Names today: BSM, DELTA, IEC, ILINK, KSL, NWR, PCA, PCSGH, SAWAD, SMT, SORKON, SVI, SYNEX, TMB, TPOLY, WORK
BSM expects 2015 revenue of Bt600mn (+20%), meeting target. It plans to cooperate with KCM to increase distribution channels, especially for high margin products. It targets 2016 revenue growth of 15-20%. It expects exports to comprise 30%. (Khao Hoon, 29/10/15)
DELTA expects its performance to be good over the next two years backed by high margin products and a bigger customer base. It has budgeted Bt1bn to expand to India. (Thun Hoon, 29/10/15)
IEC expects 3Q15-4Q15 earnings to be good backed by its plastics plant. It expects 2015 net profit of Bt162mn. It targets power capacity of Bt23.59MW by the end of this year. It plans to increase capital by 24bn shares via PP, raising Bt700-800mn. (Khao Hoon, 29/10/15)
ILINK expects to get a Bt957mn PEA project which will be put up for bid on Nov 12. It expects 4Q15 revenue to be good backed by signal lines and telecom rather than engineering. It expects 2015 revenue of Bt3bn. (Khao Hoon, 29/10/15)
Comment: Still one of the most obvious beneficiaries from the 4G/digital economy..if it ever goes ahead that is.
KSL is talking to TSE to invest in integrated alternative energy. It expects this business to reduce risk from volatility in sugar price. It expects this investment plan to be clear soon. (Thun Hoon, 29/10/15)
NWR is considering investing in 40-60MW power plants in Laos valued at Bt2-4bn which is expected to be finalized this year. Its backlog is Bt17bn which can cover capex for the next two years. It plans to bid for Bt22bn in projects, of which it expects to be awarded 10-15%. (Thun Hoon, 29/10/15)
PCA expects to benefit from 4G as it will increase demand for satellites. It has already got Bt3560mn in orders. It expects 2015 net profit to grow 40%, reaching a new high. Its backlog is Bt300-400mn, which is expected to contribute revenue from 4Q15 onward. It plans to expand abroad. (Thun Hoon, 29/10/15)
PCSGH plans to invest in a 5MW solar rooftop project after receiving approval from the PEA. (Thun Hoon, 29/10/15)
SAWAD has bought Bt1bn in NPLs from SCB, KBANK, and KTB. It expects this to offer yield of at least 50%. It targets to acquire NPLs of Bt1.5-2bn next year. It expects 2015 earnings growth to be over 50%. (Khao Hoon, 29/10/15)
SMT expects to complete the deal for 150-200MW solar cell plant by the end of this year. It expects 40-50MW to contribute revenue in 2016. It expects net profit to be positive in 4Q15. (Thun Hoon, 29/10/15)
SORKON expects 2016 revenue growth of 15%. It plans to introduce new product which it believes will boost sales. It plans to cooperate with Bangchak gas stations to expand its restaurant. It plans to sell franchises for food supplements next year. It expects 2015 revenue growth of 5%. (Thun Hoon, 29/10/15)
Comment: SORKON still seems to be finding their feet in how to expand further, the QSR business has been ok, but not at the rapid expansion that the owner originally wanted.
SVI expects 2015 sales of US$240-260mn and 30% growth in 2016 backed by a new plant in Cambodia which is expected to finish in 3Q16. It is considering doing an M&A in Europe with a budget of Bt500mn. It expects to book compensation next year. (Thun Hoon, 29/10/15)
Comment: Perhaps the easiest turnaround story in the market today, price seems to have reflected this slightly already. As for the M&A, we’ve been hearing about this for …. 4 years now? Then again SVI has had 2 disasters already, floods, fire…
SYNEX expects 2015 net profit to be a two-year high (+46.23%). It expects 3Q15 earnings to mark a record high backed by seasonality and 4G and IT restructuring. It expects net profit growth to continue into 2016. It plans to focus on high margin products and expand abroad via a partner. It plans to list a subsidiary next year. (Thun Hoon, 29/10/15)
Comment: Quite the turnaround by SYNEX, but questions still arise from how will they shift their business model to something else.
TMB expects loan growth of 7-8%, beating its target of 5-6%. It has achieved 7% loan growth in the 9M15, backed by SME loans, corporate loans, and home loans. (Khao Hoon, 29/10/15)
TPOLY expects to report 3Q15 earnings in November. It expects to show a net profit from the 3Q14 net loss of Bt40mn thanks to more transfers. Its backlog is Bt5bn and it expects to add Bt1bn ore. Local institutions are interested in buying TPCH shares, which are expected to be finalized soon. (Thun Hoon, 29/10/15)
Comment: From what we understand this has yet to be finalised.
WORK expects 3Q15 net profit of not less than Bt108mn (+300%) thanks to positive profit from digital TV business and a tripling in ad fees. It expects this to grow continuously. It expects 9M15 net profit growth of 908% from 2014 full year of Bt20.82mn. (Thun Hoon, 29/10/15)