Tag Archives: tpoly

Stocks in the news (beauty, bjc, btw, ea, gpsc, itd, malee, ple, pttep, seafco, tfg, top, tpoly, vgi, work) 24.08.16

BEAUTY
BEAUTY expects 2H16 high season to support its sales. It is confident that 2016 revenue will grow more than 20%. It plans to expand its branches in Thailand and abroad. (Kao Hoon, 24/08/16)
Comment: The odd thing is that we are seeing management sell shares in the market 
 
BJC
BJC expands glass output capacity – BERLI JUCKER(BJC) is investing Bt2 billion in the construction of a new furnace with a production capacity of 300 tonnes of glass a day, in order to cater to rising demand for glass containers. (The Nation, 24/08/16)
Comment: Watch them dominate Thailand and Vietnam along with Central Group
 
BTW
BTW announced a dividend of Bt0.27/share, XD today and payment on Sep 9. It has backlog of Bt1.56bn and expects 2H16 earnings to be good. (Thun Hoon, 24/08/16)
EA
EA plans to COD a 126MW wind power plant at Nakhon Si Thammarat at the end of 2016. This will lift capacity to 404MW, doubled from 2015. It expects 2016 earnings to be a new high. It plans to do five more projects in Chaiyaphum worth Bt20bn to increase capacity to 64MW. (Thun Hoon, 24/08/16)
GPSC
GPSC expects 2016 revenue and profit to jump due to booking revenue from IRPC, Nava Nakorn power plant and more new customers. It announced a five-year plan to have capacity of 2,800MW and expects the board to approve its investment budget of Bt19bn. (Kao Hoon, 24/08/16)
ITD
ITD get a big project worth more than Bt1.28bn to bring backlog up to over Bt200bn. It expects earnings to turn to profit after it reported a net loss in 2Q16. (Thun Hoon, 24/08/16)
Comment: With the recent win @ AOT, will they have to raise capital again?
 
MALEE
Malee Group and Mega Lifesciences will set up a 49:51 joint venture called Mega Malee Company to develop health-related natural foods and beverages for both local and international markets. Initial investment is put at Bt10 million. (The Nation, 23/08/16)
Comment: That added a little pop to both their share prices that day

Continue reading Stocks in the news (beauty, bjc, btw, ea, gpsc, itd, malee, ple, pttep, seafco, tfg, top, tpoly, vgi, work) 24.08.16

Stocks in the news (akr, chg, dcon, ndr, oishi, siri, tpoly, true, tu, tvt) 06.07.16

AKR
AKR is bidding for government transformer jobs worth Bt3bn and expects to get 10-15%. It expects to get solar job from EPC worth more than Bt400mn. This will support 2016 revenue to reach Bt2.5bn. It plans to expand to Indonesia and Vietnam. (Thun Hoon, 06/07/16)
CHG
CHG expects 2H16 earnings to double supported by high season in 3Q16. It is confident that occupancy rate will be 70-80%. (Thun Hoon, 06/07/16)
DCON
DCON expects good earnings in 1H16 supported by more orders. It is confident that 2016 revenue will hit target of Bt1.1bn supported by construction recovery and more demand. (Thun Hoon, 06/07/16)
Comment: Is there a round 2 coming for DCON? I haven’t looked at the name properly since ’13 but if my memory is correct unless they are doing another property project there won’t be another jump in earnings.
 
NDR
NDR got orders from India worth Bt170mn. It expects 2H16 earnings to continue to grow and expects revenue to reach Bt1bn. (Thun Hoon, 06/07/16)

Continue reading Stocks in the news (akr, chg, dcon, ndr, oishi, siri, tpoly, true, tu, tvt) 06.07.16

Stocks in the news (cbg, cwt, iec, j, jmart, max, nwr, tgpro, tpoly, tsr, tta, ureka) 01.06.16

CBG
CBG is confident that sales in 2Q16 WILL continue to grow supported by expansion in domestic and export markets. It plans to do marketing in Europe after being chosen as a sponsor for Chelsea Football Club. It expects 2016 sales to grow 15-20% and gross margin to reach 40%. (Thun Hoon, 1/6/16)
CWT
CWT expects 2016 revenue to reach Bt1.6bn. It expects to increase seat factory capacity in Cambodia. It expects 2019 production to increase to 1 million cars from capacity of 6,000 cars per month. It plans to invest in power plant and expects to clarity in 3Q16. (Thun Hoon, 1/6/16)
IEC
IEC spent Bt100mn to buy 25% of SK1 power plant. After the transaction it will hold 100%. It expects ROI of 13.12% per year. (Kao Hoon, 1/6/16)
Comment: Well ok, they will have to raise more capital to achieve their dreams
 
J
J expects revenue and profit to be a new high. It has budgeted Bt1bn to expand branches, acquire a business and buy land for development. (Kao Hoon, 1/6/16)
Comment: Similar business model to SF, in the end its a sqm leasing game.

