BECL: June traffic growth of 3.3% — BECL reports moderate traffic growth in June at +3.3% YoY. An associate is listing and will begin to trade on July 18, 2013, at which time BECL will sell 20.6mn shares in the company. (Company)
BTS: Vietnam subsidiary to bid for VN elevated rail management —BTS’s subsidiary is to bid for management for the elevated rail project in Ho chin Minh City, Vietnam. BTS itself plans to invest up to Bt30bn to bid for the Green Line – Bearing-Samutprakan and Mochit-Khukhot – to boost revenues. (Tun Hoon, 10/07/13)
Comment: What I find most interesting about following BTS these days are its development overseas as it provides a window as to what Thailand’s neighbours are doing.
MJD: MJD signals turnaround — MJD said profit will turn up in 3Q13, with revenue growth of 30-50% or ~Bt4bn and sales worth Bt6bn. It plans to launch ten new projects worth a total of Bt2bn and expects revenues next year to jump to Bt10bn. It also plans to sell hotels and offices into a property fund worth Bt3bn in 2017. (Tun Hoon, 10/07/13)
Comment: I’ve never liked this company, sustainability of its business always has me worried, its earnings resemble that of a Christmas tree.
Hemaraj: Announces 1H13 industrial estate land sales of 1,190 rai. Hemaraj Land and Development announced the industrial estate land sales of 1,190 rai in 1H13, which included 54 contracts (32 new customers and 22 project expansions from existing customers). Note that more than 44% of land sales are from Japanese investors and more than 40% of land sales are from the automobile sector. Hemaraj’s 1H13 land sales accounted for 66.1% of the company’s land sales target of 1,800 rai for 2013. (Source: Hemaraj)
Comment: Why people prefer Amata over Hemraj I’ll never understand, Hemraj is by far a better well-managed business with stronger cashflows.
KBank tightens up on cards : The credit card rejection rate at Kasikornbank (KBank) has surpassed 30% of the applications received per month due to consumers’ lower debt servicing ability amid swelling household debt. (Source: The Bangkok Post)
Comment: Consumer debt is an issue, especially for low-mid income earners.
SIRI: SIRI moves to develop properties overseas — SIRI announced that its ‘9 Elvaston Place’ condominium project in London has been a success. Management said it is undertaking studies to develop future projects in European and US markets due to stable demand and growth. (Tun Hoon, 10/07/13)
TCAP, KTB: Saha Farm Exposure. Regarding the news that Saha Farm Group, Thailand’s largest chicken farm operator, has defaulted, it is reported that banks with exposure to this group include TCAP (Bt2b-3b) and KTB (Bt5b-6b). According to newspaper reports, the two banks have already set aside provisions for this account since last year. (Source: Krung Thep Thurakit)
Comment: The chicken stocks are finally flying!
TRC: Bidding for Bt10bn plus in projects — TRC is to bid for more than Bt10bn worth of projects both home and abroad in 2H13. Management expects yearend backlog to increase from its current Bt3.5bn to Bt5bn. (Tun Hoon, 10/07/13)