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Commentary, Research, Stocks, Updates

Stocks in the news (ap, ckp, delta, ksl, mc, mjd, pm, prin, q-con, rjh, spa, tcmc, tpipl, trt, tu, wha) 22.09.16

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AP
AP is confident that low-rise project revenue and presales will hit target. It reports revenue from low-rise of Bt6.14bn in 1H16 and will realize Bt5.68bn in 2H16. (Thun Hoon, 22/09/16)
CKP
CKP expects profit of Bt300mn in 2H16 supported by more capacity from Nam Ngum 2. (Kao Hoon, 22/09/16)
Comment: Now would they consider flipping this into an infra REIT? Are the rules there by the SEC for this happen?
 
DELTA
DELTA has received more orders, which will support 2H16 earnings. It maintains its target revenue growth of 10% from last year backed by customer expansion. It has budgeted Bt1.12bn to set up a production base and R&D facility in India. (Thun Hoon, 22/09/16)
KSL
KSL expects 4Q16 earnings to be good supported by a surge in sugar price and the rise from bottom for its ethanol business. It plans to bid for a biomass power plant contract. (Thun Hoon, 22/09/16)
Comment: The only thing driven these names are the sugar prices
 
MC
MC expects 2H16 revenue to be good supported by campaigns and high season. It is confident that 2016 revenue will grow 15%. It has a plan to add 1 branch in Laos. (Kao Hoon, 22/09/16)
Comment: I still think that they have one of the worst inventory days turnover that I’ve seen amongst nearly every retailer in the region.

Continue reading Stocks in the news (ap, ckp, delta, ksl, mc, mjd, pm, prin, q-con, rjh, spa, tcmc, tpipl, trt, tu, wha) 22.09.16 →

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 (aq, bcpg, dimet, drt, ilink, itel, loxley, ori, prin, pttgc, smpc, sr, tacc, tpch, tpipl, ureka) 14.09.16

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AQ
AQ sold 100% of AQ ALIX which generated revenue of Bt670mn. It plans to launch a new housing project at the end of 2016. (Kao Hoon, 14/09/16)
BCPG
BCPG set its IPO price at Bt10, the top in the price range, in response to good institutional investor interest. It expects to trade in September. (Thun Hoon, 14/09/16)
Comment: I am curious to see how this shall perform on the first day.
 
DIMET
DIMET plans to wipe out retained losses of Bt17mn and expects pay a dividend of no less than 40% of net profit. It plans to cooperate with a construction company to expand its customer base. It has big orders from China and the Philippines that will increase revenue to Bt800mn. It plans to do a 20MW solar farm. (Thun Hoon, 14/09/16)
Comment: People love a good turnaround, newly dividend paying stock. 
 
DRT
DRT has cut its target 2016 revenue to Bt4.17bn in response to the slowdown in the construction materials industry. However, it is confident that net profit will be better than last year’s Bt330mn due to better cost management. It has budgeted Bt500-600mn to increase capacity. (Kao Hoon, 14/09/16)
ILINK
ILINK got a job from PEA worth Bt309mn. It expects to get a job to lay fiber-optic lines for a substation worth Bt620mn and a job from the MEA to move electric wiring underground and well as laying underwater cable to Koh Samui. This will lift its backlog from Bt1.1bn. (Thun Hoon, 14/09/16)
Comment: Now the story is effectively done for ILINK for the next few quarters as the IPO of the subsidiary is done and even they themselves have said this is every project that they expected to win this year 

Continue reading Stocks in the news (aq, bcpg, dimet, drt, ilink, itel, loxley, ori, prin, pttgc, smpc, sr, tacc, tpch, tpipl, ureka) 14.09.16 →

Commentary, Research, Stocks, Updates

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

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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 →

Commentary, Research, Stocks, Updates

Stocks in the news (a, cpf, ea, genco, ihl, kbank, max, ple, prin, super, svi, tacc) 20.07.16

4 Comments
A
Areeya expects 2H16 to launch 6 new projects in total worth Bt5.6bn. It will maintain its 2016 sales target of Bt10bn and expects revenue of Bt7bn. It will bid for a government housing project this week. (Kao Hoon, 20/07/16)
Comment: It will be interesting to see the outcome of the government project work. Plus Areeya still has that leasehold project on Rajadamri.
 
CPF
CPF maintains its 2016 sales growth target of 10% and expects 2Q16 earnings to be good; it expects to report in early August. It plans to acquire businesses in the UK, Europe, US and Russia. Recently, it opened its first “MAGNET” in Chiang Mai and expects to expand to four branches this year. (Kao Hoon, 20/07/16)
EA
EA expects 2Q16 profit of Bt1bn or growth of 32%, supported by booking profit from 278MW solar farm and startup of 126MW wind energy in 2H16. This will lift 2016 profit to over Bt4bn. (Kao Hoon, 20/07/16)
Comment: There’s nothing new here except them bringing their projects online. I do wonder at what point will we see a renewable energy fund similar to a REIT?
 
