AAV
AAV reported 4Q18 loss of Bt358mn caused by rising fuel price. 9M18 earnings were Bt340mn, 66%YoY. Passengers grew by 4%YoY in 3Q18. (Kao Hoon, 13/11/18)
Comment: And oil prices still aren’t even at all time highs. Part of suspects a decent turnaround in airline earnings in 12 months after all the news is done…as it typically is…
ALLA
ALLA reported 3Q18 earnings of Bt22.85mn, +82%YoY, its highest in eight quarters. 9M18 earnings were Bt43.86mn, +16.21%YoY. It is bidding for many projects both at home and abroad. The results of one bid will be known in November. (Kao Hoon, 13/11/18)
DOD
DOD reported 3Q18 earnings of Bt72.74mn, +168.71%YoY. 9M18 earnings were Bt296mn, +157.2%YoY, higher than earnings in the whole of last year. It is acquiring a beauty production company for Bt400mn. The deal will be concluded in December. (Kao Hoon, 13/11/18)
GUNKUL
GUNKUL reported 3Q18 earnings of Bt715.7mn, +35%YoY. 9M18 earnings were Bt730mn, +96%YoY. (Kao Hoon, 13/11/18)
IVL
IVL expects 2019 EBITDA of US$1.75bn, driven by revenue recognition of companies acquired in 2018. It has budgeted US$1.2bn to acquire new companies. It targets revenue of US$11bn with production capacity of 13.3mn tons this year. (Thun Hoon, 13/11/18)
Comment: Just 2 years ago thet said no more acquisitions. Either they are empire building or their competition is suffering from a lack of scale. Not sure which is better….
PTT
PTT reported 3Q18 earnings of Bt30.33bn, +36.05%YoY, supported by the natural gas business and higher petroleum and petrochemical product prices. However, 3Q18 earnings were dampened by losses on derivatives transactions. Subsidiary GPSC is appealing to the court to acquire GLOW. (Thun Hoon, 13/11/18)
TTA
TTA reported 3Q18 earnings of Bt148.3mn. It says shipments benefit from rise in BDI. High utilization rate of marine engineering ships supported 3Q18 earnings growth. Its financial structure is strong with D/E of 0.13x. (Thun Hoon, 13/11/18)
VGI
VGI has raised its revenue target from Bt4.4-4.6bn to Bt5bn this fiscal year as OOH media demand is growing. (Thun Hoon, 13/11/18)
Comment: And this amazing investment in Kerry that could be worth 3x their cost 
WHA
WHA is preparing to open its tenth industrial estate in 4Q18. Many clients are dealing to buy land and rent warehouses in 4Q18, thanks to the government’s investment promotion in EEC. It will book revenue from the sale of assets to WHART and HREIT at the end of this year. (Thun Hoon, 13/11/18)
WHAUP
WHAUP reported 3Q18 earnings of Bt631mn, +10.7%YoY. 9M18 earnings were Bt1.64bn, +6.5%YoY. Management says 2H18 revenue will be better as it has signed contracts to set up solar rooftops. It expects to set up 10MW this year. (Thun Hoon, 13/11/18)

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