AS expects 2016 revenue to remain at 2015 level. It expects profit in 2017 after restructuring its business and plans to write off retained loss of Bt1.03bn. (Kao Hoon, 18/11/16)
Comment: Well I’m not entirely convinced their “new business model” is going to be successful.
BGT plans to open a branch in Vietnam and expects to have four branches in Myanmar this year as planned. It reported 9M16 profit of Bt33mn and expects 4Q16 revenue to grow, supported by high season and more demand for black shirts. (Thun Hoon, 18/11/16)
Comment: A former darling of the market that has experienced some tough times in the past few years. Would this turnaround in performance be sustainable?
CHOW plans to COD a 6.64MW solar roof top and will book revenue immediately. It completed the construction of a 30MW solar farm for a Japanese customer and expects to get a management job. (Kao Hoon, 18/11/16)
Comment: CHOW has done an admirable job in switching away from steel to renewable energy
COL expects 4Q16 continue to grow after it launched a campaign to stimulate sales. It accepts that 2016 revenue will misses its target growth of 10%, achieving only 7-8% growth, due to a slowdown in consumption and slow economic recovery. It plans to add five branches at a cost of Bt10mn each. (Kao Hoon, 18/11/16)
Comment: But I was impressed by their bottom line performance despite the slower growth
CPF acquires US food producer. CPF has acquired the entirety of Bellisio Parent LLC, A US frozen food company, for US$1.08bn (Bt38.2bn). The Besllisio Group is the third-largest producer and distributor of single-serve frozen entrees in the US, with household brands such as Michelina’s, Boston Market, Chili’s and Atkins. Bellisio’s flagship brand Michelina is one of the most successful brands in the frozen food markets of North America, which is the world’s largest food market. (Bangkok Post, Kao Hoon, 18/11/16)
ERW to spend Bt2bn to expand in Thailand and abroad. It targets 2017 revenue growth of 10% from 2016 on tourism recovery. It expects 4Q16 earnings to be good. (Thun Hoon, 18/11/16)
Comment: Still the only pure play thai hotelier

GUNKUL plans to COD a 50MW wind power plant. This will lift total capacity to 60MW. It will book revenue of Bt100mn this year. It expects this will expand revenue to no less than Bt800mn per year. (Kao Hoon, 18/11/16)
JWD expects 2017 earnings to continue to grow, with revenue growth of at least 7% from 2016. It has budgeted Bt1-2bn to support the acquisition of a cold room/freezer business in Malaysia. (Kao Hoon, 18/11/16)
Comment: Their REIT has apparently been postponed until next year, no surprise given that they haven’t even set up a REIT management company yet
MAX is negotiating to acquire three power plants in Thailand and Japan; clarification is expected by end-November. It plans to write off retained loss of more than Bt275mn by using the 9M16 profit of more than Bt100mn. It targets increasing total capacity to 1,000MW from the current 120MW. (Thun Hoon, 18/11/16)
Comment: MAX MAX MAX, is this the next IFEC?
MK reported 9M16 total revenue of Bt2bn supported by a 34.7% YoY growth in revenue from the property business to Bt415.5mn plus a 700% YoY jump in revenue from the rental business to Bt105mn. (Thun Hoon, 18/11/16)
PF targets 2017 revenue of Bt22.95bn with presales of Bt20bn. It plans to open 18 new projects with a total value of Bt31.78bn. It has decreased 2016 target revenue to Bt14.88bn from Bt17bn. (Kao Hoon, 18/11/16)
PHOL reported 3Q16 profit of Bt9.75mn, growth of 272%, with revenue from sales and service of Bt275.82, growth of 21.45%. It expects the water business to be good, supported by the community water supply project. It has backlog of more than Bt150mn which will be booked over the remainder of this year to early 2017. This will support 2016 revenue growth of 10% as targeted. (Thun Hoon, 18/11/16)
SOLAR expects 2016 revenue of more than Bt1bn supported by continued growth in its four main businesses. It expects greater growth in 2017 revenue than this year. It plans to bid for a government job and focus on the ASEAN market. It expects Indonesia to open bidding for a solar farm capacity of 35,000MW. (Kao Hoon, 18/11/16)
SORKON plans to invest in a management system for the QSR business which will support its aggressive plan to expand its QSR and delivery business. It expects QSR business will grow in the future. (Thun Hoon, 18/11/16)
Comment: They have failed on the QSR expansion plan for the past 5 years. So I’m not entirely convinced by management’s ability to perform well in this segment for now.
SUSCO has budgeted Bt200mn to add 20-30 service stations in 2017 and support growth of 8-10%. It expects oil price to stay around US$50-55. It expects 2016 earnings growth of 15% thanks to lower oil price. (Thun Hoon, 18/11/16)
SYNEX reported a new high for 3Q16 revenue of Bt6.15bn with net profit of Bt109mn. This will support 9M16 revenue of Bt16.64bn and net profit of Bt289mn. It expects continued growth in 4Q16, supported by the launch of new smartphones. (Thun Hoon, 18/11/16)
VNG expects 2016 earnings to be good supported by higher sales of MDF board and a strong margin. It expects 2017 revenue to increase 20% backed by new capacity of 300,000 MCM per year. It plans to invest in a biomass power plant and is waiting for the government to open bidding for a license. (Thun Hoon, 18/11/16)

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