Continue reading Stocks in the news (cbg, cwt, iec, j, jmart, max, nwr, tgpro, tpoly, tsr, tta, ureka) 01.06.16

Stocks in the news (bwg, css, epg, ifec, inet, ivl, ori, pstc, ptg, pylon, ratch, richy, sim, tfg, tpoly) 31.05.16

BWG
BWG expects 2Q16 net profit to be good backed by revenue from industrial waste management service. It expects 2H16 earnings to be good aided by 9.4MW power plant and RDF (Refuse-Derived Fuel). It expects 2016 net profit of Bt379mn and expects to grow 50% next year backed by its 2nd power plant. (Thun Hoon, 31/05/16)
Comment: And they are issuing warrant after warrant for this. I’ve always liked the idea of industrial waste management but it looks like the focus of the company has shifted to powerplants more and more.
 
CSS
CSS expects to book revenue from communication system projects of ADVANC and DTAC. It expects 2016 revenue to hit its target of Bt5.3bn. It plans to take part in bidding for 15MW solar cell. It plans to expand abroad. (Thun Hoon, 31/05/16)
Comment: A retail darling at one point, could it be time for part 2?
 
EPG
EPG reported FY2016 net profit of Bt1.413bn, up 123%YoY, driven by all three business segments. It will pay a dividend of Bt0.12/share, XD on Aug 2. (Khao Hoon, 31/05/16)
IFEC
IFEC expects 2Q16 net profit to back to the black from net loss in 1Q16 and higher than 2Q15 due to Bt700mn extra gain from debt restructuring at Dhara Dhevi. It expects Dhara Dhevi to exit from its rehabilitation plan in June and list on the SET in 2017. (Khao Hoon, 31/05/16)
Comment: Hmmm. Ok. A renewable hotel owner.

Continue reading Stocks in the news (bwg, css, epg, ifec, inet, ivl, ori, pstc, ptg, pylon, ratch, richy, sim, tfg, tpoly) 31.05.16

Stocks in the news (aav, ap, bkd, bts, jmart, ori, ptt, seafco, smt, spali, synex, tfg, tpoly, ttcl, tvd, wha) 24.05.16

AAV
AAV expects 2Q16 earnings continue to be good supported by passenger growth and lower oil price. It plans to open four new routes. In 1Q16 earnings was over Bt1bn due to high season. (Thun Hoon, 24/5/16)
AP
AP launched two new condominiums valued at Bt3.64bn. Presales will be held on June 4-5. It targets presales of Bt1.5bn. More than 3,000 customers have registered. (Kao Hoon, 24/5/16)
BKD
BKD is confident that 2Q16 earnings will continue to grow. It expects to increase its target revenue growth from 20% in 2H16. It has backlog of Bt1.57bn and will book 76% this year. It will bid for new jobs valued at more than Bt3bn and expects to 40-50% of its bids. (Kao Hoon, 24/5/16)
BTS
BTS Group buys 46 trains for Bt11bn. BTSC has signed a contract to buy 46 new trains worth 11 billion baht from Siemens AG and CRRC Changchun Railway Vehicles. The contract provides 46 trains from the two firms, with four cars per train, to be used for the Green Line extension. The money will come from cash flow and loans. It plans to big for the upcoming Pink and Orange lines in the form of public-private partnership. It has a healthy financial position with Bt12bn worth of cash on hand and a low D/E of 0.28, management said.
Comment: Good luck trying to understand their balance sheet, it looks a bit like an investment company versus a pure transit play. 
JMART
JMART expects 2Q16 earnings to grow as consumer purchasing power recovers. It is confident that 2016 revenue and profit will grow, supported by 3G and 4G. (Kao Hoon, 24/5/16)
Comment: Given how poor the phone industry has been they’ve done an ok job but still don’t believe in the turnaround in the market.

