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Commentary, Research, Stocks, Updates

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

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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 →

Commentary, Research, Stocks, Updates

Stocks in the news (bwg, forth, fsmart, gunkul, ichi, iec, intuch, kbank, lh, mcs, mpg, nncl, siri, spcg, thani, trc, tta, uac) 21.01.16

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BWG
BWG expects to win numerous waste disposal contracts after Department of Industrial Works vows to tighten its pollution control enforcement. Its 500MW PPA is expected to be finalized by 1Q16, leading to income turnaround going forward. BWG also plans to list its subsidiary, the Earth-Tech Environment co., ltd. (Thun Hoon, 21/01/16)
Comment: It’s quite interesting to see BWG’s turnaround over the past few quarters, from what was one poorly managed company they’ve somehow transitioned well to the waste to energy and waste disposal businesses (which are incredibly hard to break into…)

FORTH
FORTH expects a big earnings jump in 2015 from Bt337mn the previous year, backed by numerous orders and its subsidiary. Bt900mn has been earmarked for an investment in Top Up machine which will be deployed at home and abroad. It plans to increase backlog from the current level of Bt300mn. (Thun Hoon, 21/01/16)
Comment: Again the real value in FORTH is FSMART

FSMART
FSMART plans to partner with KBANK to provide money transfer service via Boon Term Top Up machine. It sets Bt600mn investment budget for the deployment of 25,000 additional Top Up machines this year, after installed 65,000 machines last year. It expects revenue and net profit to hit new high in 2015, followed by 30% growth in 2016. (Thun Hoon, 21/01/16)
Comment: They are continually finding more and more ways to add more value to their top-up machines, just a wonderful business model.

GUNKUL
GUNKUL expects 2016 revenue of Bt6bn (25% growth) aided by 143MW power plant. It plans to kick start 1Q16 with additional 10MW. Company believes it has enough capital to expand its investment as planned. (Thun Hoon, 21/01/16)
Comment: So for now it looks like all of the capital increases are done.

ICHI
ICHI targets 2016 revenue of Bt7.5bn on the back of cost control, market expansion, launching more marketing campaign and new products. 2015 revenue is a miss, registered only Bt6.4bn due to market slow down and increasing competition. (Khao Hoon, 21/01/16)
Comment: They have “missed” a lot since their ipo…

Continue reading Stocks in the news (bwg, forth, fsmart, gunkul, ichi, iec, intuch, kbank, lh, mcs, mpg, nncl, siri, spcg, thani, trc, tta, uac) 21.01.16 →

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Stocks in the news (fsmart, inet, mcs, ml, mono, mpg, mtls, news, nncl, preecha, ptg, sc, stec, symc, tasco, tsr, ureka, yuasa) 02.06.15

4 Comments

FSMART
FSMART expects revenue in 2Q15 will be robust, supported by the addition of top-up machines to bring its total to 50,000. It will also book revenue from selling advertising. It is confident that total revenue in 2015 will grow 40% from Bt1.16mn in 2014. (Kao Hoon, 2/6/15)
Comment: Still an amazing cash flow generating machine business

INET
INET expects 36% profit growth in 2015 to Bt600-700mn. It will focus on the cloud business supported by more demand. It targets to increase cloud business activities to 30-40% of its portfolio. In 1Q15 it reported a margin of 26.79%, up from 2014’s 22.17%. It plans to budget for system development. (Tun Hoon, 2/6/15)
Comment: Not the first company to say they are expanding into the cloud business, it all depends if they will use a system like Amazon and just resell or their own, if their own then margins could be rubbish, if reselling far better, asset light and depending upon how well they sell, amazing margins.

