Stocks in the news (cho, hmpro, mjd, modern, tuf) 28.08.13

CHO
CHO’s backlog reaches Bt550mn — Management said it will book revenues of Bt200mn in 3Q13 and Bt300mn in 4Q13, helping drive its revenue growth to reach its target of 20% this year. (Khao Hoon, 28/08/13)
HMPRO
HMPRO setting up property fund — HMPRO is to set up a property fund worth no less than Bt4.06bn and will sell “Hua Hin Market Village” into the fund. The board has approved an investment of  no more than Bt1.42bn in the fund and to pay stock and cash dividends of 6 old for 1 new and Bt0.0186, respectively. (Khao Hoon, 28/08/13)
Comment: Property funds keep coming and coming, and they will continue to as long as the yields are more attractive than what bond’s offer today, this is wonderful news for HMPRO and as usual they are doing their usual stock and cash dividends
MJD
New condo in Sukhumvit — MJD launched a new luxury condominium project worth Bt7bn in the Sukhumvit area. The project has already achieved 20% presales or Bt1.3bn. The company also reaffirms its target revenues of Bt4bn for the year, a 30-50% increase YoY, and sales of Bt6bn. It plans to set up a REIT fund worth Bt3bn by 2Q14. (Khao Hoon, 28/08/13)
Comment: I just don’t like this company, they have a long way to go to prove they are capable developers 
MODERN
MODERN targets earnings for the year at Bt450mn, or an increase of 10% YoY, and revenues at Bt4.02bn, or a 20% increase YoY. The company has a backlog of Bt2.3bn and expects the office and furniture markets to grow by more than 25% and the housing market to grow by 10-15%. (Khao Hoon, 28/08/13)
Comment: If you look over the years, MODERN, as always continued to grow and grow and grow.
TUF
TUF postpones shrimp plant – Thai Union Frozen Products Plc (TUF) has slashed this year’s capital expenditure and its revenue forecast as its key shrimp business faces challenges in the second half. The world’s largest tuna company has downgraded its revenue projection from US$4bn to $3.8bn after disappointing second-quarter results. Planned capital expenditure was also cut from Bt6bn to Bt4-4.5bn as expansion of shrimp capacity has now been stalled, said deputy general manager Wai Yat Paco Lee. (Bangkok Post, 28/08/13)
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