AJD expects set-top box sales of more than 2mn and expects the coupon will be issued in September. It says AJ is a market leader with a gain market share of 50%. It expects revenue to triple from Bt1.65bn in 2013. (Khao Hoon, 24/06/14)

Comment: Yes, IF the coupon deal materialises, its still a big IF at the moment


No fall-off in profit – Airports of Thailand Plc (AoT) is maintaining a stable outlook for 2014 despite adverse effects from the political turmoil, with earnings unlikely to tumble below last year’s level. The projected earnings, given that passenger traffic through the six AoT-run airports is seen rising just 2-3% for the full fiscal year, depressed by civil unrest in much of the first half. Thailand’s 2014 passenger traffic is expected to lag behind global growth of 4.5% to 5% and Asia-Pacific’s 6.5% forecast. (Bangkok Post, 24/06/14)

Comment: The strength in AOT isn’t from the Bangkok airports alone, their airports around the country are still doing magnificently well.


BEAUTY maintains revenue growth target of 30% YoY and expects market growth of 7-8% YoY in 2014. It aims to invest Bt380-400mn to increase the number of branches, buy software, set up a training center and a warehouse. It expects to reach 300 total branches at the end of 2014. (Khao Hoon, 24/06/14)

Comment: It looks like BEAUTY is going to beat KAMART in this industry.


Interested in NTV — Dr. Prasert Prasarttong-osoth, a major shareholder and President of BGH, is reportedly interested in purchasing shares in Nonthavej Hospital (NTV) shares and is himself conducting the negotiations. (Post Today, 24/06/14)

Comment: BGH is a hospital acquiring machine.


Impact REIT to net BLAND Bt2bn – Thailand’s first REIT, the Impact Growth Real Estate Investment Trust, is expected to mobilise net cash of Bt2bn for its parent company, SET-listed Bangkok Land (BLAND), once it is introduced. The Impact Growth REIT, set up by Impact Exhibition Management, is scheduled for a third-quarter launch. (Bangkok Post, 24/06/14)

Comment: We’ve been hearing about a REIT for BLAND since…10-12 years ago, its nothing new, and now they expect a 3Q14 launch even though the legal framework isn’t completed yet. And there isn’t a government in place to approve this new framework, so no, no REIT within 3Q14, maybe 4Q14, but most likely next year.


EA sees a jump in 2Q14 net profits. The company said it is a growth stock and it believes that PE will fall once all the power projects have started operating. It plans to invest Bt8bn this year in a solar farm worth 90MW in Lampang. Next year, it will invest in a 12MW wind project. (Khao Hoon, 24/06/14)

Comment: One of 2 names that I’m kicking myself for missing this year even though I had all the relevant information. EA is going to be a renewable energy machine with several holding


Setting up JV with foreigners to build big project. It expects to construct a hospital for another firm. It has invested Bt1bn to buy land in Pattaya to set up a luxury project, bringing backlog up to Bt1.5bn. It is ready to purchase assets to manage to bring it up into the black. It says profit grew sharply in 2Q14. (Tun Hoon, 24/06/14)


FPI expects to finish warehouse construction in 4Q14 and is confident that it will achieve 2014 revenue of Bt1.9bn or +10% YoY. The new car models will boost orders and it aim to access the US market to increase clients. (Khao Hoon, 24/06/14)


ITD signs three new projects worth Bt842.51mn. This includes the construction of link road with utility systems for PTT, the repair of runway pavement at Phuket Airport for AOT and construction work for cold storage for SMCC. (Khao Hoon, 24/06/14)


PACE expects turnaround in profit next year with revenue to hit Bt1bn, supported by transfers at its MahaSamut and Mahanakorn Projects. This year, the company expects revenue of Bt300mn with profit sill in the red. It aims to launch a new condo project worth Bt6bn by the end of this year or beginning of next. (Khao Hoon, 24/06/14)

Comment: Will the big white elephant project succeed? We now start to think so.


PCA surges 78% from IPO price of Bt2.80 to close at Bt5.00bn on its first trading day. Management sees continual revenue growth with revenue this year to grow 40%, with net profit growth of 15-20%. (Khao Hoon, 24/06/14)

Comment: Same story for an IPO, a relatively small market cap + a relatively small % of shares in the mkt = a wonderful first day pop


VTE expanding rapidly into its energy business segment. It expects to start booking revenue as early as 3Q14 from its Bt600mn investment for a 25% stake in a coal mine in Indonesia. The accessible reserves from the coal mine is ready for sale in 4Q14 and the mine has 50mn tons in reserves. It expects a turnaround in revenue and profit next year. (Khao Hoon, 24/06/14)

  1. REITS (BLAND?); seem to be coming to Thailand soon, but most investors don’t have any ideas concerning their rules or regulations. Is it possible for you to write or make a list of the main points regarding REITS, or the differences between REITS and Property funds? This would help me to make decisions on REIT funds and to know if they are right for my style of investing.


    • The issue is that the rules & regulations surrounding REITs have yet to be formalised, although an initial framework is already completed, sure i’ll put a post up about it later.

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