MCS
MCS gaining from weak baht. It is confident that 2015 revenue will reach 10,000 million yen, supported by its backlog of 150,000 tons. (Tun Hoon, 2/6/15)
Comment: It’s always been a great company, but I’m not 100% convinced that its cheap at these levels

ML
Japan’s Marubeni negotiating to buy 46.98% of ML for no less than Bt2.2/share. It plans to use the company as a base to lend to Japanese clients. (Kao Hoon, 2/6/15)

Continue reading Stocks in the news (fsmart, inet, mcs, ml, mono, mpg, mtls, news, nncl, preecha, ptg, sc, stec, symc, tasco, tsr, ureka, yuasa) 02.06.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (abc, bcp, beauty, bla, cho, ck, css, epco, irpc, ldc, mpg, pca, psl, pttgc, rcl, siri, star, thcom, trubb, tsr, wiik) 26.05.15

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ABC
ABC expects to report net profit in 3Q15 after a loss of Bt32mn, with revenue of Bt3bn. It plans to expand to E-commerce by launching an application with a credit card point redemption campaign. (Khao Hoon, 26/05/15)
Comment: I still have extreme doubts on ABC’s business, perhaps they’ll allow us to redeem credit card points to purchase the property projects they are also planning on doing?

BCP
BCP expects to book inventory gain in 2Q15 with 2015 EBITDA of Bt10.4bn. The company has scheduled a meeting with shareholders about selecting board members from the Vayupak Fund and SSO. (Khao Hoon, 26/05/15)

BEAUTY
2Q15 earnings to be better than 1Q14’s Bt308mn backed by increasing orders that will raise revenue to Bt1.7bn. Management says the company plans to expand into Indonesia. (Thun Hoon, 26/05/15)
Comment: Indonesia…not the easiest market in the world for beauty products. But retail punters love to hear this!

BLA
Management expects 2Q15 earnings of Bt16bn, third in the insurance business. (Khao Hoon, 26/05/15)

Continue reading Stocks in the news (abc, bcp, beauty, bla, cho, ck, css, epco, irpc, ldc, mpg, pca, psl, pttgc, rcl, siri, star, thcom, trubb, tsr, wiik) 26.05.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (aq, banpu, bcp, bsm, cpall, csl, css, irpc, mpg, planb, sawad, sorkon, thcom, tluxe, trc) 25.02.15

2 Comments

AQ
AQ plans to write off accumulated loss and is ready to start paying dividends if they can turn a profit in 2015. The firm has set a 2015 revenue target of B2.5bn and will go ahead with the launches of nine projects worth Bt8bn. (Kao Hoon, 25/02/15)
Comment: This is one turnaround story that I have my eye on, still a bit worried about the valuation at these levels though.

BANPU
The power business will become the new growth engine in 2015 for BANPU as it begins to book revenue from Hongsa, which has capacity of 1,200MW. The board also named Somradee Chaimongkul as the new CEO to replace Chanin Wongsakulkit. (Kao Hoon, 25/02/15)

BCP
BCP sets five-year capex of Bt90bn over 2015-2019 to make it a fully integrated operator ranging from refinery to retail, as well as an alternative energy producer and oil production company. (Kao Hoon, 25/02/15)

BSM
BSM announced cash plus stock dividend at the ratio of 4 old shares to 1 new share, XD April 29. The firm expects revenue growth of 20% in 2015 due to a better economic condition. (Kao Hoon, 25/02/15)
Comment: Another company doing a stock dividend – reminds me of the beginning of 2013 when a lot of firms were issuing stock dividends, if even owners feel the market is a bit frothy shouldn’t we? I do like the owners of this business, its a nice little niche they’ve carved out for themselves. 

