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Commentary, Research, Stocks, Updates

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

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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 →

Commentary, Research, Stocks, Updates

Stocks in the news (arrow, big, epg, gl, hpt, lalin, ldc, ndr, nncl, ori, qtc, rs, sappe, scc, scn, susco, synex, work, xo) 30.08.16

1 Comment
ARROW
ARROW expects 3Q16 earnings to grow supported by large orders, especially Suvarnabhumi phase 2 project from ILINK and ITD. It expects to get work on the MRT Green Line, with finalization by the end of this year. It expects 2016 revenue to reach Bt1.4bn. ( Khao Hoon, 30/08/16)
Comment: Perhaps we should just close our eyes and buy this given its continuous performance
 
BIG
BIG is budgeting Bt10mn to hold the 10th Big Camera Big Pro days. It expects this to push its 3Q16 revenue up above Bt5bn and expects net profit to mark a record high. (Thun Hoon, 30/08/16)
EPG
EPG expects 2QFY16 to be good brought by numerous orders. It expects FY2016 revenue to reach Bt11bn. It expects to complete 1-2 M&A transactions by the end of this year. It plans to hold a roadshow abroad to attract foreign investors. (Khao Hoon, 30/08/16)
Comment: And they continue to grow!
 
GL
GL partners with True Money. GL is forecasting a major boost to its already flourishing business in Cambodia through a new partnership with True Money, a mobile-payment subsidiary of True Corp in Thailand, that will significantly increase the sales of GL’s financial services via True Money’s extensive network of about 5,000 agents spread out nationwide in Cambodia. (Newscenter Local Press Release, 29/08/16)
Comment: That’s a clever move by both parties. GL still has its monopoly in Cambodia for motorcycle leasing for another 3-4 years and barring a crash in that economy they’ll continue to dominate, the question is only how much are you willing to pay for this

Continue reading Stocks in the news (arrow, big, epg, gl, hpt, lalin, ldc, ndr, nncl, ori, qtc, rs, sappe, scc, scn, susco, synex, work, xo) 30.08.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (aot, egco, epg, fn, gold, gunkul, lit, nncl, pf, preb, ps, sappe, tcc, tmill) 26.05.16

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AOT
The board of directors of Airports of Thailand’s (AOT) yesterday approved the master plan for the development of Chiang Mai airport. The project will be carried out in two phases. The first, set for 2016 to 2025, is aimed at boosting the airport’s passenger capacity to serve 18 million travelers a year. In the second phase, from 2026 to 2030, the capacity will be further increased to serve 20 million passengers per year, of which 8 million will be international passengers and 12 million domestic travelers. (The Nation, 26/5/16)
Comment: And the monopoly will continue growing, interesting fact learnt last night, Thailand has ~30-40 mn visitors p.a., Spain has ~70mn. 
 
EGCO
EGCO expects to book revenue from Khanom power plant unit 4 in 3Q16 and expects to start commercial operations on June 19, 2016. The Chaiyaphum wind farm is expected to start up in late 2016. It plans to expand its business abroad, with an eye especially on the Philippines. It plans to cooperate with a partner to invest in a battery storage electrical system. (Kao Hoon, 26/5/16)
EPG
EPG expects 2017 revenue to grow to Bt10bn supported by continued growth in its overall business. Government projects will increase construction materials demand. It expects the board to approve new investment. (Thun Hoon, 26/5/16)
Comment: But the driver is still going to be the shift from metal based materials on automotives to plastic based. 
 
FN
FN sent filing to the SEC for an IPO of 250 million shares. It plans to expand its branches and renovate old branches. (Thun Hoon, 26/5/16)
GOLD
GOLD expects 2Q16 to be good supported by property tax incentives. It expects 2016 revenue will hit its target of Bt9.7bn supported by more demand. It plans to build a condo and open 12 new projects. This will increase its backlog from Bt4bn. (Thun Hoon, 26/5/16)
Comment: Their issue, just as we have already seen with PS, is that there is a certain limitation to how far a property company can grow in Thailand as Bangkok is the only real targetable market.
 
GUNKUL
GUNKUL plans to acquire a company that has a solar farm PPA. It expects to get 150MW this year. It expects more revenue in 2H16. It plans to increase its revenue target of Bt5.8bn in 3Q16. (Thun Hoon, 26/5/16)

Continue reading Stocks in the news (aot, egco, epg, fn, gold, gunkul, lit, nncl, pf, preb, ps, sappe, tcc, tmill) 26.05.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (amata, ck, fer, hpt, irpc, ivl, jwd, lph, major, mint, nncl, richy, rojna, tog, trubb, upa, xo) 09.05.16

6 Comments
AMATA
AMATA expects to sell 1,000 rai of land this year because of high demand in 1Q16 from Chinese, Japanese, and Korean clients. It expects to sign a contract for the sale 400-500 rai soon. (Khao Hoon, 09/05/16)
CK
CK plans to take part in Bt480bn in bids and expects to get 20-25% to add to its backlog. It expects 2016 ending backlog to reach Bt200bn from Bt85bn. It signed a Bt799mn contract with Nam Ngum2 Power Company Limited. It targets 2016 revenue to reach Bt35-38bn. (Thun Hoon, 09/05/16)
Comment: Well it is fairly obvious that backlog for the big construction co’s will plentiful 
 
FER
FER plans to invest in an 8MW waste power plant and 2MW biomass power plant. It expects IRR to be not less than 15%. (Thun Hoon, 09/05/16)
Comment: Another one? Is Biomass the new solar boom? 
 
