CHOW
CHOW’s management explained the impact from Japan’s cancellation of solar farms in which investment has not begun. It plans investment in only 8MW solar farm in Japan, small against its total electricity production capacity of 60MW. It provided an explanation after the stock price fell sharply to current P/E ratio at 7.44. (Thun Hoon, 18/1/19)
Comment: Zero confidence in the market these days. PE doesn’t matter. Plus it does hurt their future growth.

ECF
ECF acquired 51% share in S-TREK, an IT company. The board approved a stock swap method with the first lot priced at Bt5/share. It will submit this for shareholder approval on April 5. Management expects to book revenue and earnings from S-TREK this year. (Thun Hoon, 18/1/19)
Comment: What is ECF doing acquiring an IT Company?

HARN
HARN gets a windfall from THB appreciation via lower imported material cost. Management expects this to widen margin. It plans to export printers to Vietnam. It targets sales of Bt1.54bn this year. Current backlog is Bt500mn. (Thun Hoon, 18/1/19)
Comment: Makes zero sense, in the end they are an exporter and are hurt by the THB strength.

JKN
JKN’s CEO says the decline in stock price may be caused by someone dumping shares. The SEC reported that Mr. Rayong Wanichsuwan, the third major shareholder, sold 0.79% of total shares yesterday and now he holds 4.62% from 9.47% earlier. The company expects revenue growth of 20% this year and it will announce a big project within 3-4 months. (Kao Hoon, 18/1/19)
Comment: Or that the shares were simply trading at a very high valuation

MEGA
MEGA is preparing to introduce 13 new products, focusing on food supplements. It will enter into Ethiopia, Colombia and Indonesia markets. It targets revenue growth of 8-10 this year. (Thun Hoon, 18/1/19)

THAI
THAI’s president says impairment loss will decrease this year. The company is negotiating to write off 16 aircraft valued at Bt4bn. The conclusion will be known this month and the proceeds will be booked as revenue in 1Q19. It expects revenue of Bt200bn this year. Today, the company will submit a five-year purchase plan for 38 aircraft to the Transport Ministry, after which it will go to the cabinet. (Kao Hoon, 18/1/19)
Comment: Woooooooooooooooooo more new planes for a company that can’t afford it.

TRUE
TRUE says it has no plan to bid for 5G 700MHz spectrum. It is waiting for approval of extension of the 900MHz repayment period. (Thun Hoon, 18/1/19)
Comment: I doubt the success of the 5G bids only due to the fact that Thailand is never a first mover in implementing these new technologies for telco’s. Second the expansion of 5G requires a fortune for tower expansion.

WHA
WHA says the postponed election has no impact on land purchases. Many customers continue to visit its industrial estates and now it is contracting to sell 200 rai of land. It expects to complete at least one deal in 1Q19. It targets revenue growth of 10% this year. (Thun Hoon, 18/1/19)
Comment: At the end of the day, both WHA and AMATA are trading at valuations assuming that the EEC land sales are occurring, this has proven to be not the be case since the EEC announcement. The one main benefit that WHA has over AMATA is their holding in WHAUP which provides decent recurring income.