Tag Archives: aeonts

Stocks in the news (aeonts, bcp, bem, egco, fsmart, ifec, itd, mcs, mtls, rpc, sport, spa, tasco, thcom, tks, twz) 21.06.16

AEONTS expects 2016 loan growth to be better than last year. It plans to expand its credit card customer base by launching a marketing campaign. It targets to acquire 360,000 new cards. (Thun Hoon, 21/06/16)
BCP says oil sales in the first five months reached 2bn liters. It expects to reach 6bn liters this year driven by high demand from lower prices. It plans to open more filling stations in 2H16 and increase revenue from its non-oil business. (Thun Hoon, 21/06/16)
SRT plans to talk with BEM to become commercial area manager for MRT Purple Line (Bang Yai-Tao Poon). It expects this to be finalized in July. (Khao Hoon, 21/06/16)
Comment: To us it looks like its been in the bag for a while
EGCO expects 930MW Kanom power plant to start up in June. This will boost long-term revenue. It expects 2016 revenue to grow 5% aided by power plants. It has budgeted Bt22bn to increase its capacity. (Thun Hoon, 21/06/16)
Institution investors are interested in FSMART shares. It expects 2H16 earnings to be good. It is talking to a partner to expand top-up machines to 90,000, raising its revenue to Bt21bn from this business. It targets a market share of 11%. It is talking to clients for ads and has signed a contract with one client. (Thun Hoon, 21/06/16)
Comment: If they are clever about this, they have the network, they can cross sell anything with little cost and all straight to the bottom line.

Continue reading Stocks in the news (aeonts, bcp, bem, egco, fsmart, ifec, itd, mcs, mtls, rpc, sport, spa, tasco, thcom, tks, twz) 21.06.16

Stocks in the news (acc, aeonts, banpu, fsmart, hmpro, jutha, ktb, ktis, lst, max, ndr, npp, preb, sccc, spa, true, trc, vte) 14.03.16

ACC’s shareholders have approved 300mn share capital increase, at par Bt0.25 with warrant at a ratio of 4:1 and an exercise price of Bt1.25. It will use the funds for business expansion. It expects 2016 revenue to turn around on the back of alternative energy and property business. Its power plant business has already contributed revenue in Jan 2016. (Thun Hoon, 14/03/16)
Comment: Another odd (but new!) company that will somehow magically combine alternative energy and property development…

AEONTS plans to expand to 300,000 credit cards this year, focusing on young adults with a monthly income of over Bt30,000 of income. It expects to tighten extending credit to factories given the slowdown in export growth. (Khao Hoon, 14/03/16)

BANPU’s board approved a capital increase of 2.582mn shares, at a ratio 2 old: 1 new at Bt5 with 1 warrant. It will use the funds to restructure its financing and lower debt from Bt12.9bn currently, in the process cutting D/E to 1.23X. (Thun Hoon, 14/03/16)

FSMART expects 2016 revenue growth of 30%. It targets 90,000 Boon-Term Top-Up machines by the end of this year from 71,000 at the end of February. It plans to offer a new service, money transfers via Top-Up machines, in April and an e-wallet in mid-2016. (Khao Hoon, 14/03/16)
Comment: If the top line growth is this high, expect for bottom line to grow at 1.5x multiple…

Continue reading Stocks in the news (acc, aeonts, banpu, fsmart, hmpro, jutha, ktb, ktis, lst, max, ndr, npp, preb, sccc, spa, true, trc, vte) 14.03.16

Stocks in the news (advanc, aeonts, bec, dcon, demco, fsmart, irpc, mcs, mill, sena, sim, sricha, sst, tae, tvt, tsr) 24.09.15

