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Commentary, Research, Stocks, Updates

Stocks in the news (banpu, brr, cm, dcorp, gunkul, jmart, l&e, nwr, perm, pstc, scn, tnp, tog, tsr, ttcl) 12.09.16

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BANPU
BANPU expects 3Q16 net profit to be better than 2Q16’s Bt281mn thanks to higher coal price. It plans to invest in solar rooftop by negotiating with IEs, department stores and residences. (Thun Hoon, 12/09/16)
BRR
BRR’s board approved setting up an infrastructure fund for the power business of its two subsidiaries (Buriram Sugar and Buriram Power) with capacity of 19.8MW. It expects to use the funds to invest in new plants in Buriram and Surin. (Khao Hoon, 12/09/16)
Comment: Well that is an interesting development for a company firm. I’m not sure if 20 MW is enough for an infrastructure fund though…
 
CM
CM expects to complete a deal to set up a subsidiary in Myanmar by the end of this year. It plans to invest Bt700mn in a processing plant. It plans to expand to abroad. It expects 2016 revenue to be good on the back of the baht depreciation. (Thun Hoon, 12/09/16)
DCORP
DCORP expects to sign an MoU with a Chinese partner this week to invest in a mega project. It plans to invest in a 320MW solar farm in the Philippines. It expects net profit this year. It will also book revenue from a new service (energy saving management for private companies). It expects 2017 performance to be good on the back of the power business. (Thun Hoon, 12/09/16)
Comment: We’ve been reading a lot about these solar farm’s in the Philippines, last we checked the grid there is far worse than Thailand so we have our doubts on several of these projects going through.
 
GUNKUL
GUNKUL plans to take over 40-70MW Japanese solar farms. It also plans to submit bidding documents for a 20MW solar farm in Malaysia. It expects this to increase its total capacity to 420MW at the end of 2015. It expects its capacity to reach 1000MW within 2021. It expects 2016 revenue to grow 30% as targeted. (Thun Hoon, 12/09/16)
JMART
JMART expects 4Q16 sales to surge brought by launching iPhone7. It expects 2016 revenue to grow 30% as targeted. It expects to change to a holding company within 2017 after it reaches Bt10bn in assets. (Thun Hoon, 12/09/16)
Comment: We are more curious about their other businesses which are the key drivers versus just the phone sales. Plus when you’re up against someone like Com7 that is sweet with True or SPVI that is sweet with AIS, how can JMART continue to compete?

Continue reading Stocks in the news (banpu, brr, cm, dcorp, gunkul, jmart, l&e, nwr, perm, pstc, scn, tnp, tog, tsr, ttcl) 12.09.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (ah, arrow, auct, bm, ctw, gel, intuch, k, malee, mc, pace, pf, plat, pttgc, rml, ttcl, tu, vte) 18.08.16

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AH
AH expects 2016 revenue to grow 5% from last year’s Bt15.1bn due to large orders. It will pay a dividend of Bt0.33/share, XD on Aug 26, PD on Sep 9. (Thun Hoon, 18/08/16)
Comment: And the company has been doing share buybacks for the past few months
 
ARROW
ARROW expects 2H16 earnings to be good backed by Bt240mn backlog. It expects 2016 revenue to reach Bt1.4mn with gross margin at 25-30%. Its 1H16 net profit was Bt126mn. It will pay a dividend of Bt0.2/share, XD Aug 23. (Khao Hoon, 18/08/16)
Comment: We’ve questioned whether they have the capacity necessary to fulfill all the potential market demand and their current valuations
 
AUCT
AUCT expects 3Q16 earnings to be good brought by extra items from public bids. It plans to take part in 1-2 bids, and expects to know the results this year. It expects auction 60,000 vehicles this year. (Thun Hoon, 18/08/16)
BM
BM reported 1H16 net profit of Bt23mn, up 68.32% with revenue of Bt384mn, up 5.55%, backed by higher sales, especially from selling racks and conduits. (Khao Hoon, 18/08/16)
CTW
CTW expects 3Q16 earnings to be good supported by cable projects from ITD such as Suvarnabhumi phase 2, MRT Orange, Pink and Yellow lines, the Dawei project, and moving cables underground. (Thun Hoon, 18/08/16)

Continue reading Stocks in the news (ah, arrow, auct, bm, ctw, gel, intuch, k, malee, mc, pace, pf, plat, pttgc, rml, ttcl, tu, vte) 18.08.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (aot, ap, bsm, centel, cho, fsmart, lh, malee, pk, qtc, sci, spa, tk, tmb, ttcl) 06.06.16

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AOT
AOT plans to open bidding for the APM system at Suvarnabhumi valued at Bt3bn in midJune. It expects to finish the deal in October 2016. (Khao Hoon, 06/06/16)
Comment: AOT has been very quiet recently in terms of their expansion plans.
 
AP
AP got revenue of more than Bt8.55bn, up 20%, in five months. It plans to launch new projects and campaigns. It is confident sales will reach its target of Bt31bn in 2016. (Khao Hoon, 06/06/16)
Comment: Perhaps the last sector left to run in the Thai market.
 