Continue reading Stocks in the news (aq, banpu, bcp, bsm, cpall, csl, css, irpc, mpg, planb, sawad, sorkon, thcom, tluxe, trc) 25.02.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (aav, amata, cgd, css, fsmart, gfpt, gunkul, ircp, ivl, jas, jmart, kcm, l&e, mpg, phol, sccc, scn, smpc, snc, spcg, susco, thai, thani, utp) 24.02.15

11 Comments

AAV
AAV expects strong recovery this year and targets 14.5mn passengers and double-digit revenue growth. The company said 1Q15 cabin factor will be strong at more than 84%, driven by the influx of Chinese tourists. (Kao Hoon, 24/02/15)
New CFO — AAV has informed SET that the Nomination and Remuneration Committee has approved the appointment of Mrs. Pattra Boosarawongse as Chief Financial Officer and Director of the company, replacing Mr. Pornanan Gerdprasert, effective February 23, 2015. (SET, 24/02/15)

AMATA
AMATA says investors still interested in investment in Thailand especially Chinese and Japanese, despite the BoI’s changes in privileges. It believes a clear picture will be seen in the next 1-2 quarters. It has set a land sales target of at least 1,000 rai this year and currently has backlog of Bt2bn, of which 90% will be realized as revenue this year. It has budgeted capex at Bt4.5bn, with 85% of that for land acquisition. It expects to list its REIT on the SET by May. Amata VN will conduct a roadshow by July and trade on the SET by yearend. (Krungthep Turakij, 24/2/15)
Comment: The only thing to think about for AMATA this year is it’s IPO of Amata VN and a potential REIT.

CGD
CGD expects to turn around to a net profit this year backed by large backlog. It will sell Bt1.3bn in assets to a REIT in 1Q15. It also plans to invest in a riverside hotel worth Bt19bn with completion by 2018. (Thun Hoon, 24/2/15)
Comment: That is the only thing driving CGD at the moment, forget the rest.

Continue reading Stocks in the news (aav, amata, cgd, css, fsmart, gfpt, gunkul, ircp, ivl, jas, jmart, kcm, l&e, mpg, phol, sccc, scn, smpc, snc, spcg, susco, thai, thani, utp) 24.02.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (abc, akr, aq, bjchi, ccp, css, earth, ihl, jas, ldc, mc, pttgc, match, mpg, robins, rojna, rs, sappe, samtel, singer, thai, xo) 26.08.14

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ABC
ABC placed on SP after hitting ceiling for six consecutive trading days. The share price shot up Bt18.20 to Bt82 in just six days. (Post Today, 26/08/14)
Comment: Well at least the SEC acted.
AKR
AKR to expand into EPC after the NCPO emphasized alternative energy. (Thun Hoon, 26/08/14)
AQ
AQ to expand into real estate following a cash fall of Bt652mn. Management said it targets revenue of Bt3bn this year, or 30% growth. (Thun Hoon, 26/08/14)
Comment: Issue is the same with every small real estate co, how will they manage their earnings over time?
BJCHI
BJCHI: 15% revenue growth on current backlog of Bt5bn. Management said it will acquire a portion of Aus Com, an Australian company, to tap into mining clients. (Kao Hoon, 26/08/14)
Comment: It’s a simple story for BJCHI, the global LPNG is booming, thai based contractors can beat almost every other contractor in the world based on price/value

Continue reading Stocks in the news (abc, akr, aq, bjchi, ccp, css, earth, ihl, jas, ldc, mc, pttgc, match, mpg, robins, rojna, rs, sappe, samtel, singer, thai, xo) 26.08.14 →

Commentary, Research, Stocks, Updates

Stocks in the news (bts, ecf, grand, mlink, mpg, nyt, pylon, tcap, tpch, trc) 17.07.14

