AJD
Management said the company can set up co-antenna in condominium to receive digital TV signals and expects this market to have a value of Bt1-1.5bn. The company will ask the NCPO to approve a new round of digital TV coupons. The company stands top in the set-top box market. (Thun Hoon, 18/11/14)
Comment: I only just received my digital TV coupon, things are taking much longer than everyone has anticipated.

ASP
ASP maintains market share at 4% for brokerage business. The company has 27 clients under its investment banking department, 12 of which plan to undertake an IPO in 2015. It expects to change into a holding company in May 2015 and plans to diversify to the non-securities business. (Kao Hoon, 18/11/14)
Comment: ASP is still the best broker/local investment bank in Thailand today.

BRR
BRR’s 3Q14 revenue and net profit growth were 35% YoY and 160% YoY, respectively, on growth in the sugar business and biomass power plant income. The company expects to grow in 4Q14 as it gradually delivers a large lot of sugar to a client and gains from the upward trend of sugar price. (Kao Hoon, 18/11/14)
Comment: There’s nothing exciting with these sugar companies, none of them increase capacity, they all shift to the usual biomass power plant and then growth is stagnant.

CHO
CHO expects sharp growth in 2014 and has raised its revenue target to 50% YoY from prior target of 15% YoY, as the company has gotten large orders, both domestic and overseas. (Kao Hoon, 18/11/14)

EA
EA expects growing revenue in 4Q14 on full operations at two solar power plants after the rainy season ended and growing demand for biodiesel. The company reported net profit of Bt372mn, +1,236% YoY in 3Q14. (Kao Hoon, 18/11/14)
Comment: All to be expected with the number of plants that it has up and running

EARTH
EARTH shareholders approve 200mn new shares to support TDR, which will be traded in Taiwan’s stock market at a price of Bt6.37/share. Management plans to use the funds to purchase a new coal mine. (Thun Hoon, 18/11/14)
Comment: So they have a listing in Thailand, Frankfurt and now Taiwan.

GL
GL reported reduction in 3Q14 net profit as it booked more loan loss provision and expense on M&A for Thanabana, the motorcycle hire-purchase subsidiary of Thai Credit Retail Bank. The company is confident that it has passed bottom and expects to recover sharply, supported by recovery in lower income households and growing subsidiary in Cambodia. (Thun Hoon, 18/11/14)
Comment: A once fast grower in Thailand, now their avenues for growth come from Cambodia and acquisitions such as Thanabana

JMT
JMT expects to obtain Bt5bn NPL from financial institutes in 2014 after personal and hire-purchasing NPLs have increased. The company expects net profit growth of 50% YoY and will obtain Bt20bn NPLs in 2015 supporting net profit growth of 20-30% YoY. (Thun Hoon, 18/11/14)
Comment: Still the best and largest NPL buyer in Thailand

MC
MC continues to add its retail stores and expand target to new clients. The company expects 110 stores in 2014 and reported 9M14 revenue of Bt2.4bn, +23% YoY. (Kao Hoon, 18/11/14)
Comment: Growth for MC is ONLY from store expansion, if you look at SSSG its negative all around

MTLS
MTLS offering 545mn IPO shares at Bt5.5/share, subscription 19-21 November. The company plans to list on the SET on 26 November and to enter the nano-financing market. (Kao Hoon, 18/11/14)

PPM
PPM reported 3Q14 net profit of Bt11.92mn, +65.39% YoY, as it focused on the high margin market. The board approved setting up a subsidiary, Solar PPM, at an investment cost of Bt10mn to engage in the renewable energy business, supporting revenue growth. (Thun Hoon, 18/11/14)

ROJNA
ROJNA reported 3Q14 earnings of Bt370.46mn from net loss of Bt119.97mn in 3Q14, as the company generated more revenue from land sales because it finished the project in Prachinburi and transferred ownership of the land to a large client. (Kao Hoon, 18/11/14)

S
Singha plans Bt100bn drive — Singha Estate Plc (S), the SET-listed property development arm of Boon Rawd Brewery Co owned by the Bhirombhakdi family, will spend Bt100bn over the next five years to take over a medium-sized developer and several hotels and develop four new projects. (Bangkok Post, 18/11/14)

SPA
SPA expects 4Q14 revenue growth from high season. The company reported revenue of Bt89.8mn in 3Q14 and net profit of Bt9.5mn. It is studying the ASEAN market. (Kao Hoon, 18/11/14)

TKS
TKS is confident 2014 net profit will hit record high after 9M14 reached Bt247mn, higher than the entire net profit in 2013. However, it does not expect 2014 revenue to reach target growth of 15% YoY and expects revenue growth of not more than 10% YoY in 2015. It plans to conclude a JV for printing media setup in Myanmar in 2Q15. (Kao Hoon, 18/11/14)

TWZ
TWZ plans foreign expansion — SET-listed TWZ Corporation, a distributor of telecommunications equipment, expects its revenue will reach Bt5bn next year following international expansion. (Bangkok Post, 18/11/14)

XO
XO focuses on export market by opening in Scandinavia. It expects to open in Indonesia in late 2014 and is confident that revenue will grow at least 20-25% YoY in 2014. (Kao Hoon, 18/11/14)
Comment: All entirely possible given its low base today.