AKR

AKR wins a bid — AKR has won the bidding for a project worth Bt500mn. Management said the company has its backlog of Bt600mn. AKR targets to grow 10%YoY. International orders will increase to 20-25% in 2013. Its deal regarding the solar business is expected to conclude at the end of this year. (Tun Hoon, 6/2/13)

Comment: This company has promised improvements and turnarounds since we first looked at them in 2005, no change in our thoughts with this. 

ANAN

Looks for doubling in sales this year — ANAN expects sales to double to Bt12 bn. Current backlog is more than Bt14 bn and Bt12bn of the backlog will booked as revenue this year. The company targets presales for this year of Bt15bn and plans to launch 13 projects, worth Bt24bn. (Khao Hoon, 6/2/13)

Comment: Given that the mkt cap is already @ THB 14bn, we don’t see much value here.

BAY

BAY to upgrade system to maintain e-business – Bank of Ayudhya will spend Bt2bn over three years on information technology, especially customer intelligence, to reinforce its e-business including Krungsri Mobile Application. (The Nation, 06/02/13)

Comment: I’m always happy to hear about a bank that plans to invest in its IT systems, IT insiders know very well that Thailand is incredibly far behind the rest of the world in regards to their systems and safety…

CPN

Central Group eyes 24% growth – Central Group has set an investment budget of more than Bt38bn this year as it targets 24% growth. (The Nation, 06/02/13)

Comment: Just .. wow!

IRPC

4Q12 profit but unsure about 2012 — IPRC management says 4Q12 performance was in the black, but it has yet to determine whether this is sufficient to bring 2012 into the black. Its 2013 revenue target is Bt270-270bn, flat from last year. (Khao Hoon, 6/2/13)

Comment: This is still one poorly managed entity, there’s a lot of hidden value in the company, but they haven’t made a clear plan on how to unlock it.

PF

Developer to raise Bt5.7bn via bond issue fund launch – Property Perfect plans to raise Bt5.07bn this year by issuing debentures and launching a property fund to support revenue growth of 67% to Bt15bn compared with Bt9bn last year. (The Nation, 06/02/13)