Tag Archives: ticon

Stocks in the news (bay, bsm, ci, forth, lph, nyt, planb, sawad, sgp, siri, spa, tapac, thani, ticon, vibha) 16.09.16

BAY expects 2016 auto leases to reach Bt133bn. It has raised its loan target to Bt279bn after expanding its services to the eastern part of the country. (Thun Hoon, 16/09/16)
Comment: The moment that BAY increases the free float i wouldn’t be surprised to see the stock price increase based purely upon fund flow
BSM expects 2H16 earnings growth to be outstanding after 1H16 profit of Bt0.97mn. It expects to focus on high margin products and launch new products. It is confident that 2016 revenue will hit its target of Bt700mn, growth of 20%. It plans to sign a contract for work in Papua New Guinea worth Bt100mn in 4Q16. (Thun Hoon, 16/09/16)
CI expects 4Q16 to be outstanding due to booking revenue from the sale of assets and high season. It expects 2016 revenue to reach its target of Bt3bn, supported by booking revenue from more projects and launching a new project worth Bt2.91bn. This will increase its backlog from more than Bt2bn. (Thun Hoon, 16/09/16)
Comment: If you compare CI today versus where it was 5 years ago you’d be impressed by their ability to become a property company with relatively consistent earnigns
FORTH expects to bid for a government project worth Bt1bn and expects to get the job. It maintains its 2016 revenue target at Bt5.8bn, supported by more orders and its subsidiary. (Thun Hoon, 16/09/16)
LPH has switched to long-term lease of Decha Hospital from an outright purchase. The lease will extend 20 years and a decision is expected this month. It expects 3Q16 revenue growth of 10%, giving 2016 revenue growth of 10-15%. It plans to buy two hospitals. (Kao Hoon , 16/09/16)
NYT is negotiating with a foreign partner to do a port in Indonesia to support auto production and plans to add a warehouse on 80 rai to generate income. It plans to increase investment in the C0 port to 29% from 20%. It expects 2016 profit to record a new high, supported by increasing auto exports. (Thun Hoon, 16/09/16)
Comment: The monopoly expands

Continue reading Stocks in the news (bay, bsm, ci, forth, lph, nyt, planb, sawad, sgp, siri, spa, tapac, thani, ticon, vibha) 16.09.16

Stocks in the news (aot, beauty, chewa, ivl, nch, nwr, pttgc, ratch, samart, sithai, smart, ticon, tks, tsf, auct) 13.09.16

AOT opening bidding for four contracts for Suvarnabhumi Phase ll. It expects to solicit bids for two contracts this year and will sell the bidding documents in October. It expects to raise its passenger capacity to 60mn passengers per year from 45mn passengers per year now. (Thun Hoon, 13/09/16)
Comment: Having just returned from JKT on the late night flight you can see both the arrival and departure halls bustling with passengers. I would be surprised to see capacity issues hitting AOT within the next 12 months 
BEAUTY expects 3Q16 earnings to be good, supported by more demand. It expects 2016 revenue to grow no less than 20% from Bt1.79bn in 2015. There is progress in talks regarding distributors in Hong Kong and Taiwan and it expects a decision in 4Q16. (Thun Hoon, 13/09/16)
CHEWA targets three-year revenue growth of 20% annually, supported by developing new projects and buying property projects that already have their EIA. It plans to launch its first lowrise project worth Bt500mn at the end of October. (Kao Hoon, 13/0 9/16)
Comment: Its an interesting smaller property developer. But as always with this business model, scalability is an issue
IVL has closed the deal for a JV with Dhunseri Petrochem Limited in India. This will lift PET capacity to 700K tons per year, making it India’s second-largest producer. (Thun Hoon, 13/09/16)
Comment: Another acquisition, he’s well on his way to catching up to Reliance, but is such a strategy necessarily good for minority equity shareholders?
NCH launches single-house project worth Bt680mn and has sold 24 units worth more than Bt78mn. (Kao Hoon, 13/09/16)

