Stocks in the news (age, bland, intuch, kmc, major, n-park, tse) – 18.02.13

AGE 2013 targets — AGE targets revenue of Bt6bn for 2013 and a profit margin of 15%. The company said there has been an increase in coal orders and better performance in its shipping & logistics business. Moreover, its warehouse in Ayutthaya is back in operations which will help reduce costs. (Khao Hoon, 18/02/13)

Comment: This company has done incredibly well over the past 7 years

BLAND To sell shares in IMPACT — BLAND announced plans to sell around 40% of its share in IMPACT, which is listing, giving it Bt3.2bn in extraordinary gains from the value of the IPO worth Bt20bn. The proceeds will be use to expand the IMPACT Muang Thong and will increase its book value up to Bt2.32/share. (Khao Hoon, 18/02/13)

Comment: Wooo! K. Ananttttt!

INTUCH To spend Bt70bn to expand 3G — INTUCH announced that it will invest Bt70bn over the next three years to expand its 3G network coverage on its 2.1 GHz spectrum up to 97%. It expects its voice revenue this year to grow by 6-8%, with non-voice revenue rising 25-30%, even though profits for 2012 fell 16.7%. INTUCH will pay a dividend for its operation period of 1st Jan-28th Mar 2013 of Bt1.88/share on 25th of April and its shareholder’s meeting is to be held on the 29th March. (18/02/13)

KMC Ups target — KMC raised its revenue target for 2013 to Bt1.5bn from Bt1bn after investing Bt396.68mn to take over Vitoontanakorn Co., Ltd, raising assets 30%. (Khao Hoon, 18/02/13)

Comment: The recent change in shareholders and cap increase do provide a story here, but we aren’t interested at the moment

MAJOR MAJOR 4Q12 and 2012 A – Below estimates. MAJOR reported 4Q12 net profit of Bt165mn, up from Bt81mn in 4Q11 (the low base from the flooding) but down 15% QoQ from surge of costs and sG&A expenses. This was below our estimate of Bt221mn and market consensus of Bt178mn. 2012 net profit was Bt811mn, up 3% YoY. Behind the weak 4Q12 was the VCD/DVD business that reported losses on operations with a negative gross margin of 37.4%. The business is operated by MPIC and 68% owned by MAJOR, and reported a huge loss of Bt270mn in 4Q12 due to inventory loss and change of accounting policy on an amortization movie license. In other businesses, ticket sales and concessions, advertisement and bowling and karaoke showed improvement YoY and QoQ. MAJOR announced Bt0.48 DPS on 2H12 operations, implying 2% dividend yield. XD is 28 February 2013 and payment date is 2 May 2013. We will provide an update after today’s analyst meeting (18 February). We currently rate MAJOR as Neutral with TP at Bt21/share.

Comment: We’ve always liked this company and the industry it operates in, however we can’t see them growing strongly giving its high base today.

N-PARK Capital increase to facilitate expansion — N-PARK expects its real estate business to flourish after its capital increase. It plans to launch two new projects on Rama IX and Korat in 2014 and to proceed with its Roichaksaam project and manage its high end hotel. (Tun Hoon, 18/02/13)

Comment: Speculate your hearts out here.

TSE TSE plans SET listing — Thai Solar Energy Co Ltd (TSE) plans a listing on the Stock Exchange of Thailand this year to fund new solar projects, in line with the growth potential of the country’s renewable energy. Catherine Maleenont, the chief operating officer, said the company intends to list on the SET through an initial public offering (IPO), with a financial adviser to be appointed in the first half of this year. Proceeds will be used for business expansion, especially further investment in solar energy projects with photovoltaic (PV) technology from existing thermal solar energy. The company last Friday signed a Bt5.4bn loan contract with Bangkok Bank. (Bangkok Post, 18/02/13)

Comment: As long as the adder is there, renewable energy projects are attractive.

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