ANAN
ANAN believes 2018 revenue will grow by 18% to Bt28.3-34.3bn, even though transfers of Ashton Asoke have been delayed. It says it is willing to return the money if the project is not able to be transferred by the scheduled date. It also says 95% of its customers are willing to wait for transfers on March 26. (Thun Hoon, 26/03/18)
Comment: 1) It’s a base effect issue given that Ashton Asoke was initially meant to transfer in 4Q17 hence why 2018 revenue’s will look good 2) A lot will depend upon whether Siam Society and Thaisigwa (an absolutely random organisation in Thailand!) accept the courts decision later this year 3) If ANAN doesn’t have to write this project off until next year (which depends upon the auditor and lawyers for this) things should be normal for them this year
BA
BA targets 2018 revenue to grow by at least 5% and projects load factor to rise to 70%. It plans to add new routes and increase frequencies of others in order to raise passenger numbers. It has budgeted Bt3.2bn to buy four airplanes at the end of 2018. (Thun Hoon, 26/03/18)
Comment: Still think this is a rather undervalued airline operator given all of its holdings in BDMS and SPF
BJC
BJC projects 2018 revenue will be higher than 2017 revenue of Bt164bn in tandem with a solid economic outlook and growing purchasing power. It has budgeted Bt10bn to expand the number of BIGC stores and to renovate existing ones. It also forecasts SSS growth at 2-3% in 2018. (Thun Hoon, 26/03/18)
Comment: The 1H18 #’s will continue to look great given the low base in 1H17. The question will be can they further extract value from the businesses that they have today, I still look to CPALL as a base case example for BJC, highly levered, has an asset it can monetise and will do so at the right price thereby increasing the equity value of the public co to shareholders
PRM
PRM’s board approved the acquisition of 70% of Big Sea, a petroleum transportation service provider via tankers. It will buy another 30% to acquire 100% in three years, expecting to spend more than Bt2.9bn. It expects this acquisition will help penetrate a new market, expand its customer base and strengthen its business. (Thun Hoon, 26/03/18)
RJH
RJH says 2018 earnings growth will be higher than revenue growth, which it projects at 15% backed by a 10% raise in the drug prices and higher revenue from Rajthanee Rojana Hospital. It projects outstanding results in 1Q18 thanks to the spread of Rotavirus. It has budgeted Bt100mn for business expansion this year. (Khao Hoon, 26/03/18)
SUPER
SUPER targets 2018 revenue to grow by 25% to Bt6.26bn backed by commercial operation of 38 MW. It says it is going to submit the filling for its Bt10bn infrastructure fund in May 2018 and expects the fund to begin trading this year. It is also going to start the construction of a 142 MW wind farm in Vietnam by the end of this year. (Khao Hoon, 26/03/18)
Comment: This infra fund has been mooted for a long long time. 
THG
THG targets 2018 revenue to grow by 10% backed by continual growth at all of its hospitals and the booking of revenue from the transfer of Jin Wellbeing Country in 4Q18. It says its hospital in Myanmar will open for service in June 2018. (Khao Hoon, 26/03/18)
Comment: A slightly different hospital group, haven’t done a deep dive yet but given the constant buying by management there may be something here. First question that comes to mind is what happens when the transfers of Jin Wellbeing country are completed? Will earnings look like a XMAS tree? And is there really that strong a market for the retirement home concept? I’ve been hearing about it for the past 12 years…
TOG
TOG believes 2018 revenue will grow by 8% backed by increasing orders from customers due to global economic recovery. It plans to expand production line phase 2 at a cost of Bt200mn to increase production capacity. (Khao Hoon, 26/03/18)
TRC
TRC says 2018 revenue will jump substantially to Bt8bn as it currently has backlog of Bt7.5bn, which it is going to book as revenue. It also plans to bid for new projects worth Bt10bn. (Khao Hoon, 26/03/18)

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