Daily Archives: February 8, 2014

Commentary, Special Events

By shortcuts we fall

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Another great op-ed from K. Voranai over at the Bangkok Post, here he openly discusses that fact that because most people in Thailand aren’t willing to finish things 100% and follow the correct procedures and hence the issue that we arrive today in with politics.

From tuk-tuk taxis and motorbikes to sports cars and luxury sedans, observe the traffic and notice that everyone looks for the shortcut. Jump the light. Sneak the U-turn. Up on the road shoulder.

There’s a queue? No worries; let me call somebody. There’s a wait? No sweat, a gift basket to the right person will get you in. Shortcuts, bless the Lord Buddha, in Thailand we love them.

Source: Bangkok Post

Commentary, Market, Research, Updates

What happened this week 03/02 – 07/02

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Thailand

  • Private businesses see a new government within 6 months, while both Federation of Thai Industry and University of the Thai Chamber of Commerce said that they will revise their forecasts to reflect the new information. (Krungtep Thrurakit, 03/02/14)
  • Exporters seriously damage by the turmoil as distribution chains get interrupted, causing their cash conversion cycle to worsen. SME survey shows a drop in sales during the protest. (Matichon, 03/02/14)
  • MoF warns re: 2014 growth — The Ministry of Finance warns that if a government cannot be formed for another 4-6 months, GDP growth in 2014 will be only 1-2%, and the prolongation of the State of Emergency could see Thailand’s credit rating cut. (Thai Post, 03/02/14) Continue reading What happened this week 03/02 – 07/02 →
Commentary, Research, Stocks, Updates

Stocks in the news (ck, dtac, kbank, mcot, nncl, nok, ps, robins, susco) 07.02.14

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CK

To issue debentures — CK will issue debentures worth Bt3bn this month and has appointed KTB as its underwriter. TRIS rates CK’s new unsecured bonds at “BBB+”. (The Nation, 07/02/14)

DTAC

TAC TriNet allowed to launch 4G LTE service – Telecom committee of the National Broadcasting and Telecommunications Commission (NBTC) on Wednesday approved DTAC TriNet to launch 4G-Long Term Evolution wireless broadband service on its 2.1GHz spectrum band. (The Nation, 07/02/14)

Comment: Its removed one of the headaches for DTAC

KBANK

KBANK targets middle class for insurance arm — KBANK, the leader in bancassurance, is chasing after middle income customers to maintain double-digit growth in premium income amid the political uncertainty. KBANK targets first-year premiums to rise by 21% to Bt26bn and total premiums by 24% to Bt50bn this year. These growth targets are down from last year, when the bank achieved first-year premium growth of 28% to Bt22bn and total premium growth of 29% to Bt40bn. (The Nation, 07/02/2014)

Comment: Non-loan income is the only way banks can grow this year

Continue reading Stocks in the news (ck, dtac, kbank, mcot, nncl, nok, ps, robins, susco) 07.02.14 →

Commentary, Research, Stocks, Updates

Stocks in the news (ap, bjchi, epco, global, hmpro, sf, vgi) 06.02.14

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AP
AP expects a great 2014. It expects 2014 presales and revenue of Bt21bn on current backlog of ~Bt11bn. It will launch 19 new projects worth Bt26bn. (Tun Hoon, 06/02/14)
Comment: Valuations for AP have become attractive, the whole property sector in fact, we view this all as a trading opportunity
BJCHI
BJCHI won new work worth Bt1.19bn, lifting its backlog to more than Bt3bn. It expects to sign contracts for more work worth Bt3bn and will bid for more work. It is confident that sales this year will be stronger than last year’s. (Khao Hoon, 06/02/14)
Comment: The easiest trade last month
EPCO
EPCO in JV to develop a solar farm in Japan. It targets total capacity of 100MW by yearend and expects to conclude 8-11 projects this year in addition to the COD solar power project in Lopburi-Boploi and the solar rooftop project. Revenues in 2014 will grow by 15% and net profit by 90%. (Khao Hoon, 06/02/14) Continue reading Stocks in the news (ap, bjchi, epco, global, hmpro, sf, vgi) 06.02.14 →
Commentary, Research, Stocks, Updates

Stocks in the news (bec, cgs, cpf, ea, ktb, nok, sithai, stec) 05.02.14

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BEC

BEC confirms no need to raise capital after won three channels in the digital TV bidding because it has enough money and it a large amount of content. It expects no need for huge investment and expects a profit in 2014. (Khao Hoon, 5/2/14)

Comment: BEC does have a clean balance sheet but it had to bid heavily for the digital TV channels otherwise their positioning within the media sector would disappear

CGS

CGS will change to a holding company as it will benefit in terms of business expansion. The new structure will also provide more flexibility, help it diversify risks and increase opportunity for more new partnerships. Management expects to complete the transfers of its business units by June 2014 and it will hold an EGM Meeting on Feb 7. (Khao Hoon, 05/02/14)

Comment: This family has been very aggressive in its attempts to trade/acquire/take over other listed companies in Thailand

CPF

CPF resumes meat export after ban — CPF yesterday exported the first shipment of raw frozen chicken to Japan in a decade. CPF is the first Thai company to resume raw frozen chicken exports to Japan. The product was banned 10 years ago after a bird flu outbreak in 2004. But Japan is closely monitoring all of Thailand’s supply chains to ensure the country’s chicken production is 100% free of the bird flu virus, said Prasit Chalongchaichan, the senior vice-president for merchandizing. CPF expects its raw frozen chicken export volume will reach 5,000 tonnes in 1Q14. (Bangkok Post, 05/02/14)

Comment: CPF’s other issue is in regards to its holding in CPALL and when the profits from CPALL will come back to boost CPF’s consolidated profits

Continue reading Stocks in the news (bec, cgs, cpf, ea, ktb, nok, sithai, stec) 05.02.14 →