Stocks in the news (cpf, rojna, synex, tta, wha) 10.01.14


CPF buys Belgian food processor – SET-listed Charoen Pokphand Foods Plc plans to acquire a food operation in Belgium as part of its attempt to expand food investment abroad. Through its 99.99% owned holding firm CPF Europe SA, the company will next month pay Bt408mn for 80% of Tops Foods NV. The Belgian maker and distributor of ready-to-eat meals is based in the northern province of Antwerp. (Bangkok Post, 10/01/14)


ROJNA expects 2014 revenue of Bt6bn on booking revenue from current backlog. It is continuing to sell new land and will invest Bt500mn to develop an industrial park in Prachinburi to support expansion in new clients. (Tun Hoon, 10/01/14)


SYNEX aims at 2014 net profit growth of 15-20% YoY by cutting expenses and without provisions. It also aims for revenue growth of 10-12% YoY from 2013 revenue at Bt19bn. It will expand to CML markets, which are expected to generate revenue of Bt1bn a year. (Khao Hoon, 10/1/14)

Comment: The shift in consumer buying habits hurt SYNEX badly as it focuses upon PC goods and accessories, operations-wise it is a well-managed co.


Mermaid looks for treasure with B14.4bn outlay – Mermaid Maritime Plc, a provider of subsea and drilling services for the offshore oil and gas industry, signed an agreement yesterday to purchase three vessels worth US$436mn (Bt14.4bn). A subsidiary of the SET-listed shipping and energy group Thoresen Thai Agencies (TTA), Mermaid signed with China Merchants Industry Holdings Co to purchase two new-build tender rigs and one new-build dive support vessel. (Bangkok Post, 10/01/14)

Comment: Too many expensive assets on Mermaid’s books, but things have started improving, although don’t be surprised to see earnings peak and trough within a calendar year


WHA will sign a contract to sell 50,000 sq.m. of its warehouse space in 1Q14 — It said that it is also in the middle of negotiating for 200,000 more sq.m. The company will also start booking revenues from the Phase 1 solar roof project. 2014 revenue is expected to grow by 30% YoY to Bt7bn, with net profit growing by 500% YoY. (Khao Hoon, 10/01/14)

Comment: Profit growth comes from selling to its property fund and other asset sales, on an NAV basis this company isn’t worth where its trading today.

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