AJD
AJD announces capital increase for 13 investors at price of Bt0.1/share. The SET has requested greater details by 28 November as the company’s selling price is 97.48% below the average price and below book value, which will create 50% dilution for existing shareholders. (Kao Hoon, 26/11/14)
Comment: Well any surprise? If only we could short these things.

APCO
APCO maintains expected revenue growth of at least 60% YoY in 2014 as it adds marketing channels such as call centers and cable TV to support revenue growth. Its revenue was Bt333mn, +35% YoY, in 9M14. (Kao Hoon, 26/11/14)

FSMART
FSMART expects net profit of 30% in 2015 on growing demand for mobile top ups. The company expects revenue of Bt1.55bn in 2015 from the expected Bt1bn in 2014. It continues to add new top-up vending machines and is cooperating with Plan-B media to increase revenue from ads. (Kao Hoon, 26/11/14)
Comment: I still absolutely love this business model created by FORTH

GRAMMY
GRAMMY in capital increase succeeds with overwhelming demand from shareholders and institutional investors. The company is focusing on digital TV and aims to be the leader of integrated media and entertainment in Thailand. (Kao Hoon, 26/11/14)
Comment: We’ve wondered aloud whether or not GRAMMY can be successful in the digital TV industry – I still have my doubts today

GUNKUL
GUNKUL studying investing in LED production via a JV with a foreign company. The company targets production capacity of 100,000 bulbs per month and expects revenue of Bt3.3bn in 2015 supported by renewable energy business and trading business. (Kao Hoon, 26/11/14)
Comment: Not sure why they would expand into LED production, regardless GUNKUL should gain from being in the renewable energy business

ICHI
Ichitan eyes Indonesian opportunities — Ichitan Group (ICHI), the SET-listed ready-to-drink green tea producer, plans to build a plant worth Bt1bn in Indonesia next year to serve demand in ASEAN’s most populous nation. The company is also aiming at a 25% surge in revenue next year. (Bangkok Post, 26/11/14)
Comment: One news say 10% growth, another says 25% growth, ICHI’s PR machine is obviously confused.

ILINK
ILINK expects 2015 net profit of Bt250mn with revenue of Bt2.8bn on expected good growth in its businesses. The company expects net profit of Bt220mn with revenue of Bt2.4bn in 2014. It said 4Q14 performance will be better than 3Q14’s and will list a subsidiary on mai instead of the SET in 2015. (Kao Hoon, 26/11/14)

KBANK
Kasikornbank tapping SME loan growth – Kasikornbank (KBank), Thailand’s fourth-largest lender by assets, targets 8-9% growth in lending next year, with small and medium-sized enterprise (SME) loans being the major driver. The bank also expects bad loans to continue rising slightly next year, but the total will be kept below 2.3% of loans outstanding. (Bangkok Post, 26/11/14)

LANNA
LANNA expects lower YoY performance in 2014 due to declining coal price. The company expects 2015 sales volume of 5.5-5.6mn tons, flat YoY and says there is no sign of recovery in coal price. (Thun Hoon, 26/11/14)

MAJOR
Major Cineplex allots Bt5.2bn for expansion – Major Cineplex Group Plc, the country’s largest cinema operator, projects its revenue will reach Bt15bn in 2020 when it expects to operate 1,000 screens in Thailand and abroad. (Bangkok Post, 26/11/14)
Comment: MAJOR has always been a great business, and they essentially have a monopoly on the cinema industry in Thailand.

MTLS
MTLS starts trading today and is expected to close above its IPO price of Bt5.5/share. The company confirms its solid fundamentals with P/E ratio of 22.23x while it has better other financial ratios than peers. It reported 3Q14 net profit growth of 36% and 9M14 net profit of Bt397mn, +77% YoY. (Kao Hoon, 26/11/14)
Comment: At the time of posting, its up 73%, not too bad eh?

SCC
Eco-friendly SCG on track – SCG Chemicals Co, the petrochemical unit of Thailand’s largest industrial conglomerate Siam Cement Plc, is developing its production base to be the country’s first eco-friendly industrial estate. The concept aims to be friendly to the environment and communities. (Bangkok Post, 26/11/14)

SPA
SPA raises revenue growth target to 30% YoY in 2015 as the economy has recovered. The company is investing Bt100mn to add three new branches and expects to form a JV with a Myanmar company to operate a spa business, which is expected to conclude in 2015. (Kao Hoon, 26/11/14)

TAKUNI
TAKUNI expects net profit growth of 200% YoY in 2015 on backlog of Bt600mn. The company expects revenue of Bt1.4-1.5bn in 2015. (Kao Hoon, 26/11/14)

THAI
New Airbus in Asian tour – Thai Airways International (THAI) acquired 12 new wide-bodies, including eight leased aircraft and four purchased from Airbus. THAI will operate the A350 XWB on premium long-range routes and selected regional routes. (Bangkok Post, 26/11/14)

TICON
TICON expects 4Q14 earnings to be year’s highest as it will be booking revenue from the sale of assets to TREIT worth Bt4.5bn in December. The fund is expected to provide dividend yield of 7.5-7.8% p.a. (Kao Hoon, 26/11/14)

TSE
TSE expects good performance in 4Q14 due to high season and booking revenue from additional solar PV rooftops. The company will use the rest of the IPO funds of Bt1.25bn to invest in a 100Mw solar power plant but has to wait for a license from the government. (Kao Hoon, 26/11/14)

TVD
TVD expects revenue of Bt2.5bn in 2014 with growth of 10-15% in 2015. The company is preparing to begin e-commerce business in 1Q15 and is ready to acquire a domestic company in 2Q15. It expects to operate TVD Broker in 2015 to sell insurance via call centers. (Kao Hoon, 26/11/14)

WORK
Workpoint basks in glow of No.3 digital TV rating – Workpoint Entertainment Plc (WORK), the SET-listed operator of Workpoint TV, expects its market capitalisation will increase by 50% to Bt15bn in the next two years thanks to the success of digital TV and a wider viewer base. (Bangkok Post, 26/11/14)
Comment: WORK will be the winner out of all the players in the digital TV? Why? Their content is still the most popular in Thailand today.