AAV
AAV’s bookings down 15% due to the coup. The CEO says the airline has seen a significant decline in Chinese clients, but domestic traffic continues to support operations. Khon Kaen, Nakorn Panom, and Naratiwat flights have a load factor of 90%. It will control costs and postpone client base expansion to handle the drop in bookings. It is preparing to cut capacity by more than 15% and will definitely survive. (Khao Hoon, 20/06/14)
Comment: If you think about it, a 15% decrease in bookings despite all the negative news about Thailand, and yet domestic flights are still operating at a 90% load factor, thats not too bad at all!

ADVANC
AIS names new chief executive – Mobile leader Advanced Info Service (AIS) finally named chief marketing officer Somchai Lertsutiwong as its new chief executive after a process lasting several months. His appointment had been expected by many in the company. He has worked at Shin Group including AIS for 23 years. (Bangkok Post, 20/06/14)

BAY
BAY adds Japanese flavour to services – Now that Bank of Tokyo-Mitsubishi UFJ (BTMU) has finished acquiring 72% of Bank of Ayudhya (BAY), the local bank is moving towards attracting Japanese investors by setting up desks with fluent Japanese speakers at select branches. Moreover, the Thai bank plans to open more branches in industrial estates where Japanese work and add the Japanese language to its 5,000 ATMs nationwide this year. (Bangkok Post, 20/06/14)
Comment: Since the BTMU has become the majority shareholder in BAY, its stock price has re-rated to valuations levels similar to SCB and KBANK, is this warranted? Perhaps.

DNA
DNA may reduce net profit target of 20-30% YoY and revenue of Bt2.47bn after the delay in issuing the set-top box coupon. It may miss its revenue target from set-top box sales of Bt300mn. It expects to complete acquiring a business in 3Q14. (Khao Hoon, 20/06/14)
Comment: Several, several, several listed co’s will be affected by this.

GUNKUL
Gunkul expands into the soft glow of LED – SET-listed Gunkul Engineering Plc, a producer and trader of electrical equipment and renewable energy, has expanded into LED lighting services, as it considers the field a potentially high-growth business. The company signed an agreement yesterday to supply LED bulbs to the Provincial Electricity Authority (PEA) under the state utility’s Green Office initiative. Under the agreement, the PEA will purchase 17,438 LED bulbs worth Bt12.6mn from Gunkul to be installed at its Bangkok headquarters and its training centre. Gunkul must provide installation within 90 days. (Bangkok Post, 20/06/14)

IRCP
IRCP says it is not be impacted by set-top box coupon delay and maintains its net profit and revenue growth of 30% YoY. It recently obtained the Bang-Mod project worth Bt700mn, bringing backlog up to Bt1.4-1.5bn. (Khao Hoon, 20/06/14)
Comment: See DNA

KBS
KBS in B4.3bn operational expansion – SET-listed Khonburi Sugar (KBS) will spend Bt4.3bn this year and next to expand sugar production capacity and build an ethanol plant. A total of Bt3.12bn is set for the new expansion of its sugar mill in Nakhon Ratchasima province, while Bt1.18bn is for the ethanol plant, said managing director Tat Wanakornkul. (Bangkok Post, 20/06/14)
Comment: A natural growth path for any sugar company in Thailand.

KTC
KTC still plans to issue 400,000 new cards in 2014, though in 5M14 it has only issued 110,000. It has 1.6mn current credit card holders. Spending via credit card in 5M14 was Bt51bn, up 5%, and it is ready to launch a campaign to stimulate credit card holders’ spending, expected to grow 15% YoY in 2014. (Khao Hoon, 20/06/14)
Comment: I kick myself for not re-entering into KTC during the beginning of this year, it was a wonderful turnaround play in 2011/12 and it the CEO, K. Rathian, has done almost everything he’s promised thus far.

PPS
PPS expects contraction in 2Q14 because it has been affected by postponement of clients’ construction projects. It expects recovery in 2H15 and backlog of Bt300mn at end-2014 from currently Bt200mn. It continues to access overseas. (Khao Hoon, 20/06/14)

SPALI
SPALI: 1H14 presales at Bt8bn. As of 5M14, it has already gained presales of Bt7bn. It plans to add two more projects to the 26 now planned, increasing the value of the total to Bt30bn. The company expects stronger consumer spending in 2H14. (Khao Hoon, 20/06/14)
Comment: One of the best performing property firms in Thailand this year.

TSF
Foreign and local firms interested in partnering — TSF said that both domestic and foreign companies have showed interest in partnering with the company. It noted that one of the companies is VGI. TSF said the strong interest came because the company is the market leader for public relations and advertising work in Bangkok. (Khao Hoon, 20/06/14)

TSR
TSR surged 52.86% in its first trading day to close at Bt5.35/share, up from its IPO price of Bt3.50. Management expects continual business growth and an increase of 20% in sales this year. It also said it may pay a dividend on 1H14 operations. (Khao Hoon, 20/06/14)
Comment: Well done, another small co that performs magically well on its first day