Tag Archives: jas

Stocks in the news (anan, ba, ckp, egco, gtb, inet, itel, jas, lalin, lpn, major, nwr, singer, tfd, twpc) 27.09.16

ANAN
ANAN expects to launch five projects with a total value of Bt13bn in 4Q16 which it believes will lift 2016 presales to reach its target of Bt22bn. Presales are now at Bt14.3bn and backlog at Bt38.5bn. It will book revenue of Bt12bn in 2H16. (Kao Hoon, 27/09/16)
Comment: Same story as yesterday and as it has been for past the 12 months 
 
BA
BA expects 2Q16 earnings to be good, supported by high season. It says prebooking will be over 13% and expects 2016 net profit to be a new high. It targets 2016 revenue growth of no less than 10% and passenger load to reach 70%. ( Thun Hoon, 27/09/16)
CKP
CKP share price surged due to expectation of a 2H16 profit of over Bt300mn or growth of 53% YoY, driven by more capacity from Nam Ngum 2. (Kao Hoon, 27/09/16)
Comment: I’m only thinking when will they sell things off to a fund of sorts, otherwise the valuation is a bit rich for my liking.
 
EGCO
EGCO is working with a partern to take over geothermal power plants in Indonesia and the Philippines. It expects to wind up the deal in November. It expects 3Q16 earnings growth as it books revenue from Khanom power plant 4. ( Thun Hoon, 27/09/16)
GTB
GTB targets 2016 revenue growth of 8%. It has backlog of Bt700mn and expects to book revenue of Bt500mn in 2H16. It expects to get a new job worth of Bt80mn soon. It targets an increase in revenue from abroad to 20% within three years. (Kao Hoon, 27/09/16)

Continue reading Stocks in the news (anan, ba, ckp, egco, gtb, inet, itel, jas, lalin, lpn, major, nwr, singer, tfd, twpc) 27.09.16

Stocks in the news (abc, anan, ap, asn, fn, hydro, jas, kbs, nch, pimo, spa, tacc, thai, vng, wice, xo) 26.09.16

ABC
ABC had presales of 30% or more than 10 units in ABOVE Sukhumvit 39 project worth Bt2.5bn. It expects presales to reach 70-80% this year and revenue to reach target of Bt2bn. It expects to turn to a profit and write off retained loss of Bt159mn this year. (Kao Hoon, 26/09/16)
Comment: Not really amazing numbers from this rather odd company
 
ANAN
ANAN expects good revenue in 2H16, supported by five new condos ready to be transferred with a total value of Bt14bn. It has backlog of Bt38.5bn and expects to book Bt11bn in 2H16. (Kao Hoon, 26/09/16)
Comment: If thats the case then 2016 revenues will be THB 16 bn, an increase from THB 11 bn in 2015. 
 
AP
AP expects 2H16 revenue to grow supported by backlog of Bt15.78bn. It will book Bt10.56bn over the rest of the year. This will lift revenue to its target of Bt23.7bn with presales of Bt31bn. (Kao Hoon, 26/09/16)
Comment: Similar to ANAN above, growing via JV’s with Japanese partners.
 
ASN
ASN expects 4Q16 to be peak due to high season and starting an online business in October. It expects 2016 revenue growth of 20-25% from Bt900mn in 2015. ( Thun Hoon, 26/09/16)
FN
FN plans an IPO of 250mn shares at par Bt0.50. It expects to add four branches at a cost of Bt500mn. (T hun Hoon, 26/09/16)
HYDRO
HYDRO expects to turn around next year as it has gotten a new job with a margin of at least 10%. It plans to bid for 44 new projects worth Bt6bn and has already gotten five. It has backlog of Bt690mn and is confident that 2016 revenue will grow 10% from last year. (Thun Hoon, 26/09/16)
Comment: Ah this lovely story, water company, should’ve been a winner but they haven’t executed anything since going public.

