AAV
Thai AirAsia X eyes broad expansion – An aggressive expansion appears on the horizon for Thai AirAsia X (TAAX) with the addition of five wide-body jets and expanded coverage over Japan next year. On the radar screen for Thailand’s first long-haul low-cost carrier are services to four Japanese airports – Haneda (Tokyo), Nagoya, Fukuoka and Hokkaido. (Bangkok Post, 27/10/14)
Comment: These flights are basically guaranteed to be a success given the amount of thai travelers to Japan and vice versa in terms of business.

BRR
Buriram Sugar plans listing – Sugar miller Buriram Sugar Plc plans to list on the Stock Exchange of Thailand next month to mobilize funds for expansion. Chief executive Anant Tangtongwechakit said the northeastern miller had scheduled an initial public offering for Oct 28-31. The company plans to offer 169.18 million shares or 25% of paid-up capital in listing to raise Bt676.75mn at a par value at one baht. (Bangkok Post, 27/10/14)

FIRE
FIRE will sell 90mn IPO shares next month and will be traded on 13 November. The company expects to use the funds from the IPO for business expansion. (Kao Hoon, 27/10/14)
Comment: Another small IPO – so same story.

FSMART
FSMART to partner with three parties, Tune Insurance, Plan B Media and TWZ, to help expand its automatic top up machine business and increase revenue further. It has set up an investment budget of Bt375mn for 2015 to expand the number of machines up to 15,000 to help increase the revenue from its top up machines to reach Bt14bn. (Kao Hoon, 27/10/14)
Comment: Not sure on what the partnership will bring but FSMART does have a great business model.

GFPT
GFPT says profit in 2014 will be strong driven by export sales, which should increase by 15% YoY. It is confident that revenue this year will hit its target of 8-10% growth and it is ready to increase its export sales to EU and Japan. (Thun Hoon, 27/10/14)
Comment: GFPT is still the one of the best pure chicken manufacturers in Thailand.

IEC
IEC’s board approves Bt390mn investment in 8MW biomass power plant via buying 75% of KPS, making it a subsidiary, on 30 October. Management says renewable energy will be a large revenue generator. (Thun Hoon, 27/10/14)
Comment: It does look more and more likely that IEC will become an investment holding vehicle, renewables is one industry, curious what the next one will be

JSP
SEC approves JSP filing. It is expected to list on mai in late 2014. JSP will sell 1.2bn IPO shares. (Kao Hoon, 27/10/14)

KKP
High-net-worth AUM on KKP’s radar – Kiatnakin Bank (KKP) plans almost to double the assets under management (AUM) of its wealth management unit’s high-net-worth clients in the coming years by relying on professional investment advice to set it apart from its larger rivals. The small bank expects AUM of Bt500bn in the long term, up from Bt260bn at present, Kulnan Tsanthaiwo, head of priority banking, did not give a time frame. (Bangkok Post, 27/10/14)

MAX
SET warns investors to study MAX’s acquisition of Siamese Asset deal as it may be a backdoor listing as it has had related party transactions before. The SET has tagged it with “NP” and has ordered it to report additional information on 28 October. (Kao Hoon, 27/10/14)
Comment: No it is a backdoor listing, there’s absolutely no doubt about it.

MJD
MJD expects 3Q14 net profit to surge by more than 1,000% on extra from the sale of its Equinox Office Tower of not less than Bt300mn. It said that 4Q14 profit will be high as it starts realizing revenue from the backlog on hand worth more than Bt11bn. It says 2014 revenue will hit target and is confident that it will report net profit. (Thun Hoon, 27/10/14)
Comment: And after this sale net profits will collapse.

NNCL
NNCL to sign contracts for land sales with six clients with one expecting to sign by the end of this month. It admits that this year’s revenue will be lower than last year. It also said that its power plant phase 1 should start selling electricity at the end of 2015 and it is waiting for state approval to start constructing phase 2 of the plant. (Kao Hoon, 27/10/14)

SPA
SPA reports all 170mn IPO shares subscribed. The company expects the spa business to grow with the recovery in tourism. The company will begin trading on SET on 31 October and expects good response from investors. (Kao Hoon, 27/10/14)

THANI
THANI says 2014 net profit will be higher than last year’s despite the lower loan growth than expected, as margin on its overall portfolio margin is still high at up 30%. It expects the truck leasing market to recover next year as customers are waiting to see the government’s new economic policies. (Thun Hoon, 27/10/14)
Comment: THANI and ASK are neck and neck in terms of the truck leasing business, net profits like every other leasing co have been hurt because of NPL’s

VGI
VGI ready to partner to expand into AEC markets. It will acquire LED screen advertising in four countries – Laos, Cambodia, Myanmar and Vietnam. It confirms it will continue with its investments in TH and AQUA AD and it also plans to acquire three more companies in the billboard advertising business. (Kao Hoon, 27/10/14)
Comment: They won’t be able to mimic their success from Thailand without the backup of BTS in those countries