ADVANC expects 3Q15 net profit of Bt8.6bn (-4%) affected by decreasing service revenue and profit margin on sale of mobile handsets and rising marketing expense and depreciation. It expects 4Q15 earnings to be better because of the 4G auction. (Khao Hoon, 24/09/15)
Comment: It’s the same story every couple of years for AIS, in the end they are still the largest player, they still have the cleanest balance sheet and they’ll still continue to dominate.
AEONTS reported 2QFY15 net profit of Bt731mn (+40%QoQ). It plans to pay an interim dividend of Bt1.6/share. It targets FY2015 loan growth of 3-4% aided by government stimulus measures. It plans to expand its credit card customer base in Bangkok from its existing 2mn cards. (Thun Hoon, 24/09/15)
Comment: Ex its 1 time gain, earnings growth was only single digits for AEONTS
BEC expects 2015 revenue to drop by 5-10% and net profit to drop more than 10% from last year. It expects its performance to be better than peers. It says the drop in performance was caused by the economic slowdown and high competition. (Khao Hoon, 24/09/15)
Comment: While they may still be #1, their financial performance just shows the damage that digital TV has done to incumbents.
DCON plans to focus on power, construction and materials, and property businesses. It expects 3Q15 earnings to be good backed by large orders. It expects 2016 performance to turn around. (Thun Hoon, 24/09/15)
DEMCO expects 3Q15 earnings to be good aided by Bt3.7bn transfers from Bt8.8bn work on hand. It plans to bid for new projects both local and abroad. It expects 2015 revenue of Bt6bn. (Thun Hoon, 24/09/15)
Comment: And WEH IPO’ing next year should be a positive

Continue reading Stocks in the news (advanc, aeonts, bec, dcon, demco, fsmart, irpc, mcs, mill, sena, sim, sricha, sst, tae, tvt, tsr) 24.09.15

Stocks in the news (aav, aeonts, aq, bmcl, brr, centel, color, eason, ee, gunkul, hmpro, mcs, ndr, perm, rwi, salee, sat, sim, sithai, thana, vng) 13.07.15

AAV has no impact from China stock market woes. It is ready to open four new routes from U-Tapao and Don Muang to various cities China in 4Q15. It is confident that 2H15 will be robust supported by a 14.5mn passengers. (Kao Hoon, 13/7/15)
Comment: The stock market in China naturally doesn’t have any impact on AAV’s earnings.
AEONTS expects loan growth of 8-10% in 2015 even though 1H15 was slow. In the 2H15 the outlook is better as the economy improves. (Kao Hoon, 13/7/15)
Comment: AEONTS was typically one of the stalwarts that consistently grew year in year out, that is until this year of course. Could they turnaround this year? Doubt it. But still a nicely conservatively run business here.
AQ has backlog of Bt2bn. It expects to launch 4-5 low-rise projects. It expects presales to hit its target of Bt2.5bn supported by presales of Bt2bn in 1H15. (Kao Hoon, 13/7/15)
Comment: Nice turnaround story, but its fully priced in.
Blue line MRT – The company is hoping for good news from the Transport Ministry on the extension of its Blue Line MRT service after a long period of losses. (Kao Hoon, 13/7/15)
BRR expects to bid for a biomass power plant. The third plant is under construction and is expected to finish in 2016. (Kao Hoon, 13/7/15)
Comment: A naturally extension of its core business

Continue reading Stocks in the news (aav, aeonts, aq, bmcl, brr, centel, color, eason, ee, gunkul, hmpro, mcs, ndr, perm, rwi, salee, sat, sim, sithai, thana, vng) 13.07.15

Stocks in the news (abc, aeonts, bcp, bkd, dcon, eastw, maco, npp, pjw, sena, tluxe, tpch, trt, true, tse, tsr, uniq, world) 27.04.15

Revenue will turn around and reach Bt3bn in 2015 due to the property business. The firm is working on development some land in Hua Hin, after which it will sell the land. The firm will have a campaign with financial institutions for point reduction. (Khao Hoon 27/04/15)

AEONTS expects loan growth of 8-10% in 2015-2016 from Bt100bn in 2014. It expects domestic consumption to recover if the government pushes its investment. (Thun Hoon, 27/04/15)
Comment: Analysts have been saying that AEONTS is a perfect play for ASEAN, in reality Thailand still represents 99% of all business, the rest of ASEAN won’t be a factor for another 5 years at the earliest.

