AOT

AOT waiting for NCPO approval of City Airport project worth over Bt18bn. Two more of its board members have resigned as the management shakeup continues. (Thai Post, 13/06/14)

Comment: I hope, I dearly hope, that the military will not be corrupt.

DTAC

NBTC takes aim at DTAC with 4G cap – The national telecom regulator is floating the idea of blocking bidders with spectrum holdings above 25 megahertz of bandwidth on the 1800-MHz spectrum from taking part in the August auction for fourth-generation (4G) mobile broadband service. (Bangkok Post, 13/06/14)

Comment: It’s quite funny how this turned out for DTAC, if I were an investor in Telenor I’d say well done for corp governance and being transparent towards shareholders. In the end I still think DTAC would be able to participate.

BMCL

MRT fares discussed — The Permanent Secretary of Transport says he has talked with BMCL and asked it to leave fares unchanged for another three months, to line up with NCPO efforts to lower cost of living. BMCL had applied for a fare rise. (ASTV Manager, 13/06/14)

GUNKUL

GUNKUL expects 50% growth in 2Q14 after it invested over Bt8.5bn in wind farms. It expects these to contribute over 300MW to its production capacity in two years. (Khao Hoon, 13/06/14)

Comment: As mentioned before, GUNKUL will be growing from its investments in renewables starting in 2015/6 which is great for minimising the volatility of its profits.

KTB

KTB bancassurance net interest income growth 40% to over Bt5.8bn. May was an exceptional month with its business netting over 2.5x the target rate due to high sale of ‘i-SAVE’ short term plan. (Khao Hoon, 13/06/14)

PSL

PSL takes delivery of 2 additional cement ships yesterday. The ships will sail under Singaporean flags and operate out of its subsidiaries in Singapore. PSL’s fleet currently numbers 41. (Khao Hoon, 13/06/14)

Comment: The market treats PSL’s valuation as a function of its NAV, and PSL is still continuing to increase the # of ships as it clearly laid out in its plan 18 months ago.

RS

NBTC will pay Bt427mn RS for rights to air World Cup on free TV, a bit more than half of what RS demanded. RS said that it will offer refunds to those who bought its boxes. (Krungthep Thurakit, 13/06/14)

Comment: RS will still make a killing from its advertising revenues from the WC

TKT

TKT says orders beginning to come back as outlook improves. Management says 2Q14 will show losses, partly from the industry’s low season. It is reducing its profit target by 10-20%, but expects the bottom line to remain in the black. TKT is also mulling expansion if orders pick up strongly. (Khao Hoon, 13/06/14)

TRUE

Tris Ratings upgrades TRUE as equity inflow of Bt65bn will help with liquidity. (Khao Hoon, 13/06/14)

Comment: And here is the story, True pays down debt, profits improve dramatically with the interest exp removed, then the CEO will launch another price war, expand, ramp up debt, and the company will go through the same issues it always does.

UV/GOLD

Land sales continue impressive — UV and GOLD have set a goal of profit of Bt4bn from land sales this year. GOLD has sold over Bt5bn worth of land in the provinces. (Khao Hoon, 13/06/14)

Comment: I think the value of everything GOLD wants to achieve has already been priced in, and well done to the new management/owners on being able to execute the first part of its plans