ADVANC
ADVANC announced a dividend on 2H17 of Bt3.57/share, XD on 5 April, giving a total 2017 dividend of Bt7.08/share, a yield of approximately 4%. It reported 2017 earnings of Bt30.077bn, falling 1.9% from 2016. (Khao Hoon, 06/02/18)
Comment: How did the eke out decent #’s? Cost cutting. How can they grow? Questionable…although apparently broadband should be a driver

GC
GC targets 2018 revenue to grow by 5-8% from 2017, as it plans to expand its customer base, launch new products and add new services. It is going to invest in R&D in order to strengthen its business for the long term. It says the baht appreciation has lowered its costs. (Thun Hoon, 06/02/18)

LH
GIC, a Singaporean company, sold a big lot of 980mn LH shares for Bt10.90/share, below market price. Its extra gain is projected at approximately Bt9bn, as it paid Bt1.4/share 19 years ago. LH’s price dropped by approximately 5% yesterday. (Khao Hoon, 06/02/18)
Comment: So are they leaving the Thai property market? Or just LH?

ORI
ORI is developing big projects in Prompong, Thonglor and Phayathai worth Bt70bn. It currently has backlog of Bt27bn, of which Bt10bn will be booked as revenue this year and it also has “complete and ready to move in” projects, which will contribute 20-30% of its revenue. It believes 2018 presales will reach Bt20bn. (Thun Hoon, 06/02/18)

PTT
PTT expects to select the winner of the bidding for phase 2 of the fifth natural gas transmission pipe construction project within 2Q18; 4-6 contractors have made bids. TRC is partnering with Sinopec to join the bidding. It says demand for natural gas has increased to 4,900mn cubic foot/day this year. (Khao Hoon, 06/02/18)

SEAFCO
SEAFCO is going to sign the contract for a new Bt1.2bn project, driving backlog to a new high of Bt4bn. It targets 2018 revenue to grow by 25% brought by upcoming new projects. (Khao Hoon, 06/02/18)
Comment: A constant winner in every project

SUPER
SUPER says its Chinese partner will supply 100% of the funds for the construction of 240 MW wind power plant in Vietnam of approximately Bt20.7bn. It expects the first phase of this power plant will start commercial operations at the end of 2019. It projects return from this investment at 15-18%. (Khao Hoon, 06/02/18)
Comment: And yet still no news on this supposed infra fund.

TPIPP
TPIPP expects production and sales volume of electricity in 4Q17 to be a new high at 232mn units, implying growth of 28.6% after it started commercial operations of TG7 power plant. It also benefited from the rise in Ft by 8.87 satang/unit, which it projects will drive revenue to Bt2.737bn, growing by 50%. (Khao Hoon, 06/02/18)
Comment: Still the same story for TPIPP, until 2019 the growth picture is clear, after that not sure where the growth will come from or if management is looking for more. 

TTA
TTA plans to add new sources of revenue. It plans to open 10-15 Pizza Huts upcountry. It has also budgeted to buy two ships in order to strengthen its shipping business, as freight rates are on an uptrend. (Thun Hoon, 06/02/18)
Comment: ..if you want to trade shipping rates go to PSL, if you want consumer related F&B go to MINT, M, even CENTEL!

UV
UV targets 2018 fiscal year (1 October 2017- 30 September 2018) revenue of Bt23.8bn from last year’s Bt13.741bn. It plans to launch 38 projects worth Bt51.6bn and has current backlog of Bt4.502bn that will be booked as revenue this year. (Thun Hoon, 06/02/18)

  1. Interesting to see the latest commentary coming out of AIS, market competition seems to be easing or past the peak point, still it depends what direction True decides to take, it can’t go on forever recapping itself can they?

    Pon, did you see the WEH interview in Reuters from last week, interesting piece although their CEO was cagey about the IPO timeline, go figure!

    • I don’t want to bet against TRUE recapping, although they are using their DIF quite well to continually raise equity into TRUE itself.

      And yes it does look like the industry isn’t fighting for sub’s as hard as they used to, most likely a function of the high prices paid for the spectrum 2 years ago and the need to cover that cost. In the end the firm with the best free cash flow should win and that does look like AIS still, I think DTAC is a dead dog.

      Yes saw it, the story is there for the business to perform well, with SCB behind them in terms of financing I am still of the viewpoint that they can push through an IPO filing this year. It’s necessary to complete all of these projects unless they of course raise equity privately.

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