AGE
AGE says coal sales are booming in 1Q18, spurred by high demand from China and Vietnam. It believes this will lead to a 25% growth in 2018 sales to close to 3mn tons. It has budgeted Bt200mn to buy 12 ships, as it is going to expand its logistics business to its full potential. It expects revenue from this segment will increase to Bt1bn in 2018. (Thun Hoon, 05/02/18)
Comment: Hmmm. Don’t see a reason for their numbers to really increase, margins are meh.

GOLD
GOLD targets 2018 revenue of Bt17.8bn and has a goal of making 2018 the year of added value. It plans to develop a complete range of properties focusing on single houses and townhouses for the middle class and on commercial property projects in Thailand. (Khao Hoon, 05/02/18)

HUMAN
HUMAN targets 3-year revenue (2018-2020) growth of 20-25%. It plans to add more clients and develop a new HR system, which it expects to complete in mid-2018. It also plans to improve its accounting system in 2019. It is going to expand to Singapore and Malaysia and expects revenue from overseas to rise to 20% in 2018. It is also going to conduct a roadshow in Hong Kong in March in order to increase foreign stake from the current 20%. (Thun Hoon, 05/02/18)
Comment: Now I’ve heard the strong thesis for this company, even at these price levels several big funds love it. Why? I don’t know. I can’t see a thai IT firm being able to expand well regionally. The biggest reason that IT firms here are doing ok is because of the language barrier to create local products and Thailand is too small of a market for the major IT players to both create a thai version. However, happy to be proven wrong.

ITEL
ITEL is going to bid for the Bt18bn NBTC phase 2 project, and expects to receive Bt2.5-3bn. It targets 2018 revenue to grow by 40%. (Thun Hoon, 05/02/18)

MSC
MSC targets 2018 revenue to grow by at least 4-5% in tandem with IT industry growth backed by the AI and IoT trends. It also plans to add new services that will mesh with these trends. It is going to negotiate with a party to become a partner in the IT business. It expects revenue from servicing to rise from 10% currently and has budgeted Bt30-40mn to invest in new technology. (Thun Hoon, 05/02/18)

PRM
PRM has budgeted Bt5.123bn to buy nine ships and it targets to have 30-33 ships at the end of 2018. It plans to control cost to maintain gross margin and projects 2018 revenue to grow by 10% to Bt5bn. (Thun Hoon, 05/02/18)
Comment: It is an interesting business in the sense that they are effectively an arm of PTT Group even though they are Independence. So demand isn’t an issue. Single customer risk is.

PYLON
PYLON says the effect of the higher minimum wage is minimal. It believes 2018 revenue will rise significantly as it is going to book backlog of Bt1bn and low debt gives it a strong financial position. It plans to bid for new projects in both the private and government sector; it expects receive more projects to add 20-25% to existing projects. It says it is ready to invest 100% if it receives big projects. (Thun Hoon, 05/02/18)

VTE
VTE announces big investors Hitech Utility and SCN bought its PP shares and it believes this will strengthen its energy business. It plans to use the funds to pay debt and use for the construction of the Minbu power plant. The board also approved an additional investment in GEP to raise its holding to 27% from 15%. (Thun Hoon, 05/02/18)

WIIK
WIIK targets 2018 revenue to grow by 10-15% and believes it will receive a high margin project, worth Bt200mn. It continues to receive new projects from Southeast Asia and plans to expand to Japan. It expects the proportion of revenue from overseas will rise to 30% from 10% in 2017. It has budgeted Bt40-50mn to buy new machinery. (Thun Hoon, 05/02/18)

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