Stocks in the news (becl, centel, hemraj, ktb, ratch, spali, ticon, uac) 25.03.14


BECL expects revenue growth of 5% YoY in 2014 after a rise of 2% YoY in toll collection in Jan and Feb. It is confident that highway traffic will expand in the rest of 2014. It also expects additional 10,000 cars per day after Asoke 3-1 highway opens. (Thun Hoon, 25/03/14)

Comment: A good dividend payer @ the right price, there is always a short term risk that the government may force lower toll fees during election periods


CENTEL aims at Bt19bn revenue in 2014 after revenue of Bt17.5bn in 2013. Its investment budget is Bt1.8-1.9bn for hotel renovation and setting up two new hotels. It expects to file to set up an REIT worth Bt5bn in late 2014. (Thun Hoon, 25/03/14)

Comment: A B-Grade version of MINT


HEMRAJ will develop 8 new industrial estates encompassing area of more than 3,000 rai combined. It expects land sales to start at the end of this year, achieving its 2014 target of 1,600 rai. This year it will also book a full year of electricity sales of more than Bt1.4bn. (Khao Hoon, 25/03/14)

Comment: Still THE best industrial estate player in Thailand


KTB reports increasing retail NPLs in 1Q14 to 2.6% from 2.3% in 2013. It is preparing to revise retail loan growth. (Khao Hoon, 25/03/14)


RATCH expanding into Myanmar by developing a 600MW coal power plant worth Bt30bn. It also expects the bidding for the 300MW power plant project in Mandalay to be concluded by June. Its Sepian Namnoi project has succeeded in securing a US$700mn loan. (Khao Hoon, 25/03/14)

Comment: Now this is impressive.


SPALI to launch 5-6 low rise projects in two new provinces, Nakorn Rachasima and Ubon Rachathani. It expects presales for 1H14 of no less than Bt8bn, however 1Q14 presales are expected to contract by 10% due to the prolonged political turmoil. (Khao Hoon, 25/03/14)

Comment: Brokers have been toting this as the best pick for 2014 within the property sector because of its backlog.


TICON cuts 2014 revenue target to Bt7bn from Bt8bn earlier due to the prolonged political situation that has reduced investment by SMEs. It also says it is interested in working with 2-3 Japanese partners. TICON aims to set up a REIT worth Bt5.2bn in 3Q14. (Khao Hoon, 25/03/14)

Comment: A REIT set up is natural progression for Ticon


UAC targets net profit growth of 14% YoY on revenue growth of 20% YoY. It plans to move from the mai to the SET within 2-3 years, because opportunities there are greater in terms of investment by institutional investors and getting business partners. (Khao Hoon, 25/03/14)

Comment: A wonderful little company, don’t be surprised to see it setup an Investment holding company in the near future as well

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