Tag Archives: makro

The Thai SEC are growing some sharp teeth

On the back of the sensational news that executives from CPALL were caught with their hands in the cookie jar for front running the public by buying MAKRO shares before the takeover announcement, the SEC has continued on its crusade to clean the SET further.
The latest fines are now to
  • WHA – The founder
    •  Somyos Anantaprayoon, current chairman of WHA Corporation Plc, was fined 500,000 baht for telling two newspapers — published on Oct 27, 2014 — that the company was in talks to acquire a listed company worth 50 billion baht, though such information had not yet been made public.
  • BKI – The Chairman
    • The SEC said that Mr Chai, as director and chief executive at the time, had revealed that BKI would give two stock dividends for every five shares held by shareholders on top of cash dividend payments for the company’s 2013 financial operations to those who bought BKI’s shares from Feb 24 to 25, 2014 ahead of public disclosure on Feb 28 of the same year.
  • GLOBAL – The founders
    • The SEC also fined Witoon Suriyawanakul, chairman of the management committee and director of Siam Global House (Global), and three other shareholders a combined 25.3 million baht for insider trading. The SEC’s investigation found that Mr Witoon bought 8.02 million shares and 3.5 million units of warrants of Global from June 29 to Aug 23, 2012 using accounts of people who have a relationship with him in order to take advantage of inside information regarding SCG Distribution’s planned acquisition of Global. The other three shareholders were viewed as accomplices.
  • AMC – An investor
Granted, WHA’s and BKI’s indiscretions were due to speaking publicly about company events and not front running the public – some may say that this isn’t a serious offence, but in the spirit & letter of the law it definitely is as not everyone was privvy to the same information at the same time.
I’m quite curious to see what else the current head of the SEC, K. Rapee, will announce in the coming months
Source: Bangkok Post

CPALL and MAKRO executives fined for insider trading

Well then….just hot off the SEC presses. Now while I applaud the SEC for actually catching them, the fine’s are really pitiful when you consider that the this is the CHAIRMAN and VICE CHAIRMAN of one of the largest company’s in Thailand, front-running the entire investment community ahead of one of the largest M&A deals of the year. They should add an extra zero to ensure that these actions do not happen again.  Anyways, see below for the rest parts of the statement and a link to the full statement.

The SEC Settlement Committee has imposed fines on (1) Korsak Chairasmisak, (2) Piyawat Titasattavorakul, (3) Pittaya Jearavisitkul, and (4) Athueck Asvanund at a total amount of 33,339,500 baht for using inside information to purchase shares of Siam Makro Public Company Limited (MAKRO), and (5) Somsak Chiarawisithkul and (6) Areeya Asvanund at a separate, equal amount of 333,333.33 baht for aiding and abetting in the aforesaid insider trading.

Continue reading CPALL and MAKRO executives fined for insider trading

Stocks in the news (ap, bmcl, cfresh, gfpt, ktc, lee, makro, mdx, perm, samco, smit, tapac, tks, uniq, upa) 07.10.15

AP
AP reports presales of Bt22.3bn for 9M15 (28% growth from last year). It plans to launch five new projects valued at Bt5.33bn in 4Q15. (Khao Hoon, 07/10/15)
BMCL
Cabinet has approved using the Joint Venture 2013 ACT, which allows MRTA to look for a operator for the extension Blue Line by direct negotiations. BMCL is expected to be a candidate. The Ministry of Transport expects no delay because Somkid Jatusripitak is chairman of PPP. (Khao Hoon, 07/10/15)
Comment: Direct negotiations with one of the two mass transit operators, sounds like a laugh. 
CFRESH
CFRESH expects 3Q15 net profit of Bt113mn (+200%YoY) thanks to the weaker baht. It expects 4Q15 earnings to be the best of this year. (Khao Hoon, 07/10/15)
GFPT
GFPT revised down 2015 revenue growth from 7% to 5% because of excess supply. It expects 2H15 performance to be better than 1H15 aided by seasonality for exports especially to Japan and the EU. (Khao Hoon, 07/10/15)
Comment: Now we do wonder aloud how the TPP will impact Thailand and its industries that export to the same nations such as Vietnam, Malaysia etc etc 