BSM
BSM increase capital to RO and issue warrant (BSM-W2). It expects to funding of Bt150mn for develop property. It sets 2016 revenue target to over Bt1bn. (Khao Hoon, 06/06/16)
CENTEL
CENTEL expects 2Q16 earning to be good supported by tourism tax. It sets revenue target growth 10% from Bt19.2bn from 2015 due to tourism expansion. (Thun Hoon, 6/6/16)
CHO
CHO expects to turn around. It expects 2016 profit of Bt77mn, growth of 113% from 2015, supported by backlog of Bt645mn. It plans to book Bt400mn this year. (Khao Hoon, 06/06/16)
FSMART
FSMART is confident that 2Q16 earnings will grow as it expands the Boon Term top-up machines. At the end of April, it had 75,000 machines and expects to reach 90,000 this year. It is confident that revenue from Boon Term top-up machines will be over Bt28bn. (Khao Hoon, 06/06/16)
Comment: Still a growth machine. 
 
LH
LH expects 2016 transfers to hit Bt28bn as targeted after backlog reached Bt20bn. It plans to launch 14 projects valued at Bt23.5bn. It expects this to increase its presales to Bt28bn at the end of this year. (Khao Hoon, 06/06/16)
MALEE
MALEE expects 2016 revenue growth to be higher than target at 15% aided by the baht weakening and higher sales abroad. It plans to expand to CLMV and ASEAN. It expects its associated company in the Philippines to contribute doubled revenue. (Thun Hoon, 06/06/16)
Comment: The Philippines has done far better than what most people expected. It does raise the question why couldn’t ICHI and SAPPE do the same in their international expansions.

Continue reading Stocks in the news (aot, ap, bsm, centel, cho, fsmart, lh, malee, pk, qtc, sci, spa, tk, tmb, ttcl) 06.06.16 →

Commentary, Research, Stocks, Updates

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

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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 →

Commentary, Research, Special Events, Stocks

MSCI Semi-Rebalancing: Thailand has 11 changes

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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
                                (-) none

MSCI Small Cap (Thailand):        (+3) DNA, GL, S
(-6) EFORL, SAMTEL, SDAT, SRICHA, TIPCO, TTCL

Commentary, Research, Stocks, Updates

Stocks in the news (com7, ea, fire, fpi, gl, hmpro, iec, ihl, major, mfec, sc, solar, sprc, thcom, ttcl, uac) 15.01.16

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COM7
Local institution is interested in COM7 shares because of its strong fundamental. It plans to invest in Hobby Plus to increase revenue. It targets 2016 revenue growth of 15% aided by focusing on online market and expanding its customer base. (Thun Hoon, 15/01/16)
Comments: It’s been on a tear in the past few months, a combination of acquisitions and the government spending incentive all helped.

EA
EA expects 4Q15 earnings to be good boosted by revenue contribution from every project. It plans to invest Bt23bn in a wind power plant. It is looking for partner. (Thun Hoon, 15/01/16)
Comment: No surprise here, everything still seems to be on track

FIRE
FIRE expects 2016 revenue to grow 20% aided by expanding abroad with a focus on Cambodia. It is budgeting Bt100mn to invest in Cambodia by as a distributor or outright acquisition. It expects this to be clear in 2017. It expects 2018 revenue of Bt1bn. (Khao Hoon, 15/01/16)

FPI
FPI expects 2016 revenue to be good after it has set up a JV in India. It expects this to increase orders by Bt300mn. It expects 2016 net profit to rise backed by the baht depreciation. It targets 2016 revenue growth of 20%. It has budgeted Bt150mn for investment. (Thun Hoon, 15/01/16)

GL
GL expects high 2015 net profit growth with a record high in 4Q15 driven by HP in Laos and Cambodia. It expects net profit to grow 96% on average for the next three years. (Khao Hoon, 15/01/16)
Comment: A former darling of ours and well they would have to grow at these levels just to justify their existing valuation

Continue reading Stocks in the news (com7, ea, fire, fpi, gl, hmpro, iec, ihl, major, mfec, sc, solar, sprc, thcom, ttcl, uac) 15.01.16 →

Commentary, Research, Special Events, Stocks

Management Trades – Dec ’15

3 Comments

Notable Transactions

Buy(s) THB 6.3 bn

-KCE, BA, TTCL, RS, SAM, SPALI, MAJOR, WHA, SCC, IFEC, BBL, DCORP, BLAND, JMART, TU, SOLAR, TVO, NSI, CBG, SUPER, NMG

Sell(s) THB 15.0 bn

-BEC, KCE, SAWD, COL, UNIQ, MAX, AP, SAM, JSP, MAJOR, SRICHA, ITD, BA, TMC, AAV

160104 mgmt_trades

Note: Transactions shown are trades above THB 20 mn

Commentary, Research, Stocks, Updates

Stocks in the news (aqua, banpu, bgt, demco, earth, eastw, eforl, epg, gunkul, ratch, sithai, takuni, ticon, ttcl, tu) 14.12.15

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AQUA
AQUA plans to acquire a power business in Japan, expecting to invest in solar power. It expects performance to grow steadily. (Thun Hoon, 14/12/15)
Comment: An advertising company, with a water-related name, investing in solar power. yeahhhhhhhhhhhhhh!