HPT
HPT expects 2016 revenue to grow 15-25% due to expansion at home and abroad. Its backlog is Bt30mn. It is budgeting Bt60mn to expand capacity, improve production and for marketing. (Khao Hoon, 09/05/16)
IRPC
IRPC reported 1Q16 net profit of Bt3.01bn, down 21%YoY due to stock loss and loss from hedging. This cut its accounting GIM to US$11. (Khao Hoon, 09/05/16)
Comment: They were the darling when oil prices decreased, and now with oil prices recovering, well it’s the exact opposite story.

Continue reading Stocks in the news (amata, ck, fer, hpt, irpc, ivl, jwd, lph, major, mint, nncl, richy, rojna, tog, trubb, upa, xo) 09.05.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (bigc, csl, ever, gl, gel, genco, gold, intuch, nncl, pt, sc, scc, sppt, takuni, top) 11.02.16

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BIGC
BIGC plans to open new branches and renovate old ones this year. It expects to increase its gross area with an eye to generating substantially more revenue. It plans a securitization. (Thun Hoon, 11/02/16)
Comment: Now that the deal with TCC Group is only 1.5 months away from being sealed n delivered, the thinking goes to, how will they be able to monetise the assets of BIGC? How quickly will they launched a potential rumoured REIT? He’s done ok with stripping assets out of F&N to pay off the debt load, wouldn’t be surprised to see the same strategy unfold here.
CSL
CSL’s board has approved as DPS of Bt0.2/share. It will ask shareholder approval on March 28. It reported 2015 net profit of Bt315mn (Bt0.53/share) backed by core business recovery and got the data center projects. (Thun Hoon, 11/02/16)
EVER
EVER says The Politan Rive condo has achieved Bt4.08bn in presales (74%). It expects this project to sell out by 1H16 (Bt6.28bn) and begin to contribute revenue in 2019. It plans to launch phase 2 soon. (Khao Hoon, 11/02/16)
Comment: Ahhh this magical name…..stay away.
GL
GL targets new loans of Bt20bn from the current level of Bt10bn, mainly from Bt14bn in international loans (Cambodia, Laos, and Indonesia), Bt5bn from GL, and Bt1bn from a subsidiary. (Post Today, 11/02/16)
Comment: Well that would explain the valuation today, but still its tough….just doing some back of the envelope numbers and it already expecting some THB 20 bn in total loans BUT that’s assuming…a spread of 23%…no NPL’s…

Continue reading Stocks in the news (bigc, csl, ever, gl, gel, genco, gold, intuch, nncl, pt, sc, scc, sppt, takuni, top) 11.02.16 →

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 →

Commentary, Research, Stocks, Updates

Stocks in the news (anan, ajd, asefa, bcp, crane, css, eforl, gfpt, nncl, prin, pstc, rojna, t, tpac) 18.12.15

1 Comment

ANAN
ANAN targets 2016 revenue of Bt14.5-15.5bn (43% growth) backed by Bt38bn backlog. It targets sales of Bt21.5-22.5bn with 32% gross margin. It is confident 2015 revenue will reach target of Bt10-11bn. It plans to launch ten projects, valued at Bt22-23bn, next year. (Thun Hoon, 18/12/15)
Comment: Perhaps one of the few property companies still growing in Thailand

AJD
AJD expects 4Q15 earnings to be good backed by Top-Up machines. It plans to add 50,000 ToUp machines next year. (Thun Hoon, 18/12/15)
Comment: Follow this name at your own risk.

ASEFA
ASEFA expects orders to surge from mega projects and growth in data centers. (Thun Hoon, 18/12/15)

BCP
BCP is budgeting Bt3bn to expand its oil retail business in 2016. It plans to open 60 gas stations and also focus on non-oil business for sustainable growth. (Khao Hoon, 18/12/15)

CRANE
CRANE expects performance to turn around next year backed by demand. It expects 2015 revenue to achieve its target. It is talking to a prospective partner to invest abroad. (Thun Hoon, 18/12/15)
Comment: It has consistently been an undervalued stock despite the fact that core business has always done ok.

