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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 (aav, amata, amatav, ap, bem, big, bkd, bts, cmo, cpi, cwt, gold, itel, ktis, pttgc, rjh, samco, solar, spa, tacc, ureka) 23.08.16

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AAV
AAV’s load factor was a high 85% in 1H16. Fares are also rising and jet fuel prices falling. It plans to open new routes in 2H16. It wants to cooperate with AOT to develop Don Mueang Phase 3 which will increase capacity to 40mn/year from 30mn/year. (Thun Hoon, 23/08/16)
Comment: I do wonder if they can get their own terminal like in KL
 
AMATA
AMATA target 2016 revenue growth of 5% and the sale of 1,000 rai of land. It is studying an investment in an industrial estate in Myanmar, with some decision expected by the end of the year. (Kao Hoon, 23/08/16)
AMATAV
AMATAV expects 2016 revenue to reach Bt1.4bn due to sale of land and good facilities rental and services business. It will book revenue from the sale of 193.75 rai at end-2016. (Kao Hoon, 23/08/16)
Comment: They are up against a rather big player in KBC (vietnamese co) and given that this is AMATA, I doubt they’ll be as good as they should be.
 
AP
AP is confident presales will achieve target of Bt31bn. It plans to launch three projects worth Bt16bn to stimulate sales in 2H16. It expects revenue of Bt23.7bn and has backlog of Bt12.8bn. (Thun Hoon, 23/08/16)
BEM
official opening of Sriratch expressway, Bangkok outer ring road. BEM expects 97,000 vehicles per day in the first year. It expects average revenue in Sep-Dec 2016 of Bt145mn per month and 2017 revenue of Bt1.8bn . (Kao Hoon, 23/08/16)
BIG
BIG plans two big events in 2H16 to support sales. It is confident that 2016 revenue will grow more than 20%. It plans to add 4-5 Wonder Photo Shop branches this year. (Kao Hoon, 23/08/16)
Comment: A quick walk past their shop during the week shows that their Photo Shops are bustling with business. 

Continue reading Stocks in the news (aav, amata, amatav, ap, bem, big, bkd, bts, cmo, cpi, cwt, gold, itel, ktis, pttgc, rjh, samco, solar, spa, tacc, ureka) 23.08.16 →

Commentary, Research, Stocks, Updates

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

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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 →

Commentary, Research, Stocks, Updates

Stocks in the news (ajd, banpu, bbl, ckp, drt, gfpt, mill, qtc, samart, sat, scc, sci, sena, tkn, true, ureka, vpo) 20.04.16

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AJD
AJD targets top-up machines of 50,000 at the end of this year after yesterday reaching 10,000 machines. It plans to offer more services via its top-up machines in 2H16, such as ordering merchandise from the 7-Eleven catalog, insurance payments, etc. (Khao Hoon, 20/14/16)
Comment: We still have our doubts on their ability to execute, after all the incumbent FSMART is still continuing to dominate the country
 
BANPU
BANPU plans to take a step into upstream unconventional gas by acquiring 29.4% stake in the low-cost Chaffee Corners Joint Exploration Agreement (JEA) operation in the northeast section of the Marcellus Shale in Pennsylvania in US for US$112mn. (SET, Khao Hoon, 20/14/16)
BBL
BBL reported 1Q16 net profit of Bt8.31bn from Bt9.40bn in 1Q15, affected by higher provisions. This brought EPS to Bt4.36/share from Bt4.93/share in 1Q15. (Khao Hoon, 20/14/16)
Comment: I do wonder how many more times we shall hear, “it’s ok to have rising NPLs because we have provisioned for them already”
CKP
CKP targets capacity of 5,000MW in 2025 from 2,160MW now. It plans to focus on expanding in Thailand, Laos, and Myanmar. Its board approved issuing a Bt10bn debenture, with subscription expected in 2H16. (Khao Hoon, 20/14/16)

