Thai Airways reassures shareholders; dividend clarity expected end-Feb

Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, said that regarding concerns over operating results and the company’s financial position, he would like to reassure stakeholders that shareholders’ equity is currently not negative, and that the company has returned to an accumulated profit position.

Under the company’s regulations, if there is profit, the company can consider paying a dividend.

Clear details of the dividend plan will be communicated towards the end of February.

He also urged shareholders to remain patient and confident in Thai Airways’ efforts to prove itself over the past 4–5 years.

He does not want shareholders to rush to sell their shares, as they may miss an opportunity, noting that the current share price remains stable and is higher than the previous offering price.

In addition, based on recent signals from shareholders, particularly the cooperative shareholder group, they previously announced that they would “not sell” THAI shares after the Silent Period ends on February 4, as they are confident in the improving fundamentals and believe the price can continue to rise.

Other shareholder groups are also expected to review their positions and maintain confidence in Thai Airways’ operating performance.

Regarding the cooperative group’s stance, it was clarified on January 19, when the Electricity Generating Authority of Thailand (EGAT) Savings and Credit Cooperative Limited hosted a seminar titled “Analysing Thai Airways Shares: Fundamentals, Price, and Effective Selling Strategies”.

As the third-largest shareholder of Thai Airways International Public Company Limited (THAI), it holds 1,538 million shares, representing 5.43%.

On February 4, THAI shares will exit the share-sale restriction period (Silent Period) for 25% of the restricted portion.

Key considerations include a THAI target price range of THB7.70–10.40 and a P/E range of 8.00–11.40 times, reflecting an appropriate valuation level.

If the P/E is below this range, it would not yet be appropriate to sell shares to maximise benefits for members of each cooperative.

To manage investments appropriately and avoid affecting the investment climate of the Stock Exchange of Thailand, the cooperative group will consider analytical information alongside other factors as follows:

• Consideration of the volume and price for selling shares will be based on fair value assessments drawn from a range of research houses, the timing of sales, securities liquidity, as well as the qualifications and conditions of prospective buyers.
• On timing, the cooperative group is considering “not selling and continuing to hold the shares after February 4” to support balance and price stability. The appropriate selling window will be reviewed again after the announcement of the 2025 operating results, which is expected in early to mid-March 2026.
• Due to limitations arising from the large volume of shareholdings, while market liquidity is insufficient, “if any sale takes place, the cooperatives will sell via Big Lot transactions to Thai institutional investors (local institutions) and foreign institutional investors (foreign institutions) to minimise impacts on liquidity, price stability, and market sentiment in both the short and medium term”.

Based on the above, any disposal of THAI shares by the cooperative group will be assessed for appropriateness in line with technical information and close monitoring of market conditions, in order to select the most suitable timing, as well as the qualifications and conditions of the next buyers.

The process will also be carried out in a way that does not affect overall capital-market stability or the THAI share price.