Management expects 2014 passenger growth of 7.35%, down from prior estimate of 10%due to the slowed economy, political situation and lower Chinese tourism.(Khao Sod, 08/04/14)

Comment: This silly country will still continue to perform well regardless of all the rubbish it creates for itself.


GUNKUL continues to install solar rooftop after bidding for 12 projects with a partner for a total of 8.86MW. They expect to operate in April and start to generate revenue in 2Q14. It also expects good performance in 1Q14. (Khao Hoon, 08/04/14)


Ichitan brews up IPO frenzy — The IPO market has reached a frenzy again after a mouth-watering offer by Ichitan Group founder Tan Passakornnatee successfully tempted investors. Thousands lined up to subscribe to the IPO shares on Friday. Ichitan is raising Bt3.9bn in fresh funds from allocating 300mn newly issued shares at a price of Bt13 each. (Bangkok Post, 05/04/14)

Comment: We’re expecting for this issue to comfortably bounce on its first day, especially with the amount of PR done behind it.


KTB cuts loan growth target to 4-5% YoY from 5-7% YoY consistent with expected GDP growth of 3% YoY. Its fee income continues to grow but NPLs are rising. It will be XD on April 21 with dividend yield of 5.5%. (Khao Hoon, 08/04/14)


PTTEP signs JV in Brazil — PTTEP is making inroads in South America by forming a JV to invest in offshore exploration blocks in Brazil between subsidiary PTTEP BL and BG Brasil. This is PTTEP’s first investment in petroleum exploration in South America. (Bangkok Post, 05/04/14)


PTT, Mitr Phol ink fuel deal — PTT has joined hands with Mitr Phol Sugar Corporation, Asia’s biggest sugar producer, to develop an ethanol production and distribution hub in Chaiyaphum with a daily capacity of 500,000 liters. Construction of the facility, which will produce E85, will be completed this year and will mainly serve demand in the Northeast. The partnership will see PTT deliver petrol to blend with ethanol made by Mitr Phol. The agreement with Mitry Phol is aimed at cutting transportation costs for PTT, which formerly purchased 400,000 liters per day of ethanol from Mitry Phol’s Chaiyaphum plant and shipped it to Bangkok for blending and then transported the fuel to the northeast and other regions. (Bangkok Post, 05/04/14)

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