Tag Archives: becl

Stocks in the news (ap, beauty, becl, bmcl, bem, cbg, ck, daii, demco, ea, eastw, ifec, jsp, mono, ncl, planb, samart, seafco, sprc, tfg, tmill, ureka) 09.12.15

AP
AP and Mitsubishi launched Life Pinklao project, valued at Bt3.1bn on Nov 21. It expects this to achieve presales of 40% by this year. It expects this to support demand for premium condo in this location. (Khao Hoon, 09/12/15)

BEAUTY
BEAUTY expects 4Q15 earnings to peak on seasonality and large orders. It expects 2015 revenue to grow 20% from 2014’s Bt1.38bn thanks to a broader customer base both local and overseas. Management plans to introduce a new business plan in January 2016. (Thun Hoon, 09/12/15)
Comment: And they continue to buck the trend by posting great SSSG numbers

BECL/BMCL The cabinet has approved the amalgamation of BECL and BMCL with a new ticker, BEM. BECL will hold a joint shareholder meeting (BECL-BMCL) on Dec 28. Trading in BECL and BMCL shares will be suspended from Dec 21-30. (Thun Hoon, 09/12/15)
Comment: I am absolutely curious to see if BEM will become a must have investment for institutional investors, it just sounds right.

CBG
CBG is talking to a prospective partner in Indonesia which it expects to finalize in 1Q16. It expects this to increase its exports. It expects 2015 net profit to mark a new high backed by numerous orders. It expects 2016 revenue to grow 10% from this year. (Thun Hoon, 09/12/15)
Comment: We’ve heard this story before….ICHI, SAPPE, “we’re expanding to indonesia and growth will be amazeballs” Neither of the two have exactly panned out just yet, such things take years of development and marketing

CK
CK bids lowest for Bt23.4bn dual-track project (Jira – Khon Kaen). It expects to sign the contract with the SRT this year, as well as the Chachoengsao – Kang Koi dual-track project. It expects the SRT to ask approval from the cabinet on Dec 15. (Khao Hoon, 09/12/15)
Comment: They are carving up the pie nicely, first STEC, now CK, so now its either ITD or UNIQ that wins the next project

Continue reading Stocks in the news (ap, beauty, becl, bmcl, bem, cbg, ck, daii, demco, ea, eastw, ifec, jsp, mono, ncl, planb, samart, seafco, sprc, tfg, tmill, ureka) 09.12.15

Stocks in the news (aq, bmcl, becl, bem, chow, drt, epg, hemraj, kcm, mcs, ml, polar, ratch, siri, stec, t, true, tvo) 30.09.15

AQ
AQ expects net profit this year after 2014 net loss of Bt285.61mn on backlog of Bt300- 400mn. It plans to launch a new project “AQ Shadi Phaholyothin-Rangsit” in 2H15. (Thun Hoon, 30/09/15)
Comment: Despite the quality of its projects, the stock is rather expensively valued.
BECL/BMCL
BECL expects the cabinet will okay the merger with BMCL in October. It expects BEM (Bangkok Expressway and Metro Plc) will begin to trade in January 2016. (Khao Hoon, 30/09/15)
Comment: There’s nothing new here in terms of stories nor valuation, in the end its a good move for CK to not have to inject additional capital into BMCL
CHOW
CHOW has done a JV with BCP to invest in a 50MW solar power plant in Japan. It will invest no more than Bt380mn. (Khao Hoon, 30/09/15)
DRT
DRT expects sales to peak in 2016 although 2015 sales may be hurt by the economic slowdown. It plans to expand abroad. It targets exports to comprise 30% of revenue within three years. It expects to benefit from the government’s stimulus. (Thun Hoon, 30/09/15)
Comment: That’s rather ambitious by DRT, unless the Thai portion of the business is going to collapse. 

Continue reading Stocks in the news (aq, bmcl, becl, bem, chow, drt, epg, hemraj, kcm, mcs, ml, polar, ratch, siri, stec, t, true, tvo) 30.09.15

Stocks in the news (bkd, becl, bmcl, cpr, css, fpi, irpc, kbank, kcm, match, mcs, ml, nwr, pps, ptg, ptt, pttgc, rml, smt, spa, tgpro, tpoly, trt, true, tvd) 26.08.15

BKD
BKD expects 3Q15 revenue to be higher than 2Q15. It expects to be awarded projects valued at Bt1.3bn in 4Q15. It expects 2015 revenue of Bt1.3bn as Bt2.5bn in backlog is expected to be booked. It targets 20% revenue growth next year. It plans to launch a property project in 2Q16. (Khao Hoon, 26/08/15)

BECL/BMCL
BECL expects the merger of BECL and BMCL to be finished by October with the new company trading in November. It expects to book a Bt1bn extra gain from BMCL in 3Q15. It expects Sri-Rat highway to open in July 2016. (Khao Hoon, 26/08/15)
Comment: The question still stands whether or not the company will be considered to be more valuable when the two entities combine, financial theory says no, thai investors may say otherwise.

