2Q17 earnings grew 33%, reaching Bt279mn. ANAN will pay an interim dividend of Bt0.06/share. Market consensus expects 2H17 earnings to continue to expand. (Thun Hoon, 09/08/17)
CPF’s 868.3mn newly-issued shares will begin trading today. These shares were issued as a rights offering (5 old :1 new) to existing shareholders for Bt25/share, giving CPF Bt21.697bn in cash. (Khao Hoon, 09/08/17)
Comment: And there’s no massive sell off.
EARTH will file a Bt60bn lawsuit against TCAP for allegedly leaking information that led to EARTH’s bank accounts being frozen and business being interrupted. The company urged all debtors to vote in favor of its rehabilitation plan. The Central Bankruptcy Court’s first hearing will be on Sep 18, 2017. (Thun Hoon, 09/08/17)
Comment: Well now its a legal game, this call help EARTH delay the proceedings in court…it’s rather messy whenever a bankruptcy gets to court. I don’t necessarily think that the judges in Thailand are weak but legally parties can use delay tactics that can stretch cases forever.
FORTH won a PAE project worth Bt87.6mn to install equipment for DWDM and IP Core Network. The 2Q17 earnings will be announced on August 15, and it expects to show 10-15% growth as it realizes some of its Bt500mn backlog. (Khao Hoon, 09/08/17)
Today is INGRS first trading day (IPO Bt1.33/share). The company is a regional player in auto parts with production facilities in Thailand, Malaysia, Indonesia, and India. Its core strength is in its technology and innovation. (Thun Hoon, 09/08/17)
Comment: Another automotive manufacturer listed in Thailand, don’t expect much of a pop nor any magical numbers from this group. The IPO was….4 years in the making?
KCAR says its car rental volume reached 8.3K units, with sales rising to 1.7K units, bringing this year’s earnings up by 3.6% to Bt343mn. (Thun Hoon, 09/08/17)
The company will engage in bidding for big projects in 2H17, worth more than Bt13.5bn. This will increase its backlog from the current level of Bt9.3bn. (Thun Hoon, 09/08/17)
Comment: At the end of 2Q their backlog was the highest it had ever been. 
Sansiri Plc has set up a joint venture firm (70% owned by SIRI), Siri TK One Co Ltd, with Japanbased Tokyu Corp to develop a Bt2bn condominium project called Taka HAUS in the Ekkamai district of Sukhumvit. It expects to raise its income from foreign buyers to 15% (more than Bt8bn). It plans to launch 16 new projects in 2H17 worth Bt40bn. (Thun Hoon, 09/08/17)
Comment: Now they have two partners for these JV’s, not necessarily the worst strategy, SIRI are maestro’s at marketing their projects
SPA will open 3 new branches to reach 41 branches by yearend. It expects earnings growth of 30%. (Thun Hoon, 09/08/17)
SPALI expects to grow 10-15% per year, supported by its high construction standards and quality. Its backlog is now at Bt37.4bn which will be realized over the next three years. (Thun Hoon, 09/08/17)
The company expects 2H17 earnings growth to be supported by domestic demand. Motorcycle and automobile leasing will push its loan portfolio up by 10% this year. (Thun Hoon, 09/08/17)
TU will invest Bt50mn in a new snack factory, “Sea Snack”, to increase value-added shrimp products. The first product will be launched within 2017. It targets sea snack export revenue to reach 50% of total revenue by 2018. It expects sales to grow by more than Bt200mn within three years. (Thun Hoon, 09/08/17)
  1. Hi Pon,

    Do you have any views on the Demco result, core earnings were woeful. I presume a lot of the projects scheduled for Q2 had to be postponed because of the ALRO overhang which was only cleared up at the end of March?

    Also no further progress on fixing in the foundations in Q2? Was this also postponed due to the ALRO issue?


  2. Sorry my mistake, the ALRO gave everything a green light at the end of March but it was only by late June that section 44 was used to legally rectify this issue. Would have had a huge impact on Demco Q2.

  3. As expected, the SIM loss has dragged Samart to record a hefty loss for Q2. I was hoping the negative sentiment would have spilt over into Samtel which would have presented a buying opportunity but it’s price is fairly stable down less than 2%.

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