BEAUTY
BEAUTY expects government to approve visa fee exemption which will benefit to its business. It expects 4Q18 results to be good, supported by high season. It continues to add new stores to boost its revenue. (Thun Hoon, 30/10/18)
Comment: Nothing wrong with the business we think, just the value of the shares. For the first time investors are waking up to the impact that the Chinese investors have both on the way up and on the way down. I do wonder why no one is looking at CPALL and CPN this way…and further out MAKRO and BJC…
DELTA
DELTA has budgeted around Bt4bn to set up factories in India and Thailand to increase orders. It reported 3Q18 earnings of Bt1.68bn, +19%YoY. (Kao Hoon, 30/10/18)
FPI
FPI says it was selected as Thailand Sustainability Investment (THSI) in 2018 for the second consecutive year. The THSI is a showcase for listed companies with outstanding performance on Environmental, Social and Governance (ESG) aspects from its annual sustainability assessment. (Thun Hoon, 30/10/18)
GULF
GULF notified the SET that it paid for and already holds 45% of a 326MW gas power plant in Oman. It will gradually start commercial operations through 2020-2022. It is preparing to sign a Bt40bn loan agreement on November 9 and it will use the proceeds to invest in an IPP. (Kao Hoon, 30/10/18)
KBANK
KBANK sold down after disappointment in its 2019 financial targets. NPL ratio may go up to 3.7% because it plans to manage bad loans by itself, but this will not affect provisions. It expects loan growth of 5-7% and NIM of 3.3-3.5% but a fall in transaction fees. (Thun Hoon, 30/10/18)
Comment: They have basically said..there is no growth in thailand and our non-interest income fees are getting screwed.
MINT
MINT share price plunged 4% on investor worries about financial cost after it succeeded in taking 47.8% in NH Hotel during its tender offer. This gives it 94.1% of NH Hotel at a cost of Bt88bn. (Kao Hoon, 30/10/18)
Comment: It will work eventually but perhaps one should only relook at this in 2 years from now once the debt has been fully digested.
RICHY
RICHY expects 2019 performance to grow as it plans to launch four property projects with total value of Bt10bn. Current backlog is Bt4bn. It plans to launch a big campaign “RICHY FINAL PRICE” on November 8-14 and hopes this campaign will boost its 4Q18 presales. (Kao Hoon, 30/10/18)
RS
RS CEO has budgeted Bt200mn to purchase 366mn shares and this will give him 36% of total shares. He is confident in its solidity and sees the fall in price as a buying opportunity. (Kao Hoon, 30/10/18)
Comment: Should he not purchase these shares with the SEC go after him?
SSP
SSP expects electricity production capacity to reach 400MW from the current 244MW. Management says the 16MW solar farm in Mongolia will start commercial operations in 4Q18. (Thun Hoon, 30/10/18)
THAI
THAI notified the SET of the result of the investigation into the delay in TG971 from Zurich. The pilot and station chief were found guilty and will be disciplined. Management expects 4Q18 results to be good supported by high season with over 80% load factor. (Kao Hoon, 30/10/18)
Comment: Mismanagement showing rather obviously…

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