Continue reading Stocks in the news (abc, anan, ap, asn, fn, hydro, jas, kbs, nch, pimo, spa, tacc, thai, vng, wice, xo) 26.09.16

Stocks in the news (acap, centel, chow, demco, epco, epg, ifec, jas, lh, ncl, nncl, plat, prin, rs, spali) 21.09.16

ACAP
ACAP raising loan target to Bt3.5bn from Bt2bn. There is progress in its plan to expand abroad and it expects to wind up a deal with two partners in Cambodia. It plans to issue a debenture worth Bt1bn with interest rate at 5.6%. The call center business continues to grow. (Thun Hoon, 21/09/16)
CENTEL
CENTEL expects 4Q16 to be good, supported by high season. It expects 2016 earnings to grow in line with growth in tourism. Recently, it agreed to join with PTT to study placing a hotel in service stations. (Thun Hoon, 21/09/16)
CHOW
CHOW expects 3Q16 earnings to be good and lead to growth in 2016 revenue and profit. It has Bt3.36bn in loans from EXIM Bank to invest in a 70MW solar farm in Japan. It plans to list CHOW Energy on mai this year. (Kao Hoon, 21/09/16)
Comment: Quite the development but not a surprise given their strategy 
 
DEMCO
DEMCO won EGAT project worth Bt1bn which will expand its backlog to Bt8bn. It plans to bid for another new job. It expects 2016 revenue to grow 15% from last year supported by more jobs waiting to be booked. (Thun Hoon, 21/09/16)
Comment: Question is still how much more money will they lose from fixing those wind turbines? A gambling man may be willing to take a bet that 3Q could actually show a profit for the first time this year.

Continue reading Stocks in the news (acap, centel, chow, demco, epco, epg, ifec, jas, lh, ncl, nncl, plat, prin, rs, spali) 21.09.16

Stocks in the news (aot, beauty, bsm, bwg, cgd, ecf, epco, ihl, jas, kool, lanna, lpn, nusa, ps, tasco) 20.09.16

AOT
AOT expects 2016 profit of more than Bt19bn. It expects 4Q16 profit of Bt4.2bn, growth of 10% YoY, supported by more passengers and more flights. (Kao Hoon, 20/09/16)
Comment: There have been mumurs that if Thailand really does crack down on the zero dollar tourists from China that AOT could lose 10% of revenues
BEAUTY
BEAUTY sets 2016-2020 revenue target growth of 20% each year supported by expanding into Asia. It expects to conclude a deal to set up a distributor in Hong Kong in 4Q16 and increase revenue from other business. It expects 2016 revenue of more than Bt2.1bn. (Kao Hoon, 20/09/16)
BSM
BSM expects 2H16 revenue and profit to grow supported by high season and signing a contract for a Bt100mn job in 4Q16. It maintains its 2016 revenue target at Bt700mn. (Kao Hoon, 20/09/16)
BWG
BWG plans an industrial waste power plant. Recently, it cooperated with EGCO to study a project to develop an industrial waste power plant. It expects to set up the first industrial power plant capacity of 9.4MW and COD within 2017. (Kao Hoon, 20/09/16)
Comment: This funny little company seems to be finding a way to make things happy
 
CGD
CGD gets B13bn for project. SET-listed Country Group Development Plc (CGD) has secured US$375 million (about 13 billion baht) through China Ping An Bank to continue developing luxury project Chao Phraya Estate. (Bangkok Post, 20/09/16)
Comment: Sounds like they had quite the capital crunch… 

Continue reading Stocks in the news (aot, beauty, bsm, bwg, cgd, ecf, epco, ihl, jas, kool, lanna, lpn, nusa, ps, tasco) 20.09.16

JAS MBO

So our favourite funny man in the telecom industry has announced this morning that he wants to buy out all the shares in JAS at THB 7.25/share.

