Stocks in the news (aot, arrow, bbl, big, cbg, cpall, ea, gold, ilink, jsp, kcm, kiat, psl, sawad, syntec, tcap, thai, thcom, tog, tmt, true, tse, ttw, wha) 13.08.15

AOT
AOT says there is no impact from the Chinese yuan depreciation. Growth in Chinese tourist was 10-14% for eight months. (Post Today, 13/08/15)
Comment: For once, I concur with this government enterprise.

ARROW
ARROW reported 2Q15 earnings of Bt56mn (+92%YoY). It plans to pay an interim dividend of Bt0.15/share, XD on Aug 21. It targets 2015 revenue growth of 20%. (Khao Hoon, 13/08/15)
Comment: And somehow this little company continues to rack up decent earnings growth inspite of the overall economic situation.

BBL
BBL sees Chinese corporations becoming some of its major Vietnam customers after seeing greater direct investment activities by them. It targets 2015 Vietnam loan growth of 14% after it achieving 7-8% in 1H15. (Thun Hoon, 13/08/15)
Comment: Perhaps more of a regional play at the moment, without a doubt the Chinese are the largest investors in Vietnam

BIG
BIG reported 2Q15 earnings of Bt70.8mn. It expects revenue and net profit to grow steadily. It plans to launch a marketing campaign to boost sales. It is confident 2015 revenue will achieve its target growth of 10%. (Khao Hoon, 13/08/15)
Comment: Well its a camera retail co, just depends upon how large you believe the market is for them

CBG
CBG revised down 2015 target growth to 10% in response to the sluggish economy. It is confident it will achieve its 35-40% revenue target growth this year backed by decreasing interest expense and cost controls. It plans to do an acquisition. (Khao Hoon, 13/08/15)
Comment: To fix this poor news translations, ok 10% revenue growth and bottom line growth will be 35-40% mainly on the back of cost efficiencies from scale

CPALL
CPALL reported 2Q15 earnings of Bt3.1bn (+39.4%YoY). 1H15 net profit was Bt6.5bn (+32.3%) compared to 1H14’s Bt4.9bn. (Khao Hoon, 13/08/15)
Comment: Financial engineering 101, up next – The sale of Makro shares

EA
EA reported 2Q15 earnings of Bt741mn (+81%YoY) backed by its solar farms and biodiesel. 1H15 net profit was Bt1.3bn. (Khao Hoon, 13/08/15)
Comment: The only exciting thing re EA is that the construction tycoon that was shot had his shares in EA transferred to two women whom weren’t his wife

GOLD
GOLD plans to launch new projects valued at Bt1bn. It targets 2015 revenue of Bt8bn backed by transfers. (Thun Hoon, 13/08/15)

ILINK
ILINK announced 2Q15 net profit of Bt57.69mn (+50%) aided by 186.84% growth in its telecom business. It expects 2015 revenue of Bt3bn with Bt280mn in net profit. It will be moved to trade on the SET on Aug 19. (Khao Hoon, 13/08/15)
Comment: Hello digital economy!

JSP
JSP expects 2015 revenue to be higher than Bt4bn. It is talking to a partner about investing in the property business; it expects to make its decision this year. 2Q15 net profit was Bt567.78mn (+112%). It plans to pay an interim dividend of Bt0.08/share (4.62% yield), XD on Aug 20. (Khao Hoon, 13/08/15)
Comment: An example of how to buy land cheap on a mass scale, build and sell projects on a mass scale and yet still make a decent margin

KCM
KCM reported 1H15 revenue of Bt325.09mn with Bt17.06mn in net profit. It plans to introduce new products, broaden its customer base, and open 10 new stores over the rest of the year. (Thun Hoon, 13/08/15)

KIAT
KIAT expects to conclude its power investment plan on Aug 13. It expects 1H15 to be good backed by decreasing cost. 2015 revenue is expected to be better than last year. (Thun Hoon, 13/08/15)

PSL
PSL expects 2H15 revenue to be better than 1H15 on the rise in the BDI from 400 in the first half of the year to 1200. (Khao Hoon, 13/08/15)
Comment: If you believe that this year and next are the bottom for the shipping rates, then PSL may be your choice of investment as they are still expanding their total # of ships to 60

SAWAD
SAWAD is budgeting Bt1bn to buy bad debt from financial institutions. It targets reaching 1,600 branches by the end of this year. It plans to expand to Laos and Cambodia this year. (Khao Hoon, 13/08/15)
Comment: So until 1H16 they can still recognise very good growth #’s, after that..who knows? Have to love how SAWAD and MTLS have proven that legalised pawn shops can be worth billion dollar businesses in Thailand

SYNTEC
Foreign investors are interested in SYNTEC shares as it has opportunity to get new jobs. Its backlog is Bt11.8bn and it expects to get Bt5bn more in 2H15. It expects 2Q15 earnings to be good backed by a better gross margin. (Thun Hoon, 13/08/15)

TCAP
TCAP is confident 2015 net profit will achieve Bt10bn (+11%YoY) aided by extension of more loans and lower provisions. It expects to pay a dividend after it has finished the repurchase of 41mn shares. (Khao Hoon, 13/08/15)
Comment: Given the amount of sharebuybacks that they have done, this %age growth is rather weak.

THAI
THAI expects 2Q15 net loss of Bt10-12bn affected by seasonality. Average passenger load is 69.91%. (Khao Hoon, 13/08/15)

THCOM
THCOM reported 2Q15 net profit of Bt527mn (+14.9%) backed by extra gain from selling Synertone shares. 1H15 earnings was Bt1.11bn (+24%). It has risen to #8 in global satellite providers from last year’s #10 ranking. (Khao Hoon, 13/08/15)

TOG
TOG has acquired 100% of Poly Sun Co., Ltd., for the purpose of business expansion in tinted lens products and Polarized lens products. It expects to benefit from the baht depreciation. It plans to pay an interim dividend of Bt0.08/share, XD on Aug 25. (Thun Hoon, 13/08/15)
Comment: A wonderfully run company, the question is purely on valuations.

TMT
TMT expects to be a subcontractor for CK, ITD, STEC. It reported 2Q15 earnings of Bt104mn (+55%) backed by 290,000 tons in sales. It expects 2H15 performance to be good, aided by high demand. (Thun Hoon, 13/08/15)

TRUE
TRUE reported 2Q15 net profit of Bt1.3bn supported by higher profit from operations and decreasing interest expense and depreciation. 1H15 net profit was Bt2.9bn (+36.6%) backed by 3G and 4G subscribers of 19.3mn. (Khao Hoon, 13/08/15)

TSE
TSE expects 2015 revenue of Bt1.34bn (30% growth) backed by a 14MW solar roof. It is budgeting Bt2.5bn to invest in a 24.86MW solar farm in Japan. (Thun Hoon, 13/08/15)

TTW
TTW reported 2Q15 earnings of Bt751mn (+4.9%QoQ). 1H15 earnings reached Bt1.4bn. The board approved an interim dividend of Bt0.3/share. (Khao Hoon, 13/08/15)

WHA
WHA expects to report 2Q15 earnings by Aug 15. It expects to show a net profit from 1Q15 net loss of Bt4.54mn aided by high demand. Management is confident 2015 revenue will achieve target of Bt16bn backed by HEMRAJ. It plans to set up a Bt2.4bn REIT which is expected to be finalized in 4Q15. (Thun Hoon, 13/08/15)

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