BMCL

BMCL gains from political protest which has raised average passengers to 360,000 a day, +30%. The MD expects a good performance in 1Q14. The Mass Rapid Transit Authority of Thailand is preparing to sell bidding envelops for the Blue Line next month. (Khao Hoon, 28/1/14)

Comment: At least there are some beneficiaries to the protests

CK

Ch Karnchang keeps revenue, net profit goals for this year – Ch Karnchang is maintaining its 2014 targets for construction revenue of Bt30bn and net profit margin of 8-10% even though it appears that persistent political turmoil will delay the government’s planned transport-infrastructure mega-projects. (The Nation, 28/01/14)

SENA

SENA focuses on cash after political unrest. It will launch seven new projects worth Bt6-7bn, down from prior target of 10 projects. It maintains 2014 revenue growth target of 20% YoY. (Khao Hoon, 28/1/14)

Comment: Their projects are normally not well-known to most investors because of the location in the outer Bangkok regions or off the smaller streets in Bangkok. But they’ve done ok as a mid-tier developer

SGP

SGP sold all of its debentures worth Bt1.3bn. It said revenues for 2013 will hit its target of Bt60bn and business will continue to grow strongly in 2014 despite the political situation. It also aims to expand the number of gas stations to 40 by the end of this year. (Khao Hoon, 28/01/14)

Comment: I just don’t trust the numbers from the company, margins fluctuate far too much, and without special “other income” line items they wouldn’t have been making money for the past few years

TTW

TTW reports 2013 net profit of Bt2.544bn, a 9% increase YoY, with revenue of Bt5.79bn, a 10% increase YoY, after booking higher equity income from CK Power. It increased its dividend to Bt0.35/share and has received a new loan worth Bt1.7bn to refinance its existing loans. (Khao Hoon, 28/01/14)

Comment: A simple utility play

VGI

VGI reports net profit of more than Bt953mn, an increase of Bt677mn from last year’s net profit. It also said that BIG C has renewed its contract for ad space in all its shopping centers for five more years. (Khao Hoon, 28/01/14)

Comment: The monopoly on the BTS line + private projects are the key drivers here.