2 Comments
BTS
BTS reveals passenger traffic growth of 4-5% YoY in 1QFY15, below the estimate of 7% YoY, because the government has adjusted the Thai school semester to be in line with AEC. The company is waiting for bidding to open for the Green Line and expects the NCPO to support all train line projects. (Kao Hoon, 17/07/14)
Comment: BTS will continue to grow and grow and grow, line extensions are coming soon.
ECF
ECF reports 1H14 growth meets goals supported by the continual flow of orders. It expects performance in 2H14 to be better as it moves towards high season for the furniture business. It expects revenue growth of 15% this year. It expects to book Bt500mn of its backlog this year and expand its Elega showroom. It also plans to move ahead in negotiating with its new partner in Japan and expects orders to start flowing in September and revenue to be booked in 4Q14. (Kao Hoon, 17/07/14)
GRAND
GRAND is confident net profit growth in 2Q14 after it booked revenue of Bt2.3-2.5bn from the Hyde Sukhumvit project. It expects 1H14 net profit of Bt1bn and is considering paying an interim dividend for the first time. It plans to use Bt1bn to buy a hotel in Pattaya and set up two new projects. Its net profit growth is expected to grow sharply in 2015-16. (Thun Hoon, 17/07/14)
Comment: GRAND’s value is in the Hyde Sukhumvit and when that will be transferred across.

Continue reading Stocks in the news (bts, ecf, grand, mlink, mpg, nyt, pylon, tcap, tpch, trc) 17.07.14 →

Commentary, Research, Stocks, Updates

Stocks in the news (bay, cgd, gold, gunkul, ktc, lh, malee, mpg, noble, nyt) 09.07.14

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BAY

BAY keeps 7-9% loan growth aim – Bank of Ayudhya (BAY), the country’s fifth-largest lender by assets, is maintaining its lending growth target at 7-9% this year despite sentiment improving after the military coup ended the political impasse. The new signs have not had a clear impact on loan growth as it is the first stage of restoring confidence, said chief executive Noriaki Goto. (Bangkok Post, 09/07/14)

Comment: BAY has continued to re-rate on the back of the MITSU takeover.

CGD

Board member boosts personal holdings — Sadawut Taechaubol purchased 350mn shares of CGD at an average price of Bt1.3 via big lot, increasing his holding to 17.5% from 12.61%. Business is expected to recover, particularly after the setup of REITS late in the year. (Khao Hoon, 09/07/14)

Comment: Always a positive to a major shareholder boost their holdings

GOLD

Golden Land aiming to strike it rich – GOLD plans to spend Bt5bn to develop FYI Center, an office and hotel project in Bangkok, and aims to break even in 10 years. As the location near Soi Phai Singto in Klong Toey is off the central business district, office space at FYI will tap the grade B segment, while the hotel with 239 rooms will offer accommodation for Bt2,500-3,000 per night, said president Thanapol Sirithanachai. (Bangkok Post, 09/07/14)

Comment: I still think that the office market is incredible robust in Bangkok, GOLD’s value is in its assets more than anything else, because based upon profitability you can’t justify these levels.

Continue reading Stocks in the news (bay, cgd, gold, gunkul, ktc, lh, malee, mpg, noble, nyt) 09.07.14 →

Commentary, Research, Stocks, Updates

Stocks in the news (aot, cpf, earth, mint, mpg, n-park, ptt, rs, tpoly) 30.06.14

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AOT
AOT says 3QFY14 passenger traffic contracted 7% due to political problems and seasonality. Its MD expects performance to gradually recover in FY4Q14. It expects passenger traffic and revenue growth of 3%. The second phrase of Suvarnabhumi is waiting for NCPO decision. (Khao Hoon, 30/06/14)
Comment: Having just flown back to Thailand last night, I see the airport buzzing again, 2H14 recovery is definitely on.
CPF
CPF expects 15% sales growth this, with its foreign trading partners now having a better understanding of the situation in Thailand resuming orders. The company said that the recent allegations of human rights violation had only an indirect impact on the company and this issue is expected soon to be resolved. (Khao Hoon, 30/06/14)
EARTH
EARTH will issue W4 and XW on 2 July with ratio of 2:1 (2 common stocks to 1 warrant) with an exercise price of Bt7 per share. EARTH will be calculated in SET 100, which is expected to make it more interesting to investors. (Khao Hoon, 30/06/14)

Continue reading Stocks in the news (aot, cpf, earth, mint, mpg, n-park, ptt, rs, tpoly) 30.06.14 →