Changes in constituents for the MSCI Global Standard Indexes which will take place as of the close of May 31, 2016.
MSCI Thailand: (+2) EGCO, ROBINS
MSCI Small Cap (Thailand): (+3) DNA, GL, S
(-6) EFORL, SAMTEL, SDAT, SRICHA, TIPCO, TTCL
BIG adjusts revenue target growth to 15% from 10% supported by camera market growth. It plans to start up “Print Gift” services in May to increase net and gross margins. (Kao Hoon, 17/03/16)
Comment: One interesting tidbit here is with the model cycle, when new models are released the older models will naturally see a drop in price, however BIG’s % margin shall remain the same and it’s the supplier that will be squeezed
CHO expects 2016 net profit will be better than last year. It expects revenue growth of 5- 10% supported by backlog of Bt650mn. It will know the outcome of its suit against the BMTA in 6 months or a year. (Kao Hoon, 17/03/16)
DAII sets 2016 revenue target growth at 15%. It plans to find a partner to do home building business in Vietnam. It expects to be No.1 in home building business in five years. (Kao Hoon, 17/03/16)
EASTW expects 2016 net profit growth with a new target revenue growth of 5% from 2015 supported by high sales water quantity. It is considering increasing fees to reflect its cost. (Thun Hoon, 17/03/16)
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 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 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 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
Names today: BKD, DNA, EA, IFS, IRPC, KCE, KTB, MACO, MINT, NCH, OCEAN, RML, S, STPI, TRC, TVO
BKD expects 2015 revenue to grow 40% backed by Bt2bn in backlog. It plans to bid for more public and private projects to raise its growth. (Khao Hoon, 04/11/15)
DNA expects 2016 revenue to turn around after it has completed restructuring with a focus on alternative energy. It expects to invest in four waste power plants which are expected to be concluded by 4Q15. It expects water management business to contribute revenue in 2Q16. It plans to invest in one more water management project, expecting to make a final decision soon. (Thun Hoon, 04/11/15)
Comment: These are interesting projects that DNA has put together, quite a strange move by a company that is supposedly involved in resorts and music distribution.
EA expects 3Q15 earnings of Bt638mn (71% growth) aided by alternative energy business. 9M15 net profit is expected to be Bt1.9bn. (Khao Hoon, 04/11/15)
Comment: The story remains the same for EA, get all of its plants up and running.
IFS expects 2016 revenue to grow 15-20% backed by public investment (MRT and high speed trains). It expects SME loans to grow. (Thun Hoon, 04/11/15)
Comment: They do have a very interesting business here and up until this year have been growing quite consistently over the past 7 years.
Names today: AOT, APCS, AQ, CPALL, CTW, DTAC, EMC, HMPRO, JWD, PACE, PSTC, S, SAWAD, SIRI, SMM, STPI, TPOLY)
AOT says 2015 passengers grew 21.94% to 106.79mn on the back of 47.75% passenger growth in Don Mueng Airport because of growth of low cost airlines. (Khao Hoon, 20/10/15)
Comment: Continued amazing passenger growth numbers by AOT.
APCS expects to get Bt100mn orders from Japan. It expects to show a net profit for nine months performance after it had a net loss of Bt2.37mn for the first half of this year. It expects performance to turn around. It plans to broaden its customer base at home and abroad. It is looking for partner to invest in new products. (Thun Hoon, 20/10/15)
AQ’s board has approved taking shares in of Golden Technology Industrial Co.,Ltd. It will manage 4,300 rai of land valued at Bt13.5bn. It is confident it can repay total debt to KTB. It plans to negotiate with KTB to restructure the debt. (Khao Hoon, 20/10/15)
Comment: Well that’s rather strange given that the company is short on cash.
CPALL expects 3Q15 net profit of Bt3bn, lifted by higher sales of ready-to-eat foods and its stamp marketing campaign. It expects 2015 revenue to grow 30%. (Thun Hoon, 20/10/15)
Comment: It’s stamp campaign was an amazing success, with zero cost to CPALL and all the costs passed down to the suppliers.
CTW expects 2016 revenue to be good backed by private and public investment such as rapid transit, 4G, moving above-ground cables underground and the government’s “digital economy”. It expects this to increase demand for electric wire, cable, and fiber optics. (Thun Hoon, 20/10/15)
DTAC reported 3Q15 revenue of Bt19.7bn with Bt1.2bn in net profit. It will pay an interim dividend of Bt0.72/share. (Thun Hoon, 20/10/15)
Comment: Decent #’s but they realise that it isn’t worth chasing customers today with 4G on the horizon and the need to conserve cash.