AP taps Japanese know-how, designs – Mitsubishi Estate Group (MEC), Japan’s biggest property developer, is looking to expand its property investment in Thailand after injecting Bt2.5bn this year through three joint venture condo projects with SET-listed developer AP. MEA signed the joint venture deal with AP in December, starting with three new condo projects worth a combined Bt7.5bn. (Bangkok Post, 06/03/14)
Comment: This is positive for AP as it minimises the stress upon its balance sheet.
KBANK may cut loan target to 7-8% – Kasikornbank (KBANK) is mulling cutting its 2014 loan growth target to 7-8% following a recent reduction of the country’s gross domestic product (GDP) forecast to 3% as the political upheaval begins to take a toll on the lackluster economy. The fourth-largest lender by assets had set its lending growth target at 9-11%, assuming economic growth stands at 5%. (Bangkok Post, 06/03/14)
Comment: KBANK looks like the best managed bank in Thailand today because of its systematic approach, however if there is slower in Thailand, then without a doubt the banking sector gets hurt.
IRPC is confident that market GIM will reach US$9 supported by increase in petrochemical product price in 2014. It plans to set up paraxylene plant of 1 million tons capacity with PTTGC. (Khao Hoon, 6/3/14)
PRIN targets revenue of Bt2.9bn in 2014 with presale of Bt3bn. Its current backlog is Bt1.2bn, expected to book within 3Q14. It aims to launch five new projects worth Bt5bn. (Khao Hoon, 6/3/14)
Thailand’s PTT sees 2014 revenue up 4% – It expects its 2014 revenue to rise 4% to Bt2.97trn (US$91.41bn) due to higher oil and gas demand in line with the country’s economic growth. State-controlled PTT also aims to list shares of oil refinery Star Petroleum Refining Co (SPRC) and its power unit, Global Power Synergy Co, on the Thai bourse in the second half of this year. (Reuters, 06/03/14)
PTTEP changes structure of holding in Canada Oil Sands to lower its risks and received US$435mn in cash in return. It expects sales to grow by 11% in 2014 to hit 325,000 barrels per day supported by the startups of Montara and Zawtika. (Khao Hoon, 06/03/14)
New TUF executive starts – Thai Union Frozen Products Plc (TUF), the leading processor and exporter of canned and frozen seafood products, has named Joerg Ayrle as its new chief financial officer to support the goal of rapid global expansion. Mr Ayrle on Monday succeeded Chan Tin King, who resigned at the end of 2013. (Bangkok Post, 06/03/14)