AAV
AAV expects 4Q18 earnings to recover, supported by more tourists and lower jet fuel price as well as the government’s measures to stimulate tourism. Next year, it plans to add new routes. (Thun Hoon, 20/12/18)
Comment: If it wasn’t for such a weak market we’d see the airlines rally by +10-20%

DNA
SET reminded DNA shareholders to study subsidiary DRL offer valued at Bt168mn. The IFA (independent financial advisor) recommended that shareholders should not approve the deal at the vote in the extraordinary shareholder meeting on Dec 24. (Thun Hoon, 20/12/18)
Comment: Stay away from this name.

DOD
DOD board approved a dividend of Bt0.44 per share, XD on Jan 2. It has completed the acquisition of PCCA, a skincare and cosmetics manufacturer, for Bt295mn. It continues to expand its business and expects to be a top integrated health and beauty company. (Kao Hoon, 20/12/18)

MVP
MVP expects earnings turnaround next year, supported by more events. It has budgeted a maximum of Bt50mn to buy 27 recreational vehicles and 500 EV cars. It expects to get back Bt106mn in loans and reverse the provisions if it wins its lawsuit. (Thun Hoon, 20/12/18)

STI
STI targets revenue growth of no less than 15% next year. Current backlog is Bt700mn. It expects revenue of no less than Bt494mn. It will use the IPO proceeds to expand its business as announced. It plans to pay a dividend in 1Q19. Its dividend policy is to pay no less than 50% of earnings. (Kao Hoon, 20/12/18)

SYNEX
SYNEX focuses on high margin products and services. It is dealing with government and private entities. It says 4Q18 is a high season and expects revenue to hit its target of Bt37.5bn. (Thun Hoon, 20/12/18)

TMB
TMB will take over TBANK, pulling up to sixth ranking in the Bank sector. The Finance Minister has agreed to the deal and a working group is assessing the share price. The TMB board president will send the deal to the board for approval and expects to use a share swap. The Finance Minister says that the swap for TMB shares must be at least Bt3.86 per share. (Kao Hoon, 20/12/18)
Comment: This goes back to April this year when the Ministry relaxed the rules upon Bank M&A’s. Now I wonder how they are going to figure this out.

TPLAS
TPLAS has budgeted Bt10mn to add production capacity. If the investment is as planned, production capacity will increase by 10%. It expects sales to grow next year, backed by rising demand for plastic bags. It expects earnings to grow by 7% this year. (Thun Hoon, 20/12/18)

TQM
TQM, a big insurance broker, expects closing price to be higher than the IPO price of Bt23 per share on the first day of trading. It is confident that institutional investors, which took 67% of the IPO shares of 75mn, will not sell their shares. It expects earnings growth of 15% per year with high dividend payment. (Kao Hoon, 20/12/18)
Comment: Another first day IPO flop.

TRUE
TRUE has paid the final installment on the 1800MHz license valued at Bt10.65bn which it received in 2015. The NBTC will send the money to the Finance Ministry without taking a 15% deduction for the DE fund. (Kao Hoon, 20/12/18)