BIG
BIG aims for full-year revenue growth of 10-20%. It is holding Big Camera Festival 2017 to boost 2Q17 revenue. (Thun Hoon, 30/03/17)
Comment: Potentially Q1 and Q2 could show decent YoY numbers but I doubt there’ll be anything explosive unless there is a new business plan that the management team has in mind
CK
CK expects to win more than 20-25% of total rail projects, boosting backlog from Bt83bn to above Bt100bn, which will translate into revenue growth over the next three years. PPP board approved six projects worth more than Bt600bn in a bid to expedite this year’s awards. (Thun Hoon 30/03/17)
CWT
CWT management expects 2017 to be another year of success, citing planned investment in 40MW power plants, to be financed by additional capital injection and bond issuance. Its automotive leather seat business unit has gotten new orders from Isuzu and Honda New CRV worth Bt800mn, bringing its backlog to Bt1.5bn. (Thun Hoon 30/03/17)
DEMCO
DEMCO wins Bt193mn Udon Thani power station construction project from the Provincial Electricity Authority. It expects 80-90% of its Bt4.5bn backlog to be realized in 2017. (Thun Hoon 30/03/17)
Comment: And apparently the land guys have said that there are no issues regarding the land that the wind projects are located on.
 
RS
RS set up a new business unit, focusing on selling its content abroad in a bid to promote its Channel 8 as an Asia entertainment brand. Its Sida-Ram show rating has exceeded 1.3 million viewers. It also aims to expand its online business, after achieving 300% growth in the first two months. (Kao Hoon 30/03/17)
Comment: It’ll be interesting to see what the actual #’s are for the online business and beauty business when 1Q #’s are out.

SAWAD
SAWAD expects 20-30% revenue growth from Bt5.3bn last year, planning to expand into a new customer base with new branches. It expects to maintain NPL near 3%, close to the previous year. (Thun Hoon 30/03/17)
SGF
SGF expects strong earnings growth in 1Q17, on the booking of gain from the “Panyamunkong” deal. It expects more takeover deals this year to boost its loan portfolio above Bt2.0bn, targeting to expand its retail loan business in the northeastern and southern provinces. (Thun Hoon 30/03/17)
SIRI
SIRI aims for Bt15bn sales from its low-rise segment, implying >30% growth from last year. It expects to launch 11 new projects worth Bt19.3bn and plans to expand its customer base to foreign customers from China, Singapore, Hong Kong, and the Middle East. It expects 1Q17 revenue to be around Bt7bn. (Thun Hoon 30/03/17)
SLP
SLP to expand its business in CLMV to boost revenue, after achieving Bt533mn last year. The company expects growth will be backed by an improving economy and its plan to launch new products. (Thun Hoon 30/03/17 )
SR
SR expects more clarity of its plan to buy 11MW power plant by 2Q17. It plans to maintain this year’s revenue at close to last year’s Bt1.38bn, with current backlog at Bt560mn. (Thun Hoon 30/03/17)
SUPER
SUPER expects to see good results in 1Q17 on the back of more co-op solar farm CODs after achieving 762MW. It aims to launch an infrastructure fund in 2H17. It has already set up a new subsidiary to engage in wind farm project in Thailand and abroad. This year’s revenue target is expected to be Bt9-10bn. (Kao Hoon 30/03/17)
SYNTEC
SYNTEC receives bids to buy a 55-rai land plot, currently valued at Bt4.5-5.0mn per rai compared to cost of Bt1.8mn per rai. It expect revenue from construction and serviced apartments to reach Bt8.22bn in 2017, growing 5% from last year, with possible additional extraordinary income from sales of assets in the future. (Thun Hoon 30/03/17)
Comment: That’ll boost earnings! And then they’ll return back to “normal”
 
THANI
THANI to issue debenture worth Bt3bn in 3Q17, after a successful fund-raising from institutional investors via its previous debenture issuance worth Bt3.45bn. The funding will be used to further expand its loan portfolio, after achieving a growth of 15-20% in 1Q17 on the back of growing demand for trucks. (Thun Hoon 30/03/17)
Comment: I’ve been waiting to see whether or not their credit ratings will improve for a few years, just hasn’t materalised as management was hoping. Regardless the business appears to be doing perfectly fine.
 
TMI
TMI expects revenue growth of >20% in 2017 on the back of its communication infrastructure installation business. It expect to see progress of its co-op solar farm phase 2 with capacity of >5MW. Management signals that the company is also interested in back-up battery business and says that it has been approached by Chinese investors with interest in the energy segment. (Thun Hoon 30/03/17)
TTW
TTW has been given permission by the Myanmar government to invest in 40,000 cubic meter per day tap water production facility, worth US$12mn, in Maylamyine. It expects to achieve revenue growth of 5-10% in 2017 as it starts production at its Samut Sakorn tap water facility with a capacity of 100,000 cubic meters per day. (Thun Hoon 30/03/17)
  1. Would be nice to get full report on RS, but I am not aware of any source for solid critical review of the business – getting informed info about Thai companies is essentially impossible for investors. A pity, because there are likely some interesting and profitable situations. Quarterly results, fairly short term and looking back, are poor quides to good investing.

    • Thanachart securities, bualuang, asia plus and a host of other firms do provide coverage on RS.

      I think its important to look back at companies financial performance both quarterly and annually as it provides you with a picture how it has performed.

  2. Pon, do you know If that ALRO decision on the wind farms is final and binding on the matter? Just with govt agencies in Thailand, there are tendencies to flip flop.

    Thanks
    Xav

    • There will need to be an official document/statement for it to be final, there is of course the risk of a flip flop but personally view that event as a low probability.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.