Continue reading Stocks in the news (aav, ap, bkd, bts, jmart, ori, ptt, seafco, smt, spali, synex, tfg, tpoly, ttcl, tvd, wha) 24.05.16

Stocks in the news (advanc, asefa, bigc, bjchi, bsm, ck, ea, pf, npp, sci, tluxe, tmi, tpoly, true, tsr, twpc) 18.05.16

ADVANC
ADVANC is now left as the only applicant in the running to take part in the upcoming reauctioning of a 900MHz licence. (The Nation, 18/05/16)
Comment: It should be an uneventful auction…
 
ASEFA
ASEFA expects 2016 revenue to grow 15-20% on the back of Bt1.7bn backlog. It expects this to cover revenue till next year. It plans to take part in bids. (Khao Hoon, 18/05/16)
BIGC
BIGC plans big expansion – THE NEW board of directors of Big C Supercenter, controlled by Berli Jucker Group, has approved the plan to allocate Bt5bn-Bt6bn for store expansion in Thailand this year, focusing on “blue ocean” locations, including subordinate and border provinces, and major districts. (The Nation, 18/05/16)
Comment: Thats rather interesting given that the previous management didn’t see any more growth potential in the country..
 
BJCHI
BJCHI announced 1Q16 earnings of Bt338.7mn (+110%) with Bt2.1bn in revenue, up 40%. It is waiting for bidding results. It expects 2016 revenue to grow not less than 15% as its work on hand is Bt1.7bn. (Thun Hoon, 18/05/16)
BSM
BSM expects 2Q16 earnings to recover backed by orders at home and Bt10mn orders from India. It expects 2016 revenue to hit Bt700mn. It expects margin to reach 30%. It expects 2H16 earnings to be better than 1H16. (Thun Hoon, 18/05/16)

Continue reading Stocks in the news (advanc, asefa, bigc, bjchi, bsm, ck, ea, pf, npp, sci, tluxe, tmi, tpoly, true, tsr, twpc) 18.05.16

Stocks in the news (apco, akr, ccp, dcon, dtac, gl, irpc lalin, lph, ori, pjw, pk, qtc, smart, snc, spcg, thana, tpoly) 10.02.16

APCO
APCO expects 2016 revenue to grow not less than 10% despite the slowdown in domestic purchasing power. It expects 2016 revenue to reach Bt450mn with a gross margin of 25%. It plans to increase its distribution channels through local retail stores. It is looking for a partner to build its network in Singapore, Malaysia, and Indonesia. (Thansetthakij, 10/02/16)
AKR
AKR targets 2016 revenue growth of 25% backed by robust earnings every quarter after it adjusted its strategy. It plans to focus on marketing campaigns and increase inventory in 1Q16. It plans to take part in PEA and MEA bids, valued at Bt6bn, in 2Q16. It expects the government to approve solar projects in March. (Thun Hoon, 10/02/16)
Comment: Again the issue with AKR is that there are just better companies doing the same business in the market. 
CCP
CCP got concrete orders on motorway project (Pattaya-Mabtaphut), valued at Bt500mn. This will increase its 2016 backlog. It expects 2016 revenue of to Bt2.6bn. It expects to benefit from public projects and property projects. (Khao Hoon, 10/02/16)
Comment: A Definitely beneficiary from all this infrastructure spending, but it seems rather priced in already
DCON
DCON expects 2016 revenue to reach Bt1.15bn aided by a larger customer base. Its management is okay with a capital increase as it will support fundamentals and decrease its D/E ratio to 0.2X. It is budgeting Bt400mn to buy land. It plans to pay a dividend at a payout ratio of not less than 25%. (Thun Hoon, 10/02/16)
Comment: Is DCON shifting further and further away from being a pure manufacturer of construction material to a property developer? 

Continue reading Stocks in the news (apco, akr, ccp, dcon, dtac, gl, irpc lalin, lph, ori, pjw, pk, qtc, smart, snc, spcg, thana, tpoly) 10.02.16

Stocks in the news (aav, abc, apco, ccn, gpsc, jsp, kc, psl, smart, stanly, super, tog, tpch, tpoly, tndt, ttw) 09.02.16

AAV
AAV expects 2016 net profit to be over Bt1bn driven by 16.9mn passengers and an 82% cabin factor. It expects to get five A320 planes this year, with a goal of 70 airplanes in 2020. It expects to open new routes in CLMV, beginning with Luang Prabang. (Thun Hoon, 09/02/16)
Comment: There is no real competition for AAV, I like to now saw Emirates control’s the mid-high end customers, AAV controls budget.

ABC
ABC plans to launch ABC Residence Sukhumvit 39, valued at Bt2.5bn. The selling prices will start at Bt170,000/sqm. It expects to do presales in March. (Khao Hoon, 09/02/16)
Comment: Will this condo be launched w/ solar power and IT Solutions?

