CSS plans to go public for warehouse, office ventures — Communication and System Solution Plc (CSS) plans to go public in 3Q13 by allocating 200mn IPO shares to expand its warehouse and office business. The company is doing a roadshow in four provinces starting August. (Khao Hoon, 15/07/13)
Comment: This could be a potentially interesting company with a decent constant cash flow stream…
HMPRO Expects 15% YoY revenue growth — HMPRO’s management expects revenues for the year to grow by 15% YoY and aims to open eight new branches. (Khao Hoon, 15/07/13)
PS: Appoints Lersuk as COO. Pruksa Real Estate has introduced changes to its management team by appointing independent director Lersuk Chuladesa to be the company’s chief operating officer from 12 July. Thongma Vijitpongpun will continue as chief executive officer and president with responsibility for business policy. Lersuk, meanwhile, will oversee all the business operations. He has experience of working in the financial sector, including as chief operating officer and in customer management at Siam City Bank (now merged with Thanachart Bank) in 2004. He was also director-general of the Government Savings Bank from 14 Jul 08 to 14 Jul 12. (Source: The Nation)
Comment: We’ve heard for the longest time that PS has had issues managing its massive expansion over the past few years. However it has still performed admirably growing from a low-end property player to being one that delivers products across the entire property range.
PTT slashes investment budget by 46% — PTT has cut its budget for new projects by 46% from almost Bt101bn to Bt54.6bn in line with global economic uncertainty. (Bangkok Post, 13/07/13)
SCC rules out bid for Grohe AG — Siam Cement Group has decided not to join a takeover bid for Grohe AG, the German bathroom fixtures maker, in a deal that could be Europe’s biggest private equity transaction this year. Chaovalit Ekabut, SCG vice president for finance and investment and the CFO, said the company was approached by Grohe a few months ago, but the company decided to not join the bid because it preferred to focus on its strengths in ASEAN. (Bangkok Post, 13/07/13)
SIRI Planning to raise sales target — SIRI plans to revise its sales target for condominium this year of Bt24bn as it is to launch 30 new projects, worth Bt20bn, up from its initial 20. However, it will hold its revenue target of Bt17-18bn for the year. Current backlog is Bt50bn. (Khao Hoon, 15/07/13)
Comment: Should read “Siri planning to make stock price go up” We just aren’t interested in the property sector in general for Thailand @ the moment.
STEC Raises revenue target — STEC has raised its revenue target for the year to Bt23bn supported by current backlog of Bt70bn. It expects to realize revenues of Bt22bn this year and aims to bid for more projects worth no less than Bt10bn in 2H13. (Khao Hoon, 15/07/13)