If you remember your corp fin 101, MBO’s are typically done for a strong cash generative business and with plenty of cash on the b/s. Now JAS doesn’t quite the criteria on these 2 points, their business is stagnant given they’ve sold off the CF’s to a fund already and they’ve gone on a sharebuyback spree in since the 4G debacle. So how does this make any sense?  We have our theories but writing them publicly would definitely be considered slander..

Anyways..here are the official announcements:

Source: SET website: Intention to make a TO; Additional Explanation

Stocks in the news (akp, bch, bcp, biz, ivl, jas, lit, mill, oishi, ori, prin, pttgc, qlt, sawad, spali, tasco, tfg, tkn, tpch) 11.08.16

AKP
AKP reported 2Q16 net profit of Bt18.08mn, up 61.6% YoY. It expects 2H16 performance to achieve its target. (Thun Hoon, 11/08/16)
BCH
BCH expects 2H16 earnings to be good supported by a faster breakeven at WMC than expected. It plans to increase Social Security clients to 800,000. It expects 2016 revenue to grow no less than 10%. (Thun Hoon, 11/08/16)
Comment: Well WMC has been waiting to breakeven for a long time…
 
BCP
Bangchak seeks 4th revenue engine – BANGCHAK PETROLEUM is seeking a new business to perform as the “fourth engine” of the company, after the spin-off of its green-power business. (The Nation, 11/08/16)
Comment: And the spin is expected to happen within the next 6 months
 
BIZ
BIZ reported 2Q16 net profit of Bt8.1mn and total revenue of Bt106.59mn, a surge of 502.51% YoY due to realizing more revenue. (Thun Hoon, 11/08/16)
IVL
IVL reported 1H16 net profit of Bt10.84bn, increasing 95% YoY, and 2Q16 profit of Bt5.95bn supported by PET business recovery and booking extra gain of Bt2.49bn from an acquired business. (Kao Hoon, 11/08/16)
Comment: So they were able to boost their 1H16 #’s due to “extra gain” bookings from acquisitions, what magical things await in 2H16?
 

Continue reading Stocks in the news (akp, bch, bcp, biz, ivl, jas, lit, mill, oishi, ori, prin, pttgc, qlt, sawad, spali, tasco, tfg, tkn, tpch) 11.08.16

Stocks in the news (big, cpf, ilink, jas, richy, scc, siri, tcap, thani, tvt, twz, wha) 22.06.16

BIG
BIG is confident that 2016 revenue will surpass its 10% growth target thanks to an expansion of 15-20% in the camera market. It expects to maintain gross margin above 32%. It expects printing from smartphones will support earnings in the future. (Thun Hoon, 22/06/16)
Comment: As evidenced by 1Q numbers, they will far surpass 2015 revenues
 
CPF
CPF expects 2Q16 net profit of Bt4.1bn or growth of 37.5% and revenue of Bt115.68bn, growth of 11.57%, supported by rising meat prices. (Kao Hoon, 22/06/16)
Comment: The turnaround in shrimp prices and effectively every other soft commodity price has helped CPF
 
ILINK
Interlink Group was awarded an AOT job to build infrastructure for Suvarnabhumi Airport Phase ll after turning in the lowest bid of Bt1.98bn. ILINK will work on power station and underground electric lines worth Bt1bn. (Kao Hoon, 22/06/16)
Comment: A positive surprise for ILINK, this wasn’t many analysts radars
 
JAS
JAS will pay an interim dividend of Bt0.15/share, XD on July 4 and payment date on July 20. (Thun Hoon, 22/06/16)
RICHY
RICHY got a good response to two condominium projects with presales at Bt1.6bn at the end of 2Q16. This will lift its backlog to over Bt2bn. It is confident that 2016 revenue will reach Bt1bn as planned. (Thun Hoon, 22/06/16)

Continue reading Stocks in the news (big, cpf, ilink, jas, richy, scc, siri, tcap, thani, tvt, twz, wha) 22.06.16

Random Thoughts: Stuff to read, JAS & BJC

Here’s some things that I’m finally catching up reading after going through all 1Q earnings…

Bill Gross – Investment Outlook June 2016

Anyway, my basic thrust in this Outlook will be to observe that all forms of “carry” in financial markets are  compressed, resulting in artificially high asset prices and a distortion of future risk relative to potential return that an investor must confront.

