AOT reported 2QFY17 earnings of Bt6.47bn, up 17%. This brought 1HFY17 earnings to Bt11.49bn with 65.59mn passenger pass-through. (Kao Hoon, 16/05/17)
Comment: What tourism slowdown? Only 5% of the Chinese have passports, just imagine if 10% have passports (note for US citizens its about ~35%-40% depending upon which stat you look at)

ARROW expects 2H17 performance to be good brought by public and private orders as well as on seasonality. It reported 1Q17 revenue of Bt360.57mn, up 16.23% YoY. It expects 2017 revenue growth to achieve its target of 10-15% to Bt1.6bn. (Thun Hoon, 16/05/17)
Comment: This little company continues to grow and grow.

AUCT reported 1Q17 earnings of Bt34mn, up 10% from last year’s Bt31mn on the back of car market recovery with sales of 210,000 cars. It expects 2017 revenue growth to hit target of 35%. (Thun Hoon, 16/05/17)
Comment: Always liked this company just haven’t liked the price since it went above 7 years ago.

BANPU reported 1Q17 net profit of Bt1.43bn brought by 41% increase in selling price in coal from Indonesia. (Kao Hoon, 16/05/17)

CSS posted 1Q17 earnings of Bt55mn, up 131% from last year’s Bt24mn. It expects substantial growth in 2H17 supported by both private and public projects. It expects 2017 revenue to reach Bt5-5.2bn (20-25% growth). (Thun Hoon, 16/05/17)

D posted 1Q17 net profit of Bt13mn, up 19% YoY. It is budgeting Bt50mn for store expansion, targeting 3-5 stores this year. (Kao Hoon, 16/05/17)
Comment: How come D can figure out how to make a profit and LDC can’t?

DRT reported 1Q17 net profit of Bt135.56mn, up 27.66% YoY due to recovery in purchasing power. It expects 2Q17 performance to be good, both domestic and exports to CLMV. It expects 1H17 performance to hit target with growth of not less than 5%. (Thun Hoon, 16/05/17)

EA reported 1Q17 earnings of Bt980mn, up 37.8% thanks to 278MW solar farms. It expects wind farm to operate soon. This increases total capacity to 404MW this year and will lift revenue and net profit to a record high. (Thun Hoon, 16/05/17)

GL continues to look for takeovers, backed by ample cash. It expects 2Q17 performance to be good brought by Bt346mn extra dividend from GLH. It sees a positive outlook in Indonesia, Myanmar, Cambodia, Thailand, and Sri Lanka. It expects its 2017 loan portfolio to hit target because of launching new products and is looking for partners. (Thun Hoon, 16/05/17)
Comment: It does appear that they will wind down the “SME Loans” to focus more on Myanmar and other markets

GUNKUL posted 1Q17 net profit of Bt186mn, up 100% YoY. It expects performance to continue to grow on the back of power plants and upcoming bids. (Thun Hoon, 16/05/17)

HPT reported 1Q17 revenue of Bt41.1mn, up 63% with net profit of Bt4.88mn aided by higher capacity which allows it to take on more orders. It continues to do R&D with an eye to boosting sales from U.S, Europe, Australia, and New Zealand. It expects to broaden its AEC customer list. It expects 2017 revenue growth to achieve its target of 15-20%. (Thun Hoon, 16/05/17)
Comment: Since they’ve gone public the shares are down from 3 to 1.15. Not entirely convinced by management just yet nor their capability to make any impact in the global market

PSH expects 2Q17 performance to be good with Bt7-8bn backlog to transfer. It is launching 23 projects worth Bt17.8bn this year. (Kao Hoon, 16/05/17)
Comment: With hospitals now demonstrating so-so earnings, what can PSH do to differentiate themselves?

PTT reported 1Q17 earnings of Bt46.16bn fostered by higher of and petrochemical prices and sales of Bt500bn. (Kao Hoon, 16/05/17)

SAMART expects 2Q17 performance to be good on the back of potential growth of ICT solutions from the public sector. It plans to take part in Bt5bn bids with 2017 target backlog of Bt10bn. It expects to sign contracts for two projects with NBTC within 1H17. (Thun Hoon, 16/05/17)
Comment: They only have SAMTEL that will be doing anything for the next 12 months, I don’t see the Cambodia plant coming to fruitation anytime soon.

SIRI targets 2017 presales of Bt36bn with backlog of Bt35bn. It recently got presales of Bt10bn. It is launching four projects with BTS. It recently launched The Base Phetkasem , and expects presales of 25-30% in the first month. (Thun Hoon, 16/05/17)

SPCG targets 2017 revenue to reach Bt6bn aided by 36 solar farm projects (260MW). It continues to expand abroad. It reported 10% earnings growth in 1Q17. (Kao Hoon, 16/05/17)

SUPER reported 1Q17 net profit of Bt563mn aided by 521MW from 93 solar farm projects. Its board recently approved a warrant issue at a ratio 5 old to 1 new. This will be sent to the shareholders for approval at the AGM on July 31. (Kao Hoon, 16/05/17)
Comment: They’ve been active on non-deal roadshows. Bangkok Bank appears to be the group doing their infra fund for them

THAI reported 1Q17 net profit of Bt3.15mn, down 47.4% due to higher fuel cost and higher competition. Its loading factor was 82.8%. (Kao Hoon, 16/05/17)
Comment: Still bankrupt, still needs equity, nothing has changed.

TPIPP expects 2Q17 to continue to grow brought by higher capacity and a higher Ft. It expects 290MW to operate in 4Q17, raising total capacity to 440MW. (Kao Hoon, 16/05/17)
Comment: You’ll see consistent revenue and earnings growth from this company until the end of 2018.

UV reported 1Q17 earnings of Bt418.9mn with total revenue of Bt4.36bn, up 20% YoY. (Thun Hoon, 16/05/17)

WICE posted 1Q17 net profit of Bt24.18mn, up 146% with revenue of Bt330.36mn, with growth in all business segments. It expects robust earnings in 2Q17, backed by the good outlook for the logistics business. It continues to do M&As with an eye to becoming Asia’s market leader in logistics. It expects 2017 revenue to grow 30%. (Thun Hoon, 16/05/17)
Comment: No surprise. Now where’s the next M&A?

  1. 2 major overhangs for GL. 40% of their earnings come from these mysterious offshore loans which they are now scaling back and 2 their CCF investment is worth less than half of what they paid for it on a market cap basis.

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