Continue reading Stocks in the news (anan, ajd, asefa, bcp, crane, css, eforl, gfpt, nncl, prin, pstc, rojna, t, tpac) 18.12.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (ajd, beauty, bjchi, dcon, gunkul, kcar, modern, mtls, nncl, seafco, symc, tmb, tse) 12.10.15

3 Comments
AJD
AJD’s board has approved 60% of VDC for Bt7.5mn. It will providing funds not exceeding Bt50mn for VDC to use as working capital for its Online Top Up business. (Thun Hoon, 12/10/15)
Comment: Well the news its that Alibaba is involved, who knows how this will turn out and if it really can be a true competitor to FSMART and indirectly 7-11’s as well.
BEAUTY
BEAUTY expects to report 3Q15 earnings by Nov 15. It expects 3Q15 earnings to be good backed by high orders and the baht depreciation. It expects 2015 revenue to grow 20% as targeted, aided by more customers both at home and abroad. (Thun Hoon, 12/10/15)
Comment: Still flummoxed by the ability of this company to continue its wonderful earnings growth
BJCHI
BJCHI expects to bid for projects valued at Bt10bn and expects to get 50% of these. Its backlog is Bt6.5bn. It expects 2015 revenue to grow 15% from 2014’s Bt4.58bn. It is talking to a prospective partner to invest in alternative energy, which it expects to finalize in 2016. (Thun Hoon, 12/10/15)
Comment: Not to sure on the alternative energy approach, however with such a huge cash %age on their balance sheet, if it makes a better return than existing businesses why not.
DCON
DCON expects 2015 revenue of Bt300mn. It has a Bt20mn job from EA, supplying 620 foundation piles, profit on which it expects to book this year. It has budgeted Bt55mn to set up a new plant in Cambodia. (Khao Hoon, 12/10/15)

Continue reading Stocks in the news (ajd, beauty, bjchi, dcon, gunkul, kcar, modern, mtls, nncl, seafco, symc, tmb, tse) 12.10.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (bmcl, bsm, epg, ifec, nncl, planb, sena, spcg, syntec, tkt, tk, xo) 14.09.15

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BMCL
BMCL expects to get a 25-year concession to operate MRT Blue Line, valued at Bt25bn. It has been awarded the operations of the Tao Poon-Bang Sue segment. It expects the Purple Line to be fully operational in August, 2016. (Thun Hoon, 14/09/15)
Comment: The line construction cost may be valued at that price, not the value of the contract that BMCL will receive
BSM
BSM is talking to A prospective partner in Australia to set up a subsidiary for exports. It expects to introduce new products in 1Q16. (Thun Hoon, 14/09/15)
EPG
EPG expects net profit to double this year. It targets 2015 revenue of Bt8.5bn on the back of numerous orders, lower material costs and the baht depreciation. (Khao Hoon, 14/09/15)
Comment: Meeting them later this week – let’s see if there’s any upside left here
IFEC
IFEC is talking to prospective partner from overseas which is expected to be finalized this year. It has budgeted Bt6bn to invest in a 600MW power plant. 3Q15 earnings are expected to be good backed by the operational startup of the power plant in the south. It expects net profit of Bt300mn this year. (Thun Hoon, 14/09/15)
Comment: Blah blah, no cash

Continue reading Stocks in the news (bmcl, bsm, epg, ifec, nncl, planb, sena, spcg, syntec, tkt, tk, xo) 14.09.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (akr, dtac, gpsc, itd, jmt, lpn, mtls, ndr, nncl, pttgc, pylon, sithai, snc, tpoly, uac, wice, world) 07.08.15

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AKR
AKR is seeing demand recovery. It expects 2Q15 profit to be positive backed by revenue recognition. It expects 3Q15 earnings to mark a record high. It is ready for an upcoming bid for the MEA valued at Bt2bn. It expects 2015 revenue will hit target growth of 10% aided by huge orders for solar plant transformers. It expects to add more PPAs next year. It plans to sell 8MW of electricity in 2016. (Thun Hoon, 07/08/15)

DTAC
DTAC plans to introduce “4G VoLTE” and “VoWifi” by November. It says this is an innovative 4G service and is expected to replace traditional calls within 3-4 years. (Khao Hoon, 07/08/15)

GPSC
GPSC reported profit before FX and extra items of Bt576mn (+10%YoY). It plans to invest more to achieve stable growth. (Thun Hoon, 07/08/15)

ITD
ITD is on the short-list for the Bt10.5bn dual track bid for Chachoengsao – Klong 19 – Kaeng Koi. SRT expects to announce the winner by the end of this year. ITD and ROJNA will sign a contract for Dawei phase1 valued at Bt52bn. It expects to sell land in the industrial estate in 4Q15, targeting sale of 3,000 rai. (Thun Hoon, 07/08/15)

JMT
JMT expects robust earnings in 2Q15 backed by increasing debt collection. It plans to focus on personal loans beginning from 3Q15. It is confident 2015 revenue growth will reach target of 30%. It expects a Bt90bn portfolio at the end of this year. Net profit is expected to jump for the next two years. (Thun Hoon, 07/08/15)
Comment: Just incredible, HOWEVER, if they want to keep growing and growing, don’t be surprised to see them raise more and more capital

Continue reading Stocks in the news (akr, dtac, gpsc, itd, jmt, lpn, mtls, ndr, nncl, pttgc, pylon, sithai, snc, tpoly, uac, wice, world) 07.08.15 →