AMA
AMA is going to buy two ships for Bt800mn to raise its capacity to 100,000 dwt from the current 80,000 dwt. It expects revenue will grow by 30% and plans to hedge Thai baht currency risk. (Thun Hoon, 9/11/17)
Comment: Only trading at 50x PE, why not.

CPN
CPN reports 3Q17 net profit of Bt5.983bn, growing 155% on a good performance from department stores and the booking of compensation of Bt3.5bn. It targets revenue to grow 14- 15% on average in the next five years and plans to launch 2-3 new department stores per year. (Khao Hoon, 9/11/17)
Comment: The majority of the profit growth has come from the insurance compensation, now stripping this out bottom line growth was flat…

III
III reports 9M17 earnings of Bt110mn, 45% growth on revenue of Bt1.619bn from a good outlook for the air transportation business and growth in chemicals and hazardous substances logistics business. (Khao Hoon, 9/11/17)

PACE
PACE’s board approved restructuring to raise capital by 13,024mn shares via a rights offering and PP to convert PACE-W1 and PACE-W2 and pay off its debt. It expects D/E will decrease to 1.5x after the rights offering. It signed an MOU to sell the entire Nimit Langsuan project and 53 rooms of The Ritz-Carlton Residences to Sansiri (SIRI). (Khao Hoon, 9/11/17)
Comment: PACE’s mkt cap has dropped to THB 3 bn.

PDI
PDI reports 9M17 earnings of Bt637mn, up 80% from last year after world zinc price has skyrocketed. It also says its solar farm in Japan will COD in 1Q18. (Khao Hoon, 9/11/17)

PF
PF is partnering with Japan’s Sumimoto Forestry for four years to develop condominium and single house projects worth Bt40bn. It will launch its first project, Hyde Heritage Thonglor, a super luxury condominium worth Bt6bn in 2018. (Khao Hoon, 9/11/17) PLANB PLANB reports 3Q17 earnings of Bt150mn, growing by 22%, opposite to the contraction in the advertising industry. Its utilization rate increased to 75% and 9M17 earnings rose to Bt372mn. (Khao Hoon, 9/11/17)
Comment: Another thai-japanese real estate partnership, so when should we start worrying about the RE industry?

PTTGC
PTTGC reports 9M17 earnings of Bt29.740bn, growing by 88% after 3Q17 earnings rose by 60% and reached Bt9.955bn as a result of the increase in oil and aromatics prices. It believes 2018 market outlook is good as demand for petroleum has increased steadily. (Khao Hoon, 9/11/17)

SIRI
SIRI signed an MOU with PACE to buy Nimit Langsuan Condominium and The Ritz-Carlton Residences and expects the deal to be done within the year in order to expand its high-end customer segment. It is also partnering with six international businesses to expand to other businesses. (Thun Hoon, 9/11/17)
Comment: Could be a positive for SIRI depending upon the price that they pay for the assets and how quickly they are able to collect on the investment.

SPGC
SPGC is studying a new investment in a solar power plant project in Asia and plans to COD a 30 MW solar farm in Japan. It believes 2017 revenue will reach Bt5.5bn as the solar rooftop market has been growing well. It is also interested in joining the independent solar rooftop project. (Thun Hoon, 9/11/17)

SPVI
SPVI reports 3Q17 earnings grew by 612% and says 2017 net profit may make new high because of the launch of the new iPhone and Shop Chuay Chard campaign in 4Q17. It plans to open 2-3 branches upcountry in 2017. (Thun Hoon, 9/11/17)

  1. Regarding AMA: well, I think that compared with most other logistics/shipping companies on the SET, with most of them sporting P/E’s over 100 or more, or even negative PE’s (with the exception of WICE), AMA is really not such a bad deal at only app. 37 P/E (not 50 too, as mentioned)…

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