Bangkok Airways expects to list on the stock exchange within 2014. It aims at an IPO of more than Bt10bn to set up a new aircraft maintenance factory at Suvarnabhumi airport, buy aircraft, and improve Samui airport. (Kao Hoon, 13/08/14)
Comment: Their flights to and from Samui were consistently full every time I’ve gone there, as for the rest of the destinations no idea, but they are a well-managed airline, I’ve also heard that BA has a stake in BGH
Krungsri cuts personal loan credit lines – Krungsri Consumer has further tightened its lending rules for personal loans by lowering the credit lines of new borrowers in a prudent move after deterioration in debt servicing ability. (Bangkok Post, 13/08/14)
Kanjanapas family announced share repurchases for both stocks. BTS will budget Bt6bn to buy a maximum of 600mn shares. BLAND will budget Bt3bn to buy a maximum of 1.2bn shares. (Kao Hoon, 13/08/14)
Comment: Well at least they are doing something with their cash.
CCP expects revenue of Bt2.9bn or 10% YoY in 2014 focusing on public and private markets. It aims to obtain backlog of Bt2bn and launch a new product. It reported revenue of Bt1.3bn and net profit of Bt104.13mn in 1H14. (Kao Hoon, 13/08/14)
CGS focuses to increase new retail and institutional investors. It aims to increase market share in 2H14 and expects more than 3% market share in 2014. It plans to adjust its business structure into a holding company. (Thun Hoon, 13/08/14)
EFORL expects revenue of Bt1.5bn and add new business. It expects the Wutthisak deal will be concluded soon. It reported revenue of Bt248mn and net profit of Bt52.8mn in 2Q14. (Kao Hoon, 13/08/14)
Comment: Without Wutthisak their ebitda should be about THB 300 mn p.a. and now the stock is already trading @ THB 10 bn mkt cap, with Wutthisak then the current valuation may be justified.
IRPC expands capacity of lubricant plant to 72mn liters per year with Bt217mn investment. It expects to support demand from AEC countries and is confident net profit will grow in 2014 supported by the Delta project. (Kao Hoon, 13/08/14)
PTT management to review plans to build new refineries in Vietnam to increase production before submitting to the NCPO for approval. (Post Today, 13/08/14)
PTTEP postpones new drilling in Gulf – SET-listed PTT Exploration and Production Plc (PTTEP), Thailand’s sole publicly listed petroleum explorer, has put off drilling of more wells in the Gulf of Thailand to early next year. President and chief executive Tevin Vonvanich said new drilling programs at the Bongkot and Arthit fields to maintain production of gas would be postponed from the end of this year because production at the fields had fallen short of expectations.(Bangkok Post, 11/08/14)
SAMART is confident that 2H14 will grow from 1H14 and maintains revenue target of Bt30bn as SIM raised its mobile sales target of 4.5mn units and SAMTEL is bidding for projects worth Bt17bn and expects backlog to reach Bt10bn at the end of 2014. (Kao Hoon, 13/08/14)
Comment: The issue is that SIM will have declining growth, down to single digit levels by the end of the year and if SAMTEL doesn’t pick up then overall growth for SAMART is going to look average at best.
SRICHA expected at Bt170-180mn in 2Q14, sharply up QoQ and YoY. It expects to pay a dividend of 90% of net profit or Bt1.3-1.4. It expects to sign for a new project worth Bt1bn within 1-2 months. (Kao Hoon, 13/08/14)
Thai Airways to slash transport allowances – Thai Airways International (THAI) will sharply cut its executives’ transport allowances as it moves to improve its business performance and tackle losses. THAI acting president ACM Siwakiat Jayema said management had decided to cut up to 30% from its monthly transport allowance, as well as those of other executives, as part of measures to reduce 2014 expenses by Bt4bn. (Bangkok Post, 13/08/14)
Comment: I’m sure there are still many many many many more cost cutting measures coming to THAI
THCOM reported 2Q14 net profit of Bt498mn, + 162% YoY, on higher revenue from its satellite and mobile business in Laos. It had good control over operating expenses and reported 1H14 net profit of Bt897mn. (Kao Hoon, 13/08/14)
Comment: 2013 was the turnaround year and 2014 is the full year of benefiting from everything
VGI invests Bt915mn to buy additional shares from TH bringing ownership to 27%. TH will adjust its business structure, as it sells media, and buy shares in Aqua Ad. AQUA booked Bt506mn net profit from selling a subsidiary. (Kao Hoon, 13/08/14)
Comment: A post to come up on this shortly.