Sector Update 09/12 – 13/12

I’m tired of writing about politics, instead look @ how the agro sector has done over the past few months versus the tech sector, we postulated perhaps the end of telcos and a switch to food a few months back (pat on the back) and we don’t see it finishing anytime soon, telcos are in a bit of a mess at the moment with the 3G migration costs and competition within the sector.

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Stocks in the news (ajp, aot, ap, cpall, cptgf, hemraj, pttgc, scc) 17.12.13

AJP

New management team soon — AJP reports that a new management team will begin work in 1Q14, replacing the team that resigned. It says the change in management will not lead to a change in strategies. It said the political situation has no effect on operations. (Khao Hoon, 17/12/13)

AOT

AOT expects net profits for 2014 to reach Bt11bn with passenger growth of 6-7%, however next year there will be no extraordinary income. Management says that passengers have contracted by 2.9% due to ongoing politics. The CFO reports strong cash flow at Bt43bn. (Khao Hoon, 17/102/13)

Comment: There are a couple of things going on here with AOT, they look to be expanding their capacity by 2017, China and Thailand travellers no longer require a visa in 2014, but in the ST the stop in zero-dollar tours and politics have hurt performance slightly (i.e. not growing as fast)

AP

Setting up JV with Japanese property company — AP will set up a joint venture worth Bt7.5bn with Mitsubishi Estate Group, a large Japanese property company, to build three new condos in 2H14. (Khao Hoon, 17/12/13)

Comment: Clever move by AP, they need to minimise the risk on their balance sheet given the number of projects that they have to transfer within the next 12 months Continue reading Stocks in the news (ajp, aot, ap, cpall, cptgf, hemraj, pttgc, scc) 17.12.13

Stocks in the news (aie, bay, cpf, epco, nok, pttep, salee, spali) 16.12.13

AIE

AIE confirms strong fundamentals and said 2013 revenue will be Bt4.2bn with 2014 revenue at Bt5.5bn, supported by B7 bio-diesel. It aims to list on mai in January 2014. (Khao Hoon, 16/12/13)

BAY

BAY expects Bt36bn new property loans in 2013, beating its target of Bt28bn. It is seeing a steady drop in NPLs of 1.29%, better than the property sector at 4.57% and said property loan in 2014 will continue growing at 8-10% YoY. (Thun Hoon, 16/12/13)

CPF

Opens new integrated shrimp farm — CPF has opened “Farm Roi-Petch”, the first completely integrated shrimp farm in Thailand. It said the farm will help lower EMS rates. It expects recovery in its shrimp business next year with production expected to reach 50K tons. (Khao Hoon, 16/12/13) Continue reading Stocks in the news (aie, bay, cpf, epco, nok, pttep, salee, spali) 16.12.13