Source: Janus Capital Group

Memo’s from Howard Marks

For me, the bottom line on economic reality is that, in the short run, governments theoretically have the ability to:

  • accelerate economic activity, bringing forward to today otherwise-future activity,
  • make life better for one group of citizens at the expense of another (e.g., the rich versus the poor), and
  • encourage one form of activity versus others (e.g., investing for capital gains versus investing for dividends).

Source: Oaktree Capital

Mary Meeker Internet Report 2016

Far too many quotes here, but it’s an interesting fact based report on trends from the internet, cars, china etc etc

Source: KPCB

BJC – “We need money asap”

Is this really a shocker? Well here’s the official story, now BJC holds 97.94% in BIGC

Capital restructure plan to finance Bt240bn acquisition costs


– Right offering 1:1 at Bt35 (1600*35=~Bt56bn)
– Private placement 800m shares at no less than Bt35 (>=Bt28bn)
– Bt156bn loans.

EGM is set on 29 June, RO on 23-21 July.

After the capital restructure, net D/E is expected to be 1.3x

Synergy target of Bt1.7bn will be implemented over 3 yrs through 8 key areas.

1. Private labels-production of BIGC private labels, new product developments and raw meterials
2. Logistics(the largest portion of Bt1.7bn synergies)- leverage existing WHs across the group and increase utilization of facilities and transport assets (ex. backhauling)
3. Promote BJC products-exclusive BJC products at BIGC stores
4. IT-leverage BIGC IT knowledge in BJC’s other retail biz
5. Special projects-jointly develop new biz opp ex asia books, pop-up stores/new platform for BJC ventures in BIGC stores
6. Real estate (second biggest portion)-development opportunities within the group to real estate portfolio
7. Retail operation-align trade term, leverage operation synergies across retail formats

JAS – “Under the table?”

So the NBTC levied a fine of “only”  thb 199.42 mn and won’t go after the broadband, TV nor internet licenses under JAS. So that’s it, end of the story, I’m bored of reading about JAS. But am curious to see what else he’s going to try and do.

Stocks in the news (banpu, bm, cpn, csl, demco, epg, fpi, gold, jas, pttep, sena, tfd, trc, uu) 02.06.16

BANPU
BANPU to have BPP invest in solar farms in China and Japan. It expects to increase capacity to increase revenue in 2017. The coal business continues to be good. It plans to acquire another mine and to invest in renewable energy to replace coal, such as water and solar. It expects to increase capacity to 2,400MW in 2020. (Thun Hoon, 2/6/16)
BM
BM expects 2Q16 earnings continue to grow. It is confident 2016 revenue growth will hit target at 20% from last year and bring net profit up supported by more orders. It expects to get a job in Suvarnabhumi phase 2 expansion. (Kao Hoon, 2/6/16)
CPN
CPN expects 2Q16 to be similar to 1Q16. It maintains its revenue target growth at 14-15% and is preparing to open a new department store. It plans to increase rental space in its department stores to 2-3% and in office building to 3-5%. (Kao Hoon, 2/6/16)
Comment: Still the incumbent in the retail industry in Thailand. International expansion is a positive but does have lower margins.
 
CSL
CSL expects 2016 revenue to increase 2-3% supported by a data center, for which renters have reached 68% now. The broadband business continues to grow. It targets 10,000 customers in 2016. (Thun Hoon, 2/6/16)

Continue reading Stocks in the news (banpu, bm, cpn, csl, demco, epg, fpi, gold, jas, pttep, sena, tfd, trc, uu) 02.06.16