Continue reading Stocks in the news (aot, beauty, chewa, ivl, nch, nwr, pttgc, ratch, samart, sithai, smart, ticon, tks, tsf, auct) 13.09.16

Management Trades 05/09 – 09/09

Notable Transactions

Buy(s) THB 273

  • TU – The owner decides to pick up a fair amount of shares
  • BTW – looks like a block trade between shareholders

Sell(s) THB 245

  • IFEC – Does he not believe in IFEC’s dream to somehow do everything despite not having the capital?
  • BTW – see above
  • PT – A rare sale, looks like a block done as well
  • TICON – That’s interesting, have seen any sales from Ticon for a number of months now.




Stocks in the news (bem, epco, gpsc, kiat, ktis, major, npp, samart, sgp, ticon, trc, tvd) 21.07.16

BEM expects 2Q16 earnings to be good supported by expressway and BTS passengers. It expects 2016 revenue to grow 2.1% from last year. (Thun Hoon, 21/07/16)
EPCO announced that it has postponed paying Bt117.50mn for a PP from July 15 to Aug 15, 2016. (Kao Hoon, 21/07/16)
GPSC expects 2Q16 profit to be better than 2Q15’s Bt473mn. It expects 2016 profit to grow supported by booking revenue from IRPC and CP and Navanakorn power plant. It plans to operate 1,922MW within 2019. (Kao Hoon, 21/07/16)
KIAT expects to get a job to transport chemical products. The project is valued at over Bt300mn and it expects to get 50%. It expects 2H16 to be good supported by new jobs worth Bt500mn. It plans to expand its business abroad and focus on the energy business. It expects to finish the deal to acquire a business this year. (Thun Hoon, 21/07/16)
Comment: If that is the case re the new project then it’ll just increase their recurring income to a higher level
KTIS eyes packaging growth – The company’s target is to increase revenue from the bagasse packaging segment to 8% of total revenue from its pulp and sugar waste business to 1.3 billion baht within the next few years, up from the current 4%, he said. (Bangkok Post, 21/07/16)

Continue reading Stocks in the news (bem, epco, gpsc, kiat, ktis, major, npp, samart, sgp, ticon, trc, tvd) 21.07.16

Stocks in the news (chow, ivl, lpn, pylon, scn, spcg, susco, takuni, ticon, tpbi, tsr, tta, uac) 16.06.26

CHOW got EPC project from Primo energy for a 10MW solar farm. (FUKUI project, valued at Bt3bn.) (Khao Hoon, 16/06/16)
IVL plans to cooperate with Dhunseri, expects this to expand its PET market in India. It expects a decision to be finalized by 2016. It expects 2016 outlook to be good after its capacity reaches 9mn tons. It expects significant growth in 2016 net profit and revenue. (Thun Hoon, 16/06/16)
Comment: I’m looking forward to seeing what else they put in their 2Q16 numbers
LPN expects 2Q16 earnings to mark a record high. It expects 2H16 earnings to be better than 1H16 aided by Bt5bn in transfers and Bt5.8bn backlog. It expects 2016 sales to reach Bt17.6bn. It plans to launch 10-12 projects this year. (Khao Hoon, 16/06/16)
Comment: Well if 2Q is indeed the high, then it should be near THB 6 bn in revenues, otherwise they will have a tough time at matching last years revenue numbers 
PYLON got a Bt150mn foundation project, expects to sign the contract soon. This raises its backlog to Bt750mn. It plans to take part in Bt2bn bids. It expects 2016 revenue to reach Bt1.2bn as targeted, backed by transfers. (Thun Hoon, 16/06/16)
SCN expects 2016 revenue to grow 40% thanks to higher demand for NGV. It is budgeting Bt1bn for business expansion. It expects a 5MW cooperative solar farm to start up by the end of this year. (Khao Hoon, 16/06/16)

Continue reading Stocks in the news (chow, ivl, lpn, pylon, scn, spcg, susco, takuni, ticon, tpbi, tsr, tta, uac) 16.06.26

Interview: Ticon Freehold and Leasehold Real Estate Investment Trust (TREIT)

Ticon Freehold and Leasehold Real Estate Investment Trust (TREIT) listed on the Stock Exchange of Thailand in January 2015. Managing director Amorn Chulaluksananukul and Charasrit A Voravudhi, general manager and head of business development, discuss the fund’s strategy and outlook.