GENCO
GENCO is setting up two subsidiaries to support future renewable energy business in the future. It plans to bid for and take over power plants. It expects 2Q16 earnings to be outstanding and 2016 to be a new high. (Thun Hoon, 20/07/16)
IHL
IHL set up “Inter Green” to diversify its business. It targets revenue from new business of no less than Bt200-250mn per year and expects gross profit of Bt150mn. This will increase 2016 revenue to Bt2.5bn. (Thun Hoon, 20/07/16)

Continue reading Stocks in the news (a, cpf, ea, genco, ihl, kbank, max, ple, prin, super, svi, tacc) 20.07.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (banpu, color, crane, nep, prin, ratch, sithai, spali, tkn, tndt, tog, vte, wha) 30.06.16

3 Comments
BANPU
BANPU expects 2Q16 earnings to be good backed by Hong-Sa power plant. It expects its 78.5MW solar farm in China to contribute revenue in 2H16. It plans to acquire more coal mines. (Thun Hoon, 30/06/16)
Comment: I have this awful feeling in my stomach that banpu could pull a thai airways despite the #’s not justifying it.
COLOR
COLOR expects 2Q16 earnings to be good backed by higher sales. It targets market share of 25% with capacity of 45,000tons/day. It expects net profit to mark a record high. (Thun Hoon, 30/06/16)
CRANE
CRANE expects large orders from Suvarnabhumi phase 2 and the east-west economic corridor. It expects to show net profit in 2H16. It expects 2016 revenue to grow 10% from last year’s Bt902.16mn driven by uptrend in construction. (Thun Hoon, 30/06/16)
Comment: Well they should be busy with renting out their cranes for all these infra projects too.
NEP
NEP plans to restructure by takeovers and JVs. It is budgeting Bt60mn to buy equipment in order to increase its capacity for high-margin products. It expects net profit to get back in the black soon and will apply dividend policy of 50% payout ratio. (Thun Hoon, 30/06/16)

Continue reading Stocks in the news (banpu, color, crane, nep, prin, ratch, sithai, spali, tkn, tndt, tog, vte, wha) 30.06.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (big, bjc, bkd, ci, epg, hana, ndr, prin, richy, rp, samart, tks, tmill, tpch, trc, tsr, tvd) 27.05.16

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BIG
BIG expects 2Q16 earnings to be good with high margin of 32.4% backed by the mirrorless camera. It plans to open shops to provide photo printing in June, which will boost its net profit. (Thun Hoon, 27/05/16)
Comment: Their YoY growth numbers do look fantastic, the question then becomes, is it sustainable? What product can they push next to continue this growth or is there a natural limitation before the market becomes saturated.
 
BJC
BJC plans to increase its registered capital and issue debentures to refinance loans and repay bank creditors after acquiring BIGC .  (The Nation, 27/05/16)
Comment: Boom massive recap, more info to come
 
BKD
BKD plans to sell 20 rai of Krungthep Kreetha land. A listed company offered Bt600mn but it is holding out for a price of above Bt700mn as a road is coming that will provide access. (Khao Hoon, 27/05/16)
CI
CI expects 1H16 earnings to be good thanks to property stimulus measures. It expects 2016 revenue of Bt3.15bn backed by transfers and Bt3.4bn in new projects. It expects this to increase its backlog from Bt3bn, covering revenue through 2018. (Thun Hoon, 27/05/16)
EPG
EPG expects to report FY2016 earnings today. It expects net profit to be higher than Bt1.5bn, 140% growth, backed by large orders for every business. (Khao Hoon, 27/05/16)

Continue reading Stocks in the news (big, bjc, bkd, ci, epg, hana, ndr, prin, richy, rp, samart, tks, tmill, tpch, trc, tsr, tvd) 27.05.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (acap, bkd, cpf, major, mint, mtls, pcsgh, prin, snc, ticon, tog, tpch, uac, vgi, wice) 13.05.16

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ACAP
ACAP reported 1Q16 profit of Bt16mn, up 244%, after changing strategy to focus on major customers and get new ones. It targets loans of Bt2bn by end-2016. (Kao Hoon, 13/5/16)
BKD
BKD reported net profit of Bt16.59mn, growth of 27%. It plans to reverse doubtful account of Bt28mn and profit on a delayed project of more than Bt20mn in 3Q16. It plans to bid for work worth Bt1bn. (Kao Hoon, 13/5/16)
CPF
CPF expects sales to grow 10-15% in 2016. It reported 1Q16 profit of Bt3.76bn, growth of 27% and revenue of Bt105bn, up 10%. It has an investment budget of Bt10bn. It plans to issue a debenture worth Bt10bn in 2H16. (Kao Hoon, 13/5/16)
Comment: A main reason for the market performing well recently, its GPMs were 400 bps higher than most analysts forecasts
MAJOR
MAJOR expects revenue and profit target growth of 10% in 2016. It expects 2Q16 will be new high. It will report 1Q16 earnings today. It has budgeted Bt1bn to add 100 movie screens in Thailand and abroad. (Kao Hoon, 13/5/16)
MINT
MINT reported 1Q16 profit of Bt3.57bn or growth of 66% supported by booking extra item plus an uptrend in its food and hotel business. (Kao Hoon, 13/5/16)
Comment: It’s just incredible that they have been able to grow this well despite being @ a higher base each and every year

