AAV
China gives 85% load factor in 1Q15 – AAV reports that higher traffic from China remained the key driver to bring load factor to 85% in 1Q15. Management expects tourist sentiment towards traveling to Thailand to continue to improve over the remainder of the year despite the ongoing martial law. The Tourism Authority of Thailand says hotel bookings in Chiang Mai during Songkran is at over 90% despite the continued air pollution. (Krungthep Turakij, 20/03/15)
Comment: I’ve mentioned this enough times, AAV is the only airline you’d want to bother looking at on the Thai Equity market.

ASIMAR
ASIMAR expects 2015 performance to break the record with two projects on hand worth Bt1bn. The company will also benefit from more budget from the Port Authority of Thailand of Bt4.67bn. The company believes it will be awarded new projects from PAT amounting to Bt500mn plus Bt450mn from a private company. (Thun Hoon, 20/03/15)

CGD
CGD expects 1H15 performance to improve YoY given its abundant backlog. Management says revenue for 2015 could exceed Bt834mn. (Thun Hoon, 20/03/15)

CNT
CNT working to set up a new JV with foreign partner. The company aims to become one of the contractors selected for public sector investment projects. It expects to see greater opportunities in the AEC market which could be finalized soon. CNT also expects to be awarded more jobs from PTT group. (Thun Hoon, 20/03/15)
Comment: A surprising loss last year from this construction co, I do expect for things to improve and am wondering why they can’t bid for the larger projects like UNIQ has.

CPF
CPF targets revenue from swine processing plant to rise 10% YoY with more investment to expand capacity by 21%. This requires an investment budget of Bt2.5bn for the next five years, including a new warehouse. This is aimed at accommodating the growing processed food market. (Khao Hoon, 20/03/15)

DCON
DCON plans to conclude the joint investment for new production plant of its plank product in Cambodia. Management estimates this could increase revenue from overseas business to 5%. The company also plans to expand into property development and renewable power with target sales revenue of Bt3bn by 2018. (Thun Hoon, 20/03/15)
Comment: The key driver @ DCON in the past 18 months is the property development that should be transferred this year.

DEMCO
DEMCO looking to increase holding in Khao Khor wind farm project from 10% to 14%. The company also expects to be awarded EPC jobs for 100MW out of the total 800MW solar farms planned by the public sector. (Khao Hoon, 20/03/15)
Comment: Finally some positive news for this wonderful construction co. Note – all the value in DEMCO is in its holdings and the projects it will receive from its equity stakes.

DRT
DRT expects 2015 revenue to rise 4% YoY from export sales. This will also drive net profit margin to 9%. The company is working to invest in a new plant in Myanmar to reduce transportation cost. (Khao Hoon, 20/03/15)

GLOW
GLOW announces final dividend of Bt2.205/share with XD on 9 Apr. Management will seek shareholders’ approval for Bt15bn debenture issuance. (Khao Hoon, 20/03/15)

ICHI
ICHI expects net profit growth of 16-18% in 2015 with a rise in revenue to Bt7.5bn. The company expects 1Q15 sales revenue to jump 20% YoY boosted by higher demand from the hot weather in Thailand. It plans to invest in a new plant in Indonesia after sales to this country exceeded Bt1bn. (Khao Hoon, 20/03/15)

ITD
ITD awarded two new projects, drainage tunnel and building in Chiang Mai and Kaen Nakorn Building in Khon Kaen, worth Bt2.5bn. (Thun Hoon, 20/03/15)

JAS
JAS to partner with foreign entity to participate in 4G auctions to accommodate its broadband internet business. The abundant cash on hand of more than Bt10bn allows the company to expand. The company also plans to raise new capital of 3,497mn shares to support future growth with new businesses. (Khao Hoon, 20/03/15)

KBANK
KBANK admits 1Q15 loan growth was modest but maintains its full-year target of 6-9%, led by housing loans. NPLs are less than 2%, the lowest in the system. It has allied with Wing Cambodia for money transfer business in Cambodia to accommodate the arrival of AEC integration. (Khao Hoon, 20/03/15)

