Tag Archives: cnt

Stocks in the news (bafs, cnt, ecf, epg, fpi, ifec, jwd, kbank, ksl, mpg, pjw, smt, tks, tog) 08.06.16

BAFS
BAFS is confident that revenue will grow more than 9% in 2016 and expects net profit to be a new high, supported by a 7-8% increase in volume. (Kao Hoon, 08/06/16)
Comment: A natural grower with AOT
 
CNT
CNT expects 2016 earnings to be positive and plans to bid for a new job. It will change strategy to focus on high gross margin job at 4-6% to support earnings. Despite the loss in 1Q16 it targets 2016 revenue of Bt6.5bn. (Thun Hoon, 08/06/16)
Comment: When the entire industry picks up then CNT can finally win decent projects again, until then, I don’t expect much
 
ECF
ECF plans to bid for a 36MW biomass power plant on June 15-30. It expects 2Q16 furniture sales growth of 12-15%. It is confident that 2016 revenue will hit target of Bt1.5bn. (Kao Hoon, 08/06/16)
Comment: If thats the plan, expect to hear a PP or recap coming from them
 
EPG
EPG expects FY2017 earnings to grow over Bt1.6bn supported by more sales and increased capacity. (Kao Hoon, 08/06/16)

Continue reading Stocks in the news (bafs, cnt, ecf, epg, fpi, ifec, jwd, kbank, ksl, mpg, pjw, smt, tks, tog) 08.06.16

Infrastructure progress

Maybank Kim Eng Thailand has these great updates on a weekly basis regarding the Infrastructure Investment, see below for a succinct summary.

Who benefits from this? Well the usual players, CK, STEC, UNIQ, ITD, maybe the smaller ones too hopefully, i.e. NWR, CNT, PYLON, etc…
Investment: Infra investments update
The Cabinet approved construction of a Yellow Line and a Pink Line. The government will now look at the bidding process to ensure it takes place within the next three months. The rail links are needed to reduce traffic congestion in Bangkok, which currently has three skytrain lines and one underground line.

Mass-transit routes in Greater Bangkok: Yellow Line (Lat Phrao-Samrong (a straddle-type monorail line)) (THB52b) (2016-2019 or earlier)
Funding: Some included in FY16 budget. The government will invest no more than THB20b, covering the land expropriation costs and many of the civil works. The private sector will invest in the remaining civil engineering projects, trains, operating systems, and maintenance services, under a 30-year concession.

Current status: Fast-tracking PPP project; feasibility study finished; EIA finished; approved by the PPP committee 29 Feb 2016; approved by the Cabinet 29 Mar 2016; international bidding and private participation selection by May 2016; construction to start in Jun 2016.

PPPs: Yes; construction and operation. The government will invest no more than THB20b, covering the land expropriation costs (THB6.01b) and many of the civil works; the private sector will invest in the remaining civil engineering projects, trains, operating systems, and maintenance services, under a 30-year concession; the private sector must take all risks – under the PPP Net Cost model – if the number of passengers is not as expected.

Distance: 30.4km. The daily ridership for is estimated at 247,900 person.

Continue reading Infrastructure progress

Stocks in the news (abc, advanc, ask, bec, big, cnt, ea, gold, gunkul, ktc, oto, ps, pstc, pt, ptt, sf, trc, uac) 16.03.16

ABC
ABC expects net profit to be back in the black this year. It expects to launch ABC Residence and ABC Pet World projects, valued at Bt7.5bn, in 3Q16. It plans to wipe out all retained losses this year. (Khao Hoon, 16/03/16)
Comment: I’m beginning to be very bored of the newsflow from this company….

ADVANC ‘Respite’ for AIS’s 400,000 2G users facing cut-off – The Central Administrative Court decided to allow AIS extend the signals for 2G SIM cards on the 900 MHz network until March 21. The signals were due to be switched off at midnight yesterday The court’s decision follows a request by ADVANC for an order to force the NBTC to extend the period for 2G customer retention and ensure service continuity as stipulated in rules set out by the National Broadcasting and Telecommunications Commission (NBTC). (Bangkok Post, 16/03/16)
Comment: Now the question is what will happen to that license if JAS doesn’t pay up?

ASK
ASK expects 2016 loan growth of 15% backed by higher truck demand for government projects and stimulus measures. It expects to benefit from AEC. It plans to expand its customer base. (Thun Hoon, 16/03/16)
Comment: While still paying a decent dividend.

