AAV
AAV reported 1Q15 earnings at Bt506mn on Bt7.7bn revenue backed by tourism recovery. The rise in fares resulted in a better performance. (Khao Hoon, 15/05/15)
Comment: The biggest winner in the aviation industry in Thailand

ANAN
ANAN will focus on condominiums located near the BTS in order to emphasize its positioning, the leading developer at sites near the BTS. 1Q15 earnings achieved its target. ANAN will launch 2 new condominiums soon. 2015 sales are predicted to grow 11% to Bt25.6bn. (Thun Hoon, 15/05/15)
Comment: Focus on the margins for this growing property developer

BCP
BCP targets 2015 EBITDA at Bt10.4bn. The company is confident it will not report a stock loss in 2Q15. BCP plans to invest in a lithium mine to support growth. (Khao Hoon, 15/05/15)

CCP
2Q15 earnings will continue to trend up on an increase in backlog to Bt2.35bn. 2015 revenue is targeted at Bt2.9bn (10% growth) backed by government projects. CCP spilt par from Bt1 to Bt0.25 as of May 11. (Thun Hoon, 15/05/15)

ECF
ECF plans to increase market share both local and foreign by adding new distribution channels. 1Q15 earnings dipped a little but profit is expected to recover in 2Q15 and 2015 revenue target will be achieved. (Thun Hoon, 15/05/15)

EPCO
EPCO reported 1Q15 earnings of Bt63.42mn (+19%YoY) derived from revenue from its powerplant. The 8-12MW solar power plant in Japan will start operations in 3Q15. It plans to increase solar power plant capacity in Thailand to 30MW this year and then to 50-60MW in 2016. The company plans to have capacity of 100MW before listing its subsidiary. (ASTV 15/05/15)
Comment: Rather decent earnings growth for a utility company, the issue is that they’ll have to continually increase capacity to maintain its growth rate, although based on its financials I’m not worried about seeing any cap increase.

JSP
1Q15 net profit grew 252% to Bt247mn. JSP targets 2015 revenue of Bt4bn (50% growth). Its backlog stands at Bt6.43bn. (Khao Hoon, 15/05/15)
Comment: Great numbers by this property developer, issue is whether or not they can sustain the growth going forward, and when future projects will be recognised.

KTC
1Q15 profit was Bt574mn (+62% growth) benefitting from gradual growth of its account receivables and member base. Credit card spending growth reached 11% while its NPL ratio stood at 2.4%. KTC plans to expand its market into other areas. (Thun Hoon, 15/05/15)
Comment: Earnings growth for KTC has been purely operational improvements for the past 4 years, the CEO has done a masterful job.

PTG
1Q15 earnings beat its target (61% growth) from fuel sales, which grew 27%. PTG stock was selected to be included in the MSCI Global Small Cap, effective May 29. Its revenue is targeted to grow 15-20% this year. (Thun Hoon, 15/05/15)
Comment: Loved this company even though I hate the business, they are well on their way to be Thailand’s #1 retail petrol station

RS
RS reported 1Q15 revenue of Bt805.4mn (+15.7%YoY), Bt571.9mn from media, Bt106.7mn from music, and Bt70.4mn from events. The company reported a net loss of Bt41.5, as expected, because of expense for license and investment into new content. RS believes that digital television will continue to grow, giving it good opportunities to grow. (Thun Hoon, 15/05/15)
Comment: The question is still once the dust settles in the digital tv industry will RS be able to grasp a dominant market share?

SAWAD
SAWAD reported 1Q15 earnings of Bt278mn (+50%YoY). Its loans rose more than 44% to Bt10bn. It will begin offering credit via the nano-finance scheme next week. (Khao Hoon, 15/05/15)
Comment: Nano-financing does excite me, there’s a huge black market in Thailand for loans, if SAWAD can utilise its network well then just wow. I still worry about its NPL’s in the near future.

SC
SC believes revenue will grow over Bt13.9bn (10% growth), backed by its backlog of Bt9.6bn, of which 40% is expected to be booked this year. It plans to launch five residential projects in the second half worth Bt8.15bn. SC opened Saladaeng One, a luxury condominium worth Bt4.7bn. (Thun Hoon, 15/05/15)

TASCO
TASCO reported 1Q15 net profit of Bt1.13bn, up 345%, a new high backed by government jobs. It is confident that revenue and profit will reach new highs in 2015. It expects domestic asphalt sales to grow 10% to reach 2.2mn tons. (Khao Hoon, 15/05/15)
Comment: Similar to PTG, love this company but hate the business, earnings are skewed to the upside in 1Q15 because of the rapid drop in oil prices, 2Q15 may see a reverse, but the long term story is there

THCOM
THCOM expects revenue to grow in 2Q15 from Bt3.2bn in 1Q15 as it will book more revenue from Thaicom 7. (Khao Hoon, 15/05/15)

TRC
TRC reported 1Q15 net profit of Bt77.71mn, up 122.32% YoY upon booking revenue from its backlog last year. It has a five-year revenue target growth of no less than 20% per year. It is ready to pay both a cash and stock dividend. (Thun Hoon, 15/05/15)

UAC
UAC reported revenue in 1Q15 of Bt250mn, down 11% YoY with net profit of Bt2.45mn. It ready to expand its business to renewable energy and aggressive chemicals for support its target revenue in 2015 of Bt1.5bn. (Thun Hoon, 15/05/15)

VNG
VNG expects 2Q15 will grow 176.92% YoY, supported by weak baht and more demand. It has plans to add value from 17% up to 50% to get high margin. It expects profit in 3Q15 will be peak. (Thun Hoon, 15/05/15)