BJCHI

Roadshow end-Feb — BJCHI is preparing for a roadshow for big local institutional investors on 27-28 February 2014, after they expressed interest in its overseas business. It expects to get a project of Bt2bn in Australia. Its current backlog is Bt5bn with gross margin of 40%. It will pay a DPS of Bt2.2. (Khao Hoon, 25/2/14)

Comment: We think the easy trade in BJCHI is over, some analysts are still pitching it as a potential re-rating to be inline with STPI

GUNKUL

GUNKUL reported 2013 net profit of Bt883mn. It will pay stock dividend at a ratio of 3 existing shares to 1 new share and cash dividend of Bt0.038 per share, XD on 18 April 2014. It expects 2014 revenue growth of 50% YoY. (Khao Hoon, 25/2/14)

Comment: Stock dividends…mmmmm….never liked them, yes it improves liquidity, with stocks with such a high PE and such uncertainty in quarterly numbers it can only add to selling pressure

IVL

IVL expects 2014 revenue of US$8.7bn or +17% YoY. It is confident that net profit in 2014 will be greater than 2013. It is preparing to book revenue from new business and will invest US$300-400mn in 2014. (Khao Hoon, 25/2/14)

Comment: IVL is continuously expanding in new businesses and if you look closely the majority of their acquisitions are paying off, one of the few bright spots in the energy/petrochem sector

SAT

SAT’s net profit was Bt966mn after it had reversed impairment of Bt121mn. Its 2013 revenue was Bt9.3mn because of an industry slowdown. It will pay interim dividend of Bt0.5 per share. (Khao Hoon, 25/2/14)

Comment: The pressure on the auto sector stocks has been fairly ridiculous over the past 6 months, we wouldn’t be surprised to see the sector higher in 12 months from now

THAI

THAI informs SET of litigation contingencies from an additional claim issued by British Airways in cargo civil class action in UK and cargo civil case issued by LG group companies in Korea. It is preparing the Answer to Plaintiff at present. (SET, 25/2/14)

TTA

TTA certain of net profit in 2014. It expects revenue growth of 40% because three of its four businesses have recovered. It plans to purchase 10 new ships for Bt8.4mn to raise its fleet to 30 ships from the current 20. (Khao Hoon, 25/2/14)

Comment: Well they had better be given the recent major write off

TTW

TTW expects revenue of Bt5.9bn in 2014. It plans investment of Bt2.2-2.5bn to expand its capacity. It aims to expand overseas, including in Myanmar. Details will be provided in 2H14, with investment estimated at Bt250-300mn. (Khao Hoon, 25/2/14)

TUF

TUF to pay DPS of Bt0.89, XD on 6 Mar 2014 and payment on 18 April 2014. 2H13 net profit growth was 76% HoH. (Khao Hoon, 25/2/14)

UAC

UAC reported net profit of Bt131mn on revenue of Bt977bn. It will pay a DPS of Bt0.16, XD on 17 April 2014. It plans to change its name to UAC Global. (Khao Hoon, 25/2/14)

Comment: We’ve loved this company for the longest time