1Q15 earnings may miss on higher inventory loss. However, BCP stock is still interesting as there is upside to valuation. Its earnings fluctuate less than other stocks in the sector and it has opportunity to grow from its solar power plants in Thailand and Japan, with capacity rising from 118MW to 250MW in 2015. (ASTV 27/04/15)

BKD signs contract with Mercure Hotel for interior; the contract with Mah Fah Luang University, worth Bt1bn, will be signed soon. It also has a Plaza Athenee Hotel in the U.S. for which it plans to sign the contract in 1Q15. Revenue and earnings in 1Q15 are expected to rise about 10%. (Khao Hoon 27/04/15)
Comment: A smaller construction player, this contract doesn’t justify the valuation though, market cap still @ THB 2.8 bn


Investors in Japan and Thailand interested in joining to do alternative energy project, with DCON, solar power plant for Japanese investors and waste power plant for Thai investors. DCON will do a JV with two property firms to build a precast factory that will bring a turnaround in both
revenue and earnings. (Thun Hoon 27/04/15)
Comment: DCON has gone from a construction material manufacturer, to a part time condo developer and now an alternative energy player.

Plans to increase in investment in response to government projects that will improve the economy and investment in the eastern area. Earnings in 1Q15 were lifted by a 10% rise in water sales. (Thun Hoon 27/04/15)
Comment: A very straightforward utility player.

Revenue in 1H15 to grow to more than Bt321mn with expected 20% growth in 2015 revenue due to economic recovery. The firm plans to invest Bt500mn into expanding its coverage area to 100,000sq.m. (Thun Hoon 27/04/15)
Comment: It’s a very fragmented industry that MACO operates in, I’ve always liked their business as an mini-landlord

Plans to acquire packaging firm in Thailand, and add clients, which will rise its revenue. It will book revenue from adverts in JIFFY shops in May. Sales are expected to reach Bt80-100mn this year. The firm believes 2015 revenue will beat 2014’s Bt217.81mn. (Thun Hoon 27/04/15)

PJW plans to push revenue from auto to 15% and is confident that revenue will achieve target, supported by Bt100mn in revenue from its paint factory. (Thun Hoon, 27/04/15)

SENA plans to increase capital via PP. It has entered into negotiations with several entities to partner with it to invest in renewable energy to diversify its portfolio. The deal will be finished this year. It maintains its 2015 target revenue at Bt3bn. (Thun Hoon, 27/04/15)
Comment: Another solar player! But one with an actual property business trading @ 7x earnings.

Money enough for expansion despite no PP – Although TLUXE shareholders did not give the nod for a PP, the firm has enough cash from the rights offering to undertake its expansion. Earnings should turn around with revenue of Bt3bn from agriculture. (Thun Hoon 27/04/15)

TPCH shareholders approve contract with TPOLY – Shareholders will allow subsidiaries Patalung Green Power (PGP) and Satun Green Power SGP to a sign a Bt2bn contract with TPOLY to build a biomass power plant. The firm is confident that it will be granted a PPA (power purchase agreement) of up to 150MW this year. This project will grow revenue 30-40%. (Khao Hoon 27/04/15)

TRT plans to expand abroad. The company is ready to sign a power plant contract in Laos to support revenue in 2Q15. (Thun Hoon, 27/04/15)

Wiping out accumulated loss – TRUE shareholders approved wiping out the accumulated loss of Bt37.1bn by transferring share premium and legal reserve and reducing number of shares by cutting par value from Bt10 to Bt4. Earnings will reach Bt4bn in this year because there is no more depreciation of 2G. (Khao Hoon 27/04/15)
Comment: It is interesting how playing with one’s financials can wipe out the accumulated loss and allow the firm to pay a dividend in the future.

