APCO signed a contract to set up a JV company (Bhubhiwat Co., Ltd). It plans to set up a medical facility to treat and prevent viral and infectious diseases by immune stimulation with natural products both at home and abroad. It is talking to parties to set up two more JVs in November. It plans to focus on R&D in 2017. It expects a substantial growth in revenue. (Thun Hoon, 10/11/16)
BCP reported 3Q16 net profit of Bt1.17bn, up 173%YoY brought by stock gain and refinery margin. It expects oil sales to increase 9% on high demand. It plans to open more service stations in order to raise revenue. (Thun Hoon, 10/11/16)
CPALL plans to report 3Q16 earnings today. It expects 3Q16 net profit of Bt4.05mn, up 24.5%, bringing 9M16 net profit to Bt12.31bn. It expects 2016 net profit to reach Bt16.64bn. (Kao Hoon, 10/11/16)
Comment: You’ve seen MAKRO’s earnings being rather solid, so no surprise in CPALL performing better
EGCO expects net profit of Bt2.84bn in 3Q16 brought by revenue from the power business. This will bring 9M16 net profit to Bt7.48bn. (Kao Hoon, 10/11/16)
 HTECH is budgeting Bt190mn to invest in new plant to increase capacity by 50% in order to handle higher orders from overseas. It expects 2017 revenue to be robust with revenue growth of 7-10% in 2016, as targeted. It will submit 3Q16 earnings to its board on Nov 11. It expects to announce progress on the new plant in Vietnam soon. (Thun Hoon, 10/11/16)

IVL expects to report 3Q16 net profit today. It expects 3Q16 earnings of Bt2.4bn thanks to higher capacity from acquiring a company, This will bring 9M16 net profit to Bt12bn. (Kao Hoon, 10/11/16)
Comment: Seems like the only way they can grow is via acquisitions and re-valuing their holdings…
JUBILE reported 3Q16 earnings of Bt37mn, up 54%, giving 9M16 net profit of Bt108mn (+27%). (Kao Hoon, 10/11/16)
Comment: So are women spending again? Is this where the car money is going to?
KCE expects a strong performance in 2H16. It plans to increase its capacity in 4Q16 and invest in a new plant (Phase 3) to support its growth. (Thun Hoon, 10/11/16)
Comment: And they’ll continue to grow and grow for another 2 years
LALIN plans to raise revenue target after 1H16 revenue went over half its full year target of Bt2.4bn. Behind this is good presales. Its backlog is Bt1bn and it expects to book all of this in 2016. It plans to launch two new projects before the end of this year. (Thun Hoon, 10/11/16)
MTLS posted 3Q16 earnings of Bt400mn, up 82%YoY. It expects 2016 net profit and revenue to peak on branch expansion to a targeted 1,600 this year and 2,200 in 2017. (Thun Hoon, 10/11/16)
Comment: O___o, 1 word, amazeballs
NCH targets 2017 revenue growth of 10% from this year after launching new projects. It plans to ask approval from its board to invest more in property, expects approval in December. It expects to increase its revenue by cooperating with commercial banks. (Thun Hoon, 10/11/16)
PHOL reported 3Q16 net profit of Bt9.71mn, up 271% on the back of revenue contribution from a community tap water project. (Kao Hoon, 10/11/16)
PLAT reported 3Q16 net profit of Bt178.94mn, bringing 9M16 earnings to Bt523.19mn, up 14.2%. Behind this this is 6.55% growth in revenue to Bt1.38bn from higher rental rate for leasable area and higher room rate for hotels. (Kao Hoon, 10/11/16)
Comment: Sometime in the next 12-18 months PLAT will begin to look attractive when their second phase of developments are up and running
PRIN plans to launch four projects with a total value of Bt2.45bn. It expects this raise presales. It expects 2016 revenue to reach its target of Bt2.9bn after achieving Bt2.19bn in 9M16 with net profit of Bt140mn. Its backlog is Bt483mn. (Thun Hoon, 10/11/16)
PTG expects 3Q16 net profit to outperform after 9M16 sales growth of 29% YoY. It plans to open more service stations with a goal of 1,450 by the end of this year. (Thun Hoon, 10/11/16)
Comment: The network effect in action.
PTTGC reported 3Q16 earnings of Bt6.26bn, up 416%YoY on the back of better refinery operations, higher utilization rate for olefins and extra items. (Kao Hoon, 10/11/16)
SNC reported 3Q16 net profit of Bt76mn, up 35% on the back of higher revenue from auto parts and electric appliances. (Kao Hoon, 10/11/16)
STEC expects 2017 revenue to grow 20% from Bt18bn in 2016 to Bt22bn. Its backlog is Bt50bn, which can cover revenue for three years. It plans to take part in Bt140bn in bids. (Kao Hoon, 10/11/16)
Comment: The winners in Thailand for the next few years.
TFG’s board approved Bt1.9bn to invest in ready-to-eat chicken. It expects this to contribute revenue in 1Q17. It reported 3Q16 net profit of Bt531.7mn. It also expects 2016 earnings to be a record high thanks to strong orders. It says differentiation is its strategy. It plans to expand its market in Vietnam to support its exports. (Thun Hoon, 10/11/16)
TMB expects 2016 earnings before provisions to grow YoY. Behind this is higher fee income from funds and bank assurance units. It expects lower provisions in 4Q16. It expects to conclude its 2017 business plan soon, with a loan growth target above peers’ 6%. (Thun Hoon, 10/11/16)
TOP reported 3Q16 net profit of Bt2.94mn which brought 9M16 earnings to Bt15bn on the back of increasing oil price. (Thun Hoon, 10/11/16)
  1. Fundamentally speaking, nothing seems to be able to knock the Thai market these days, brexit a mere blip, October 13th a quick dip and recovery and now a Trump presidency not even half a day and the market claws back its losses, this level of complacency is starting to worry me especially as we are reaching rather frothy levels for the index.

  2. Earning reports are not that bad so they keep P/E under control, but for a breakout above 1550/1600 volumes are pretty low.
    SET is moving on a triple top pattern – really bearish. If cannot break above 1600 and foreign investor will keep selling, then is 1200 back again.

    • Not worrying about 1600, it is not even going to keep in this low 1500s range. There is a correction coming and those who are complacent will be caught out.

      • Quite a few thoughts I’ve wanted to share for a while.

        Local institutions are incredibly underinvested, perhaps the highest lvl’s I’ve seen/heard in the past 10 years – support for the index perhaps?
        We’ve been hearing about a year end rally for as long as I can remember but 2013, 2014, 2015 all had awful 4Q’s, would this be the year the yr end rally resumes or will profit taking ruin it again?
        Trump – who cares, note I do prefer him to clinton but thats for a different conversation… I’m looking at the currencies, and they are flashing some warning signs @ the moment, malaysia just locked up their ringitt on friday afternoon after the currency declined some -5% intraday…Fed increasing rates? Is this USD bull market going to resume in the ST? We’ve noted that the USD typically stays strong in the first 6 months of any new US presidency.
        Earnings aren’t bad nor great, if rates are still this low then you could still easily argue that the market is relatively cheap..
        Hopefully I’ll have some time to elaborate further on these thoughts next week….

        • Further imagine when the leadership of Thailand is completed, that one question that has haunted this country is now gone, would the discount that this market had versus its peers finally disappear? If so don’t be surprised to see the index hit 2,000 within a few years.

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