BANPU
BANPU plans to restructure its business with a focus on power. It expects to increase capacity to 4000MW by 2020. It plans to invest in power plants in Laos, Myanmar and China. It plans to expand capacity at its Japan solar farm to 200MW. It targets coals sales of 42mn tons next year. (Thun Hoon, 14/12/15)
Comment: Well they had better do something to shift away from the dying industry that is coal.

BGT
BGT expects to increase 2016 net margin to 7% even though 2015 net margin will be lower than 1%. It expects to expand to Myanmar and open 5-6 branches. It expects exports to contribute revenue of Bt11mn/year. It is considering investing in Cambodia. It expects 2015 revenue growth to achieve target of 10%. (Thun Hoon, 14/12/15)
Comment: I’ve always liked the CEO of BGT, he knows and understands the retail business very well but not many people care for the Bodyglove brandname.

DEMCO
DEMCO plans to take part in the Bt10bn EGAT and PEA bidding. It plans to invest in running tap water lines from hydropower plants in Laos. It plans to hedge risk from windmill power by using large engineering companies and buying more insurance. It is confident it will have no problems at its three new projects (Khao Kho, Watabaek, and Had Gunghang). (Thansetthakij, 14/12/15)
Comment: Over the next 3-6 months expect to see a lot of news surrounding demco’s turnaround efforts

Continue reading Stocks in the news (aqua, banpu, bgt, demco, earth, eastw, eforl, epg, gunkul, ratch, sithai, takuni, ticon, ttcl, tu) 14.12.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (akr, cpall, epco, mc, mill, ndr, pf, ple, sf, tndt, tsr, ttcl, tu) 05.12.15

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AKR
AKR expects 4Q15 earnings to be highest backed by Bt500mn in transfers which achieved 2015 target revenue. It expects 2016 revenue of Bt3.2bn (+60%) aided by government projects. It expects to get a 9MW PPA for an agricultural cooperative solar farm in December. It expects to get Bt4bn in electric transformer projects. (Thun Hoon, 08/12/15)

BIG
BIG expects 4Q15 earnings to be peak. It plans to wipe out retained losses by the end of this year and pay a dividend on 2015 performance. It expects 2016 revenue to grow 10% by focusing on printing photos from smartphones. (Khao Hoon, 08/12/15)
Comment: That is the only “news” that seems to be supporting this stock, otherwise we don’t see much of a future in this niche player.

CPALL
CPALL plans to open 600 branches next year. It expects 2016 net profit of Bt15bn (+15%) from this year’s Bt13.2bn with Bt400bn in revenue. (Thun Hoon, 08/12/15)
Comment: By the looks of the stock price today funds just don’t like an executive team that front runs the market

EPCO
EPCO’s board approved investment in solar power plants in Japan (five projects, total 48MW). It expects this to supply electricity by 2Q16 and contribute Bt1bn in net profit for the life of the projects. It plans to list a subsidiary soon. (Thun Hoon, 08/12/15)

MC
MC expects 2016 revenue growth of 15% though it may achieve only 12% in this year because of the economic slowdown. Management says foreign companies are interested in becoming dealers. It plans to open new branches by the end of this year. It has budgeted Bt170mn to invest in 2016. (Thun Hoon, 08/12/15)
Comment: I still don’t care for the “Growth” story of this company, but at the right price definitely worth a look as its core business is ok.

Continue reading Stocks in the news (akr, cpall, epco, mc, mill, ndr, pf, ple, sf, tndt, tsr, ttcl, tu) 05.12.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (abc, com7, csp, ctw, dcorp, forth, iec, ktc, lph, mtls, ncl, pmta, pttep, tsk, ttcl) 23.11.15

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ABC
ABC plans to do M&A and acquisition. It is talking to acquire two property projects and expects the deal for one to be concluded this year. It plans to launch the Bt2.5bn ABC Residential condo. It plans to introduce a new service “E-Payment” in December. (Khao Hoon, 23/11/15)
Comment: We are still confused about this company’s business model, eservices, property, renewable energy?!

COM7
COM7 expects 2015 revenue to be an 18-year high. It expects 4Q15 revenue to be not less than Bt4bn thanks to 4G. It expects to finish its 2016 business plan in December. (Thun Hoon, 23/11/15)
Comment: And iphone sales of course

CSP
CSP is talking to prospective partners to take part in mega project. It expects talks to be concluded at the beginning of next year. It expects 2016 revenue to turn around, backed by Bt100-200mn in exports to Myanmar. (Thun Hoon, 23/11/15)

CTW
CTW expects 2016 to grow because it plans to expand its business by doing a JV between its subsidiary and a management system company. It expects to be a major systems management company for ADVANC, DTAC, and TRUE. It expects to get many projects from both the public and private sectors. It expects to get an MRT project from ITD. (Thun Hoon, 23/11/15)

Continue reading Stocks in the news (abc, com7, csp, ctw, dcorp, forth, iec, ktc, lph, mtls, ncl, pmta, pttep, tsk, ttcl) 23.11.15 →