AAV targets 19.5mn passengers in 2017 and expects load factor of 84%. Going forward, its strategy is to expand its route network to new potential markets including CLMV that will balance revenue contribution which at this point is heavily reliant on the China market. It plans for the expansion to eventually lower the revenue contribution from China to 20%. (Kao Hoon, 03/02/17)

Comment: Despite the noise around the cancellation of zero dollar tours from China you can’t fight against the long trend of the continually growing number of Chinese travelers, and one of those best plays are airlines (despite the old saying of if you want to become a millionaire, start as a billionaire and buy an airline) 


EA says its 260MW Hanumarn wind farm is unaffected by the court ruling after ALRO announced that the project named in the ruling does not affect any other project. (Kao Hoon, 03/02/17)

Comment: And so Gunkul and EA are effectively safe despite all this noise in recent days


ETE has set its IPO price at Bt4.2/share. It will sell 140mn shares to investors, subscription on Feb 7-9. It will trade on mai market on Feb 15. It expects to get Bt588mn to repay debt and for investment. (Kao Hoon, 03/02/17)

FORTH expects 2016 performance to be good brought by private and public projects. It expects 2017 revenue of Bt5.2bn. It expects to get new projects in 1H17. (Thun Hoon, 03/02/17)

Comment: The best thing about FORTH is still FSMART, if you want to follow the public IT project’s then AIT and SAMTEL are better pure play options.


GUNKUL continues to invest in power business both at home and abroad. It confirmed that its wind farm is not located in the Agricultural Land Reform area. It expects to COD 60MW as targeted, boosting revenue growth by 20%. ( Th un Hoon, 03/02/17)


HFT expects 2017 revenue growth of 8-10% on the back of recovery in the motorcycle market and FX gain on the baht depreciation. It plans to expand abroad to expand revenue. (Thun Hoon, 03/02/17)


IRPC targets 2017 EBITDA at Bt18bn even though will shut down a plant for the whole of February. It expects 2017 GIM to increase to US$15/bbl if the UHV project operates at full capacity. (Kao Hoon, 03/02/17)


JWD expects 2017 revenue growth of 7% and has budgeted Bt500mn to expand warehouses in Laos and Cambodia. It plans to negotiate with a party in a related business and expects a decision this year. (Kao Hoon, 03/02/17)

Comment: And the market is still wondering about when the REIT will actually happen for JWD.


KCE expects to get new orders. It is budgeting Bt500mn to expand its plant phase 3 which will increase capacity to 300,000sqft. It expects this to boost revenue growth to not less than 15%. It expects no impact on exports from US tax policies. ( Thun Hoon, 03/02/17)

Comment: A clever lady sent to me a chart of KCE vs the European automakers, quite the strong correlation. 

MK plans to launch five projects with a total value of Bt5.47bn which will boost revenue. It plans to engage in the building management service. It expects 2017 performance to be robust because of the positive outlook for the property business. (Thun Hoon, 03/02/17)

RJH expects 2017 revenue growth of 10-15% YoY supported by more patients and a turn up into the black for Rajthanee Rojna hospital. It expects 2016 revenue growth to meet its target of 10-15% and plans to report its financial statement this month. (Kao Hoon, 03/02/17)

Comment: RJH is effectively a monopoly in Ayudhya combined with their strong grip on social security patients it will be tough for any major hospital chain to break into their area. 


SAT targets 2017 revenue growth of 3-5% supported by more orders. It expects to get a new project, which it will clarify this year. (Kao Hoon, 03/02/17)


SIRI is budgeting Bt100mn to establish a JV with SCB named Siri Venture. This JV will engage in the “property-technology” business with a specialization in research, development, and startups. It expects to build an innovation network with 100,000 subscribers. (Thun Hoon, 03/02/17)


THCOM reported 2016 net profit of Bt1.36bn, down 7.5%. It will pay a dividend of Bt0.7/share, XD on April 4, 2017. (Kao Hoon, 03/02/17)


TSE will negotiate for a Japanese solar farm next week. It expects its board to approve investing in the project. It does not see a need for a capital increase because it has enough cash on hand. It expects 1Q17 performance to be good. (Thun Hoon, 03/02/17)

Comment: I used to rate SPCG as the best operator in the industry, now after meeting TSE I do rate them higher because they are able to continue growing internationally whilst SPCG is happy with its existing portfolio. 


TVT is negotiating to be content provider for two more programs, which will increase its total TV programs to 16. It expects a deal by March. It targets 2017 revenue growth of 25%. It is budgeting Bt20-50mn to invest in the online business and expects to finalize this in 3Q17. (Thun Hoon, 03/02/17)


VGI will pay an interim dividend of Bt0.035/share. This is expected to increase the confidence of its investors despite the 3QFY16/17 slowdown from lower ad revenue and higher expenses from investment. It expects FY2017 performance to be good as it winds up its investment plan. (Thun Hoon, 03/02/17)

Comment: This has investors keeping an eye on MACO to see if their 4Q #s are going to be crap as well. Now according to management these are one time losses on investments and that 2017 should see a return to growth.

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.