1Q15 profit to rise sharply from selling more electricity. The solar farm power plant in Japan is progressing, waiting an agreement from the Japan government, expected to be cleared in 2Q15. The firm expects to do 30-40MW in projects this year. (Khao Hoon 27/04/15)

TSR plans to increase capital by 258mn shares at par of Bt1 to support its warrant of over 200mn units. It will pay a stock dividend at 0.1667/share and a cash dividend of Bt0.02/share. The company believes that high household debt will not affect business in 1Q15. It plans to open a new branch in Khon Kaen at the end of April. (Thun Hoon, 27/04/15)

Institutions interested – Both local and foreign institutions are interested in investing in UNIQ because they expect more government budget expenditure and a chance to add more value. It will have two new projects in 2Q15 worth Bt9bn. (Thun Hoon, 27/04/15)

9-month earnings up 62%. The firm plans to invest in more property projects and a health center this year. The firm has started the foundations at a condominium at Watcharapol, worth Bt1.2bn, with Phase1 having 600 units worth Bt600mn. 2016 revenue will grow dramatically because the dental and health center will open at the end of 2015. (ASTV 27/04/15)

Stocks in the news (bay, bts, aeonts, centel, ck, ckp, demco, hemraj, jmart, kbank, cpall, mbk, nusa, ps, siri, trt) 03.02.15

Bank of Ayudhya launches new corporate credit, aiming at three key businesses, i.e. car dealers, tire dealers and electrical appliance dealers. The key selling point is to waive collateral and give a high credit line to accommodate the value chain of the businesses. (Thun Hoon, 03/02/15)

BTS joins with AEONTS to launch joint Rabbit card via its subsidiary, BSS Holdings. Both parties will sign an agreement for the launch of a new smart card, AEONT-Rabbit. The company also plans to securitize its assets worth Bt5bn and expects the South Green Line to be concluded in April with a joint ticketing system agreement to be signed next week. (Khao Hoon, 03/02/15)
Comment: This is an amazing step for the Rabbit card, if BTS is able to link the Rabbit card with several major cards/consumer cos etc etc it could become the Oyster/Octopus card for Thailand – then again I’ve heard the government say they have another plan in mind.

No room cancellations — CENTEL says there were no room cancellations after the bomb in the center of Bangkok and expects revenue growth at 15% YoY this year. (Post Today, 03/02/15)

Continue reading Stocks in the news (bay, bts, aeonts, centel, ck, ckp, demco, hemraj, jmart, kbank, cpall, mbk, nusa, ps, siri, trt) 03.02.15

Aeonts growing as thai incomes expand

Aeon Thana Sinsap (Thailand) Plc (AEONTS) was incorporated on Sept 18, 1992 by Aeon Credit Service Co Ltd in Japan. The company currently has paid up capital of 250 million baht. Managing director Yasuhiko Kondo and senior vice-president Supannee Asawasuwan discuss the company’s strategy and outlook.

Yasuhiko: Fees to be main income

What is the AEONTS business model?

AEONTS has been in Thailand for 20 years, operating first as a hire-purchase company before expanding into personal loans, member cards and credit cards. Today our business comprises 42% credit cards, nearly 55% loans, which are both cash- and product-related, and the rest is hire-purchase financing of motorcycles. Thus AEONTS is a complete retail finance company with a total of 6.5 million cards comprising both member and credit cards.

What is the difference between an Aeon Member Card and an Aeon Credit Card?

To be a member of Aeon there are basic qualifications similar to other finance companies: a minimum age of 20 years, earning a regular income, having a secure job and so forth. Once someone has an Aeon Member Card, it can be used to draw personal loans from Aeon ATMs or Kasikornbank ATMs now as well.

If a member goes to purchase a motorcycle and requires financing, he or she can use the Aeon Member Card, fill out the necessary application and within 30 minutes, should they pass our lending criteria based on their profile and record with Aeon, will be able to purchase the motorcycle.

In order to obtain an Aeon Credit Card, a customer requires a minimum salary of 15,000 baht per month as required by the Bank of Thailand. That customer will then have access to credit card facilities that are not available to Member Card holders. What we have seen is that over time our Member Card holders grow into our Credit Card holders as their earning power increases, and we hope to continue to grow and service our members well. Continue reading Aeonts growing as thai incomes expand