit exporters operating in Thailand. This investment aligns with SCGP's strategy of expanding its consumer goods packaging business in the ASEAN region and is expected to create synergies in operations, cost management, and trade, as well as increase cross-selling opportunities and strengthen competitiveness. Meanwhile, distributing fruit packaging orders to JZF will help reduce costs and transportation expenses, improve the capacity utilization of existing plants, and JZF's factory space can accommodate future demand growth, which will support the improvement of SCGP's profit margins and its long-term growth.

SCG Packaging Public Company Limited, or SCGP, disclosed that Siam Packaging Company Limited, or TCG, a joint venture between SCGP and Japan's Rengo Company Limited in a 70:30 ratio, has acquired a 90% ordinary shareholding in Jinjongfa Paper Industry Company Limited, or JZF, a paper packaging producer in Thailand, with the total value of the stake acquisition amounting to 68 million baht. SCGP will begin recognising JZF's operating results in its consolidated financial statements from October 2026 onward. JZF manufactures corrugated paper boxes, with its main customers being Chinese fruit exporters based in Thailand. In 2025 it had revenue of 205 million baht, assets of 240 million baht, and production capacity of 28,000 tonnes per year. Its production base is located in Chonburi Province, a strategic location close to SCGP's customer base in the eastern region. The size of this investment represents 0.04% of SCGP's total assets under its consolidated financial statements as of 30 June 2026, so it does not fall under the requirement to comply with the Capital Market Supervisory Board's notification on criteria for significant transactions, and it is not a connected transaction.

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.

Ball Corporation has announced plans to build a new two-line beverage can manufacturing facility in Uttar Pradesh, India, expanding its manufacturing footprint in one of its most important strategic growth markets. The project, backed by secured customer contracts, is expected to deliver strong EVA and is in line with the company's expectation that capital expenditure will average depreciation and amortization over time, with the facility expected to become operational in 2029. Ball Corp entered India in 2016 and already operates facilities in Taloja and Sri City that supply a wide range of beverage can formats for global and leading domestic brands, and the company aims to establish a plant network spanning the majority of the country. Ball's India operations sit within its Beverage Packaging, EMEA segment, which accounted for 31% of second quarter 2026 sales; segment sales rose 10.6% to $1.24 billion and comparable operating earnings increased 6.6% to $162 million, with shipments growing at a mid-single-digit rate. Ball Corp reported comparable earnings of $1.03 per share for the second quarter of 2026, up 14.4% year over year and 4% above the Zacks Consensus Estimate of 99 cents, while total sales climbed 19.7% to $3.98 billion and beat the consensus mark of $3.67 billion by 9%, with global shipment growth of 4.3% exceeding the company's long-term volume growth of 2-3%.

Ball Corporation announced plans to invest in a new two-line beverage can manufacturing facility in Uttar Pradesh, India, expected to be operational in 2029. The greenfield project adds to Ball's two existing Indian facilities in Taloja, Maharashtra, and Sri City, Andhra Pradesh, and is the next step in its expansion in the country since entering the market in 2016. The company said the project is expected to generate strong EVA, is supported by customer contracts, and is consistent with its guidance that capital expenditures will average depreciation and amortization over time. Mandy Glew, senior vice president and president for Europe, Middle East, Africa and Asia, said India continues to be one of Ball's most important strategic growth markets and that the investment reflects confidence in the country's long-term economic potential and the continued growth of aluminum packaging. Ball, which reported 2025 net sales of $13.16 billion, employs 16,000 people across more than 65 manufacturing plants and facilities worldwide.

