Economic slowdown leads to cut in target — ADVANC slashed its revenue target for the year to 5-6% from 6-8% due to the slowdown in the economy. Its 3Q13 net profit shrank to Bt8.34bn, with 9M13 net profit of Bt27.46bn, growth of only 3.9% YoY. (Khao Hoon, 06/11/13)

Comment: Will this dividend behemoth finally slow down?


Mitsubishi in after all — Mitsubishi has opened a tender offer to buy BAY shares starting Nov 7 and extending to Dec 13, for Bt39.00/share. BAY’s management sees that the acquisition by BTMU will helpBAY’s growth, driven by new big Japanese clients. It expects ROE to be amongst the top three in the sector. (Khao Hoon, 06/11/13)


Launching new end-year campaign — CPN is joining a group of companies to invest Bt100mn in its new promotional campaign, “CPN Joy to the World” during Nov 14-Jan 12, 2014. The campaign is expected to bring in more than 2mn customers per day and help stimulate sales by 20-30% from the usual during this season. (Khao Hoon, 06/11/13)


Entering condo market — KMC will enter the condominium market with the launch of a condo project, “ESTES Rattanathibet”, worth Bt1.372bn. It targets presales of 80% and aims to close sales for the project within 12 months. (Khao Hoon, 06/11/13)

Comment: Well its a turnaround play that is well known in the market, everyone thinks its risky though, but wouldn’t be surprised if some punters get into it.


Large provisions in 4Q13 — KTB will set provisions for 4Q13 of no less Bt7bn, the largest amount this year, cutting the 4Q13 bottom line and net profit for 2013 to ~Bt30bn. However, earnings for 2014 will pick up it says, supported by government projects. (Khao Hoon, 06/11/13)


PF: Tighter mortgage rules top concern next year – The stringent new mortgage rules will continue weakening the housing market next year, while the household debt crisis will return to normal, says the SET-listed Property Perfect Plc (PF). Still, PF plans to adjust its promotional campaigns and postpone marketing events for low-rise projects originally scheduled for next month. However, PF is now holding its Perfect Condo Showcase 2013 at CentralWorld until Sunday. The event features 10 condo projects four new ones worth a combined Bt8.7bn and six existing ones worth Bt4bn. (Bangkok Post, 06/11/13)

Comment: We still worry about every company in the property sector because there are so many players chasing the same market. Then again we also see upcountry


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