Stocks in the news (bafs, banpu, ck, ckp, ptt, pttgc, rml, wha) 19.07.13

BAFS 30% earnings growth expected — BAFS expects 2013-14 earnings to grow by 30%, supported by an increase in fuel usage in Don Muang and Suvanabhumbi of 5%. It plans to expand its transportation network from Bangpa-In to Lampang, for an investment cost of Bt65bn, and expects conclusion on this by the end of this year. Its Suvanabhumbi Airport oil pipeline Phase 2 project is also in progress (Tun Hoon, 19/07/13).

Comment: This company was an easy yield play back in 2013 as it grew with the Bangkok Airport and used to offer 7-8% yields, but now with a 3% yield meh…although the 30% growth is a positive 

BANPU winds up share buy-back, board approves 5% cut in capital — BANPU has closed its share buy-back scheme after spending Bt3.9bn. Its board of directors promptly approved a 5% reduction in registered capital. Brokers do not see any adverse impact on BANPU’s fundamentals. (The Nation, 19/07/13)

Comment: Share buyback done so the support for the stock price, temporarily, is gone

CK/CKP CKP does well in first day of trading, now CK wants to list another subsidiary — CKP closed 23% above its IPO price at Bt16.00 yesterday. CK now wants to list one of its subsidiaries on the London Stock Exchange in 2020 and said that the delay in the Bt2trn infrastructure bill will not affect business since the company has a current backlog of Bt36bn. (Khao Hoon, 19/07/13)

Comment: CKP still rubbish. 1% yield for 2 years, no thank you.

PTT to revise investment plan – PTT plans to focus on long-term investments overseas while mergers will result in only three core businesses, generating Bt4-5trn revenue per year and pushing the energy company into Fortune’s top 50 list within five years. (The Nation, 19/07/13)

PTTGC makes unplanned shutdown of LDPE plant — – According to a press release and conference call with management, PTTGC has had to shut down its LDPE plant for 3.5 months due to damage found at the casing of the compressor. This damage was found during the maintenance and the company has decided to take precautionary procedure not to run the plant until the casing is replaced; this will take 3.5 months for fabrication and reinstallation. PTTGC estimates the adverse impact to 2013F profit at less than 2%.- The company also plans to mitigate the impact by using its LDPE inventory (24 days) and imports of 7.5kt to supply its contracted customers. The excess ethylene supply unused by the LDPE plant will be allocated to HDPE, LLDPE and EO/EG plants during the planned shutdown of its naphtha cracker during Augmid Sep. The remainder would be sold on the market at spot price. These two measures will minimize the impact on net profit. The damage is fully covered by insurance, including 60 days deductible for business interruption. Management has decided not to file a claim for property damage since the cost of replacing the casing at Bt15-20mn is much lower than the deductible. Also its imported LDPE will be sold to contracted customers at cost.

RML New project signed — RML signed a “pre-built” contract to develop its new residential project, “UNIXX South Pattaya”, after completing its first project, “The Zire” in Wongamat. (Khao Hoon, 19/07/13)

WHA Stock dividend — WHA will pay a stock dividend of 1 share for 2 held plus a cash dividend of Bt0.05/share for 1Q13, a total of Bt340mn. The company is investing in 11 projects with total area to 698,000 sqm, worth Bt13.2bn. (Khao Hoon, 19/07/13)

Comment:  Still expensive stupidly expensive, oh well.

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