CPR
CPR expects 2015 net profit of Bt50mn after it has reaching Bt27mn in 1H15. It expects 2015 revenue of Bt500mn backed by a broader customer base. It plans to add more farming machinery in 2017. (Thun Hoon, 26/08/15)

CSS
CSS has opened a new warehouse and office as management expects the telecom business to continue to trend up. It expects 2015 revenue of Bt4.8-5bn. (Thun Hoon, 26/08/15)

FPI
FPI expects 2015 revenue to achieve 20% target growth on the back of lower material cost and baht depreciation. It expects net margin of 13% this year. It is talking with ECF to invest in a 120MW biomass power plant, which is expected to be finalized in December. (Khao Hoon, 26/08/15)

Continue reading Stocks in the news (bkd, becl, bmcl, cpr, css, fpi, irpc, kbank, kcm, match, mcs, ml, nwr, pps, ptg, ptt, pttgc, rml, smt, spa, tgpro, tpoly, trt, true, tvd) 26.08.15

Stocks in the news (advanc, amata, becl, bmcl, fsmart, beauty, hft, ilink, irpc, lanna, lh, loxley, ml, ple, ptg, ptt, ratch, qh, synex, ttw, wave, work) 25.06.15

ADVANC
ADVANC says 2Q15 profit is expected to grow to Bt9.1bn (+7%), with 1H15 growth of 6% to Bt19bn. It expects to pay interim dividend of Bt6.54/share, higher than last year’s Bt6.04/ share. (Khao Hoon, 25/06/15)
Comment: Analysts have now begun downgrading ADVANC’s potential profit growth for this year and next, but its still a good dividend payer

AMATA
AMATA is confident there is no impact from the drought. It says both its industrial estates have good water management. (Khao Hoon, 25/06/15)

BECL/BMCL
MOT tells EXAT to study the merger between BECL and BMCL to ascertain if it would be against the concession. This will be considered at the board meeting on July 14. (Khao Hoon, 25/06/15)
Comment: We doubt that there would be any negative impact here.

FSMART/BEAUTY
FSMART signed a contract with BEAUTY to invest in E-Commerce. It plans to set up 1,000 coin-operated scales and expects each one to contribute Bt500 per month. (Thun Hoon, 25/06/15)
Comment: Well, depends a lot on the revenue-sharing here.

Continue reading Stocks in the news (advanc, amata, becl, bmcl, fsmart, beauty, hft, ilink, irpc, lanna, lh, loxley, ml, ple, ptg, ptt, ratch, qh, synex, ttw, wave, work) 25.06.15

Stocks in the news (anan, bjchi, bmcl, becl, centel, dtac, gl, kbank, lit, mcs, ratch, siri, tfd, tvd, tvt) 21.05.15

ANAN
ANAN JV Mitsui Fudosan will launch five property projects worth Bt19bn. It plans to introduce twelve projects worth Bt30bn this year. (Khao Hoon, 21/05/15)
Comment: Should the property projects be successfully sold then it ANAN will have a solid 2018.

BJCHI
Backlog Bt7.5bn and expected to increase gradually. BJCHI is preparing to bid for high potential projects worth Bt5bn. 2015 revenue growth is expected to reach target. 1Q15 revenue rose 67.4% on the booking of revenue projects in Brazil and Australia. (ASTV, 21/05/15)
Comment: Similar to STPI, BJCHI benefits from being in Thailand that it is cost competitive versus the Korean and Australian competition, and with, arguably, equivalent quality.

BMCL
Expects to be in the black this year, enabling it to pay a cash dividend after the M&A with BECL. The company expects to report profit after the startup of the Purple Line. It will sing the contract for the Blue Line extension this July. (Khao Hoon, 21/05/15)
Comment: The core reason of combining the two companies, in my viewpoint, is to ensure that BMCL has a stronger balance sheet for expansion and therefore doesn’t require CK to pony up additional cash in the future.

CENTEL
2H revenue expected to increase to Bt20bn (10% growth). CENTEL plans to invest Bt19bn and Bt8bn into the hotel and food businesses respectively. (Khao Hoon, 21/05/15)

Continue reading Stocks in the news (anan, bjchi, bmcl, becl, centel, dtac, gl, kbank, lit, mcs, ratch, siri, tfd, tvd, tvt) 21.05.15

Stocks in the news (amata, becl, cpf, ecf, intuch, mega, npark, pstc, scb, thani, uwc, wha) 03.04.15

AMATA
AMATA to join with Labor Department to develop Thailand’s labor market. (Khao Hoon, 03/04/15)

BECL
BECL’s shareholders okay merger with BMCL. In July, the two companies will hold a joint shareholders meeting. The merged firm is expected to trade in the stock market in August. (Khao Hoon, 03/04/15)
Comment: What will be interesting is how they will deal with the dissenting shareholders, CK will have to put more cash than they originally expected if the minority shareholders become difficult.

