Transport Ministry said he has full authority to revise BEM’s concession extension before the expiry date in Feb 2020.

CP Group led consortium, including ITD, CK, BEM, signed a Bt224b contract yesterday to build high-speed train route linking 3 major airports, which is expected to boost economic development and create >100K jobs.

Comment: And this explains why every other contractor dropped yesterday

IVL will refinance its Bt15b perpetual bond in early Nov 2019, with terms and conditions of new PERP are in compliance with TAS32 accounting standard, allowing it to be classified as equity.

Comment: And now the question is for IVL when will spreads improve? I suspect it may be another 2 years before this name looks like a buy again

KBANK gave negative guidance for next year, NPL to rise from 3.3-3.7% this year to 3.6-4%, NIM contraction from lower its rates, loan growth at 3.1-3.3% from 3.3% this year, all these may lead to TP cuts.

Comment: Hence why all banks are down

SEAFCO and PYLON are expected to win big sub-contracts for foundation works from CP Group.

TIGER secured 3 new jobs worth Bt456m, boosting backlog to Bt924m, of which Bt300-350m to be booked this year.

WHA in talk to sell 400 rais industrial land to Chinese electronics firm, hoping to relocate plant here.

WHART reveals max Bt4.88b fund raising, offering 323.78m new units at no more than Bt16.9/unit at 1 old to 0.144 new in mid Nov.

  1. peter satrapa-binder

    well, yesterday even ITD and CK fell – just less than the other construction counters…

    generally it’s not been looking good for most construction counters recently.

    • Construction fell becuase some smart bank analysts downgraded the sector to sell, on the back of intensifying competition. Seems like eternity ago these same smart analysts were pushing CK as a potential 40 baht a share stock and ITD as a 6 baht a share stock.

      Just last year some smart cookie was saying Stec was a screaming buy with a P/E of 30 becuase it was a discount to the 5 yr “average”. The stock price at the time, 28 baht.

        • Other than Ck, with a diversifed earnings stream, the other big 3 dont look that attractive at all. They certainly dont deserve any valuation premium given they operate in such a volatile sector.

          Funnily enough, my best performer (Ratch) and worst performer (demco) have both come from the same sector.

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