BM

BM signed an MOU with two Myanmar companies and set capex of Bt200bn to set up a processed metal products factory in Yangon. It targets revenue of Bt100mn in Myanmar in the first year. It expects revenue to be a record high with 20% growth this year. (Kao Hoon, 29/1/19)

Comment: I’m still of the viewpoint that Myanmar is the dream and Vietnam is the reality.

CHAYO

CHAYO will begin to provide personal loans in February with a revenue target of Bt200mn this year. It has loans under management of Bt39bn. It will acquire more bad loans from financial institutions to manage and expects to receive no less than one in 1Q19. It expects revenue growth of more than 15% this year. (Thun Hoon, 29/1/19)

Comment: I’m still curious on how the thai banks are going to be implementing IFRS9. Should they do it properly then more provisioning and more bad debt will be available for firms such as CHAYO and JMT

DTAC
DTAC reported 2018 loss of Bt4.37bn, mainly due to booking a Bt9.5bn extra loss from the dispute settlement with CAT. It was unable to pay a dividend in 2018 because of accumulated loss. As for 2019, it continues to seek growth. It has set capex at Bt13-15bn to improve its network, create branding and do marketing. (Kao Hoon, 29/1/19)

Comment: A random thought on this is being done…though it has been 2 weeks in the works…effectively I think DTAC made the right choice in cleaning it all of its liabilities with government organisations that can flip flop on a dime

EMC

EMC joint venture was awarded “Pracharat home for Thais” construction project in Chiangmai valued at Bt822mn. It expects earnings to be good this year. As for 2018, it expects earnings to turn around, supported by growth in construction and the real estate industry. (Kao Hoon, 29/1/19)

IRPC

Sukrit Surabotsopon, current MD of IRPC, is preparing to hand the helm over to the new president. He expects earnings to be a record high next year and expects the company to be a leader in the Asia region. He is confident that the company will continue to grow at least for five years. (Kao Hoon, 29/1/19)

META

META issued a corporate bond of no more than Bt400mn at an interest rate of 6.25%/year. The proceeds will be used as working capital for future construction projects and to expand its business. The bond will be open for subscription during Jan 29-31. (Thun Hoon, 29/1/19)

PLANB

PLANB expects 4Q18 earnings to be year’s peak backed by high season and high utilization rate at 78-80%. 2018 revenue is expected to hit target of Bt3.8-4bn. (Kao Hoon, 29/1/19)

SCN

SCN has much good news and it expects strong growth in 1Q19 It already completed delivery of 189 NCG cars. The 50MW Minbu power plant has started up. As for iCNG, its industrial compressed natural gas business, it expects revenue to increase, supported by high demand. (Kao Hoon, 29/1/19)

Comment: Positive for both them and CHO

TSE

TSE will set up a 155MW solar farm by the end of this year before the Japanese government changes its Power Purchase Agreement (PPA). Management targets to add 50-100MW electricity production capacity this year from the current 302MW. It is looking for new projects at home. Abroad, it plans to invest in Taiwan and Vietnam. (Thun Hoon, 29/1/19)

Comment: I still think this is one of the better small solar players in the country (doesn’t mean I know anything about its’ valuations)

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