ACAP
ACAP targets net profit growth of Bt120mn after several years of net. It is ready to enter into debt restructuring like SAWAD. (Khao Hoon, 12/11/15)
Comment: Ahhhhh is that what the new shareholders in ACAP are planning to do? Well then they are going up against SAWAD and JMT

BANPU
BANPU reported 3Q15 net loss of Bt72.27mn due to lower coal price. It plans to list Banpu Power on the SET to expand its electricity business. It expects electricity production to be 2.4MW. (Khao Hoon, 12/11/15)
Comment: Brokers are still trying to push banpu as a buy, I still just don’t see it.

BJCHI
BJCHI reported 3Q15 profit of Bt419mn, growth of 63% YoY. It plans to bid for projects. (Khao Hoon, 12/11/15)
Comment: Shouldn’t this make people less worried about the future of BJCHI?

CPALL
CPALL reported 3Q15 net profit of Bt3.258bn, growth of 20.8%. Its revenue is Bt100.063bn with 9.60% growth YoY. The growth came from expanding 7-Elven stores to 8,618 or 30.7% growth. (Khao Hoon, 12/11/15)
Comment: And we are all still waiting for MAKRO’s share price to rise above THB 40/share so that CPALL may finally sell a stake there.

CSS
CSS reported 3Q15 net profit of Bt191.97mn with 30% growth YoY. Its growth came from business expansion. It expects 4Q15 earnings to be impressive and is ready to enter into telecommunication and energy business. It targets this year’s revenue at Bt4.8-5.0bn or 20-25% growth. (Khao Hoon, 12/11/15)
Comment: It seems priced and we’re rather surprised that the stock didn’t run further on the back of the 4G announcements.

EA
EA reported 3Q15 net profit of Bt715mn, 91% growth, backed by its solar farm business. It expects a good 4Q15. (Khao Hoon, 12/11/15)

FSMART
FSMART reported 3Q15 profit growth of 101% YoY from expanding money topup machines targeted at 60,000 units in 2015. It is the leader in payment machines with a broad network. (Khao Hoon, 12/11/15)
Comment: Said it for years..this is a pure money making business.

KBANK
KBANK targets 4Q15 NPLs to come down to normal. It is sure that its loans will grow 6% YoY, with NPLs less than 2.8%. It expects 6-7% loan growth next year. (Khao Hoon, 12/11/15)

KCE
KCE reported 3Q15 net profit of Bt573mn with highest sales of Bt3.301bn. It expects to ramp up production at its new plant, increasing production in 4Q15 to serve higher demand. (Khao Hoon, 12/11/15)

PTT
PTT expects 4Q15 performance to bounce back up since oil prices seem to be steadying. It expects average oil price of US$50/bbl. SPRC has settled on a price of Bt9 for its IPO shares and will begin trading December 8 this year. (Khao Hoon, 12/11/15)

RP
RP’s first day of trade today. It expects to use the money from its IPO to expand and buy more ships to serve demand in AEC. (Khao Hoon, 12/11/15)
Comment: We tried to get the IPO, just couldn’t, too small, fully taken up…and it had the usual first day bounce…fundamentally definitely not worth its price today, over time we’re expecting it to go back to single digits.

SAWAD
SAWAD reported 3Q15 net profit growth of 65%. It expects growth this year to be 50% YoY. (Khao Hoon, 12/11/15)
Comment: Asset backed loans…or loan sharks…regardless, branch expansions are the driver here + the decrease in cost of interest has helped SAWAD as well as MTLS

SCN
SCN reported 3Q15 net profit of Bt59.6mn, a fall of 4%. (Khao Hoon, 12/11/15)

SIM
SIM signed a contract to sell mobile phones with CAT on 22 October 2015. The service will be started within 90 days after signing. MVNO service for mobile phones will all it to add customers. (Khao Hoon, 12/11/15)

SR
SR’s first day of trading was good. It opened at Bt5 and closed at Bt4, higher than IPO price 14.29%. It expects revenue next year to grow 20-30%. (Khao Hoon, 12/11/15)

TCC
TCC shows better performance with cash of Bt700mn, D/E at 0.06. It is ready to expand its business and expects to gain projects from the government’s infrastructure push. (Khao Hoon, 12/11/15)

THAI
THAI reported 3Q15 net loss of Bt9.9bn because of high competition in the market. The loss also came from exchange rate loss of Bt4.5bn. Its 9-month total loss is now at Bt18bn. (Khao Hoon, 12/11/15
Comment: Int D/E is only nearly 10x now. No problem. Where’s that recap?!

  1. Some interesting comments this issue.
    I keep thinking FSMART is overpriced.( PE). However, I’ll have to take a second look, applying the EPS growth factor to the price earnings ratio.
    BJCHI on the surface, nice Q3 earnings and gross margins bump. However, removing the FX gains/losses and the apparent improvement over Q3 2014 earnings disappears. The question is, after holding back on the 2014 cash dividend distributed and with plenty of cash in the bank; it would be nice to hear what their plans are.

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