APEX
APEX signed a contract with Club Med to open a luxury resort, Club Med Krabi, worth Bt3.8bn. It plans to develop a new tourist spot in Yao Beach, Krabi and targets premium customers for this resort. It expects to start construction in September 2018 and complete in 2021. (Thun Hoon, 13/02/18 )
Comment: This company has come out of a restructuring, the former name eludes me at the moment.

EA
EA has budgeted Bt24.7bn for two years of investment; it plans to expand its energy, battery, biodiesel and EV charging station business and develop R&D. It projects 2018 production capacity at 664MW and believes its 260 MW wind farm project will start commercial operations this year. It is finding business partners and a new business to acquire with expected IRR of at least 18%. (Thun Hoon, 13/02/18)
Comment: EV charging stations…so now I have also read that Central Group has partnered with BMW and another player to do this in Thailand, EA can’t compete purely as a manufacturer of these stations, what will happen to the stock price should the dream not play out?

GLOBAL
GLOBAL’s board approved investment in Vietnam and a cash dividend of Bt0.18463/share and stock dividend in the proportion of 1 new for 24 old :1, XD March 8. Together the stock and cash dividend total Bt0.22629/share on 2017 earnings of Bt1.6bn. (Khao Hoon, 13/02/18)
Comment: Still don’t like the cash flow cycle!

GPSC
GPSC reported 2018 earnings of Bt3.175, growing by 18% thanks to an increase in sales volume of electricity and steam. It announced a 2H17 dividend of Bt0.8/share, XD on February 26. (Khao Hoon, 13/02/18)

KKP
KKP has shifted its strategy to focus on corporate loans this year, targeting corporate loan growth of at least 5% with new loans of Bt33.5bn. It says outstanding loans may exceed its target at Bt46bn and plans to reduce NPL from corporate loans from 13.7% to 10% this year. (Khao Hoon, 13/02/18)

LIT
LIT reported 2017 earnings at Bt145.49, growing by 45% from 2016 and a four-year high. It believes 2018 earnings will continue to grow and break records as it targets 2018 loan and revenue to grow by 30%. (Khao Hoon, 13/02/18)
Comment: Where has this company come from? Astounding growth numbers

MACO
MACO reported 2017 earnings at Bt221mn, growing by 116.50% backed by the expansion of its media network nationwide. The board approved a dividend of Bt0.018/share, XD on 14 March. The board also approved the issue of 343.89 new ordinary shares through PP for business expansion. It targets 2018 revenue to grow by 20-25%. (Khao Hoon, 13/02/18)
Comment: Boom! Growth by acquisition!

PACE
PACE announced its back up plan to set up and list an REIT in order to raise funds to return to its common and preferred stock shareholders. SET has lifted the SP and placed an NP sign on PACE today after the auditor did not sign off on the financial report. (Khao Hoon, 13/02/18)
Comment: It’s not as if they can set up a REIT overnight. And there’s still the question regarding the viability of it all. And given that the SEC/SET doesn’t agree with the financials, they are effectively bankrupt.

QTC
QTC has received a Bt100mn order for electric transformers from overseas. This has raised its backlog to Bt400mn, all of which is expected to book as revenue this year. It says an investment plan in a hydropower plant in Laos will be finalized this year. (Thun Hoon, 13/02/18)

TPCH
TPCH has started commercial operations of 9.20MW Biomass Satun Green Power, raising its total capacity to 60MW. It targets 2018 revenue to grow by 30% and targets total capacity to reach 200 MW within 2020. It will bid for approximately 80-100 MW in a VSPP Semi Firm project. (Khao Hoon, 13/02/18)
Comment: A 1 quarter delay but still on track, it will be interesting to see how much they can win from the VSPP bids.

VNG
VNG is hurrying the construction of 9.9 MW biomass power plant. It expects this will start commercial operations in 2019, with revenue in 2020. It will continue to invest in biomass power to raise margin. It believes 2018 revenue will grow by more than 10% and it is going to start the construction of a new particle board plant, which it expects to complete in 2019. (Thun Hoon, 13/02/18 )

  1. So SCB going to buy a large chunk of the REIT or try to push it onto their retail customers? I wouldn’t feel comfortable investing into a REIT with inflated asset values..

    • I place the probability of a REIT happening within the next 9 months for PACE at 0.1% – not a typo. There isn’t even a filing yet.

      Should it occur, yes SCB may force it down their RM’s throats to pitch to customers just as they did with the PACE IPO. In the unlikely scenario that it does go ahead there would have to be some yield guarantee.

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