MBKET
MBKET expects an increase in net profit in 2015 from Bt1.26bn for 2014 with a potential good 1Q15 results. It targets maintaining market share at 11% this year. It has more than 10 investment banking deals (including IPO, M&A, REIT, and IFF) in the pipeline with a total size of over Bt10bn. The company expects the SET index to end the year at 1,650 with a daily market turnover of Bt50bn. (Khao Hoon, 20/03/15)

MOONG
MOONG expects strong earnings in 1Q15 backed by rising consumer confidence. It targets revenue growth of 20% this year and is studying M&As and considering distributors in Vietnam and Myanmar, expected to finalize this year. The company announced 24mn warrants for its shareholders at 5 existing shares for 1 warrant. (Thun Hoon, 20/03/15)

NDR
NDR expects better earnings this year and targets 15% revenue growth. It plans to expand more in overseas markets such as India. (Khao Hoon, 20/03/15)

PAE
PAE plans to list subsidiary, P-TECH, on mai this year. Its board has approved a capital increase of 3.95mn shares via rights offering of 5 existing shares for 3 new shares at Bt0.43/share and private placement. The company will issue warrants for existing shareholders (4.5 PAE shares for 1 warrant). Funding will be for expansion of power waterworks and plants. This transaction will be put to the shareholders for approval on April 28. (Thun Hoon, 20/03/15)

PTT
PTT cuts 5-year investment budget further to Bt300bn from Bt327bn as demand for energy is lower than expected. This could depress 2015 performance although the selling price of NGV will be raised to reflect operating cost. Management expects loss from NGV business to decline in 2015. The company will submit its long-term plan for natural gas procurement to accommodate rising demand in the future to the government for approval. (Thun Hoon, 20/03/15)

QTC/UAC
QTC and UAC to join to set up 10MW biomass power plant. Capex is estimated at Bt600-700mn and the project is expected to finalize this week. This year QTC expects revenue of Bt1.0bn and record high earnings. (Khao Hoon, 20/03/15)
Comment: QTC & UAC have been planning this together for a long time. Now record high earnings? Not unless they have suddenly received a lot of work from the government.

RS
RS plans to raise ad rate of its Channel 8 to Bt50,000/minute this June or three-fold increase from 2014’s Bt12,000/minute. This year, the company expects Bt4.6bn in advertising revenue and believes ratings for its Channel 8 will rise to 3rd ranking by the end of 2015. It expects to turn a profit in 1Q15 and plans to use Bt1.0bn capex for business development. (Thun Hoon, 20/03/15)
Comment: Again this is the only growing industry sector in all of Thailand at the moment

RWI
RWI has received orders to produce railroad sleepers and will receive more orders amounting to Bt1.6bn from the dual-railway project. This year, the company expects revenue growth of 10-15% and plans to expand to AEC countries. (Thun Hoon, 20/03/15)

SAMART/MLINK
SAMART and MLINK will set up a JV “Chiang Mai Waste to Power” company to operate waste power plant. (Khao Hoon, 20/03/15)
Comment: Should we ask how MLINK has the balance sheet possible to set this up? Nah….no need to be shot.

SAPPE
SAPPE will join with Chinese partner to set up “SAPPE China” for expansion in the beverage business into China, the world largest country by population and targets Bt1.0bn over the next three years. (Khao Hoon, 20/03/15)

TSI
TSI’s board approves par split to Bt1/share (from Bt10/share), capital increase via PP and warrant issue to strengthen its financial position and for use as working capital. (Thun Hoon, 20/03/15)

UWC
UWC to increase contribution of energy business to 60-70% of total revenue in 2016. It will sign agreements for biomass and hydropower plants in April and this will raise revenue from the energy business by Bt1.0bn. (Thun Hoon, 20/03/15)