Continue reading Stocks in the news (ajd, banpu, bbl, ckp, drt, gfpt, mill, qtc, samart, sat, scc, sci, sena, tkn, true, ureka, vpo) 20.04.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (age, bbl, bkd, csp, dcon, drt, htech, j, mc, spcg, synex, thai, tmt, top, true, ureka, wiik) 18.01.16

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AGE
AGE expects to become a holding company engaged in the property business. It expects a return of at least 15%. It plans to export coal to Vietnam, which will increase revenue by 5-10%. It expects 4Q15 earnings to be good. It plans to implement cost control to increase profit. (Thun Hoon, 18/01/16)
Comment: A holding company engaged in property? Wait a minute, they are a coal company! Well better to switch now before its too late i suppose.

BBL
BBL revises up GDP growth to 3.5-4% from 3-3.5% driven by stimulus measures. It targets loans growth of 3.5%. (Thun Hoon, 18/01/16)
Comment: Don’t banks traditionally grow at 2x GDP?

BKD
BKD got a Bt300mn project, decorating Lotte and Marriot hotels. It plans to take part in Bt2bn bids. It targets 2016 revenue and net profit growth of 20%. (Khao Hoon, 18/01/16)

CSP
CSP targets steel sales of 150,000 tons driven by economic recovery. It expects to show net profit in 1Q16 after focusing on valued added products. (Khao Hoon, 18/01/16)

Continue reading Stocks in the news (age, bbl, bkd, csp, dcon, drt, htech, j, mc, spcg, synex, thai, tmt, top, true, ureka, wiik) 18.01.16 →

Commentary, Research, Stocks, Updates

Stocks in the news (ap, beauty, becl, bmcl, bem, cbg, ck, daii, demco, ea, eastw, ifec, jsp, mono, ncl, planb, samart, seafco, sprc, tfg, tmill, ureka) 09.12.15

9 Comments

AP
AP and Mitsubishi launched Life Pinklao project, valued at Bt3.1bn on Nov 21. It expects this to achieve presales of 40% by this year. It expects this to support demand for premium condo in this location. (Khao Hoon, 09/12/15)

BEAUTY
BEAUTY expects 4Q15 earnings to peak on seasonality and large orders. It expects 2015 revenue to grow 20% from 2014’s Bt1.38bn thanks to a broader customer base both local and overseas. Management plans to introduce a new business plan in January 2016. (Thun Hoon, 09/12/15)
Comment: And they continue to buck the trend by posting great SSSG numbers

BECL/BMCL The cabinet has approved the amalgamation of BECL and BMCL with a new ticker, BEM. BECL will hold a joint shareholder meeting (BECL-BMCL) on Dec 28. Trading in BECL and BMCL shares will be suspended from Dec 21-30. (Thun Hoon, 09/12/15)
Comment: I am absolutely curious to see if BEM will become a must have investment for institutional investors, it just sounds right.

CBG
CBG is talking to a prospective partner in Indonesia which it expects to finalize in 1Q16. It expects this to increase its exports. It expects 2015 net profit to mark a new high backed by numerous orders. It expects 2016 revenue to grow 10% from this year. (Thun Hoon, 09/12/15)
Comment: We’ve heard this story before….ICHI, SAPPE, “we’re expanding to indonesia and growth will be amazeballs” Neither of the two have exactly panned out just yet, such things take years of development and marketing

CK
CK bids lowest for Bt23.4bn dual-track project (Jira – Khon Kaen). It expects to sign the contract with the SRT this year, as well as the Chachoengsao – Kang Koi dual-track project. It expects the SRT to ask approval from the cabinet on Dec 15. (Khao Hoon, 09/12/15)
Comment: They are carving up the pie nicely, first STEC, now CK, so now its either ITD or UNIQ that wins the next project

