The hot issue of Thai Airways International Public Company Limited, or THAI shares, has returned to investor focus after the Civil Court issued a temporary injunction barring the new board elected at the 19 December 2025 shareholders' meeting from performing their duties. The court ordered the existing board to retain control while deciding whether that meeting was legally valid.
Although this situation may raise concerns about delays in policy decisions and long-term plans, the capital market's reaction has been moderate. As of 10:35 a.m., THAI shares stood at 8.70 baht, unchanged from the previous day, reflecting that some investors still prioritize fundamentals over structural turmoil.
Meanwhile, the government's role remains closely watched since the Ministry of Finance still holds about 38.9% of Thai Airways' shares. Although the company is no longer a state enterprise, the management direction and board stability continue to impact market confidence.
Especially as Thai Airways is currently in a phase of earnings recovery supported by the revitalized tourism sector...
Previously, Thai Airways held its 2025 annual general meeting electronically on 19 December, passing a resolution to increase the number of directors from 11 to 15, including both existing and newly elected members.
Then, on 23 December, Dr. Jermsak Pintong, representing a group of shareholders along with others, filed a lawsuit with the Civil Court seeking to revoke the meeting's resolution and requested a temporary injunction before the case's final decision, arguing that the meeting may not have complied with legal and company regulations.
Recently, the Civil Court granted the temporary injunction, suspending registration, changes, and amendments to the board of directors of Thai Airways as decided at the 19 December 2025 annual meeting. It also prohibited the newly elected directors from performing their duties until the legal case is concluded.
The existing board members holding office before the 19 December 2025 shareholders' meeting are as follows:
Mr. Lawan Sangsnit, Chairman of the Board,
Mr. Chai Iamsiri, Director and Acting Chief Executive Officer,
Mr. Virathai Santiprapop, Vice Chairman,
Mr. Yon Pokasap, Director,
Ms. Chananyarak Phetcharat, Director,
Ms. Charita Leelayut, Director,
Mr. Piyasawat Amranand, Independent Director,
Mr. Sumet Damrongchaitham, Independent Director,
Mr. Apisak Tantivorawong, Independent Director,
Ms. Pimjai Chaichankul, Director,
Mr. Thanaporn Sritairat, Director.
This issue requires investors to watch closely how quickly important policy decisions, particularly regarding organizational structure and long-term plans, can proceed under a board structure that cannot yet be changed as the company had originally intended.
Nevertheless, structurally, the Ministry of Finance remains the largest shareholder with about 38.9%, meaning the government still plays a significant role despite the company having exited state enterprise status.
Analysts at Pi Asset Management Public Company Limited believe the court's injunction suspending the new board may delay consideration of some key matters, especially those requiring a larger board, such as decisions on new aircraft acquisitions — a key reason the company wanted to increase directors from 11 to 15.
However, regarding business operations, analysts assess the impact on actual management as fairly limited, with no signs yet of affecting short-term earnings outlook.
They maintain a “buy” recommendation for THAI shares with a target price of 10.10 baht, noting that investors still focus primarily on the fourth-quarter 2025 earnings outlook, coinciding with the high season for tourism.
Passenger data for October shows growth compared to the previous year for the first time in months, especially on European routes, while oil prices remain at levels conducive to profit recovery. Annual profit projections for 2025 remain around 36 billion baht, with net profit forecast unchanged at 36.345 billion baht, following a loss of 26.934 billion baht the previous year.
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