AOT reports FY2018 passenger pass-through of 139.52mn, +8%YoY. Flight volume was 875k. Suvarnabhumi handled 62.81mn passengers above capacity and Don Muang Airport had 40.56mn more than its capacity. Management says Chinese passengers numbered 19.79mn, +21.8%YoY. (Kao Hoon, 31/10/18)
Comment: What slow down in passenger numbers? 
BTS says subsidiary BSR will submit an application for the project to link the three airports on November 12. It expects PTT to join with BSR if it wins the project bidding. It is confident the Green Line (Bearing – Samutprakarn) will open for service in December. (Kao Hoon, 31/10/18)
CKP expects growth in 9M18 revenue driven by increase in electricity production from Nam Ngun 2 dam with 140%YoY increase in inlet volume. It continues to invest in solar farms and solar rooftops both at home and abroad, raising its electricity production. (Thun Hoon, 31/10/18)
CPALL plans to provide 24-hour delivery service through more than 3,000 of its 7-11 branches next year. It expects 4Q18 results to be better YoY driven by store expansion. It expects SSS growth of 3.9%. (Thun Hoon, 31/10/18)
Comment: This just made us all go wow.
CPN expects revenue growth of 20% this year driven by the completion of renovation of Central World and Central Rama 3 and full revenue recognition from two department stores, Central Korat and Central Mahachai. The two new department stores have occupancy rate of 92%. It plans to revise its fiveyear business plan (2019-2023) after completion of the GLAND deal. (Thun Hoon, 31/10/18)
Comment: There’s a lot to do with GLAND, offices, land, REIT’s, property…I wonder if GLAND stays listed is there an upside risk with the management capabilities of CPN?
SEC has asked DSI to punish former GL executive, Mitsuji Konoshita, for providing false information. He said that he has never been to court or been sued by Japan’s SEC, but the SEC found that in fact he is still under investigation. (Kao Hoon, 31/10/18)
Comment: It’s interesting following this story. Lets see how far down the rabbit hole this goes.
GLOW reported 3Q18 earnings of Bt2.1bn, -12.3%YoY. 9M18 earnings were Bt6.5bn, -8.6%YoY. COGS increased by 9.5% caused by rise in coal price and natural gas price. FX gain dropped. (Kao Hoon, 31/10/18)
NDR expects results to grow next year. It will fully book revenue from Malaysia next year. Management expects sales growth of 5% next year from this year’s sales target of Bt1bn. It expects earnings to turn around this year and next year’s export revenue will contribute 60% of total revenue from current of 50-55%. (Thun Hoon, 31/10/18)
PL enters the used car market. It has introduced “Sabai car” targeting retail customers. Its MD expects revenue from the used car business to reach Bt200-300mn a year and expects 2018 used car market growth of 7% driven by demand growth. (Thun Hoon, 31/10/18)
Comment: Ohhhh, I am one of those people that regularly check staring at those expensive sports cars that I want but would never buy. And given that the used car market is quite the massive industry in Thailand I am surprised that more institutional players aren’t in it.
SEAOIL is expanding to five new businesses with a focus on its main business of marine fuel supply. It expects earnings to turn around this year after losses for two years. It is trying to boost sales, expand customer base and enter the renewable energy business. (Thun Hoon, 31/10/18)
STA reports that 4Q18 rubber price is lower than 3Q18, caused by oversupply. As for rubber gloves, it expects sales volume growth of 25% this year. It has increased production capacity by 3.2bn pieces/year and total production capacity will reach 17bn pieces/year by the end of this year. It expects earnings to turn around this year. (Thun Hoon, 31/10/18)
UPA board approved the issue of 38mn shares by subsidiary Informatic Plus for sale to existing shareholders for financial restructure. It will use the proceeds to pay off debt and for future investment. Management expects 2H18 results to be good. (Kao Hoon, 31/10/18)

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