BEC
BEC has high hopes of sports programmes shoring up TV ratings and advertising revenue on top of top-rated dramas this year after the news-show category experienced a slowdown due to intense competition and the impact from the departure of famous TV host Sorrayuth Suthassanachinda. (The Nation, 16/03/16)
Comment: People slightly misunderstand what is happening with BEC, everyone says that they are losing a fortune but in reality they are still the leading player in the media business, but because of increased supply in the industry their ASP’s have dropped.

BIG
BIG expects 1Q16 earnings to be good with net profit of Bt160mn (120% growth) thanks to camera sales. It expects its market share to increase to 63% this year. (Khao Hoon, 16/03/16)
Comment: Much to our surprise, the stock has been on a tear for the past few months

CNT
CNT expects 2016 net profit to grow backed by higher revenue from condominium projects. (Khao Hoon, 16/03/16)

Continue reading Stocks in the news (abc, advanc, ask, bec, big, cnt, ea, gold, gunkul, ktc, oto, ps, pstc, pt, ptt, sf, trc, uac) 16.03.16

Stocks in the news (bjc, cnt, cpn, gold, kamart, kbank, mtls, samart, samtel, sci, seafco, spcg, tacc, uac) 02.12.15

BJC
BJC expects its highest ever revenue this year backed by two extra gains. However, this year’s revenue will miss its target of 10% growth. It plans to expand abroad to gain international market revenue of 50% within 3-5 years. (Khao Hoon, 2/12/15)
Comment: Broadly the international market revenue is mainly from Vietnam, their latest Investor presentation explains these things quite well.

CNT
CNT targets 2015 projects valued at Bt4-5bn. It expects to see better net profit next year. It currently is negating with alliances to join government projects. It is also investing Bt200mn to build office property for rent. (Thun Hoon, 2/12/15)
Comment: It’s been a dog of a stock for years mainly because they just can’t compete against the rest of the players in the market when there’s a dearth of projects, in theory when the entire industry picks up in the coming year then perhaps CNT will not face competition from the big boys and be able to make a profit again

CPN
CPN expects 2016 revenue to grow 14-15% backed by opening more new malls. It plans to sell three condominiums worth Bt1.6bn at the beginning of 2016. (Khao Hoon, 2/12/15)
Comment: And the shopping mall machine continues to grow and grow

GOLD
GOLD expects to see the highest revenue this year. Its 9-month profit is Bt361mn. Revenue for the whole of this year is expected to reach Bt8.5mn as expected due to a backlog of Bt2.8bn. (Khao Hoon, 2/12/15)

KAMART
KAMART expects to see this year’s revenue reach Bt200mn after introducing new products and adding branches both at home and abroad. (Thun Hoon, 2/12/15)

Continue reading Stocks in the news (bjc, cnt, cpn, gold, kamart, kbank, mtls, samart, samtel, sci, seafco, spcg, tacc, uac) 02.12.15

Stocks in the news (aot, big, cnt, cpn, css, cwt, fer, jubile, loxley, mcs, pstc, ratch, scn, seafco, singer, synex, tvt, ukem, yuasa) 02.09.15

AOT
AOT expects passengers of 89mn (+25%) in the first ten months of the year, implying there has been no impact from the bomb. (Khao Hoon, 02/09/15)
Comment: There is an impact, but with the continued increase of mainland visitors (25% of all tourists), it’s incredibly minimal, by year end things will be back to normal
BIG
BIG plans to expand to Vietnam and Malaysia. It expects 2015 net profit to be higher than 2014’s as 1H15 net profit already reached 2014’s. It targets 10% revenue growth aided by an uptrend in digital cameras. (Thun Hoon, 02/09/15)
Comment: We do wonder whether this niche product can really be attractive? 
CNT
CNT expects performance to be positive this year. It expects to benefit from public investment. It says it ready to turn to the contractor business. (Khao Hoon, 02/09/15)
Comment: The issue is still industry wide – unless there is a massive amount of project approvals then every contractor will suffer as they are fighting over the small pieces, great time to be developing a project, you can squeeze contractors w/o an issue
CPN
CPN expects 2H15 revenue to be higher than 1H15’s on the back of new projects. It targets revenue to grow 8-10% this year and 15% next year. It is considering investing in residential property worth Bt800mn-Bt1bn. (Khao Hoon, 02/09/15)
Comment: With the launch of Westgate @ 85-95% occupancy rates, CPN continues to prove is the the country’s leader at mid end malls

Continue reading Stocks in the news (aot, big, cnt, cpn, css, cwt, fer, jubile, loxley, mcs, pstc, ratch, scn, seafco, singer, synex, tvt, ukem, yuasa) 02.09.15

Co Visit: Christiani & Nielsen (Thai) Plc (CNT)

CNT has a reputable history, having built many of Thailand’s landmarks including Democracy Monument, Klong Toey Port and the Rama VI Bridge among others. In 1991, CNT became the first construction company to list on the Stock Exchange of Thailand.

