Stocks in the news (ckp, cpn, ktb, intuch, rs, thai, true) 14.11.13


CK’s power unit foresees electrifying 2014 revenue – CK Power Plc (CKP), the SET-listed power unit of Ch. Karnchang Plc (CK), expects revenue growth of 20% to Bt6.8bn next year. It will be the first full year of operation for its cogeneration power plant in Ayutthaya. The higher 2014 revenue contribution of Bang Pa-in Cogeneration 1(BIG 1), which started up in July, will include power and steam sales. In the first nine months of this year, CKP achieved revenue of Bt4bn and expects Bt5.7bn for the full year, up sharply from Bt1.5bn in 2012. (Bangkok Post, 14/11/13)

Comment: still an incredibly overvalued utility


Ups revenue target — CPN has raised its 2013 revenue target to 18-19% after reaching growth of 17-18% in the first nine months. It expects revenues to grow by at least 15% next year supported by the opening of 3-4 new department stores. The company has allocated an investment budget of Bt13-14bn for next year; part of the investment budget will come from the sales of its Central Plaza Chiang Mai Airport to the CPNRF for Bt6-7bn. (Khao Hoon, 14/11/13)


Bt60bn loans to Laos — KTB has extended ~Bt60bn in loans to businesses in Laos, mostly to companies in the energy business. KTB did not confirm whether it would be increasing provisions in 4Q13; it aims at 2014 loan growth of 7.5% YoY. (Khao Hoon, 14/11/13)

Comment: Laos is the defacto energy provider to Thailand


6% YoY growth in 9M13 — INTUCH reported 3Q13 net profit of Bt3.388bn, pushing its 9M13 net profit to Bt11.09bn, growth of 6% YoY. Revenues were driven by higher sales and services from the satellite business, media and advertising. (Khao Hoon, 14/11/13)


Expects good final quarter — RS expects a good performance in 4Q13 because the media sector will continue to grow. Net profit in 3Q13 was Bt124mn, up 56% YoY. It will be added in MSCI Global Small Cap on Nov 26. (Khao Hoon, 14/11/13)


Lowers 2013 profit target — THAI reduced its 2013 net profit target to Bt2bn. The increase in its fleet brought additional depreciation which passenger increase was unable to offset. It will revise its strategy in December. (Khao Hoon, 14/11/13)


3Q13 net loss Bt0.29/share — TRUE reported 3Q13 net loss of Bt4.3bn or Bt0.29 a share, worsening from Bt1.8bn or Bt0.13/ share in 3Q12. 9M13 net loss was Bt8.5bn or Bt0.59 per share, improved from 9M12 net loss of Bt4.5bn or Bt0.31 per share. (Khao Hoon, 14/11/13)

Comment: and yet despite its continued rubbish performance, the stock price continues to rally, why? infrastructure fund is rumoured to be completed by next week

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