AAV
AAV is opening a short training course for aircraft maintenance personnel in its effort to emphasize its human resources. ( Thun Hoon, 4/7/17)

AP
AP boasts presales of Bt15bn YTD and expects Bt26bn for the year. The company is about to launch TWO new condominium projects worth Bt12.4bn in 2H17. Revenue is expected to rise 10-15% this year. (Kao Hoon, 4/7/17)

BIG
BIG will host the biggest digital camera fair in Thailand “The 11th Big Camera Big Pro-Day” on July 11-16. Management expects the event to support 3Q17 performance and push revenue and earnings for the year to a new high. (Thun Hoon, 4/7/17)
Comment: Their QoQ #’s, whilst impressive, aren’t justifying the valuation at the moment

CIMBT
CIMBT expects retail loans for 2017 to exceed target of Bt80bn after making Bt78bn in the first six months. The company expects mortgages to continue to grow as the oversupply situation is limited to condominiums in the suburbs. The company launched a campaign “Be The Victor” to capture the private wealth management business in hopes of expanding its client base to 70,000 within this year. (Thun Hoon, 4/7/17)

DCON
DCON is gaining attention from local institutional funds in recognition of its strong fundamentals and the benefits from the government’s big projects, which are expected to get going soon. 1H17 performance has been good, supported by high season in construction and contribution from land sales. Precast production is also giving the bottom line a boost. It expects 2017 performance to be strong. (Thun Hoon, 4/7/17)
Comment: 1Q17 looks amazing, but 98% of that profit came from the sale of a piece of land, without it, this former darling of ours looks expensive.

DTAC
DTAC aims to focus on revenue and earnings of services excluding IC this year. EBITDA is expected to increase YoY. Revenue from data is expected to increase to 60%, supported by more sales promotions in 2H17. It expects to sign its partnership contract with TOT for 2300 MHz in 4Q17 . (Revised from Kao Hoon, 30/6/17)

ERW
ERW expects 3Q17 to be strong from tourism recovery, and expects to maintain occupation rate at 80%, same as 1H17. The company targets performance growth of 10%. The Philippines project is about to make a contribution. The company is looking for more opportunities for investment overseas. (Thun Hoon, 4/7/1 7)
Comment: Straight fwd story here, though we think valuations are starting to become rich

PDI
PDI has the opportunity to post record high revenue and earnings this year from high global zinc price climbing 64% since the beginning of 2016. Management reported inventory of 15,000 tons already. The company is also diversifying its risks by investing in solar power both domestically and overseas. (Thun Hoon, 4/7/17)
Comment: Well their EPS has recovered somewhat in the past few years. Still it’s a commodity player and now apparently a renewable energy player too.

PTT
PTT is increasing its 5-year (2017-2021) investment budget to Bt50bn from Bt40bn. The company is building a petroleum terminal in Surat Thani, expected to finish in two years. The company targets 1,852 service stations with emphasis on non-oil revenue. It expects to finish transferring its PTTOR assets before December and list the company in 2018. (Thun Hoon, 4/7/17)

SPALI
SPALI expects its revenue to grow 45.61% YoY to Bt14.5bn. This is 85% of full year target of Bt27bn after launching eight projects worth Bt15-16bn. 2H17 will launch another 21 projects from the full year target of 29 worth Bt37.2bn. (Thun Hoon, 4/7/17)

TFG
TFG expects 2H17 to continue to be strong. Revenue is expected to grow 20% and earnings to reach a new high. The company is continuing to put emphasis on selling its products to modern trade, food service, and export channels where margin is higher. (Kao Hoon, 4/7/17)

TPIPP
TPIPP expects 2Q17 to beat previous earnings high of Bt709mn, up 42% YoY. This is supported by a new high in electricity sales of 210mn units. The company will likely pay a dividend in the range of Bt0.08-0.10/share. (Thun Hoon, 4/7/17)
Comment: Their earnings will continue to climb all the way to the end of 2018. So you could argue it will have a 7-8% dividend yield by 1Q19

TTCL
TTCL is looking to sign on for the construction of two petrochemical projects worth Bt15.7bn. It expects revenue to growth YoY. It currently holds a backlog of Bt16bn. The company targets Bt24.5bn worth of new projects this year and expects to finalize a 2,560 MW coal-fired power plant in Myanmar next year. (Kao Hoon, 4/7/17)

WHAUP
WHAUP’s shareholders approved the par split from Bt5/share to Bt1/share to improve liquidity, as well as the issuance of a Bt5bn bond to pay off its current loan and reduce cost of debt. Management expects the new par will take effect in July. 2Q17 is expected to be strong, supported by increased industrial water demand, as well as GHECO One returning to operation the whole quarter. (Thun Hoon, 4/7/17)

  1. What’s their balance sheet gonna look like when they have to bid for their expiring spectrum next year? I don’t think AIS and True are going to give DTAC a free shot at cheap spectrum.

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