BAY

BAY expects loan growth of 7-9% YoY in 2014 from 13.7% YoY in 2013. It cut its 2014 NPL target to 2.5% after 2.67% in 2013. It says the Japanese hold a 72% stake and the M&A process will be complete in 2014. (Khao Hoon, 10/04/14)

Comment: Still decent numbers coming out of Thai banks, we’ll see how the earnings seasons unfolds after Songkran

BBL

BBL is opening new branch in Cambodia. It says that overseas subsidiaries have contributed to net profit. It has 13 subsidiaries in 7 countries. It expects 2014 loan growth of 5-7% YoY despite the impact on the economy from the political situation. (Khao Hoon, 10/04/14)

BCP

BCP negotiating JV with 2-3 partners, both domestic and overseas companies who are related to petroleum. Negotiations will be completed in 2014. (Post Today, 10/04/14)

Comment: The only growing co in the traditional energy/petrochem sector

HEMRAJ

Sells 121 rai of IE land in 1Q14, environment improving – HEMRAJ reports 1Q14 sales of IE land (including some rentals) amounted to 121 rai (48 acres, 19 hectares). It entered into 11 contracts, five with new customers and six were project expansions by existing customers. Of the new customers, 38% are Japanese companies and more than 35% of those in the automotive industry. (HEMRAJ press release, 10/04/14)

Comment: Still the best IE company, but is AMATA a better rebound play?

HMPRO

HMPRO to open first branch in 2014 on 11 April in Lampang, built at a cost of Bt340mn, bringing total branches to 65. It expects revenue of Bt29mn per month. (Khao Hoon, 10/04/14)

IRPC

IRPC boosts profit as demand climbs – IRPC expects its gross integrated margin (GIM) will rise to US$8.50 a barrel this year from $7 last year thanks to rising global demand for petroleum and petrochemical products. GIM is projected to rise by another $2-4 a barrel once IRPC completes its hygiene and value-added product (UHV) project worth Bt65bn in next year’s third quarter (Bangkok Post, 10/04/14)

MBK

MBK puts hospital project on hold — MBK Plc, the operator of MBK Center shopping mall in Bangkok, has suspended its planned expansion into the hospital business and slowed investment in the retail and property sectors due to the unfavourable economic and political situation. (Bangkok Post, 10/04/14)

PTTGC

PTTGC offers Pertamina to expand refinery capacity in Balongan, to 300 thousand barrels per day from 125 thousand barrels per day, to produce enough raw material for the petrochemical JV project in Indonesia. It will invite Thai Oil to invest in this capacity expansion. 1Q14 performance is expected to decrease from 1Q13 because aromatic business was worse. (ASTV Manager, 10/04/14)

SIRI

SIRI adjusting 2014 presales target from Bt30bn because 1H14 presales are expected at Bt10bn. It said 1Q14 presales were Bt4bn, down from Bt20bn in 1Q13. (Post Today, 10/04/14)

Comment: No surprise as almost every property firm will have a rubbish 1Q14