What assets are currently in TREIT?

Our investment portfolio comprises 98 units of premium warehouses and factories with total rental area of 369,705 square metres on 503 rai of land. These include 71 warehouses covering 293,805 sq m (79%), and 27 factories covering 75,900 sq m (21%). Freehold investments account for 56% and leasehold investments 44% of the portfolio. The properties are in strategic locations at 16 leading industrial estates, industrial and logistics parks in Thailand. The fund’s total asset value is 7.7 billion baht.

How will you continue to develop TREIT?

We are continuously exploring new opportunities to expand through a combination of assets purchased from Ticon Industrial Connection Plc and from other companies. What is important is that we have to ensure that the revenue structure of the prospective assets is similar to that of our existing assets which generate recurring and stable income streams. We need to understand clearly how the assets operate as well as identify key success factors of the business and cover locations that are strategically attractive to the existing and potential customer base.

We have a positive outlook for the industry, supported by the introduction of the Asean Economic Community. Thailand continues to be a key destination for international investors who aim to use the country as a distribution hub and manufacturing base, given the competitiveness of the manufacturing industry and ideal location at the centre of Asean.

As the REIT manager, we also have to ensure that TREIT is optimally managed in terms of both revenue and expenses. We need to utilise the appropriate financial instruments to enhance returns to our investors.

Continue reading Interview: Ticon Freehold and Leasehold Real Estate Investment Trust (TREIT)

Interview: Ticon Industrial Connection Plc (Ticon)

Ticon Industrial Connection Plc is the country’s largest provider of industrial properties for rent and also a major provider of warehouses to serve companies’ logistics needs. Managing director Virapan Pulges discusses the company’s strategy and outlook.


What are your views on the region and Ticon’s ability to expand to neighbouring countries?

We have begun an expansion into Indonesia with two partners, the Indonesian property developer PT Suraya Semesta Internusa Tbk and Mitsui & Co. Indonesia is an attractive location because of its population, demographics, and the current and potential expansion of businesses. The population is over 240 million people, there is high domestic consumption, 10 million motorcycles are sold per year and 1 million cars; it is a vibrant economy.

With our two partners we feel very confident that our business will succeed and together we have developed the first phase of 34,560 square metres and aim to complete the second phase of 51,000 sq m within this year. What is interesting is that even though it is a “new” country, our customer base is similar because multinationals have a presence in every major developing economy. Thus, from the customers that we service here in Thailand, we can service them as well in Indonesia and other countries in Asean.

Beyond Indonesia, we are looking at Vietnam because of its large population of 90 million, but we do not have a firm timeline.

Do you feel that Thailand has lost its attractiveness as a destination for companies to invest in?

No, Thailand is still very attractive for companies investing in the region. However, the types of customers we have and their nationalities are slightly different today compared with a decade ago. You will recall reports that companies such as Samsung are choosing to invest in Vietnam rather than Thailand, and yes, that is correct, because for low-cost, labour-intensive assembly work Vietnam is indeed more attractive than Thailand. However, the final product is still transported to Thailand and shipped via the Laem Chabang port.

So we see that Thailand is attractive because of its location and logistics strengths for businesses with perhaps more capital intensive manufacturing utilising Thailand’s infrastructure as a distribution hub. Also, with the government focusing on new railway tracks throughout the country, this positioning of Thailand will only become stronger.

How has your customer base shifted over the past decade?

