Stocks in the news (bmcl, noble, ppp, rs, seafco, wha) 05.09.13

BMCL – Purple Line deal agreed – BMCL expects construction of the Purple Line extension will be up and running 40 months from now, two years behind the original schedule of 2015. BMCL, which operates 20km of subway trains and 18 stations from Hua Lamphong to Bang Sue, yesterday signed a Bt82.6bn contract with the Mass Rapid Transit Authority of Thailand (MRTA) for the procurement, installation, operation and maintenance of the Purple Line. The route is expected to boost ridership by another 200,000 per day on the subway, which started in 2004. (Bangkok Post, 05/09/13)

Comment: We think this news has already been priced in for a while.

Noble plans return to single-house projects- The SET-listed developer Noble Development Plc plans to resume single-house development with a new project in northern Bangkok next year. Next year will also see Noble enter the low-end condo segment for the first time. It plans to launch a project in northern Bangkok with 700-800 units priced less than Bt2mn. On Sept 29, Noble will launch Noble Revolve Ratchada 2, a condo project worth Bt2.8bn with 755 units sized 22-50 square metres. Prices will range from Bt2.6-7mn or Bt130,000 per sqm. (Bangkok Post, 05/09/13)

Comment: Noble had caught the trend well for mid/high end condominiums in Bangkok over the past 5-6 years so to see them return to SDH’s is a surprise, perhaps even a positive one.

PPP -Keeping target at 15-20% growth — The CEO of PPP said the company is maintaining its revenue growth target of 15-20% for 2013, up from Bt1.34bn in 2012. (Khao Hoon, 05/09/13)

RS spending Bt350m for Channel 8 HD broadcasts – RS is beefing up its Channel 8 business by spending Bt350mn on acquiring new technologies and upgrading its station for high-definition broadcasting. (The Nation, 05/09/13)

SEAFCO -Expects revenues of Bt800mn up — SEAFCO expects to book revenues of more than Bt800mn in the second half of the year from its Bt1.247bn backlog. It will continue bidding for more projects and targets net profit growth of 10-20% this year. It is setting up a subsidiary in Myanmar this month for its first job worth Bt160mn. (Khao Hoon, 05/09/13)

Comment:  I’ve always liked this company, but the timing for it is purely based upon its ability to get more private contract jobs as margins are generally better

WHA to invest Bt3bn in Solar Rooftop — It expects to book in revenues of Bt450mn annually from the project. It will be signing the COD for 50MW by December 31, 2013 and realize revenues starting January 2014. (Khao Hoon, 05/09/13)

Comment: Just wow!

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