AOT
FY2018 results to be released on Nov 30. Nitinai Sirismatthakarn, AOT president, says FY2018 performance will be announced on 30 Nov. He expects earnings to be a record high, supported by passenger growth that has put it over capacity. He expects a net margin of 40%. As for terminal 2 construction, it is waiting for consideration by ICAO and expects to propose the project to the board within December. Airlines from Russia and India are interested in replacing the exit of a China airline. (Kao Hoon, 26/11/18)
BSM
BSM expects 2019 revenue to be outstanding with target of Bt1.2bn. It expects revenue contribution between real estate and construction to be 50:50 in 2020. It will launch a condominium project near the sky train in 4Q18 and expects 4Q18 results to be better YoY. (Thun Hoon, 26/11/18)
CMC
CMC’s management team has purchased more shares to reassure investors about its solid fundamentals. 9M18 earnings were Bt186mn, +165%YoY. Net margin widened to 12.03% from 5.83% in 9M17. It expects earnings growth next year. (Thun Hoon, 26/11/18)
CPN
CPN is reviewing its investment plan. It may cancel a plan to set build a skyscraper, Super Tower, which would be the highest skyscraper in ASEAN, because the project may not bring in enough to cover the cost. It will make a decision within six months. It is preparing next year’s operating and budget plans and will send this to the board for approval next month. It expects 4Q18 results to be better QoQ, supported by high season and revenue from Central Phuket. It targets revenue growth of 18% this year. (Thun Hoon, 26/11/18)
Comment: That super tower project plan was a POS from the get go. The value in this GLAND acquisition is that massive piece land in phaholyothin with BTS. 
IVL
IVL expects 2019 EBITDA to reach US$1.75bn as it continues to acquire companies. It is focusing on on High Value Added (HVA) products. As for Corpus Christi joint venture, it expects the factory will start a production in 2020, adding PTA-PET production capacity. (Kao Hoon, 26/11/18)
Comment: It’s perhaps one of the few companies in the world that is on such an acquisition spree.
NER
NER is speeding up the delivery of compound ribbed smoked sheets to Chinese customers, hoping to book revenue in 1Q19. It expects to sign long-term contracts with 10 customers from six this year. It expects 4Q18 earnings to be good. It targets revenue growth of 10% next year. It is setting up a new factory as planned. Current P/E ratio is 5.65x. (Thun Hoon, 26/11/18)
OSP
OSP expects extra gain of Bt300mn from sale of WG shares to Big Retail, BJC subsidiary. The extra gain will be booked in 4Q18. BJC will then make a tender offer for the remainder of WG shares after buying a big lot for Bt1.614bn that gave it 50% holding in WG. The tender offer price will be Bt180/share with total value of Bt1.598bn. (Kao Hoon, 26/11/18)
Comment: But I’m still wondering how will OSP turnaround their loss in market share over the years
PSTC
PSTC was awarded an oil pipeline project with total value of Bt9.2bn. Construction will start in 2Q19. It expects revenue of Bt1.5bn per year from the project. It expects oil demand to grow from the current 3.2-3.9k liters. Its power plants and oil distribution business are doing well. (Thun Hoon, 26/11/18)
PYLON
PYLON expects 4Q18 to be a record high as it has been able to complete and deliver many jobs. It expects its foundation industry to grow. Backlog is Bt900mn and 50% of backlog will be booked as revenue this year. It expects construction jobs to grow next year supported by an increase in government and private investment projects. (Kao Hoon, 26/11/18)
TFFIF
Finance Ministry is considering setting up the second phase of TFFIF today with value of Bt50bn. It plans to undertake an IPO in February after the first phase received a good response. Phatra Securities is expected to be financial advisor. The Finance Ministry has assigned the Vayupak Fund to keep TFFIF price above IPO price. (Kao Hoon, 26/11/18)
Comment: The Finance Ministry has assigned the Vayupak Fund to keep the TFFIF price above IPO???? Brazen manipulation…

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