Stocks in the news (AOT, BCP, GFPT, INTUCH, KCE, KKP, PS, RATCH) 19.02.14

AOT

AoT denies plan to buy govt bonds – AoT denied yesterday it is planning to spend its surplus liquidity on government bonds to help the administration raise funds to pay farmers under the rice-pledging scheme. (Bangkok Post, 19/02/14)

Comment: Rumours rumours all around which government agency is going to help supply funds. We highly doubt AOT is going to do anything either.

BCP

BCP reported 2013 net profit of Bt4.65bn supporting by an insurance compensation of Bt1.59bn. PTTGC reported net profit of Bt33.28bn and dividend of Bt1.78 per share. Its total dividend is Bt3.4 on 2013 operations. (Khao Hoon, 19/2/14)

Comment: Its a fairly good dividend that BCP is paying out.

GFPT

GFPT reports net profit of Bt1.5bn, up more than 549% YoY, after revenues increased supported by the higher volume for chicken exports and sales of processed food, along with FX gains. GFPT will pay a dividend of Bt0.35/share; XD on Feb 28, 2014. (Khao Hoon, 19/02/14)

Comment: It is the best chicken company in Thailand, far better than CPF in terms of governance, and they were able to survive the downturn in chicken prices very well in the past 2 years

INTUCH

Temasek seeks to sell US$3.1bn stake in Thailand’s Shin Corp to SingTel – Singapore state investor Temasek Holdings Pvt Ltd TEM.UL is seeking to sell its US$3.1bn stake in Thai telecom company Shin Corp INTUCH.BK, according to people familiar with the matter, and has approached its SingTel (STEL.SI) unit as a possible buyer. Temasek, which owns 41.6% of Shin Corp through a subsidiary, held talks with Singapore Telecommunications Co, as SingTel is formally known, late last year, said the people, who declined to be identified as the information is not public. Those discussions have since stalled amid political tensions in Thailand, they said. (Reuters, 19/02/14)

Comment: Temasek has made a wonderful return on INTUCH

KCE

KCE reported 2013 revenue of Bt9.29bn, +43% YoY, and net profit of Bt1.17bn, +82% YoY. Its performance was a record high. (Tun Hoon, 19/2/14)

Comment: A business turnaround we missed, and it looks like the company could still keep going.

KKP

Kiatnakin clamps down – Kiatnakin Bank promptly tightened its criteria for both loan approval and collection to control asset quality after non-performing loans (NPLs) rose by 0.4-0.5 percentage points in one month, says president Aphinant Klewpatinond. (Bangkok Post, 19/02/14)

Comment: KKP and TISCO are both going to be hurt quite badly in the 1H14 in terms of loan growth slowdown and increasing NPL’s

PS

Pruksa awaits end to turmoil – As the political situation becomes more uncertain, SET-listed developer Pruksa Real Estate Plc (PS) will delay land purchases, advertising and condo launches until the second quarter while offering a win-back program to customers unable to receive unit transfers. Chief executive Thongma Vijitpongpun said the situation was not supportive of investment. If the political turmoil continues to the second half, the company will cut its presales target from Bt41-45bn to Bt33-37bn this year. (Bangkok Post, 19/02/14)

Comment: This basically sums up the issue in Thailand today

RATCH

RATCH outlines 10-year investment strategy – RATCH is setting out to grow business in the next 10 years, with more investment projects planned for ASEAN as well as other countries in the Asia Pacific region. The company’s capacity will rise to 9,700MW from 6,543MW at present. The enterprise value will also rise to Bt280bn from Bt116bn. It will consider greenfield and brownfield investment as well as merger and acquisition. (The Nation, 19/2/14)

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