AMA
AMA projects 2018 revenue to grow by 30%, backed by the expansion of its fleet to 12 ships with total capacity of 100,000 DWT . (Khao Hoon, 27/02/18)
Comment: Looks like PTG has a winner with this listing.

ASIAN
ASIAN targets 2018 revenue of Bt11.2bn, 15% growth brought by growth in frozen food and animal feed businesses. It has budgeted Bt500mn for business expansion. It is going to establish a new subsidiary and invest overseas to generate growth. (Khao Hoon, 27/02/18)
Comment: Everyone of the food companies are expanding heavily into the ready to eat segment. Perhaps one of the few Thai only plays in the region. (Applies to cpf, gfpt, tfg, sorkon). But then you’ll have to be aware of the commodities cycle.

BA
BA targets 10% growth in 2018 revenue with 7% growth in passengers. It is continually expanding in the CLMV market, launching new routes to Hanoi and Yangon. It has also added more charter flights to China and believes it has good control over fuel cost this year that will lessen the effect of rising oil price. (Khao Hoon, 27/02/18)
Comment: Bank of the envelope indicates you’re buying this airline for free. The sale of BDMS shares to finance new air craft purchases is a bit odd in terms of capital allocation.

BIZ
BIZ announced a dividend of Bt0.8/share, implying a dividend payout ratio of 81.91% well over its dividend payout policy of at least 40%. XD is April 25 with payment on May 9. It reported 2018 revenue of Bt623.43mn with earnings of Bt41.15mn. (Thun Hoon, 27/02/18)

FORTH
FORTH announced a dividend on 2H17 of Bt0.25/share, XD on March 15. It reported 2017 earnings of Bt272mn, decreasing by 26%, with revenue of Bt7.165bn, growing 32%, backed by growth of its SMEs businesses and services for retail customers. (Khao Hoon, 27/02/18)
Comment: An indirect play on FSMART still.

GULF
GULF reported 2017 earnings of Bt3.451, large growth of 726%, backed by raising its stake in its subsidiary and booking revenue from four SPP power plants with total capacity of 500 MW. (Khao Hoon, 27/02/18)

RSP
RSP targets 2018 revenue to grow by at least 15%. It is going to renew a contract to be a distributor for Converse at the end of this year and is negotiating with new parties, aiming to be a distributor of five brands within 2020. (Khao Hoon, 27/02/18)

SCI
SCI is going to receive new projects from both at home and overseas with current backlog of Bt400mn and expects to start to book revenue from the high-voltage transmission tower and telecommunication pole factory in Myanmar in 4Q18. It plans to cooperate with local and Chinese partners to join the bidding for a transmission lines project in Myanmar. (Khao Hoon, 27/02/18)
Comment: They never did win the last major project in Laos…

TFG
TFG reported 2017 earnings of Bt1.5bn and revenue of Bt25bn, beating its target. It announced a dividend of Bt0.05/share, XD on March 5. It expects 2018 revenue to reach Bt30bn, growing 20%, placing it third in the industry. (Khao Hoon, 27/02/18)
Comment: Earnings were far far far below what analysts expected.

THCOM
THCOM launched Nava, high speed broadband internet service for ships addressing connectivity limitations at sea. It targets to provide services for 70-100 ships in Thailand and Japan in 2018 with average revenue of US$2,000/ship/month. (Khao Hoon, 27/02/18)

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