ACAP
ACAP expects 2016 performance to turn around aided by recovery in every business. It expects its loan portfolio to reach Bt2bn this year. It expects 4Q15 earnings to be the best backed by business restructuring and its loan growth. (Thun Hoon, 07/01/16)
Comment: We do wonder what else the new shareholder is going to be doing with ACAP, it does have a decent balance sheet

CCP
CCP targets 2016 revenue of Bt2.6bn (from Bt2.4bn in 2015) with net margin of over 4%. It has budgeted Bt150mn to improve its machinery and increase capacity. Its backlog is Bt2.4bn. (Khao Hoon, 07/01/16)

CENTEL
CENTEL expects 2015 revenue to achieve target of Bt19bn, with more growth in 2016. It plans to expand both food and hotel businesses. It expects to get 8-10 hotel management contracts each year. It will hold a roadshow in Singapore this week. (Khao Hoon, 07/01/16)
Comment: Still a B-grade version of MINT but their hotel side will always continue to perform well.

CRANE
CRANE is budgeting Bt200mn to invest in new equipment. It expects 2016 revenue growth of 25% on the back of a boom in construction. It plans to take part in project bidding. (Thun Hoon, 07/01/16)
Comment: There’s always been hidden value in the CRANE and it’s been well known for monkey years.

FORTH
FORTH expects to get jobs setting up 4G network to be key revenue driver. It plans to revise the strategy for its subsidiary (Top Up machines) to lessen the impact from a slowdown in government projects. It says its subsidiary is talking to prospective partners. (Thun Hoon, 07/01/16)
Comment: FSMART is still the biggest value driver in FORTH today.

GL
GL says local and foreign investors are interested in GL shares after a site visit in Cambodia. It expects a significant growth in 2016 on the back of expansion in motorcycle leasing in Cambodia. (Thun Hoon, 07/01/16)
Comment: We still think that Cambodia will be a larger part of their business versus their ops in Thailand.

IRPC
IRPC expects 4Q15 net profit of Bt792mn. It expects 2015 earnings of Bt9.65bn on the back of a GIM of US$14. (Khao Hoon, 07/01/16)
Comment: Even with such a high GIM this company is still crap!

LIT
LIT plans to offer full-service SME loans this year. It is confident revenue and net profit growth will achieve its target of 30%. Its launch of new financial products in 4Q15 led to a nineyear high in net profit in 2015. It plans to pay a dividend with a payout ratio of not less than 50%. (Thun Hoon, 07/01/16)

MJD
MJD’s backlog is Bt10bn which is expected to contribute revenue for the next 3-4 years. It expects three condominiums to contribute revenue of Bt4bn in 2016. It plans to launch 2-3 projects in CBD soon. (Khao Hoon, 07/01/16)

NDR
NDR plans to launch new products which are expected to contribute revenue of Bt40mn. It targets 2016 revenue of Bt1bn with net margin of 6%. It is talking to A prospective partner in Indonesia to increase its production base. (Thun Hoon, 07/01/16)

PPP
PPP expects 2016 earnings to be good backed by government projects, a wider customer base, and new products. It expects to get jobs from motorway projects, MRT, and expressway. It is talking to a partner to acquire power plants. It expects this to increase its power plants to 30- 60MW from 15MW. (Thun Hoon, 07/01/16)
Comment: An interesting business but not scalable, the owner has been looking for ways to expand and this move into power plants is something new.

PS
PS expects 1Q16 performance to be good on the back of transfers as property incentives will expire on Apr 29, 2016. (Khao Hoon, 07/01/16)

SAWAD
SAWAD expects 2016 revenue and net profit growth of 30% aided by a broader customer base. It has budgeted Bt2bn to buy debt. (Thun Hoon, 07/01/16)

SMART
SMART expects 2016 revenue to grow 10% on the back of public projects and expansion abroad. It is budgeting Bt200mn to increase its capacity and launch new products which are expected to increase sales. (Thun Hoon, 07/01/16)

TASCO
TASCO’s shareholders approved the purchase of an asphalt company in Indonesia and in Vietnam with a budget of Bt61.8mn. It expects this to increase its sales by 15%. It expects asphalt sales of 2.7mn tons (25% growth) this year. (Thun Hoon, 07/01/16)
Comment: Great continuation of their business, buying the businesses from their largest shareholder at a decent price, I still think the stock is quite fairly priced.