Stocks in the news (abpif, aot, hemraj, cpn, eastw, n-park, susco, uac) 04.09.13


Amata B.Grimm sets IPO price – Amata B.Grimm Power Ltd, majority owned by the local trading conglomerate B.Grimm, has priced its Bt600mn IPO trust units of its infrastructure fund at an indicative range of 10.50 to 11 baht. The IPO is expected to generate up to Bt6.5bn to finance the company’s business expansion. The Amata B.Grimm Power Infrastructure Fund (ABPIF), with two power plant projects Amata B.Grimm Power 1 and 2 as underlying assets, will emerge as the country’s second infrastructure fund after the BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) raised Bt62.5bn from its April IPO. Subscription has been set for Sept 9-13, with the final IPO price to be concluded by Sept 15. (Bangkok Post, 04/09/13)

Comment: Haven’t seen the numbers for this yet, but if the yields are appealing then its a no brainer.


Aiming to raise passenger fees — The AOT said it is aiming to increase airport fees. It will charge domestic passengers Bt150, up from Bt100, and Bt100 more for each international passenger. (Kom Chad Luek, 04/09/13)


Hemaraj changes course, announces property fund – HEMRAJ plans to raise cash via a property fund with 150,000 square metres of industrial production space as the underlying asset. Investor relations director Paopitaya Smutrakalin said yesterday that the fund, to be offered late this year, will consist of both freehold and leasehold assets. Yesterday, Mr. Paopitaya said the new plan is to raise Bt4.5bn from a property fund. The proceeds will go to expanding ready-built factories, retiring short-term debt and investing in future projects. Hemaraj expects full-year revenue growth at 40% and adjusted land sales of Bt2.1bn. (Bangkok Post, 04/09/13)

Comment: I still think this is the best industrial estate company in Thailand, plus it has steady income streams from Gheco-One, and now this.


CPN: Three countries, 30 malls – CPN has earmarked Bt120bn to develop 30 shopping centers in Malaysia, Indonesia and Vietnam over the next 15 years. (Bangkok Post, 04/09/13)

Comment: Years of company visits with CPN and they’ve only just hinted at it, the M’asia expansion most likely has them convinced to do more.


East Water wants to tap into new areas – EASTW plans to expand its turf to other parts of the country after supplying water to only the Eastern Seaboard area and Chon Buri province for 20 years. Chief executive Wanchai Lawattanatrakul said it is carrying out a study with the Provincial Waterworks Authority to supply tap and raw water to Phuket and Phangnga provinces. The project would need investment of Bt6bn for a 300-kilometre pipeline. The study will be completed next year. East Water is also conducting a study to supply tap water in Laos, he said. (Bangkok Post, 04/09/13)


80% presales upon launch — N-PARK said that it sold more than 80% of its “Park Ramintra” project, a 212-unit project, during its presales event on Aug 31-Sept 1. The company said that it will also go ahead and launch several new projects in the third and fourth quarters of the year. (Khao Hoon, 04/09/13)


2H pushed up by tourism — SUSCO expects oil sales for 2H13 to soar supported by tourism season. Though it has revised its revenue target for the year down to Bt25bn, this still represents growth from last year’s Bt17bn. (Krungthep Turakij, 04/09/13)


UAC forms biogas JV with Italian firm – Universal Adsorbents & Chemicals has established UAC Energy, a subsidiary for design and construction of biogas plants, in a joint venture with Sebigas, a leading Italian biogas firm, to seize business opportunities in Thailand and elsewhere in ASEAN. (The Nation, 04/09/13) 

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2 thoughts on “Stocks in the news (abpif, aot, hemraj, cpn, eastw, n-park, susco, uac) 04.09.13”

  1. Hi Pon,

    Do you think 6-7% is an appropriate yield range for ABPIF or where do you think they should be?

    When you say no brainer – do yo mean as an option to add to one’s portfolio or for that initial ‘pop’ on IPO as with BTSGIF?


    1. Hi Max,

      The closest equivalent fund in the market today is BTS’ BTSGIF which is yielding today around 6%, and when it issued was around 4.5% if my memory serves me correct, so if ABPIF is offered @ a 6-7% range then it would be attractive yes.

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