SET urged AJD to clarify its frequent par splits, twice in four months, within Mar 5 with details. The regulator is in doubt of the company’s corporate governance. (Kao Hoon, 03/03/15)
Comment: This is a positive move by the SEC, its good to see regulators actually be active.

BIG will resume its trading in the stock exchange today after completing the backdoor listing of SUN. Management targets sales revenue growth of 10% YoY with 10 more outlets to be opened this year, adding to the current 237 outlets nationwide. The company plans to clear its retained loss within two years. (Kao Hoon, 03/03/15)
Comment: Another backdoor listing, at least one that was approved by the SEC.

CBG expects its revenue to rise 20% YoY in 2015 with 40% net profit growth. The company will invest Bt600mn to increase capacity to 700mn cans p.a. It will expand its product line to carbonated energy drinks by Apr 15 and more M&As are under study. (Kao Hoon, 03/03/15)
Comment: They had a fantastic 2014, 2015 looks to be the same with the increase in capacity.

CCP expects the construction industry to be on an upward trend in 2015 after the government approves more construction projects. This could increase its backlog from the current Bt2bn, which will be recognized up to 2016. For 2014, its net profit shrank to Bt207.84mn. It will pay a cash and stock dividend as well as split par from Bt1to Bt0.25. (Kao Hoon, 03/03/15)
Comment: In theory, construction + construction materials should benefit in 2016-2020.

CHO reported net profit of Bt97mn, up 101% YoY with revenue of Bt1.5bn. The company targets revenue growth of 10-15% with Bt600mn backlog which will be fully booked in 2015. (Kao Hoon, 03/03/15)

DEMCO expects to book record revenue and profit in 2015 with more EPC projects and renewable power plants. The company should benefit from EGAT’s investment in transmission network and sub-stations. DEMCO announced net profit of Bt362mn for 2014 and dividend of Bt0.135/share. (Kao Hoon, 03/03/15)
Comment: Main issue is still the holding in WEH

EA plans to invest Bt18bn in its 90MW solar farm project in Pitsanulok and three wind power projects with combined capacity of 126MW. (Kao Hoon, 03/03/15)

EFORL reported net profit of Bt251.44mn, up 850% YoY as its revenue jumped 850% YoY to Bt1.45bn. This was driven by full-year contribution from the medical equipment business. The company will pay a Bt0.01 dividend with XD set for Apr 27. (Kao Hoon, 03/03/15)
Comment: These earnings have come from Wuttisak (it’s a backdoor listing completed last year)

ICHI expects 2015 revenue of Bt7.5bn, up from Bt6.2bn in 2014. Within 2017, revenue is expected to reach Bt10bn. The firm plans to push Bila, a soft drink, into the juice market and plans to expand into AEC. (Post Today, 03/03/15)

ILINK has raised the revenue target to Bt3bn in 2015, 62% of which will come from the sale of signal cable, 27% from engineering and 11% from telecom. Given Bt660mn, the firm plans to join the bidding for a project worth Bt4.2bn. It will ask for board approval to move back to the SET in April. (Kao Hoon, 03/03/15)

ITD reports the JV between ITD and ROJNA will sign an MOU with the Myanmar government to develop the Dawei project. Investment for the first phase is expected to be Bt17-20bn with land development of 17K rai. There will be more investment within the next 18 months. (Post Today, 03/03/15)
Comment: I’ve always loved the Dawei project BUT its absolutely horrible financially, it makes zero sense

MINT sets profit growth target of 15-20% in 2015. It expects to invest Bt50bn over the next five years, including business expansion and acquisitions. It expects revenue contribution from overseas businesses to reach 48% within 2019, up from 35% currently. (Kao Hoon, 03/03/15)

MALEE to sell the 2.02mn share repurchase shares back into the market rather than reduce paid-up capital. This is because the free float of the firm’s shares is limited and the firm can receive more cash back into the firm. (Post Today, 03/03/15)

MC expects revenue growth of 20% in 2015 driven by 5% SSS growth (from -8% in 2014). The firm is negotiating with modern trade to change the rental agreement to a fixed format. For the capex plan in 2015, the firm expects to spend roughly Bt300mn. (Kao Hoon, 03/03/15)
Comment: I still don’t quite believe in MC’s growth story. Constant negative SSS growth, we’ll see how the numbers perform this year, if its as I think still another period of negative SSS growth then perhaps all the institutional investors that believe in the retail/consumer 30x pe will begin to sell.

S’s CEO revealed that the firm will spend about Bt20bn this year or 20% of the 5-year investment plan of Bt100bn for 2015-2019. About 25% of this will be used to buy three hotels in the ASEAN region and the remainder will be used to buy at least two shopping malls. (Post Today, 03/03/15)

Transformation over past 9 years — SCC’s management reports that the company has spent nine years to transform itself into an innovative organization. The company plans to spend Bt4.9bn or 1% of more than Bt500 revenue to develop more high value-added products. These products are hoped to generate Bt169bn in revenue or 35% of total revenue in 2014, up from Bt149bn in 2013. (Post Today, 03/03/15)

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