Continue reading Stocks in the news (ap, beauty, becl, bmcl, bem, cbg, ck, daii, demco, ea, eastw, ifec, jsp, mono, ncl, planb, samart, seafco, sprc, tfg, tmill, ureka) 09.12.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (AJD, AOT, APCS, DRT, EPG, KC, L&E, MCS, NWR, PYLON, STEC, SUPER, SYNEX, TRT, UREKA, WICE) 19.11.15

2 Comments

AJD
AJD reported 9M15 net profit of Bt25.64mn (+1,007%). It expects continued growth in 4Q15. (Khao Hoon, 19/11/15)
Comment: While he may wear the funkiest sunglasses in all of his advertisements, the company hasn’t proven itself in terms of a consistent financial performance

AOT
AOT expects FY2016 earnings to be good on opening Terminal 2 at Don Muang. This will increase passengers by 20% and revenue by Bt1.2bn. It expects APPS (Advance Passenger Processing System), to start up on Dec 1, to increase its revenue. (Khao Hoon, 19/11/15)
Comment: Without a doubt still one of the biggest winners in this country. Don Muang’s numbers should still continue to grow and grow and grow.

APCS
APCS expects 2015 performance to turn around after implementing cost control, adding o its customer base and launching new products. 9M15 revenue was Bt637.13mn with Bt5.22mn in net profit. (Thun Hoon, 19/11/15)

DRT
DRT plans to expand to Myanmar which it expects will increase its revenue growth. It plans to talk to a prospective partner in December. It targets 2016 revenue growth of 5%. 9M15 net profit was Bt272mn. It expects 2015 revenue to be close to last year’s Bt4.25bn. (Thun Hoon, 19/11/15)
Comment: A nice story but a small impact, if one were an active investor they should take over management and drive this business properly

EPG
EPG expects FY2016 to grow 25-30% with net profit doubling from FY2015 after 1HFY16 net profit already surpassed FY2015’s. It targets revenue growth of 20% for next two years. It expects EPG stock to be included in SET100 after it has resolved the free float snag. (Khao Hoon, 19/11/15)
Comment: And that explains the stock price performance this past month, I’ve personally had difficulties wondering how to value this business as its a bit of a black box, what is the true value of a patent?

Continue reading Stocks in the news (AJD, AOT, APCS, DRT, EPG, KC, L&E, MCS, NWR, PYLON, STEC, SUPER, SYNEX, TRT, UREKA, WICE) 19.11.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (auct, ee, gcap, gold, gpsc, kkp, ksl, ktb, nep, polar, pttgc, siri, snc, spali, ureka, wice) 10.11.15

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AUCT
AUCT expects 3Q15 earnings of Bt58mn (+8%). 4Q15 net profit is expected to be good aided by seasonality. It expects this to raise 2015 net profit to Bt227mn (+12.5%). It has applied to join the 4G auction. (Khao Hoon, 10/11/15)
Comment: We think that the news is slightly incorrect for AUCT, more that AUCT would love to be the firm holding the auction on behalf of the government

EE
EE expects 4Q15 earnings to turn around backed by orders from China from ethanol stimulus measures. It expects 2016 net profit to be good aided by 240MW power plants. It plans to wipe out retained loss of Bt684.36mn with dividend payout of 40% as is its policy. (Thun Hoon, 10/11/15)

GCAP
GCAP is talking to a prospective partner to expand its business, lending on agricultural machines, which it expects to finalize soon. It targets 2015 loans for crepe rubber machines to reach Bt20mn from the addition of customers. It expects 3Q15 earnings to be good backed by increased demand for loans. It plans to expand to corporate loans in 2016. (Thun Hoon, 10/11/15)
Comment: A rather interesting little company, but has the decrease in agricultural prices killed its target market?

