ADVANC
ADVANC is going to sign a contract with TOT to rent equipment for providing telecommunication services and a contract to use TOT’s 2100 MHz spectrum. (Khao Hoon, 5/1/18)
AMA
AMA’s board approved the purchase of an oil and chemical tanker with capacity of 13,221 DWT, for Bt283mn. It believes this purchase will improve its business potential and add growth in the future. (Khao Hoon, 5/1/18)
BEAUTY
BEAUTY expects 4Q17 earnings to reach Bt369mn, implying growth of 107% backed by its business’s high season. It believes the beauty market is not yet in a mature stage and believes 2018 revenue will continue to grow at 20%. (Khao Hoon, 5/1/18)
DTC
DTC to postpone the closure of Dusit Thani Bangkok to Jan 5, 2019 from April 16, 2018 as it has extended the time for planning and designing of the mixed-use project. (Khao Hoon, 5/1/18)
Comment: Not necessarily the worst decision, I do think that the changes in management and strategy are going to pay off for DTC in time. 

JMART
JMART believes 2018 earnings will continue to make new highs, backed by growth in all business lines. It has budgeted Bt5bn for business expansion and expects to finalize a joint venture and acquisition deal in January. It also announced that it has appointed Asia Plus as FA to list J Fintech. It expects to submit the filing in mid-year and to trade by the end of 2018. (Thun Hoon, 5/1/18)
PTTGC
PTTGC plans to raise 2018 revenue target from the current Bt480bn since crude oil price has risen; it projects 2018 average oil price at US$55-65. It has budgeted Bt130bn for investment in EEC and targets EBITDA margin for each project to be at least 15%. (Thun Hoon, 5/1/18)
SPA
SPA targets 2018 revenue to grow by 25% as it expects to have more clients tagging the growth in Thai tourism. It will open new branches domestically and overseas. It is going to open three branches in Cambodia in 2Q18, which will raise its total branches to 47. (Khao Hoon, 5/1/18)
Comment: Arguably a great play on tourism given but I have – obviously wrongly given the performance of the share price – never liked the valuation here.
SUPER
SUPER plans to issue a bond to refinance its debt this year. It expects this will reduce financing cost by 1-1.5% or lower interest payment by Bt300-400mn on debt of Bt30bn. It says 2018 revenue and earnings will continue to make new highs in tandem with the increase in electricity production capacity. It also says 2016 revenue reached its target of Bt6bn. (Khao Hoon, 5/1/18)
Comment: Question for SUPER is still their fund to sell to which they can sell the renewable assets and continue to bid for more and more projects
THG
THG continues to expand its investment as planned, reflecting its strong business fundamentals. It says it is getting more patients, both Thai and foreigners and is getting a good response to Welly Hospital in Weihai, China. It expects to open a hospital in Myanmar and a Healthcare Recovery Center in Thonburi (Bamrung Mueang Road) in 2018. (Thun Hoon, 5/1/18)
U
U is going to complete the transfer of UE, BTS’s subsidiary, within March 2018. BTS will receive debt repayment of Bt10.745bn from UE. This transfer will raise U’s assets to Bt50bn. It believes 2018 earnings will turn around and revenue will reach Bt6bn. The board also approved a rights offering of Bt17.645bn and plans to lower par value to reduce accumulated loss of Bt10bn. It also plans to sell NMG’s shares. (Khao Hoon, 5/1/18)
Comment: With the backlog of projects that U has a lot of recapping will be required 
UNIQ
UNIQ has signed two dual-track construction contracts, worth Bt13.774bn, which has raised backlog by 57% to Bt34.832bn. (Khao Hoon, 5/1/18)
Comment: No surprises here, and they’ll continue to win more and more projects just like every other contractor
  1. read AIS plans to reduce capex spending from 40B to 24B a year from 2017 to 2018, I wonder if this allows them to use this saved capex to pay for the spectrum cost and up their payout ratio back up to 100% again.

    • I doubt we would see the payout ratio increase to 100% within the next 3 years. Then again there are cheaper ways to run a telco just look at the MNVOs in Singapore.

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