ANAN target 7 new projects worth Bt21.93b, 1 in 3Q and 6 in 4Q, maintaining Bt29b full year transfer, Bt19b to transfer last 4 months.

Comment: It’s all back ended to the 4Q as it typically has always been for ANAN and the majority of property companies. So lets see how much damage there is to the gross margins for them to achieve these sales numbers.

BGRIM’s CODed 3 solar farms in Vietnam this month, DT1 & DT2 and Phu Yen TTP with 677MW capacity, expecting to generate Bt3b revenue p.a., firms on 5K MW overall capacity by 2022.

Comment: Continuing to chug along like the great machine it is.

BJC sets Bt6b capex for 2H19 to expand Mini BigC upcountry, by introducing “BigC Food Place”, offering fresh food and ready to eat meals. It cuts revenue growth forecast last week to 4-7% from 7-9% on slow economy.

Comment: I have my doubts on BJC effectively utilising the BIGC network because it just appears that they are pushing through their own products as opposed to be the proper retailer that it should be.

CPF to expand ready meal products line to capture demand from elderly, kids and patient.

EPCO sold 99mw Vietnam solar projects to BGC for Bt1.25b.

Comment: Heard about this since last week, just have a look at the shareholder list to not trust this company.

LIT anticipates solid 2H after government budget disbursement kick-off in October, maintain focus on factoring business for government infra chains, target 10-15% revenue growth this year.

M paid Bt2.02b for a 65% stake in Laem Charoen Seafood restaurant.

Comment: A fantastic acquisition by M.

NNCL mulls 3rd Industrial Estate, sees lower revenue yoy due to longer than expected maintenance shutdown at NNEG Phase 1 PP.

ORI together with public and private partners to launch Bt10b Origin Smart City Rayong, among partners are PEA, TRUE, KBANK, COTTO, Class Café.

Comment: Erm, well, ok?

PTTEP in talk to sell stake in Cash-Maple gas field in Timor Sea to Australian O&G co., Woodside.

SCC in JV with DOW to estimate plastic recycle plant in EEC area.

SYNEX to cut revenue projection this year after 3Q result, following weak 2Q on Huawei following US/China trade war.

TKS expects to win local ballot printing projects from EC in 4Q, Bt700m out of Bt1.4b backlog to realize this year

TSE reassures positive momentum 3Q from contribution of 5mw solar projects acquired on August 14, lifts total cod to 155.94mw out of310.65mw PPA on hand, signs EPC contract with Toshiba to develop 154.98mw JPN solar projects, begins construction March 20, cod FY22.

WHA upbeats land sales prospect from aggressive BOI promo privileges to draw FDI from US firms decouple products base from China.

Comment: It’s been a story now for 3 years that the industrial estate developers were going to first benefit from the EEC (which hasn’t happened yet) and now the story is the trade war which is still a process that will take 2-3 years. So with the share prices having priced in all this positivity for the past 3 years what upside could be left?

  1. peter satrapa-binder

    @property stocks: i wonder whether the respective companies will be able to a decent portion of their current and upcoming projects in the foreseeable future…

    @BGRIMM: surely a good stock, byut the valuation os not exactly cheap for an energy counter.

    @WHA, EEC and industrial park stocks: well, actually they might even receive some benefit from the trade war. the trade war itself, i guess it will still last for some time (years?) to come.

  2. Those property numbers coming out of Bangkok condo market look horrible, massive glut. I think there will be heavy discounting to clear this inventory in the near future. Double blow with foreign buyers hurt by the strong baht. I wonder if regional investors will unload their stock to take advantage of the strong baht?

    • Without a doubt certain parts of the property market are in massive oversupply. At the end of the day, the location/price per project will be the key driver, but perhaps the days of easy high margins for developers are gone (for now)

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