CPF
CPF to invest up to US$50-100mn (Bt3.2-3.3bn) to expand production in Vietnam. The firm also expects to open more stores there. It expects 2015 revenue from this market of Bt77bn, reaching Bt1trn within the next two or three years. (Khao Hoon, 03/04/15)

Continue reading Stocks in the news (amata, becl, cpf, ecf, intuch, mega, npark, pstc, scb, thani, uwc, wha) 03.04.15

Stocks in the news (ai, aie, ajd, ajp, becl, bjchi, ck, epco, prin, scn, sena, tgpro, trc, tta, weh, xo) 23.01.15

AI
AI confident that net profit this year will grow by 200% driven by strong performance from subsidiary AIE and AI’s earlier investments that are expected to help lower costs by 20%. Revenue this year is expected to hit its target of Bt9bn. (Kao Hoon, 23/01/15)
Comment: These are impressive numbers come out of AI, I’m not sure why at the moment.

AIE
AIE expects revenue to jump to Bt8bn this year due to strong flow of orders. It said that the company’s program to increase efficiency will help lower costs to compensate for the government’s cut in the proportion of biodiesel mixed in oil. (Kao Hoon, 23/01/15)

AJD
AJD says 2014 profit jumped, while revenue from its entertainment business in 2015 is expected to increase by 50% driven by subsidiary, Happy Import-Export, which is expected to produce more than 10 TV shows this year for Channel 7. The subsidiary also plans to apply for a license to be able to sell Thai TV shows in China. AJD plans list this company on mai in 2016. (Kao Hoon, 23/01/15)

Continue reading Stocks in the news (ai, aie, ajd, ajp, becl, bjchi, ck, epco, prin, scn, sena, tgpro, trc, tta, weh, xo) 23.01.15

Stocks in the news (aot, becl, bmcl, ck, ccp, csp, css, demco, hemraj, jas, malee, polar, twz, singer, star) 22.01.15

AOT
AoT board approves Bt48bn for airport revamp projects – The Airports of Thailand’s (AoT) board has approved a Bt47.9bn budget to build a new terminal and a new runway at Suvarnabhumi airport to ease congestion. (Kao Hoon, 22/01/15)
Comment: AOT’s latest passenger numbers have come out and Bangkok is performing horribly while the rest of the country is booming.

BECL/BMCL/CK BECL to sell BMCL shares to CK — BECL’s board of directors has approved the sale of 2,050,134,895 BMCL ordinary shares, representing 10% of the total number of BMCL shares, at a price of Bt1.79/share for a total transaction price of ~Bt3.67bn, to CH.Karnchang (CK). The deal will be put to the shareholders for approval at the AGM. (SET, 21/01/15)
Comment: This is a clever financial engineering move by CK.

BMCL board approves merging with BECL — BMCL’s board of directors has approved the amalgamation between BMCL and BECL to synergize the strengths of both, enabling them to offer a greater variety of services, increasing competitive ability and enhancing the image of the company’s securities. Shares in the new company (“MergedCo”) will be offered to BMCL and BECL BECL shareholders at the ratio of 1 existing BMCL share to 0.42050530 shares in MergedCo; 1 existing BECL share to 8.65537841 shares in MergedCo. (SET, 21/01/15)

Continue reading Stocks in the news (aot, becl, bmcl, ck, ccp, csp, css, demco, hemraj, jas, malee, polar, twz, singer, star) 22.01.15

BMCL & BECL Merging!

Just announced this evening, BMCL and BECL will be merging.

The basic deal structure is as follows:

  • 1 existing share in the Company to 0.42050530 shares in MergedCo
  • 1 existing share in BECL to 8.65537841 shares in MergedCo
  • The deal is expected to be completed by 3Q15

My quick thoughts:

  • Great move by CK, BECL has a clean balance sheet, minimal debt, good cashflows, BMCL which just recently raised capital may potentially need more for the upcoming route expansions, thus instead of CK injecting more funds into BMCL, it can utilise the balance sheet of BECL
  • The MergedCo should in theory be more valuable, part of the SET50, attract more investors, and potentially a higher overall valuation than two separate entities
  • Funny how the news was announced @ 9.30PM but BMCL’s stock price was up 6% today, BECL up as much as 2% and CK up 4%, insider trading perhaps? Yoohoo SEC wake up!

See below for the link to the full release

Source: SET

SEC to launch infrastructure trust regulations

Quietly released yesterday on Thailand’s SEC website was that they have approved the framework for the infrastructure trust regulations. The key details of it are:

  • It can invest in onshore/offshore infrastructure projects either directly/indirectly or via rights in revenue sharing
  • Minimum size THB 10 bn, minimum investments of each new project post set up must be THB 3bn
  • At least 70% of investments must have commercial revenues

So next year we will start to see power plants, roads, highways, trains, every possible form of infrastructure being sold to these REITS. Right now off the top of my head I see CK Group benefiting heavily with their holdings in BMCL, BECL, and TTW, all of which holding infrastructure related assets.

Bangkok, November 4, 2014 – The SEC will launch infrastructure trust regulations recently approved by the Capital Market Supervisory Board.

Vorapol Socatiyanurak, SEC Secretary-General said that the Capital Market Supervisory Board recently approved infrastructure trust regulations, scheduled to become effective early next year. The new regulations will widen fund raising channels for domestic and overseas infrastructure development and support Thailand to become a regional financial connector for infrastructure development in the region. Continue reading SEC to launch infrastructure trust regulations