Stocks in the news (aot, chayo, m, sccc, spali, sricha) 14.07.25
AOT: ITA Airways (Rome-based) will increase its direct Rome–Bangkok service from three flights per week to daily starting December.
CHAYO is seeking bondholders’ approval for a two-year extension on five bond series, offering an additional 0.125% interest in return, citing unfavourable market conditions for new issuances.
Comment: That’s all they’re offering to bondholders? The company needs to increase the rate by 50% what donkey kong strategy is management doing, although … these are likely to be unsecured bonds…and the bond holders will have no choice…
M has launched a budget hotpot sub-brand, Bonus Suki, offering an all-you-can-eat menu of 60 items plus refillable drinks for THB219. The move targets price-sensitive consumers and aims to capture market share from newer entrants.
Comment: Papa’s back. M is solidly going after Suki Tee Noi and all the smaller wannabe hot pot players in the country. M has the b/s to take the hits and the risks of expanding into this endeavour, how much pain will the others be willing to put up with?
SCCC is expected to post a solid 2Q, helped by higher YoY domestic cement prices, lower raw material and energy costs, and earnings contribution from LANNA, its coal subsidiary acquired last year.
Comment: Oh hello, who was saying this since the earth quake? Siam cement pumped prices by +20% = the whole industry stopped discounts, all energy costs are lower since trumpy is back in town. I don’t care much for the volume improvement, but margins are going to surprise. SCCC in an odd way is going to be a beneficiary from 1. Improved margins 2. Vietnam and Sri Lanka waking up again.
SPALI plans to launch seven mid-to-high-end residential projects worth THB12.1bn in 2H25, targeting prime locations such as Sukhumvit 39, Thaksin, Srinakarin, Tha Phra, Phuket, Pattaya-Na Klua, and Pattaya-Wong Amat. Supportive factors include a THB6bn backlog and earnings contribution from its Australian unit.
SRICHA expects a 2H earnings turnaround, with full-quarter recognition from its THB7.8bn Clean Fuel Project (CFP) for TOP starting in 3Q25 through FY26. New EPC contracts tied to LNG projects in Canada, Mozambique, and Papua New Guinea are set to begin construction in 2H26, supporting future growth.
peter satrapa-binder
Regarding: M is solidly going after Suki Tee Noi and all the smaller wannabe hot pot players in the country:
Looking at the usual crowds and waiting queues at Suki Tee Noi (my own experience every time i go there with my family) at least them do not look very ‘wannabe’ only but quite successful. 🙂
but sure, at THB 219.-/seat for the buffet M will be very competitive.
Pon
Suki Tee Noi has knocked it out of the park. In reality there’s space for more than 1 player, the ones that will suffer are the local mom & pops.
peter satrapa-binder
agreed.
Don
domestically, a bigger question comes from yesterday’s surprise (to me) news, re: the suspended PM getting another whack behind the knees. what could be on the cards? election/coup/private jet warming up at the airport? I have cashed in 90% of my infrastructure holdings. now, with BOT possibly cutting rates, the outlook is positive for high yields. i am ambivalent, abut reinvesting, due to not wanting to be exposed to political turmoil ( he says, LOL)
peter satrapa-binder
Well, periodically repeated political turmoil has been about the only reliable thing here for the last few years at least. 🙂
Pon
ha, since 2006.
I’ve lived here since 2004 and i think the country has gone through 8 prime ministers or so within 2 decades, and that includes 8 years of smiles from the military.
Pon
It would be a surprise if there isnt another change in PM this year.
The only queestion is whether Mr. T and his cronies will dump all the stocks that they have bought….
peter satrapa-binder
I think the question here is rather: Will there be only 1 new prime minister or more than that within this year?
and yes, 8 prime ministers since 2004 seems about correct. i have been here permanently since 1992 with my family so for me it’s been a few more PMs than that.