ADVANC
ADVANC reported 3Q18 earnings of Bt6.8bn, -9%YoY. 9M18 earnings were Bt22.84bn, +2.1%YoY. It revised down service revenue growth to 3.5%-4.5% from the earlier 5-7%. 9M18 revenue grew by 3.9%YoY. (Kao Hoon, 2/11/18)
Comment: If ADVANC is struggling, what will happen to TRUE and DTAC?
AEONTS
AEONTS is hurrying to introduce a marketing campaign to boost credit card spending in 4QFY18. It expects new loan growth of 5-6% this year and existing loan growth of 10%. (Thun Hoon, 2/11/18)
BCH
BCH says NVDR (Non-Voting Depository Receipt) already holds 203mn of its shares, the highest in five years. This illustrates the interest of foreign investors. (Kao Hoon, 2/11/18)
Comment: Quite the improvement over the past 5 years in terms of the investor base 
EPG
EPG expects 3Q18 and next year’s revenue to grow in line with the auto industry growth. It will benefit from THB depreciation, which will widen profit margin to 28%. (Thun Hoon, 2/11/18)
Comment: Falling oil prices = higher margins
GULF
GULF says it started commercial operation of 126.8MW in Ayutthaya yesterday. It has four SPP power plants that are being set up and these will gradually start commercial operations in Jan-Jul 2019. (Kao Hoon, 2/11/18)
Comment: They are just growing everywhere.
GUNKUL
GUNKUL started commercial operation of the 38MW Sendai solar farm, adding revenue of Bt400mn/year. It expects revenue growth of 30% this year and expects PPA (Power Purchase Agreement) to reach 1,000MW in 2021. (Kao Hoon, 2/11/18)
PRM
PRM expects 4Q18 performance to be good. Winter and tourism season will push oil demand, and this will increase oil shipments by more than 90%. It is confident that 2018 revenue will reach Bt5bn. 3Q18 earnings will be announced on November 12. (Thun Hoon, 2/11/18)
PTG
PTG says mutual funds in Singapore are interested in buying its shares. The decision will be clear soon. It expects 4Q18 results will be outstanding, driven by oil volume sales and its food business. It expects oil volume sales to grow by 25%YoY from 3.37bn liters from customer expansion. (Thun Hoon, 2/11/18)
Comment: Falling oil prices = marketing margins improve = good news for PTG
SENA
SENA is working with Hankyu to launch 11 property projects with total value of Bt35bn. Presales at 7-8 of these are expected next year. It already has land for five projects. It plans to invest in an office building and it will ask the board’s approval on November 13; this will add to its revenue. It targets revenue of Bt6.2bn this year. Backlog is more than Bt1bn that will be booked as revenue through 2021. (Thun Hoon, 2/11/18)
Comment: I’m tickled seeing this smaller property developer growing and expanding to a different product segment, but part of me is of the viewpoint that more and more parts of the property market in Bangkok are soft
TIGER
TIGER announced its 2019 business plan. It will bid for many construction projects, including hotels, resorts, condos and private and public infrastructure. It targets revenue growth of 30% next year with revenue at Bt1.6bn. It is waiting for the results of its project bids in total valued at Bt3-4bn. (Thun Hoon, 2/11/18)
TQM
TQM is preparing to file for an IPO of no more than 75mn shares. The proceeds will be used to upgrade and develop its IT system and software to accommodate a digital society and growing insurance industry. (Thun Hoon, 2/11/18)
Comment: Hmmm I wonder how this IPO will perform, the last few IPO’s in Thailand haven’t performed as they usually do. Have times changed or is it just a function of market being weak
  1. I had a look at the quarterly report and it seems like True and ramping up a price way again and AIS has had enough and decided to go head to head with them, 5 quarters of rising ARPU and subscriber loss was massively reversed with one quarter of massive subscriber gains a huge ARPU loss of 7 baht.

  2. seems like defending that psychological 40m subscriber base is the key for AIS, they can accept a few quarters of 7B NPAT if that means inflicting major losses on True and Dtac

    • It’s incredibly important for them to maintain their market position as #1 in Thailand.
      The issue for the industry is that a company such as True is allowed to exist, in a proper legal system they would’ve been bankrupt years ago.

      • It will be interesting to see what true does in response to stagnating subscriber growth now they have picked all the low hanging fruit and overtaken DTAC. Do they keep inflicting massive losses on their shareholders in order to claw a few more thousand customers away from the other 2?

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