Christiani & Nielsen (Thai) Plc (CNT) has been a leading construction company in Thailand for the past 85 years, having taken part in more than 1,500 projects. Managing director Khushroo Kali Wadia discusses the company’s strategy and outlook.

Please explain the history of CNT.

Like many contractors, the company was hurt by the Asian financial crisis and had to undergo restructuring. It is now a stronger entity with a new shareholder group, the GP Group, and a focused management team dedicated to ensuring its future growth path.

What is CNT’s business model?

cntimage
Wadia: CNT aims to be in the top three

We are a pure construction company offering a wide range of services including design and construction of buildings, civil engineering, the design, fabrication and erection of steel structures, and mechanical and electrical installations.

Who are CNT’s target customers?

About 70% of our clients are from the private sector and 30% from the public sector. Within the private sector we focus on the industrial and hypermarket sectors and are expanding our capabilities with hotel and property projects.

We have built nearly all of the Makro stores in Thailand and aim to deliver an average of almost one new Makro a month this year. We also built the new Tesco retail distribution centre, which Tesco directors in the UK described as the best-built distribution centre in the world.

In the industrial sector, we are a subcontractor for international contractors such as SK Engineering and Posco for petrochemical projects with the PTT Group. Finally, for the public sector we focus on infrastructure projects and we expect that as the government continues to expand infrastructure spending, we will be awarded more work as a direct contractor or subcontractor.

Continue reading Co Visit: Christiani & Nielsen (Thai) Plc (CNT)

Stocks in the news (amata, auct, bbl, cnt, cho, cwt, eforl, major, mono, ivl, pca, rs, s, seafco, smpc, super, vgi) 03.06.15

AMATA
AMATA holds roadshow for AMATA Summit Growth REIT. It says local and foreign investors are interested in AMATA Summit Growth REIT due to its high dividend yield of 8.7%. It is expected to trade in June. (Thun Hoon, 03/06/15)
Comment: And thus AMATA should be able to book a decent profit in 2Q15
AUCT
AUCT opens new branch in Ubon Ratchathani to expand market in the northeast and abroad. It plans to open a new branch in Udon Ratchathani in 3Q15. (Khao Hoon, 03/06/15)
Comment: This company continues to grow and grow and grow
BBL
Management says BBL targets 600,000 new credit cards this year with 200,000 credit cards approved for the first four months of the year. Credit card spending grew 13-14%, close to its target of 15% and greater than market growth of 8-10%. It will keep NPLs under 2%. (Khao Hoon, 03/06/15)
CNT
It is confident 2015 performance will show a net profit from 2014’s net loss of Bt353.4mn after the company changed its strategy to focus on public projects with higher gross margin. It plans to set up a firm in Myanmar for construction jobs. (Thun Hoon, 03/06/15)
Comment: Expect an interview posted next month on CNT, it’s always been a decent contractor and in the past had benefited from the expansions of all the modern trade co’s

Continue reading Stocks in the news (amata, auct, bbl, cnt, cho, cwt, eforl, major, mono, ivl, pca, rs, s, seafco, smpc, super, vgi) 03.06.15

Stocks in the news (aav, asimar, cgd, cnt, cpf, dcon, demco, drt, glow, ichi, itd, jas, kbank, mbket, moong, ndr, pae, ptt, qtc, uac, rs, rwi, samart, mlink, sappe, tsi, uwc) 20.03.15

AAV
China gives 85% load factor in 1Q15 – AAV reports that higher traffic from China remained the key driver to bring load factor to 85% in 1Q15. Management expects tourist sentiment towards traveling to Thailand to continue to improve over the remainder of the year despite the ongoing martial law. The Tourism Authority of Thailand says hotel bookings in Chiang Mai during Songkran is at over 90% despite the continued air pollution. (Krungthep Turakij, 20/03/15)
Comment: I’ve mentioned this enough times, AAV is the only airline you’d want to bother looking at on the Thai Equity market.

