AJD
AJD’s board calls off par split. It hopes to maintain shareholders’ benefit according to good governance practice. Also, shareholders were objecting. The SET had requested AJD to clarify the two par splits in a year, only four months apart. (Thun Hoon, 06/03/15)
Comment: More like they were getting slapped on the wrist for wanting to do multiple stock splits in a short amount of time

AOT
Rising passengers at Don Muang – The number of passengers at Don Muang International Airport continues to increase by almost 50% to 6.7mn in 1Q15. In 2015, the number of the passengers is set to grow to over its capacity of 27.6mn. (Kao Hoon, 06/03/15)
Comment: Don Muang has performed amazingly well in the past several years when the LCC’s were moved there

BAY
FTSE removed BAY from the calculation due to low free float, effective March 20. (Kao Hoon, 06/03/15)
Comment: Explains a lot of the market drop in recent days.

BTS
Minister of Transport urging BMA to transfer the South Green Line, Baring-Samut Prakarn, within June 2015. BTS is ready to get the train operating contract. It will invest Bt5bn for the new 10 carriages for the new routes. (Kao Hoon, 06/03/15)

CEI
CEI to recapitalize, issuing 446.8mn shares, with 251.07mn shares for rights offering (3 old shares: 1 new share) at Bt0.25/share and private placement of 195.73mn shares at a price higher than Bt0.25/share. The proceeds will be used for solar business expansion to boost revenue. (Thun Hoon, 06/03/15)
Comment: Quite strange given that the price was SP @ 4.38

CMO
CMO targets its revenue to grow 30% to Bt1.4bn in 2015, with existing backlog at Bt400mn. It expects revenue from new four businesses at Bt200mn. In 2017, its revenue will reach Bt2bn. (Kao Hoon, 06/03/15)

DCON
DCON expects its revenue will reach Bt2-3bn within next few years. It plans large investment of more than Bt1bn this year and will launch a condo worth Bt1.5bn. It is negotiating with a partner to invest in a precast factory in Thailand and Cambodia. It is also looking to get into renewable energy business with production capacity of no less than 18MW. It expects to benefit from the double track railway project. (Thun Hoon, 06/03/15)
Comment: DCON has been more and more and more in the news in the past few months than I expected from this small company, 2 years ago they wouldn’t meet with anyone.

DELTA
DELTA expects good 1Q15 due to rising demand and to achieve 10% revenue growth this year. It plans to expand its business into the AEC market with an M&A. (Thun Hoon, 06/03/15)

DTAC
DTAC has expanded 4G services as it planned over the past six months, adding another 6,500 base stations to bring the total 25,000 base stations. It targets 1.7mn 4G customers from existing 400,000 by the end of 2015. (Kao Hoon, 06/03/15)

EASTW
EASTW expects 2015 revenue to rise 6% YoY from Bt4.3bn in 2014. Its 1Q15 performance should remain favorable given 12% growth in raw water sales in the first two months. The company is preparing to invest in a new reservoir in Phang-nga province if the PWA approves. This could generate Bt500mn revenue per annum. (Kao Hoon, 06/03/15)

EPCO
EPCO plans joint investment in palm oil refinery. The company expects the first phase of its biomass power plant with installed capacity of 9MW to commence operations as planned. Management reaffirms its policy of holding at least 70% in every joint investment project. It is negotiating more investment in solar projects in Thailand and Japan with Bt1bn to invest in a 50-60MW solar farm in Japan. The company expects the IPO of one of its subsidiaries by the end of this year. (Thun Hoon, 06/03/15)

FOCUS
FOCUS will bid for Bt1bn project and expects to win 30-40% of the bidding value. It targets revenue of Bt1bn and is confident earnings will turn around. It will buy new land for condo development. (Thun Hoon, 06/03/15)

FORTH
FORTH expects to win more than 30% of the Bt2bn new government projects, raising its backlog from Bt800mn. It expects revenue to reach Bt5bn in 2015 with some support from subsidiary FSMART. (Thun Hoon, 06/03/15)
Comment: FSMART is still the main value driver of FORTH

KCM
KCM says 1Q15 earnings will be close to last year’s, thanks to revenue revival. It expects to get a new Bt300mn project in 2015 and record revenue from the warehouse in Khon Kaen in 3Q15. (Kao Hoon, 06/03/15)

LPN
LPN expects revenue of Bt1.8bn for 1Q15, versus Bt2.0bn in 1Q14. The drop YoY is due to fewer condos completed. Its presales were Bt2.0bn in 2M15. It will launch a project worth Bt1.75bn by late 1Q15. (Thun Hoon, 06/03/15)
Comment: Analysts expect that profits will grow close to 50% this year for LPN.

MIDA
Special dividend – MIDA will propose a special dividend from the Bt218mn gain on the sale of 114mn shares or 13.02% in Mida Leasing (ML). It will focus more on the expansion of the hotel and property businesses. (Kao Hoon, 06/03/15)
Comment: How strange, a friend was recently commenting that we should be more activist in Thailand and how ML should be bought out by another party.

NCH
NCH’s sales increased by 21% to reach Bt400mn in the first two months. In 2015, it plans to open three new projects worth Bt3.4bn. Of its Bt1.6bn backlog, 80% will be booked in 2015. (Kao Hoon, 06/03/15)

ROBINS
ROBINS targets its revenue to grow 15% from last year. It has set an investment budget of Bt3.3bn to add four new stores to reach 42 stores at end-2015 and renovation if six existing stores. It plans to open new stores in Vietnam. (Kao Hoon, 06/03/15)

SGP
SGP expected its 1Q15 earnings to turn around from a loss of Bt169.8mn in 1Q14 due to better LPG price. Management expects LPG sales volume to reach 3mt in 2015 due to continuous growth of customer base. It will open five more LPG stations this year. (Thun Hoon, 06/03/15)

SPA
SPA targets to invest about Bt400mn in 2015 to expand. It will open three new branches and acquire two domestic spa businesses. In 2015, it expects revenue to grow 30% and net profit margin of above 18%. (Kao Hoon, 06/03/15)

TIPCO
TIPCO upgrades machinery to expand its capacity to produce mineral water and fruit juice. It targets to increase revenue by 10% this year, planning to penetrate into South Korea. It will also gain from its investment in TASCO, which has good prospects. (Thun Hoon, 06/03/15)
Comment: Essentially you’re buying TIPCO’s business for free at this valuation

UAC
UAC plans to invest in renewable energy and chemicals business. It expects these two investments will pump up its revenue to exceed Bt1.5bn in 2015. (Thun Hoon, 06/03/15)