Continue reading Stocks in the news (acap, bkd, cpf, major, mint, mtls, pcsgh, prin, snc, ticon, tog, tpch, uac, vgi, wice) 13.05.16 →

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Stocks in the news (aav, age, bigc, dtac, jas, pk, prin, sam, sci, sena, spali, super, tog) 03.05.16

2 Comments
AAV
AirAsia mulls Thai hub – AirAsia, the continent’s largest no-frills airline group, is keen to boost its position in Thailand with the relocation of its regional nerve centre from Indonesia to here. In a discussion with Prime Minister Prayut Chan-o-cha yesterday, AirAsia chief executive Tony Fernandes said the group would also like to build its own airports in Thai provinces such as Surat Thani. Furthermore, AirAsia is interested in a partnership with flag carrier Thai Airways International (THAI) to create a business synergy without equity partnership or competition, said Deputy Prime Minister Somkid Jatusripitak. AirAsia wants to strengthen its presence in Thailand, which it perceives as a gateway to Asean with significant growth potential in aviation businesses, said Mr Somkid. (Bangkok Post, 30/4/16)
Comment: It would obviously be a huge positive for AirAsia if they can pull it off here in Thailand, but would the government be willing to throw away a monopoly?

AGE
AGE expects revenue of Bt300mn from the service business. It expects to increase export portion to 30%. It is confident that 2016 revenue will grow 10% supported by coal business recovery and it has backlog of Bt200mn. (Thun Hoon, 3/5/16)
Comment: I’ve heard about a supposed recovery in coal since…2011?

BIGC
Central, partner buy Big C VN for 920m euros – CENTRAL GROUP in partnership with Nguyen Kim Group yesterday announced the acquisition of Big C Vietnam from France’s Casino Group for 920 million euros (Bt36.6 billion). Central said the acquisition represented the strength of its will to keep expanding its business in Asia. “Central Group and Nguyen Kim Group have officially acquired Big C Vietnam, which has been operated for more than 18 years,” said Tos Chirathivat, CEO of Central Group. He said Big C Vietnam had 43 stores nationwide, comprising 33 hypermarkets and 10 convenience stores, and 30 shopping malls. “Total revenue in 2015 was approximately 586 million euros.” (The Nation, 30/4/16)
Comment: Boom!

DTAC

DTAC urges full spectrum allocation road map – TOTAL ACCESS Communication (DTAC) has recommended that the government draw up a spectrum road map for the allocation and auction of the 700-, 850-, 1,800-, 2,300- and 2,600-megahertz bands to support affordable and universal access to fixed and mobile broadband Internet. (The Nation, 30/4/16)
Comment: Of course DTAC needs a clear roadmap, but since when has any Thai government (ex thaksin) been able to stick to a clear plan and execute it? And if there is no clear roadmap, what will happen to DTAC?

Continue reading Stocks in the news (aav, age, bigc, dtac, jas, pk, prin, sam, sci, sena, spali, super, tog) 03.05.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (ci, ea, earth, erw, hmpro, ifec, ilink, jmart, mtls, prin, ptg, s, sci, siri, thai, true, tsr, uac) 01.03.16

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CI
CI expects revenue to reach Bt6bn in three years. It reported revenue growth of 15% to Bt2.7bn in 2015 supported by backlog of Bt3-4bn. It plans a deal with a China partner to set up a 5-star hotel. It plans to set up a Bt1.5bn REIT for Sripanwa Hotel in 2H16. (Thun Hoon, 1/3/16)
Comment: It’s a fairly straight forward story here for CI, they have the assets on hand to switch into the REIT, they’ve already done one (property fund) for Sri Panwa’s first phase of assets and it’s a basic continuation, doesn’t hurt that they have done a sharebuyback over the past 21-18 months either.

EA
EA sets target revenue growth og 30% from Bt9.2 in 2015 supported by booking profit from a 90MW solar farm in Pitsanulok and COD of a wind power plant around midyear. It reported profit growth of more than 67% or Bt2.7bn in 2015. (Kao Hoon, 1/3/16)

EARTH
EARTH will pay a dividend of Bt0.10/share, XD on March 14. It reported profit in 2015 of Bt1.03bn. Management target revenue growth of at least 10% supported by coal sales of more than 11mn tons. (Kao Hoon, 1/3/16)

ERW
ERW expects earnings in 1Q16 will be good supported by high season and occupancy rate up to 85%. It expects revenue growth of more than 15% in 2016. It has budgeted Bt1.7bn to open seven new hotels in Thailand and the Philippines. (Thun Hoon, 1/3/16)
Comment: We do wonder, in the future will ERW follow the footsteps of all the other major asset owners and decide to shift from being asset based to doing more management contracts

Continue reading Stocks in the news (ci, ea, earth, erw, hmpro, ifec, ilink, jmart, mtls, prin, ptg, s, sci, siri, thai, true, tsr, uac) 01.03.16 →