Continue reading Stocks in the news (ap, bmcl, cfresh, gfpt, ktc, lee, makro, mdx, perm, samco, smit, tapac, tks, uniq, upa) 07.10.15

Stocks in the news (abc, aqua, bh, cei, cpall, makro, dtc, ecf, fpi, ifec, kce, ktc, ml, mlink, planb, pps, pt, richy, rojna, sc, tae, thani, tisco, tkt, uac, utp) 18.02.15

ABC
ABC set revenue target for 2015 at Bt800mn, focusing on five new concerts. The company plans to add more alliances with 3-4 credit card issuers, which it expects to conclude by mid-2015. The major shareholder intends to reduce his holding from 76% to not less than 50%. (Khao Hoon, 18/02/15)
Comment: Not a bad trade by the owner, the company still doesn’t generate any profits worthy of its valuation, its unlikely to anytime in the future.

AQUA
AQUA expects its performance to improve YoY as it will start booking revenue from its solar power business in Japan. Its first solar farm in Japan will commence operation in 2Q15. Further, its warehouse business, via a subsidiary, will expand its space by 70%. The company plans to list this subsidiary in the near future. (Thun Hoon, 18/02/15)
Comment: One of these days I’ll have to write down every company that is linked to solar/renewable..

BH
BH’s shares are favored by foreign investment funds because of the high rate of return. Also, healthcare companies are of interest to global investors. (Khao Hoon, 18/02/15)

CEI
CEI plans to reduce par value to Bt0.25/share as well as increase capital via a rights offering at the ratio of 3:1 at Bt0.25/share and private placement of 95.73mn shares at not lower than 90% of market price. Management plans to focus more on renewable energy, property development and e-commerce. CEI has invested Bt80mn to acquire W. Solar shares from WIN to develop solar rooftop project. The company will change its fiscal year to end Dec31. (Thun Hoon, 18/02/15)
Comment: And let the speculation begin.

Continue reading Stocks in the news (abc, aqua, bh, cei, cpall, makro, dtc, ecf, fpi, ifec, kce, ktc, ml, mlink, planb, pps, pt, richy, rojna, sc, tae, thani, tisco, tkt, uac, utp) 18.02.15

SET&MAI 3Q14 Financial Summary

The past few weeks have been their usual hectic period with listed companies reporting their 3Q14 #’s, see below for a summary of how each sector performed on a reported net profit basis.

A few comments:

  • The overall performance for the the market was crap the SET & MAI were -4.7% YoY%, and -0.4% on a 9M14 comparison – however this could be due to oil prices collapsing during the 3Q hence why energy stocks had crap numbers
  • Food rocked! Due to the low base effect of last year when TUF, GFPT and CPF were hit with low chicken prices and shrimp disease issues.
  • Services – major turnaround as a result of CPALL (last year they purchased MAKRO led to huge debt numbers, fees etc etc)
  • Thus nothing much to report, but I’m amazed by the consistent performance in property funds.

3Q14 2
3Q14 1

Stocks in the news (advanc, aot, banpu, bec, jas, kbank, makro, mk, noble, preb, pttep, sanko, sat, sgp, stpi, ticon, tog) 10.09.14

ADVANC
Board approves Bt4.6bn for fixed broadband investment. Management reports that demand for internet has risen to 6.8mn households. It believes in its network coverage and targets 80,000 clients in the first year. (Thun Hoon, 10/09/14)

AOT
AoT hosts ASEAN airports forum – Leaders of Southeast Asian airport authorities will congregate in Phuket today and tomorrow for talks on airport development and environmental management. Airports of Thailand Plc (AoT) will play host to the ASEAN Airport CEOs Forum 2014 and the second AAA Environmental Working Group Meeting, which will feature the theme of “A Sustainable Mind for One ASEAN Sky”. Participants include chief executives and senior management of airport operators from the 10 ASEAN members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Vietnam and Thailand. (Bangkok Post, 10/09/14)

BANPU
Banpu wins appeal over Siva payout — The dispute between Banpu, one of Asia’s largest coal producers, and Siva Nganthavee over the coal-fired power plant Hongsa project in Laos is far from reaching a conclusion after the Appeals Court overturned the Civil Court’s ruling ordering Banpu to pay compensation to the plaintiff. (Bangkok Post, 10/09/14)
Comment: This has been an overhang on banpu’s stock plus coal prices have been declining.

