Stocks in the news (banpu, ea, ktb, ptt, top, tta) 23.12.13

BANPU

To sell treasury shares — BANPU will sell its treasury stock of 135.6mn shares between Jan 17-31, 2014. It said it will sell the shares at a price no less than 85% of the average close for the preceding last five days. (Khao Hoon, 23/12/13)

Comment: Well that was a quick trade for the company

EA

1Q14 profit expected to outdo whole of 2013 — EA expects more than Bt200mn in net profit in 1Q14, more than the whole year of 2013. Management said that it has started testing the transfer of electricity from its 90MW solar farm project and it expects the plant to be fully commercial by the end of December. (Khao Hoon, 23/12/13)

Comment: And then next year don’t be surprised if EA says they’ll do an infrastructure fund!

KTB

Aiming at 20% growth in bancassurance — KTB intends for bancassurance to grow 20% YoY in 2014 with a high 40% profit margin from fees. Krungthai-aXa Life Insurance is generating the most revenue of subsidiaries. KTB’s total insurance premiums esceeded Bt6.2bn in 2013, up 37% YoY. (Khao Hoon, 23/12/13)

PTT

Reveals Bt327bn 5-year plan — PTT has announced its five-year plan investment of Bt327bn. Bt138bn will be invested in the natural gas business. (Khao Hoon, 23/12/13)

THAI

President resigns on health reasons — Thai Airways International PCL (THAI) announced that Mr. Sorajak Kasemsuvan, the president and a member of the board, has submitted a letter of resignation due to health problems. The Board has appointed Mr. Chokchai Panyayong, Senior Executive Vice President Commercial Department, as Acting President, to take effect on January 2, 2014, the day the resignation of Mr. Sorajak is effective. (SET, December 20, 2013) THAI AIRWAYS FINANCES UNDER FIRE Union urges Ampon to step down – The labour union of Thai Airways (THAI) is demanding board chairman Ampon Kitiampon step down to show responsibility over the airline’s poor performance. The call for Mr Ampon’s resignation comes after THAI president Sorajak Kasemsuvan handed in his resignation,which is set to take effect on Jan 2 next year. (Bangkok Post, 22/12/13)

Comment: Thai airways, still such an under utilised asset…

TOP Maintenance shutdown in mid-2014 — TOP announced that its third refinery unit will be idled for maintenance in mid-2014. (Khao Hoon, 23/12/13)

TTA Better freight rates, better business outlook — TTA says its business has a positive outlook now that freight rates have recovered. Its energy business has entered into a long-term contract while Bacongdo, a subsidiary, continues growing and is preparing to list, with CIMB as financial adviser. (Khao Hoon, 23/12/13)

Comment: And yet still a poorly run company with expensive assets

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