In the past, more than half of our customers were from the electronics industry and from Japan. In the past five years we have witnessed a seismic shift in technology. Several electronic products such as hard-disk drives, fax machines, cameras and so forth, which were a huge component of Thailand’s electronics cluster, have since become marginalised.

Therefore, today we have more automotive customers and while the Japanese customers are still the largest proportion, there has been an increase in companies from China with industries such as renewable energy, mobile phone parts and so on. For the warehouse business, because the locations are ideal as distribution hubs, we serve industries such as consumer products, modern trade, e-commerce and logistics service companies. Continue reading Interview: Ticon Industrial Connection Plc (Ticon)

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

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 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 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 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 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

Stocks in the news (aot, bcp, bem, bsbm, cho, dtac, fsmart, genco, gpsc, ifec, jas, lpn, mcs, rpc, scc, ticon) 07.04.16

AOT expects passenger growth of 16% to 3.98mn passengers between Apr 8–18. (Khao Hoon, 07/04/16)
BCP cuts E&P long-term investment budget of Bt3-4bn (2015-2020). It will use the funds to invest in green power plant instead. (Khao Hoon, 07/04/16)
BEM plans to start running the Purple Line and Srirat-Orr in August 2016. It plans to issue debenture of Bt48bn to restructure debt. (Thun Hoon, 07/04/16)
Comment: And now the financial restructuring begins, if you forgot the main reason for CK deciding to merge BMCL and BECL is to ensure that they can use BECL’s balance sheet to finance BMCL’s expansion
BSBM expects 2016 revenue will grow supported by rising world steel price and government projects to support demand. It plans to launch a new product. (Thun Hoon, 07/04/16)
CHO collaborating with SAP-NETIZEN to install SAP Business Design software. It has budgeted Bt10mn for this purpose. It expects to upgrade to offer one-stop services. (Khao Hoon, 07/04/16)

Continue reading Stocks in the news (aot, bcp, bem, bsbm, cho, dtac, fsmart, genco, gpsc, ifec, jas, lpn, mcs, rpc, scc, ticon) 07.04.16

Stocks in the news (bay, bsm, cpf, demco, jas, jsp, kool, mill, pylon, ratch, sgp, super, tpch, trc, tu) 03.03.16

BAY targets loan growth of 7% mainly corporate loans in Thailand and Japan. It expects revenue from fees to grow, offsetting lower NIM. It expects NPLs in 2016 of not over 2.5% and plans to sell Bt2-3bn in NPLs. It plans to issue a debenture worth no less than Bt10bn to bring Tier 2 capital to near 2%. (Thun Hoon, 03/03/16)
Comment: Could this bank join the ranks BBL, KTB, SCB, KBANK? I wouldn’t bet against it given the new shareholder
BSM reported net profit in 2015 of Bt14.62mn, up 10%, supported by increase in domestic and export sales. It will pay a dividend of Bt0.0033/share, XD on May 9 and payment on May 25. The board approved a capital increase and warrant issue. (Thun Hoon, 03/03/16)
CPF is budgeting Bt500mn to expand its swine farm. It targets revenue of Bt30bn in 2016. (Kao Hoon, 03/03/16)
CPN will start building Central i-City Malaysia worth more than Bt8.5bn. It expects to finish in 2018. (Kao Hoon, 03/03/16)
Comment: A regional shopping mall player in the making.
DEMCO expects earnings in 1Q16 continue to in the red after it lost opportunity to produce electricity. (Kao Hoon, 03/03/16)
Comment: No surprises here, more curious to see how 2Q16 plays out.
JAS stock price was up even if it does not get a 4G license. Investors view the abandoning of a license as positive, as it means it will not take on a debt load of Bt100bn and thus limits losses. JAS plans to deal with AIS and TOT to push “fixed broadband”. (Kao Hoon, 03/03/16)
Comment: Well. Ok.

Continue reading Stocks in the news (bay, bsm, cpf, demco, jas, jsp, kool, mill, pylon, ratch, sgp, super, tpch, trc, tu) 03.03.16