BEC
Channel 3 to appeal NBTC’s order – Channel 3 is likely to appeal against a 15-day time limit imposed on cable and satellite TV broadcasts of its analogue content. (Bangkok Post, 10/09/14)
Comment: BEC has 2 choices, fight this, or switch everything over to digital TV

Continue reading Stocks in the news (advanc, aot, banpu, bec, jas, kbank, makro, mk, noble, preb, pttep, sanko, sat, sgp, stpi, ticon, tog) 10.09.14

Stocks in the news (dtac, jas, scc, thai, aot, makro) 02.05.14

DTAC

DTAC revenue rises on smartphone binge – Total Access Communication, the operator of DTAC, reported a slight increase in its first-quarter revenue, defying the country’s sluggish economy and increased market competition. Service revenue excluding interconnection charges rose by 0.3% in the first quarter of this year, fuelled mainly by the 48.4% increase of mobile internet revenue and the 15.6% increase of its own handset sales. (Bangkok Post, 02/05/14)

Comment: The story with telecoms is and will continue to be dividends

JAS

Good 1Q14 – JAS reported 1Q14 net profits at Bt852mn, up 9.8% YoY, supported by a jump in revenues backed by the increase in new customers of 60k. At the end of 1Q14, total customers stood at 1.48mn. (Khao Hoon, 02/05/14)

Comment: We’re still curious as to how they will be able to do their infra fund

SCC

SCG plans B11bn push into Asean – Siam Cement Group (SCG), Thailand’s top industrial conglomerate, is set to invest more than 11 billion baht to expand its business in Asean, including constructing a greenfield cement plant in Laos for 10 billion baht. (Bangkok Post, 01/05/14)

Continue reading Stocks in the news (dtac, jas, scc, thai, aot, makro) 02.05.14

No free float + takeover = Crazy times

What happens when a takeover happens and all the free float disappears? Here are two recent examples:

MAKRO – Takeover by CPALL and free float drops to single digits and for a short amount of time the stock price still shoots 30-40% above the takeover price, why? I have no idea!

makro

RASA – The latest one, a reverse takeover by Singha Group’s property arm @ thb 1.87/share and yet the stock price shoots up to THB 3 at one point, why? I have no idea!
rasaSo what?

  • Well its a trading opportunity, one not to be missed in the future.

 

Random Thoughts: Lots of Instagram users = Good thai stocks?

Not directly related to the market but its interesting to see the latest numbers from Instagram showing that the #1 location in the world was Siam Paragon and that for the most instagrammed cities, Bangkok was #2, you can see below for the whole list. Now if I’m reaching for an investment case…well high number of smart phones in Thailand – top retailer JMART, lots of data users, then the telco’s ADVANC, DTAC and TRUE, high number of visitors then you have the airport, AOT, the airlines, THAI, AAV, NOK, if high visitors then the hotels..CENTEL MINT, ERW, lots of visitors in the hotels, then the food supplier, MAKRO. We could build the web out even future to include logistics co’s, leasing co’s, financing etc etc but you get this random thought ;)

The 10 top locations for the network in 2013 were:

1. Siam Paragon shopping mall, Bangkok

2. Times Square, New York

3. Disneyland, California

4. Bellagio Fountains, Las Vegas

5. Disney World, Florida

6. Staples Centre, Los Angeles

7. Central Park, New York

8. Dodger Stadium, Los Angeles

9. Suvarnabhumi International Airport, Bangkok

10. High Line, New York

The 10 “most-Instagrammed” cities in 2013 were:

1. New York City

2. Bangkok

3. Los Angeles

4. London

5. Sao Paulo

6. Moscow

7. Rio de Janeiro

8. San Diego

9. Las Vegas

10. San Francisco

 Source: The Nation

Potential changes to SET50 and SET100

The clever folks at Thanachart Securities put this out during the week as the changes in the SET50 and SET 100 are expected in the 2nd week of December ’13. Basically new additions in the SET 50 include VGI & THCOM replacing KKP & MAKRO, and for the SET100 +BMCL, CHG, ERW, N-PARK, TFD, TICON, UMI, replacing -DEMCO, GSTEL, MAKRO, MALEE, MDX, PF, SAT

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Source: Thanachart Securities Plc