APCO
APCO targets 2016 sales growth of 10% to achieve revenue of Bt450mn by focusing on providing BIM products to local customers. It is looking for a partner in Singapore to build MLM in Singapore, Malaysia, and Indonesia. (Khao Hoon, 09/02/16)
Comment: I hate MLM companies, there said I it

CCN
CCN expects 2016 net profit to mark a record high backed by the setup of 4G networks. It expects this to contribute 50% of total revenue in 2016 from last year’s 5%. It expects 2016 revenue to grow 20% aided by Bt70mn backlog. It expects to get a Bt200mn mega project which is expected to be concluded by 1Q16. (Thun Hoon, 09/02/16)

GPSC
GPSC plans to operate 65MW hydroelectricity in Laos with startup in 2017; construction has reached 35% completion. (Thun Hoon, 09/02/16)

Continue reading Stocks in the news (aav, abc, apco, ccn, gpsc, jsp, kc, psl, smart, stanly, super, tog, tpch, tpoly, tndt, ttw) 09.02.16

Stocks in the news (akr, atp30, beauty, ck, ivl, jmt, major, nch, oishi, pca, smt, tpoly, tsr, tvt) 08.01.16

AKR
AKR says foreign investors are interested becoming partners to invest in alternative energy. It expects 4Q15 earnings to mark a record high backed by numerous orders. It targets 2016 revenue to grow not less than 25% thanks to Bt6bn in bids. It expects the government to approve solar farm projects. It plans to invest in 40MW. It plans to expand to ASEAN. (Thun Hoon, 08/01/16)
Comment: Well its a natural step forward for them as they are trying to shift away from being a project based only company

ATP30
ATP30 expects 2016 net margin to double from 2015’s (5% in 2015 to 10% in 2016). It expects to make a decision whether to invest in or acquire a logistics business within mid-2016. It expects to invest be not less than Bt100mn. (Khao Hoon, 08/01/16)

BEAUTY
European investors are interested in BEAUTY shares because of its strong fundamentals and growth. It expects 2016 revenue growth of 20% aided a broader customer base at home and abroad. (Thun Hoon, 08/01/16)

CK
CK expects to report 2015 net profit of Bt2.39bn. It plans to take part in Bt600bn public project bids. (Khao Hoon, 08/01/16)

IVL
IVL has agreed to acquire BP Chemical’s Alabama plant (720 KMT PX, 1,020 KMT PTA, and naphthalene dicarboxylate or NDC) within 1H16. (Khao Hoon, 08/01/16)
Comment: We do wonder how on earth IVL will reach it’s warrant exercise prices in the next 2 years.

Continue reading Stocks in the news (akr, atp30, beauty, ck, ivl, jmt, major, nch, oishi, pca, smt, tpoly, tsr, tvt) 08.01.16

Co Visit: Thai Polycons (TPOLY)

Power and property strengthen foundation of Thai Polycons

SET-listed Thai Polycons Plc (TPOLY) has been in the construction business since 1988 and since diversified into renewable energy and property. President Chainarong Chanpalangsri discusses the company’s strategy and outlook.

Please explain Thai Polycons’ history and business model.

We started in 1988 initially with 1 million baht in capital and 30 employees as a subcontractor focusing on small construction projects. Over time, we grew and eventually listed on the Market for Alternative Investment (MAI) before moving to the main board of the SET.

Today we have four main business lines. Our core business is construction of multiple project types, from infrastructure to property or commercial developments. Second, we have a renewable energy company that focuses on biomass power plants. Third, we have a property business and will launch our second development next year. Finally, a trading business supports each of the above business lines.

How is the construction business progressing and how do you view the industry in Thailand?

We’ve had issues with our performance due to the increase in the minimum wage. The government’s insistence any impact would be minimal was incorrect, as the cost of each item increased and resulted in project losses for ourselves and others in the industry.

tpoly
Chainarong: Building on construction base

Going forward we’re confident, as our backlog is currently at 5 billion baht excluding potential work with MAI-listed TPC Power Holding Plc (TPCH). Our customers range from property developers to hospitals, infrastructure and power plants, and we’re able to bid for projects across the board, as our philosophy is to remain open to new opportunities. The industry has a lot of potential with the government’s plans for infrastructure work, and we hope to participate in some projects with partners or joint ventures.

Continue reading Co Visit: Thai Polycons (TPOLY)