ASIMAR
ASIMAR expects 2015 performance to break the record with two projects on hand worth Bt1bn. The company will also benefit from more budget from the Port Authority of Thailand of Bt4.67bn. The company believes it will be awarded new projects from PAT amounting to Bt500mn plus Bt450mn from a private company. (Thun Hoon, 20/03/15)

CGD
CGD expects 1H15 performance to improve YoY given its abundant backlog. Management says revenue for 2015 could exceed Bt834mn. (Thun Hoon, 20/03/15)

CNT
CNT working to set up a new JV with foreign partner. The company aims to become one of the contractors selected for public sector investment projects. It expects to see greater opportunities in the AEC market which could be finalized soon. CNT also expects to be awarded more jobs from PTT group. (Thun Hoon, 20/03/15)
Comment: A surprising loss last year from this construction co, I do expect for things to improve and am wondering why they can’t bid for the larger projects like UNIQ has.

Continue reading Stocks in the news (aav, asimar, cgd, cnt, cpf, dcon, demco, drt, glow, ichi, itd, jas, kbank, mbket, moong, ndr, pae, ptt, qtc, uac, rs, rwi, samart, mlink, sappe, tsi, uwc) 20.03.15

Stocks in the news (amata, arrow, beauty, chow, cnt, demco, nch, ptt, sappe, tae, tks, tuf) – 03.12.14

AMATA
AMATA expects to sell 500 more rai at the end of this year, raising total land sales for the year to reach its target of 1,000 rai. It said it has more than 2,800 rai in land ready for sale that is simply waiting for EIA approval. Next year, it will invest more than Bt4bn at home and abroad. It plans to list Amata VN in the market after 2015 and set up an REIT in 1Q15. (Thun Hoon, 03/12/14)
Comment: The only reason to hold AMATA is for the REIT and the listing of Amata VN next year.

ARROW
ARROW said 4Q14 net profit will be close to 3Q14’s Bt40.33mn, supported by steady product shipments. It expects revenue to grow by 15-20% next year from this year. It targets growth of 10% in sales abroad after signing contracts with dealers in Vietnam. (Kao Hoon, 03/12/14)

BEAUTY
BEAUTY says sales and earnings 4Q14 will be strong supported by promotion campaigns and the company’s new product collection that should help spur demand at the end of the year. It is confident that revenue and net profit this year will hit its targets of 30% and 20%, respectively. It is moving quickly to set up its e-commerce system and expects the system to help lift sales both at home and abroad starting 2Q15. (Thun Hoon, 03/12/14)
Comment: They have expanded far better & more efficiently than most cosmetic companies in Thailand

Continue reading Stocks in the news (amata, arrow, beauty, chow, cnt, demco, nch, ptt, sappe, tae, tks, tuf) – 03.12.14

Stocks in the news (anan, bbl, bch, bec, chow, cnt, jas, ldc, pae, ptt, richy, rs, scc, global, svi, ticon, tmb, true, tsth, tvd) 02.09.14

ANAN
ANAN expects 3Q14 earnings to be in the black from 3Q13 net loss of Bt96mn on booking revenue from a condo. The company is launching a new project worth Bt14.5bn, pushing backlog up from Bt17.5bn and generating revenue until 2016. It expects to reach its revenue target of Bt9bn as there is overwhelming demand. (Thun Hoon, 02/11/14)
Comment: I still rank this co as stupidly cheap, and should they be able to match everything that they plan to, then wow.

BBL
BBL revives Phnom Penh bank branch – Bangkok Bank (BBL) plans to resume its banking operations in Cambodia this year to capitalise on the growth potential of the frontier market. Thailand’s largest bank by assets has already won approval to reopen its Phnom Penh branch, said executive vice-president Chairit Anuchitworawong. (Bangkok Post, 02/11/14)

BCH
BCH expects 2H14 to recover due to high season and revenue from two new clinics in 3Q14. It is confident that revenue growth will be at least 15% YoY and expects better net margin from 2013. WMC net loss is declining as more foreign clients visit. (Thun Hoon, 02/11/14)
Comment: The WMC has been BCH’s biggest burden, being a drag on its earnings for years. Although I still think its a matter of time before WMC begins to profitable, if it happens by next year I wouldn’t be surprised.

Continue reading Stocks in the news (anan, bbl, bch, bec, chow, cnt, jas, ldc, pae, ptt, richy, rs, scc, global, svi, ticon, tmb, true, tsth, tvd) 02.09.14