AKR upbeats 2Q from Bt600m backlog pending to realize, expects demand for transformer accelerate in 2H after 4,852mw renewable PPA signed as 1 transformer requires for every mw, will bid project from authorities (MEA & PEA) combined Bt3b in May & Jun, target to win at least 10-15%, firms on 15% full year revenue growth target.

THANI sees qtd new loans topped Bt2.45b driven by demand for credit from tourism & transport sectors, NPL is expected to remain below 3% from improved debt service ability, lower repossessed vehicles.

Comment: Just like with every other leasing-related business, they’re going to be squeezed on margins – although given that THANI makes ~40%, it’s not going to hurt Thani much to lose a few %age points. Impact on the share price is a difference q..

THRE raised full year revenue growth target to 15-17% from 10% prior supported by higher reinsurance premium, higher returns from investments, growth from AI solutions business for claims management, seeks to expand CLMV to boost growth.

Comment: In a world of interest rates returning, players like THRE will begin to look decent again, perhaps this explains why the share price is higher today than pre-wuflu.

TFG anticipates record high revenue this year from larger client base both domestic & overseas, retail expansion via Thai Food Fresh Market, expects margin recovery on declining feedmill costs, sets Bt3.5b capex to expand swine farms in Thailand & Vietnam, adds 180 new stores from 220 branches end of FY22 to 400 by end of year.

Comment: I applaud their efforts. It’s great to see another player in the space actually competing with both CP and Betagro. But now we are seeing the thai agri players finally getting hit by the feed prices and lower ASPs – this trend started throughout the rest of the region since 1Q22…Thailand’s domestic market somehow stayed high, until now..