BGC, or BG Container Glass Public Company Limited, under the Bangkok Glass group of companies, together with 7 other organizations, signed a memorandum of understanding (MOU) to launch the "Glass Reborn" project, aimed at studying the operation of a Producer Responsibility Organization (PRO) model to promote the collection and recycling of used glass packaging in Mae Tha District, Lampang Province. The partners include Boon Rawd Brewery Company Limited, Green Spot Company Limited, Bang Or Recycling Group Company Limited, and B.S. Glass Recycling Company Limited, along with Pa Tan Na Khrua Subdistrict Municipality, Na Khrua Subdistrict Municipality, and Mae Tha Subdistrict Municipality. The launch event was held at Pa Tan Na Khrua Subdistrict Municipality in Lampang Province, with Mr. Bandit Charoen, Senior District Officer of Mae Tha District, presiding over the ceremony, together with Mr. Ronrapee Leelawong, Director of the Corporate Sustainability Office at BGC, who explained the operational guidelines to representatives of waste banks from 28 villages and opened the area for the public to join glass bottle collection activities. Throughout the event, members of the public brought a total of 10,945.5 kilograms of glass bottles for collection, while Pa Tan Na Khrua Subdistrict Municipality collected the most glass bottles and received an award from the inter-area glass bottle accumulation competition. This collaboration will continue for a period of one year, during which BGC and its partners will jointly monitor data and operational results to study which mechanisms can most effectively improve the collection and circulation of glass packaging at the local level, before applying the lessons learned to develop and expand the approach in other areas or contexts. The project is also part of preparations for the Extended Producer Responsibility (EPR) approach, with data and lessons from the operation to be used for exchanges and presentations to relevant agencies and sectors, in order to jointly drive policy and the legal framework for sustainable packaging management in the country.

SCGP shares, or SCG Packaging Public Company Limited, continued to rise by 1.71% to 29.75 baht, after Tisco Securities Company Limited maintained its "Buy" recommendation and increased the fair value to 40 baht per share from 36 baht, based on an EV/EBITDA ratio of 10.8 times for 2027, in line with the company's historical average. The research department raised its profit forecasts for 2026-2028 by 9.3%, 9.1%, and 9.6%, respectively, after adjusting assumptions for packaging paper prices and profit margins. Despite concerns over rising imported recycled paper costs (RCP) and declining short-fiber pulp prices, the research department believes SCGP can still manage, as packaging paper prices continue to rise. The regional benchmark price in the third quarter of 2026 increased by 1.2% from the previous quarter, following a 5% increase in the second quarter of 2026. Meanwhile, domestic recycled paper prices, which account for 60-65% of raw material costs, fell by 10% in Thailand, significantly offsetting cost pressures. The pulp business is less concerning, as SCGP has adjusted its production mix to increase dissolving pulp, whose prices remain strong, and China's new capacity of 2.2 million tons per year is mostly integrated production, not all entering the market directly. While the stock price has risen 15% in three months, compared to the SET's decline of 0.7%, it still trades at an EV/EBITDA of around 7.7 times for 2027, below its historical average, and the research department's 2026 profit forecast is 8% higher than the market's.

B.G. Container Glass, or BGC, a leader in comprehensive packaging business under Bangkok Glass Group, announced its operating results for the second quarter of 2026, stating that the company generated sales revenue of 3,838 million baht, an increase of 13% from the previous year and 8% from the previous quarter. This brought the first six months' revenue to 7,407 million baht, up 3% from the same period last year, with a gross profit of 617 million baht, up 14% from the previous year and 8% from the previous quarter. Net profit stood at 63 million baht, up 8% from the previous year and 20% from the previous quarter. The business structure remains robust, with the glass packaging business as the core, generating revenue of 2,664 million baht, accounting for 69% of total revenue. Meanwhile, the trading business grew 89% from the previous year, with revenue of 237 million baht, and other packaging businesses generated revenue of 515 million baht. The second quarter of 2026 was the first quarter in which the company recognized the operating results of Bangkok Can Manufacturing, or BCM, for two months, with revenue of 461 million baht and gross profit of 70 million baht, or a gross profit margin of 15.2%. For the second half of the year, BGC expects continued growth in operating results from increased recognition of BCM revenue, coupled with growth in existing businesses. The company aims to implement an Operational Excellence strategy to enhance production efficiency and manage the product mix toward value-added products, as well as manage cost risks by locking in raw material prices and volumes in advance.

