AAV

Thai AirAsia X: Maiden flight to Korea today. CEO says it has a load factor of 100% and 80% of them booked three months age. It will begin flights to Tokyo and Osaka early next month and is confident that the Thai political scene is not a problem. (Khao Hoon, 17/06/14)

Comment: AAV – still the best airline play in Thailand within the airline space and a recovery idea to boot. 

AP

AP posts 26% sales growth January-May — During the first five months, AP posted Bt7.5bn in presales and expects Bt8.7bn in presales in the first half. In the second half of this year, AP plans to launch eight new projects worth a combined Bt7.86bn. It targets achieving Bt21bn in presales for the full year. (Bangkok Post, 17/06/14)

Comment: Their JV’s with the japanese firm have made a lot of sense for their balance sheet

CGD

CGD to launch Bt10bn Landmark Waterfront on 18 June and will hire Thai Bauer and PYLON to do the bored pile work. The board approved a warrant issue at a ratio of 3:1 and 300mn private placement shares. (Khao Hoon, 17/06/14)

Comment: We’ve been waiting to see how CGD would pay for this massive project, well there you go, raise some THB 500 mn via a PP.

CSS

Strong 2014-15 — CEO Sompong Kangsawiwat expects strong growth of revenue and net profit in 2014-15, with revenue of Bt4.4bn in 2015 from Bt4bn in 2014. It has backlog of Bt2.3bn and will bid for installation of 4G network in August. (Tun Hoon, 17/06/14)

DTAC

DTAC expects 2Q14 net profit growth of 7% YoY reaching Bt3.1bn after 3G subscribers increased to 19mn, saving costs. It expects 3G subscribers to number 23mn with net profit of Bt13.2bn, +25% YoY. (Khao Hoon, 17/06/14)

EARTH

EARTH calls extraordinary meeting on 24 June to approve EARTH-W4. It is confident that 2Q14 will recover as coal sales volume has reached 2mn tons. (Khao Hoon, 17/06/14)

OCEAN

OCEAN maintains net profit and revenue growth of 20% YoY and expects new projects in 2H14. It recently issued 220mn warrants, with Bt0.35 exercise price, expected to bring in Bt70mn. It plans to use the funds to buy new machinery and expand its showroom. (Khao Hoon, 17/06/14)

LPN

Price falls on denial of EIA — LPN’s price fell 3.98% yesterday after the EIA for Rangsit Klong 1 project worth Bt7bn was denied. It will resubmit, but this means transfer of this project cannot take placed until at least 2H15, rather than in 4Q14 as earlier hoped. (Khao Hoon, 17/06/14)

Comment: So is the value of the delay worth a 4% decline in price? 

PF

PF board approves to raising capital by 4,776mn shares. It will swap 1,596mn shares for TPROP shares. The remaining 3,161mn shares will be swapped for GRAND. (Khao Hoon, 17/06/14)

PTTEP

PTTEP plans 3-year investment of US$5bn a year to increase production capacity in domestic and overseas to 600bn barrels of oil equivalent per day in 2020. (Khao Hoon, 17/06/14)

TSR

Thiensurat sold out IPO shares of 86mn with good response from investors because its business has clear growth. It is confident it will trade on the SET on 19 June. (Khao Hoon, 17/06/14)