AAV
Thai AirAsia posts static Q3 load factor – Thai AirAsia (TAA) saw a slight fall in load factor in the third quarter, which it attributed to Thailand’s political situation and a sluggish economy. The country’s largest low-cost carrier still recorded a relatively high load factor of 82% for JulySeptember, down by one percentage point year-on-year. It does not project quarterly load factor goals but intends to reach 80% for the full year. (Bangkok Post, 11/11/14)
Comment: AAV is the best managed airline listed in THailand at the moment + next year they’ll have a huge increase in capacity.

AIRA
Aira closes in on deal with South Korean brokerage – Aira Securities and Eugene Investment & Securities (South Korea) have agreed to start a business partnership by signing a memorandum of understanding. The two companies hope to increase trading volume between the Thai and South Korean bourses and heighten opportunities for mergers, acquisitions and dual listings. (Bangkok Post, 11/11/14)
Comment: There won’t be an immediate impact on AIRA’s earnings.

ANAN
ANAN presales up sharply to Bt18bn from Bt9.7bn as its condominium sales were higher than estimated and its second-highest ever. 3Q14 earnings will be up from Bt96mn in 3Q13 and earnings will peak in 4Q14. (Thun Hoon, 11/11/14)
Comment: And mkt cap for the firm is around THB 13 bn, I still think this one has legs for the mid-long term

APCO
APCO expects revenue of Bt450mn in 2014, +60% YoY, and Bt600mn in 2015, +30% YoY, by launching new products and expanding to markets overseas. Its board approved the sale of 28mn shares left over from the last capital increase via public offering (PO). (Kao Hoon, 11/11/14)

CK
CK signs a contract with CKP to build the power plant for Bangpa-In Cogeneration Phase II. The project is valued at Bt4.3bn. CK expects to sign another Bt3.2bn in projects later. It is currently undertaking a study on developing solar and wind power plants in industrial estates. It expects to make a decision soon. (Kao Hoon, 11/11/14)
Comment: I wouldn’t be surprised to see CK more and more in the news with construction projects and infrastructure funds

CSS
CSS says 4Q14 earnings will be better than 3Q14’s Bt81mn (up 274% YoY) and revenue of Bt1.22bn as it will realize some of its current backlog of Bt1.9bn. It expects revenue this year of Bt4bn, with revenue to grow 20-25% next year to Bt5bn. (Kao Hoon, 11/11/14)

DCON
DCON preparing to report good performance in 3Q14 after clients sent more orders. Management is confident that 2014 revenue will be over its target of Bt1.6bn due to recovery in the construction sector, supported by public investment. The company will invest Bt100mn to set up a factory in northeast Thailand. (Thun Hoon, 11/11/14)
Comment: DCON was a favourite of mine since last year, but more due to the one-time earnings that they will recognise from their condominium project, their core business is still performing well regardless

DTAC
DTAC’s new tariffs aim to boost roaming revenue – Total Access Communication (DTAC) is shifting to a new paradigm for roaming tariff structures with the introduction of unlimited data services in a bid to boost flagging roaming revenue and protect the high-value service. Mobile operators’ roaming revenues are at great risk as travellers, who want connectivity on the go, increasingly scan for free WiFi hotspots. (Bangkok Post, 11/11/14)

ECF
ECF says 4Q14 earnings will continue to grow supported by the delivery of work worth Bt300mn. It is confident that revenue this year will grow 15% to Bt1.3bn. 9M14 revenue was Bt944.89mn, with net profit of Bt57.94mn, up 69.50% YoY. The board has approved the setting up of six subsidiary companies for the expansion into the solar roof business. (Kao Hoon, 11/11/14)

EGCO
EGCO indirectly purchases 20% in a geothermal power plant of 227MW in Indonesia with investment of US$215mn. The company expects to expand in the Asia-Pacific region and has raised its long-term growth targets. (Kao Hoon, 11/11/14)

EPCO
EPCO wins two new power plant projects with a total capacity of 27.6MW in Japan, worth a combined value of Bt2.5-2.7bn. Construction for the plants is expected to be completed by 2016. It is confident that 4Q14 earnings will be strong and reconfirms that revenue will grow by 30% and net profit by 90% this year. (Kao Hoon, 11/11/14)

LOXLEY
Ministry, Loxley team up to boost shipments to China – The Commerce Ministry is teaming up with Loxley Plc, one of Thailand’s largest trading conglomerates, to boost exports to China, focusing mainly on food items and cosmetics. (Bangkok Post, 11/11/14)

MIDA, ML
MIDA maintains revenue growth of 10% YoY in 2014 from Bt2.6bn in 2013. The company expects sharp growth in 2H14 as it will book revenue from backlog of Bt1bn. There is a rumor that ML is negotiating with Taiwanese and Japanese companies to form a partnership. ML expects to be in the black in 2014 as it has a loan portfolio of Bt3bn, generating high margin revenue. (Thun Hoon, 11/11/14)

NCL
NCL to start trading today. The industry expects prices to run up to more than Bt3.00/share from its IPO price of Bt1.80/share supported by the company’s strong fundamentals. Management says it is confident that the stock will provide returns for investors on its first trading day. (Kao Hoon, 11/11/14)
Comment: Same story, small IPO = high first day.

PTT
PTT planning to slowly divest its Bt100bn stake in BCP-SPRC- and palm oil farm project in Indonesia. It also plans to separate its retail division by setting up a new company and later list it in the stock market in hopes of creating more value for the company. (Kao Hoon, 11/11/14)

SEAOIL
Sea Oil buys half of Pan Orient Energy – SET-listed Sea Oil Plc, a Bangkok-based fuel supplier, has purchased half of Canada’s Pan Orient Energy its Thai unit, for US$42.5mn (Bt1.39bn). The share purchase agreement was finalised with its parent Pan Orient Petroleum Pte (POP) last weekend. Once complete, POP’s shares will be diluted by 50% from wholly owned at present. (Bangkok Post, 11/11/14)

SNC
SNC sets target revenue growth of 10% for next year. It plans to invest Bt150-200mn to buy new machinery. It expects to see a recovery in earnings in 4Q14. (Kao Hoon, 11/11/14)

SPCG
SPCG reported 3Q14 net profit of Bt397mn, up 310% YoY. Profit was driven by revenue of Bt1.17bn, up 86% YoY, backed by the increase in the number of companies, now up to 14, that have started selling electricity. It has partnered with IA to develop the first floating solar farm in Thailand. (Kao Hoon, 11/11/14)
Comment: The only solar plant company that has everything up and running.