Sector Update 20/01 – 24/01

The market rallied strongly towards the end of last week driven purely by the Banking and Telco sector. We have our doubts on Thai banks attaining double digit growth rates for 2014, there’s no more corporate income tax to help the profit growth as there was in the past few years, and loan growth looks so-so, thus declining ROE’s are likely for this year.

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Stocks in the news (css, qh, demco, erw, tks, top) 27.01.14


CSS to penetrate telecom market in Myanmar to expand its revenue channels. It expects revenues for 2014 to reach Bt4bn supported by Bt700mn from a job for TRUE, plus backlog of Bt800mn. It is waiting to see if it will win a job to set up 1,500 poles for DTAC – results are to be out the end of this month. (Khao Hoon, 27/01/14)


QH targets revenues for 2014 to grow by 5-10% from 2013 with presales of Bt22bn. Revenues for 2013 are expected to hit its target of Bt18bn. QH also plans to open 26 new projects worth Bt21bn. (Khao Hoon, 27/01/14)

Comment: Cautious outlook for this property player, they were boosted by the prop fund sale last year.


DEMCO aims at new projects worth Bt3.5bn to push its backlog up to Bt7bn. It is preparing to bid for a project for EGAT worth Bt1.5bn in February 2014 and expect to gain a portion of the project worth Bt800mn. It is ready to invest in solar roofs and solar farms. (Thun Hoon, 27/1/14)

Comment: Used to be a darling for us back in the day, but we’ve since moved on, valuations aren’t attractive.

Continue reading Stocks in the news (css, qh, demco, erw, tks, top) 27.01.14