BANPU
BANPU reports 90% of Hongsa power plant has been completed. It expects the plant to start running in mid-2015. The company is also ready to invest in a solar farm project in Japan and expects a conclusion by the end of the year. It targets coal sales this year of 48mn tons and expects revenue to be close to last year’s, with higher volume to offset the lower selling price. (Kao Hoon, 15/08/14)

BEC
BEC seeking incentives from NBTC – BEC World Plc, the operator of Channel 3, wants the telecom regulator to offer some incentives such as a license fee reduction to help its analogue channel migrate to the digital system. (Bangkok Post, 15/08/14)

DEMCO
DEMCO 1H14 net profit surges 162% YoY. It has announced a dividend of Bt0.125/share. The company expects to start booking revenue from its backlog of Bt3.5bn, which should help bring the year’s revenue to Bt5.2bn. (Kao Hoon, 15/08/14)
Comment: The stock price is still being driven by the WEH stake and the potential of an increase of renewable energy in Thailand’s energy future.

EA
EA reported 2Q14 earnings of Bt408mn driven by higher sales and biodiesel production, plus higher average selling price. However, in 3Q14 biodiesel production is expected to slow down due to the rainy season. (Kao Hoon, 15/08/14)

EARTH
Board approves issue of Taiwan Depository Receipts (TDR) which will be listed on the Taiwan Stock Exchange. EARTH-W4 will also start trading today. The company reported 2Q14 profit of Bt366mn. (Kao Hoon, 15/08/14)
Comment: So they have listed shares in Thailand, in Frankfurt and now in Taipei.

EPCO
2Q14 net profit jumped 72.4% YoY supported by its Lopburi power plant and its printing business. It is confident that revenue this year will grow by 30%. It will pay out a dividend of Bt0.14/share. (Kao Hoon, 15/08/14)

GRAMMY
GRAMMY reported net loss of Bt912mn in 2Q14. It expects to recover in 2H14 in line with the economy. Its home shopping business grew more than expected. (Kao Hoon, 15/08/14)
Comment: The losses were 66% due to the PayTV business which they’ve essentially sold off to CTH

HEMRAJ
HEMRAJ reported 2Q14 net profit of Bt1.017bn, up 82% YoY, bringing 1H14 results to Bt2.06bn. (Kao Hoon, 15/08/14)
Comment: Still the best industrial real estate player in Thailand today.

IVL
IVL returns to M&A strategy for expansion — SET-listed Indorama Ventures (IVL), one of the world’s largest integrated polyester product makers, is returning to acquisitions to speed up its expansion, as it has four potential deals it expects to seal in the second half. IVL chief executive D.K. Agarwal said IVL had been ready to return to mergers and acquisitions strategy, its primary growth strategy since establishment, focusing on high value-added products such as tyre manufacturing, airbags, diapers and safety products. (Bangkok Post, 15/08/14)

JAS
JAS denied rumor it is pressuring stock price to benefit its stock repurchase. It has no target price for the stock repurchase and confirms that the lawsuit will not impact its operations and dividend, though revenue from broadband internet contributes 80% of total revenue. (Kao Hoon, 15/08/14)
Comment: The conspiracy theorist inside me takes the opposite viewpoint, with all their shares purchased, how much has to be written off the books? And have they just been trying to prop up the price in the midst of the downfall?

LDC
SEC starts working on the filing by LDC which expects to do its IPO and list on the stock exchange in 3Q14. The company expects good response from investors as it has strength in the dental business. (Kao Hoon, 15/08/14)
Comment: Don’t know much about the financials here but I am very curious about their business.

RATCH
Doing JV for three projects — RATCH and a partner in a neighboring country expect to do JV in three projects of 2,000MW per project. It plans to increase capacity to more than 10,000MW in 2023 after completing the JV jobs. It is confident that 2014 net profit will grow from 2013. (Kao Hoon, 15/08/14)
Comment: It is remarkable how RATCH continues to expand internationally and grow its total MW’s

SIRI
SIRI 1H14 earnings surged to Bt1.367bn, up 214% YoY. Moving into 3Q14, it expects seven projects to be transferred. (Kao Hoon, 15/08/14)

SPALI
SPALI maintains presales target this year at Bt22bn. (Kao Hoon, 15/08/14)

THAI
THAI set for return flight to profits in Q4 – Thai Airways International Plc (THAI) expects to return to the black earlier than expected, in the fourth quarter, but still plans to cut 1,500 jobs this year as part of a restructuring plan at the troubled national carrier. (Bangkok Post, 15/08/14)
Comment: I still expect to see THAI have to do a recap

TTA
TTA posted net profit of Bt254mn in 3QFY14 or Bt686mn in 9MFY14. Management expects to have a fleet of at least 25 ships. (Kao Hoon, 15/08/14)

TUF
TUF reports 2Q14 net profit of Bt1.522bn, up 324% YoY, bringing 1H14 earnings to Bt2.471bn, up 139% YoY. It has announced a dividend of Bt1.2/share; XD Aug 25. (Kao Hoon, 15/08/14)
Comment: No surprise here as TUF last year had to deal with raw material prices sky rocketing.

UAC
UAC said it will acquire more business. It has set up an investment budget of Bt500-1,000mn. (Kao Hoon, 15/08/14)
Comment: I’d expect that they will continue to invest in renewable energy projects, although the financing won’t be in place for them unless warrants are exercised in the future.