GOLD
GOLD’s board has approved a capital increase of 685.7mn shares for PP to FPHT at Bt7.25/share, equal to Bt4.97bn. It plans to use the funds from the capital increase for new projects. It reported 3Q15 earnings of Bt133.52mn (+71%) with revenue of Bt2bn. It plans to pay an interim dividend of Bt0.05/share, XD on Nov 19, PD on Dec 3. (Thun Hoon, 10/11/15)
Comment: Ah well, people are still holding out for the REIT

Continue reading Stocks in the news (auct, ee, gcap, gold, gpsc, kkp, ksl, ktb, nep, polar, pttgc, siri, snc, spali, ureka, wice) 10.11.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (centel, eforl, epco, mint, mono, ori, s, sci, scn, spali, trc, ureka) 13.10.15

3 Comments
CENTEL
CENTEL expects 2015 revenue of Bt20bn with growth of 8-10% next year. It plans to add 8-10 new hotel management contracts to its portfolio. Growth will also come from acquiring new food and beverage brands, as well as expansion in the international hotel business which is expected to reach 30% of total revenue. (Thun Hoon, 13/10/15)
Comment: A quick trip to Phuket has taught me the following 1) The Russians are still here; 2) The Chinese are definitely here, tourism into Thailand is a non-issue, now we are just waiting to see if CENTEL can actually manage F&B brands well or not. 
EFORL
EFORL 3Q15 earnings could grow 300% from booking the gain from sale of its holding in WCIH. Teerawut Pangviroonrug, CEO, is confident that EFORL will achieve its 2015 revenue target of Bt4.5bn on growing customer base and additional income from Siam Snail. The IPO of its subsidiary WCIG in 2016 will support its growth story going forward. (Thun Hoon, 13/10/15)
Comment: Another future holdco in the making, its a story well known by the market already
EPCO
EPCO board has approved investment in a Bt2.5bn 25MW Japan solar farm project. The project’s commercial startup is expected in 2016. This is part of its long-term plan to grow its international energy portfolio. “BorPloy” solar project is expected to file for listing in 2016. (Thun Hoon 13/10/15)
MINT
MINT successfully completed its Singapore roadshow with a warm welcome from investors. It will continue with its Europe roadshow this week. It is keeping its earnings growth target of 15-20% over the next 5 years, starting with a plan to take over 7 new hotels this year. (Thun Hoon 13/10/15)

Continue reading Stocks in the news (centel, eforl, epco, mint, mono, ori, s, sci, scn, spali, trc, ureka) 13.10.15 →

Commentary, Research, Stocks, Updates

Stocks in the news (bjc, chow, eason, eastw, eforl, gunkul, ilink, kamart, tuf, tvo, ureka, uv, wha) 17.09.15

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BJC
BJC expects 2015 performance to be better than 2014 aided by new products and increasing domestic purchasing power. It is talking to a prospective partner to invest in Vietnam and expects talks to be finalized soon. (Thun Hoon, 17/09/15)
CHOW
CHOW is doing a test run of its 3.5MW power plant which it expects to come on line in September (supply 12MW). It expects 3Q15 earnings to be good backed by revenue from power plant and steel businesses. It plans to list a subsidiary soon. (Thun Hoon, 17/09/15)
EASON
EASON expects 3Q15 earnings to be good aided by Bt20mn from selling shares in a subsidiary and high demand. It expects 2015 revenue to grow 10% from 2014’s Bt503mn thanks to high orders. (Thun Hoon, 17/09/15)
EASTW
EASTW reported 1H15 revenue of Bt2.2bn with net profit of Bt805mn (+8.41%). It plans to list subsidiary “UU” in 1Q16. (Thun Hoon, 17/09/15)
EFORL
EFORL has sold 9mn WCIH shares at Bt55/share (9% stake). It will use the funds to increase capital in WCIH and plans to list it soon. (Thun Hoon, 17/09/15)
Comment: Still no idea who the buyer was for the WCIH shares, still rather strange that they would use EFORL to buy WCIH and then have to list WCIH as a separate entity

Continue reading Stocks in the news (bjc, chow, eason, eastw, eforl, gunkul, ilink, kamart, tuf, tvo, ureka, uv, wha) 17.09.15 →