CPN

Central group reports that it is working with Grab to develop full technology and it has acquired some shares in Grab. (Kao Hoon, 31/1/19)

Comment: Well CPN isn’t exactly a major shareholder in Grab…

ICN

ICN’s backlog is Bt1.5bn. Management expects revenue growth of no less than 10% this year. It will start to book revenue from EEC, which was acquired by the company this quarter. It has bids for many projects with total value of around Bt1bn. Some bidding results will be known this quarter. (Thun Hoon, 31/1/19)

III

III expects earnings to be outstanding in 1Q19, supported by E-Commerce expansion. Both domestic and foreign customers need its freight business. It will add 2,000 containers this year to its current 1,200 to handle demand growth. It expects to close one M&A deal this year. (Thun Hoon, 31/1/19)

IVL

Aloke Lohia, IVL’s CEO, targets double EBITDA growth in five years, supported by acquisitions. He said the polyester market is growing 5-6% a year, supported by demand growth. (Kao Hoon, 31/1/19)

Comment: A lot of questions around this company at the moment. Some say the peak for their spreads has passed.

PSH

PSH is preparing to launch a high-end condominium in Thonglor, Chapter Thonglor 25, valued at Bt1.82bn under the concept of “Curated Thonglor Living”. Starting price is Bt4.9mn and average area price is Bt160k/square meter. (Kao Hoon, 31/1/19)

Comment: It’ll be interesting to see how the condominium market progresses in the first quarter of this year. If things aren’t as bad as people are predicting, a strong rally, if things are, then prices are already reflecting this. Not the worst risk/return outcome.

PTTEP

PTTEP reported 2018 earnings of Bt36.2bn, +89%YoY, supported by higher petroleum sales volume and average price. It will pay a dividend on 2H18 of Bt3.25/sh. XD is Feb 12. It expects sales volume to increase to 318k barrels/day mainly due to consolidating its 66% holding in Bongkot gas field into its financial statement. (Kao Hoon, 31/1/19)

SCC

SCC targets revenue growth of 5% this year supported by cement demand growth of 3-5% from government infrastructure projects. It has budgeted Bt60bn to expand its business. 2018 earnings were Bt44.75bn, -19%YoY. The board approved a dividend of Bt9.5/sh. XD is Apr 3. (Kao Hoon, 31/1/19)

SPA

SPA will benefit from high season of tourism and Chinese New Year as many customers subscribe to its service. Management expects revenue growth of 20-30% during Chinese New Year and this will give outstanding earnings in 1Q19. It plans to add ten spas this year, raising revenue. (Thun Hoon, 31/1/19)

TU

TU has entered an upward trend after many customers are talking to it after the removal of the yellow card by the EU in recognition of Thailand’s efforts to combat illegal, unreported and unregulated fishing (IUU) as well as effective marketing campaigns. It plans to introduce new products to widen its gross margin to 14% and profit margin to 4%. (Thun Hoon, 31/1/19)

UAC

UAC targets reducing debt to equity ratio to 1.0x from 9M18 debt to equity ratio at 1.8x via cash flow. Management says it will expand its business both at home and abroad after the general election. It targets revenue growth of 10% to Bt2.7bn this year. (Thun Hoon, 31/1/19)