ADB
ADB will run the first phase of machines in its new factory in November. This will raise production capacity and output can be sent in 1Q19. It expects revenue to grow. (Kao Hoon, 10/10/18)
BAY
BAY will book extra gain from the sale of 50% of Ngerntidlor of Bt6.3bn in 4Q18. (Kao Hoon, 10/10/18)
Comment: Given that they sold it at 2x PBV when SAWAD is a 5x and MTC is at 10x, it does raise the question, why sell? If a PE firm such as CVC would buy it, then there is obvious upside…
CPT
CPT expects 2019 revenue growth of 20-25%, a five-year high, supported by economic growth. It continues to look for jobs abroad and focuses on high margin. It is preparing to bid for projects both at home and abroad with total value of Bt800mn and expects to be awarded Bt500mn. Backlog is Bt600mn and 40% of this will be booked as revenue this year. It is looking for a partner to boost its business. It insists that the resignation of former MD was not caused by an internal problem. (Thun Hoon, 10/10/18)
DCC
DCC expects 4Q18 sales volume to grow YoY, backed by growth in its construction business. It targets 10% growth in revenue and a 15% net margin. It is talking with more than 10 parties and conclusions will be clear at the end of this year. (Thun Hoon, 10/10/18)
Comment: Still a question mark over the ability to genuinely grow SSSG.
DTAC
DTAC notified the NBTC that it will bid for the 900MHz spectrum but it will submit its application on Oct 16 as it must wait for Telenor Group approval. It will ask the board for approval today. If DTAC does not submit its application, the NBTC will file an appeal with the Central Administrative Court to get temporary custody of DTAC’s 850MHz customers. (Kao Hoon, 10/10/18)
Comment: And so…what price will DTAC pay for this?
ORI
ORI’s shareholders approved a share dividend of two existing shares for a new share plus cash dividend of Bt0.29/share with XD on Oct 16. The dividend will be paid on Oct 31. 1H18 earnings were Bt1.5bn and it has many property projects being developed. (Thun Hoon, 10/10/18)
Comment: And that’s a worry, they have 4 towers in Thonglor alone to sell…how are they going to manage this?
RJH
RJH says its patient bed utilization is nearing 100% and thus plans to add more beds. It expects to keep gross margin over 30-31%, backed by high season and growth of customers in Rojana industrial estate. There are many clients applying for health checkups. It is confident that earnings will grow by 15% this year. (Thun Hoon, 10/10/18)
Comment: A decent hospital company the only question mark is how much more can they grow in order to justify a higher valuation
RS
Mutual funds in Japan are interested in RS after its roadshow. It says that it is a popular growth stock, citing roadshow comments. It expects foreign holding proportion to increase. Its MPC (multi-platform commerce) business is growing and will support earnings growth. (Kao Hoon, 10/10/18)
SIMAT
SIMAT expects to be awarded one contract in Zone C Boondock area project. (Kao Hoon, 10/10/18)
SKN
SKN has received many jobs and a new line will raise revenue in 4Q18. It expects revenue to reach Bt1.5bn this year, backed by high demand. It has budgeted Bt300mn to establish an adhesive factory, expanding its revenue channels. (Thun Hoon, 10/10/18)
SPRC
SPRC gets windfall after refineries in India, Brazil, Germany and Canada stopped operations, leading to a tightening in supply. It expects average refinery margin of US$5-7/bbl and uptrend of oil price this year. It expects to book oil inventory gain in 2H18. (Thun Hoon, 10/10/18)
TVD
TVD supports its subsidiary, Magik Pivot, to expand its customer base. Magik Pivot provides cloud service and data centers. It is featured as a cloud business solution provider with integrated “Software as a Service”. It plans to introduce new software programs to jump revenue growth. (Kao Hoon, 10/10/18)
Comment: Too many moving parts in this company. 

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