On August 31, liquid cooling was a hot concept in the A-share market, and Jinfu Technology surged to its daily limit up, with the latest quote at 49.38 yuan per share. The company has crossed over from food packaging into the liquid cooling industry. Thanks to the acquisition of liquid cooling assets, it achieved attributable net profit of 96.18 million yuan in the first half of 2026, up 93.87% year on year. In April 2026, the company successfully acquired 51% stakes in Zhuohui Metal and Lianyi Thermal Energy, entering the server liquid cooling track and establishing a development strategy of "stabilizing the packaging main business as the foundation while building liquid cooling as a new growth engine." The semi-annual report shows that the company achieved operating revenue of 738 million yuan in the first half, up 82.38% year on year. According to MarketsandMarkets data, the global liquid cooling market is expected to grow from about 2.84 billion US dollars in 2025 to about 21.15 billion US dollars by 2032, with a compound annual growth rate of about 33.2%. In addition, the company is advancing a simplified procedure to issue shares to specific investors to raise total proceeds of no more than 300 million yuan, for projects such as a liquid cooling plate production base, further expanding its liquid cooling business.

Jinfu Technology released its 2026 interim report on August 29, 2026. During the reporting period, the company achieved total operating revenue of 738 million yuan, with net profit attributable to the parent company of 96.181 million yuan. Net cash inflow from operating activities was 17.6944 million yuan, a decrease of 15.3483 million yuan compared with the same period last year, down 46.45 percent year on year. The company's asset-liability ratio was 40.92 percent, up 19.47 percentage points from the previous quarter and up 23.67 percentage points from the same period last year. Gross margin was 36.00 percent, return on equity was 5.85 percent, and diluted earnings per share was 0.31 yuan. The company had 23,400 shareholders, with the top ten shareholders holding 73.77 percent of total share capital.

Dadongnan released its 2026 interim report. Total operating revenue was 676 million yuan, up 6.15% year on year. Net profit attributable to the parent company was 9.8511 million yuan, up 24.07% year on year, marking a second consecutive year of growth. Net cash inflow from operating activities was 74.1454 million yuan, ranking 22nd among disclosed peer companies. The company's asset-liability ratio was 6.21%, ranking first among disclosed peer companies. Gross margin was 14.46%, up 2.61 percentage points from the previous quarter and up 0.62 percentage points from the same period last year, marking a third consecutive year of increase. The latest return on equity was 0.35%, up 0.07 percentage points from the same period last year. Diluted earnings per share rose 23.81% year on year. Total asset turnover was 0.23 times, and inventory turnover was 2.01 times. The company had 129,000 shareholder accounts. The top ten shareholders held 589 million shares, accounting for 31.35% of total share capital.

Silgan Holdings reported second-quarter 2026 adjusted earnings of 98 cents per share, beating the Zacks Consensus Estimate of 96 cents by 2.08%, though the bottom line declined 3% from $1.01 in the year-ago quarter. Net revenues increased 6.8% year over year to $1.64 billion, surpassing the consensus estimate of $1.62 billion, driven by higher raw-material cost pass-throughs and strong growth in fragrance dispensing products and pet food metal containers. The company reaffirmed its 2026 adjusted earnings guidance of $3.73-$3.93 per share, with the midpoint implying 3% growth from 2025, and maintained its free cash flow forecast of $450 million and capital expenditure estimate of $310 million. For the third quarter, Silgan expects adjusted earnings of $1.21-$1.31 per share, compared with $1.22 in the prior-year period. Shares have risen 1.9% since the earnings report, underperforming the S&P 500, and estimates have trended downward over the past month, with the stock carrying a Zacks Rank #3 (Hold).