Stocks in the news (bmcl, bts, itd, l&e, pf, siri, tru) 22.11.13
BMCL
Still no SRT decision on capital increase — The State Railway of Thailand has hired outside consultant to study BMCL’s need for additional capital. The report will be completed by November 29, after which SRT will make its decision. (Khao Hoon, 22/11/13)
Comment: It will still most likely go through, SRT can’t risk BMCL going bankrupt
BTS
Special dividend — BTS has announced a special dividend of Bt0.33 per share from the extraordinary gains from the sale of VGI shares. It says it does not fear competition over new line management, as it believes that its track record will convince any official. (Khao Hoon, 22/11/13)
Comment: An additional 3-4% yield for this company, to us it looks like K. Keeree is cashing out as much as he can
ITD
Targets 2014 backlog growth of 100% — ITD targets 2014 backlog growth of 100% to Bt400bn with revenue of Bt70bn, from the current level of Bt60bn. It still has hopes for Dawai, with Burma to make the decision on contractor for Phase I in February 2014. (Khao Hoon, 22/11/13)
Comment: We’ve said time and time again that ITD can’t do the Dawai project, its balance sheet isn’t big enough and they have far too much debt.
L&E
Targets 2014 revenue growth of 15-20% — L&E targets revenue growth of 15-20% in 2014, after current backlog reached Bt800mn. It plans to increase its storefront space by 2000 sqm in one or two locations. Its new LED plant is on track to be complete by late 2014. (Khao Hoon, 22/11/13)
Comment: A specialist player in the LED lighting segment. Haven’t look @ them for years, mainly b/c of liquidity reasons
PF
Expects 2014 revenue of Bt17.5bn — PF targets 2014 revenue of Bt17.5bn and presales of Bt15bn. It will launch Bt20bn minimum in new projects. It will book Bt5.6bn income in 4Q13 from house and condo projects. (Khao Hoon, 22/11/13)
SIRI
Provincial revenue at Bt17bn — SIRI reports that revenue from its projects in the provinces reached Bt17bn from total revenue of Bt41bn. 4Q13 will see it deliver seven more provincial projects in Hua Hin, Phuket, Khao Yai, and Chaing Mai. (Khao Hoon, 22/11/13)
Comment: They have done wonderfully well upcountry with their branding, fact remains that marketing expenses have returned to its pre 2012 high levels
TRU
Targets 7-8% earnings growth in 2014 — TRU targets earnings growth of 7-8% next year this year’s Bt3.8bn. Growth will come from its new investment of Bt500mn to increase production capacity and new ties with Japanese clients. (Khao Hoon, 22/11/13)
Comment: Just like every other company in the auto sector they have been hurt regardless of their performance