AGE Subsidiary investing in two power plants —AGE is having subsidiary AGE Power Holdinginvest in two power plants. The first is in Sukhothai with 3 MW. The other is in Phichit with9.9MW. It expects coal sales grow to 4 million tons. (Khao Hoon, 30/1/14)
Comment: Now the forecast has increased to 4mil tonnes from 3mil in just a day!
CPALL will partner with PIM and Thai Chamber of Commerce (TCC) to hold CPALL SMEForum 2014 on penetrating CLMV markets for SMEs. CPALL plans to open 600 new branches andtargets 10,000 branches within the next five years. (Khao Hoon, 30/01/14)
Comment: CPALL has to keep its expansion plans otherwise they could lose out to BIGC and TESCO in the small format stores
DEMCO targets revenue growth of 10% this year with 95% of its current Bt3.3-3.4bn backlogready to be booked. It will bid for new projects and expects to win Bt3.5bn worth of new work tohelp push its backlog to Bt6.8-7bn. (Khao Hoon, 30/01/14)
Comment: We think the growth story here is fully priced in already, any miss on its earnings and the stock price could very well collapse.
JMART To list JAS Asset in 2015 — JMART plans to list subsidiary JAS Asset on the SET in early 2015. Itis creating a new business focus, The Jas, investing Bt1bn to set up two new community malls inWang-Hin and Ladplakao. (Khao Hoon, 30/1/14)
Comment: JMART is effectively a retailer, debt collector and now a real estate player.
KBANK expects major clients’ loan growth of 6-8% with fee income growth of 15%. It saysthe property sector is far from forming a bubble but it is being more cautious about loans. It will more focus on single houses than condos. It expects export growth of 5%. (Khao Hoon, 30/1/14)
LPN provides targets — LPN outlined its 2014 plans with a revenue target of Bt15bn andpresales of Bt26.4. It aims to launch 12 new projects worth Bt20.7bn. Currently, the number ofunits for transfer stands at Bt21bn and Bt7.6bn of the backlog is expected to be booked this year(Khao Hoon, 30/01/14)
Comment: Slower growth, but dividend yield should be maintained, however I think every property firm is going to have rubbish 1Q14 numbers
PF expects sales of Bt13bn supported by 13 new projects worth Bt16.8bn. It has current backlog of Bt8bn and its community mall worth Bt1bn is 40% completed and expected to open in Sep 2014. (Khao Hoon, 30/1/14)
THAI confident in return of tourists — THAI management is confident that tourists will return in the second quarter after slowing down earlier due to local politics. THAI has improved and changed its business and first class cabin concept to “Thai Contemporary” and is providing more amenities. It expects the improvement to help increase cabin factor for first class and business class by 7-8%. (Khao Hoon, 30/01/14)
Comment: Thai airways has to improve their operations and their financials, we worry about another recap