Tag Archives: kk

Thai banks up 8% YoY

thaibanksA couple of things to note:

  • The major banks are still performing ok, mainly on cost management and lower provisions
  • 9M YoY performance is average to say the least with the sector only up +5.7%
  • Autoloan related fincos, Tisco and KK, are still suffering, though this may very well be the end of the high provisions.
  • KBANK, TMB, and LHBANK have been performing fantastically well each for different reasons.

Source: Bangkok Post

 

Retail investors still dominating SET volumes

Was just quickly browsing through KK’s latest presentation to investors and while I was initially looking for the potential NPL’s I came across this slide:

What we take from it are:

  • Retail Investors still dominate the SET and MAI, and this with a doubling in the average daily value traded.
  • Foreign investors have exited Thailand to a certain extent
  • The doubling of average daily value traded must be an absolute boom for brokers, wouldn’t be surprised to see some names post fantastic 2013 numbers, may be trading opp @ the very least. kk_mktparticipants

 Source: Kiatnakin Bank 2Q13

Management Trades – March Summary

Sells > Buys; 5.6 bn vs 1.3bn

Buys- AH, BANPU, BGH, BLAND, EPCO, GFM, JUTHA, KCE, PS, SIRI, TICON, TONHUA, TPIPL, TTA, TVI

Sells – AMATA, BGH, BTS, GFM, KK, NWR, OFM, PPC, PS, SAMART, SCC, SIRI, TCC, TFI, TICON, TPIPL, TUF, VIBHA

Note: All mentioned tickers have values of THB 20 mn in transactions or higher

Continue reading Management Trades – March Summary

Management Trades 11.03.13 – 15.03.13

Notable Transactions

Buy(s)

  • BGH – Rehash of what I’ve stated for a while, buying will continue by management
  • PS – This is a surprise

Sell(s)

  • KK – No surprise here, CEO continues to take profit
  • NWR – Gah this stock price run pi$$ed us off as we exited earlier when we thought the fairly was reached, but investors are pricing in the infrastructure projects that NWR may potentially receive in 2-3 years time.
  • PPC – Chairman sells off a big stake…wonder why..
  • SCC – Director sells off THB 24 mn
  • VIBHA – Director sells a large stake THB 97mn  130318 mgmt_trades

Management Trades 04.03.13 to 08.03.13

Notable Transactions

Buy(s)

  • BGH – No surprise here, I’d still expect to see continuous buying by management/directors

Sell(s)

  • KK –  CEO sells off a huge stake @ THB 55 mn, relative to the other fin co’s KK is trading “cheaply” 
  • NWR – Used to have this stock, but since exited, all these construction companies have run up too far, hardly any of the government’s infrastructure budget will come in within the next 2 years, the majority is in 2017 but investors are pricing it all in far too early
  • VIBHA – A director sells of THB 16 mn

130317 mgmt_trades

Stocks in the news (aot, bay, ccp, ivl, kk, ptt) – 26.02.13

AOT

AOT expecting record number of arrivals — AOT estimates the number of passengers passing through Suvarnabhumi this year to reach 50mn, after reaching a record of 170K per day from 150K over the Chinese New Year. It aims to address the airport congestion problem before the completion of Phase 2. (Khao Hoon, 26/02/13)

BAY

New campaign to push electronic channels — BAY’s new campaign “Krungsri Roo Jai Dining All Year” is expected to stimulate its customer services and financial transactions through electronic channels. The company expects customer usage to grow by 20% in 2013, pushing it to becoming one of the leading businesses in electronic services. (Khao Hoon26/02/13)

CCP

Expects 2013 to break more records — CCP confirms a continuation of record-breaking profit in 2013 and expects to distribute an interim dividend of 40% of its profits after it has cleared all its accumulated losses in 1Q13. It expects to win 2-3 new deals, pushing its work in hand up to Bt3bn. (Tun Hoon, 26/02/13) Continue reading Stocks in the news (aot, bay, ccp, ivl, kk, ptt) – 26.02.13

Stocks in the news (dna, hemraj, kk, ptt, rojna, tgpro) – 07.02.13

DNA – DNA to distribute hit Chinese movie — DNA, a home entertainment retail and distribution company, will distribute “Lost in Thailand” movie to more than 100 cinemas. Management is confident that its gross margin will be 40-50% if it distributes 10-12 movies. Revenue is expected to grow 40%. (Khao Hoon, 7/2/13)

Comment: On a numbers basis alone the stock is “cheap” by today’s standards

HEMRAJ Earmarks Bt8bn for 2013 business expansion — Hemaraj Land and Development plans to spend Bt8bn on expanding its industrial estate, utility, power and property businesses in this first year of its five-year, Bt40bn investment plan.(The Nation, 7/2/13)

Comment: We’ve always preferred Hemraj over every other IE developer in Thailand, and its utilities business/investment is fantastic given the recurring income (half of net income will be recurring). We saw it a few years ago, but have already since exited…oh well brokers are having fun releasing papers on it now. Continue reading Stocks in the news (dna, hemraj, kk, ptt, rojna, tgpro) – 07.02.13

2012 SET Awards

Best CEO Award

– SET: Somprasong Boonyachai, chief executive officer, Shin Corporation

– MAI: Noppadon Tansalarak, chief executive officer, Master Ad

SET Award of Honour

For Continuous Excellence in 2008-2012

– Corporate Governance Report: Bangchak Petroleum, Kasikornbank

– Corporate Social Responsibility: Bangchak Petroleum, Siam Cement

For Continuous Excellence in 2009-2012

– Corporate Governance Report: Krung Thai Bank, Somboon Advance Technology, Se-Education

For Continuous Excellence in 2010-2012

– Corporate Governance Report: Kiatnakin Bank, Siam Commercial Bank

– Investor Relations: Kasikornbank

– Securities company: Credit Suisse Securities (Thailand)

Continue reading 2012 SET Awards

Thai Banks loans continues to grow in August

Analysts have been sending me this table most of today with the headlines that Thai Bank’s loan growth has been slowing in the month of August but a MoM growth of +1.0% for the whole sector isn’t bad.

Based on the figures this is what I see:

  • The Small financial institutions (KK and TISCO) have grown their deposit base massively  this year in order to fund their loans to the auto sectors and SMEs to a certain extent.
  • The same goes for the commercial institutions such as SCB, BAY and TCAP
  • Across the board loan to deposit ratios for the sector are below 1x – very safe figures
  • August is seasonally a slow month with most of the world on holiday thus to still see a +1.0% for the month isn’t too bad
  • Thus overall I still think the Thai banking sector is in very good condition, low LDR ratios, a good loan growth, plus their income tax drops from 30% in 2011 to 20% by 2013. Put this all together and they generally are still no brainer investments

 

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