BA starts trading today. It is expected to close at above Bt25/share. Management expects 2015 revenue growth of 18% YoY supported by initiation of AEC. The company aims to find three new partners. (Kao Hoon, 3/11/14)
Comment: I think its going to go the way of NOK i.e. shitty first day, and it will be down 30-40% by sometime next year.

DTAC reports rising revenue from mobile sales in 4Q14 after the launch of iPhone 6 and iPhone 6 plus. The company expects mobile sales of over 100,000 unit in 2014 and will launch a new marketing campaign to lift ARPU in 6-9 months. (Kao Hoon, 3/11/14)
Comment: A 6-7% yield for next years earnings, not too shabby, the main overhang for DTAC is on how the NBTC will treat the new pricing for spectrum

EFORL preparing to pay Bt4.5bn for Wutthisak for payment on 28 November and maintains net profit of Bt200mn with revenue of Bt1.3-1.4bn in 2014. (Kao Hoon, 3/11/14)
Comment: It isn’t the biggest secret that EFORL is the back door for Wutthisak, but if you delve deeper into the story you’ll see that Wutthisak has been run by a PE fund for the past few years and earnings have been absolute crap! But the former owners look to return to management and everyone is hoping/expecting for a turnaround

3Q14 better QoQ but lower YoY. The company expects 2014 earnings to be in the black and maintains revenue target of Bt320mn in 2014. (Kao Hoon, 3/11/14)

NCL sets IPO price of Bt1.8/share with subscription period of 3-5 November. The company will list on mai and has appointed Apple Wealth as underwriter. The company will use the funds from the IPO to expand, repay debt, and as working capital. (Kao Hoon, 3/11/14)
Comment: Small name big bounce first day.

OCEAN sells 15mn shares or 3.4% to one investor at Bt1.8/share for total cash of Bt27mn. The company expects revenue of Bt300mn or +20% YoY in 2014. (Kao Hoon, 3/11/14)

Picnic Gas brand sent packing — The era of Picnic cooking gas has come to an end now that World Gas (Thailand) has set up a new company to manage assets it acquired from bankrupt Picnic Gas (PICNI). The new company, WP Energy Plc, is set to register with the Commerce Ministry on Nov 10 with capital of Bt2.76bn. WP will be the group’s only firm listed on the bourse after the asset transfer from World Gas and Picnic is done. (Bangkok Post, 01/11/14)

SPA closes at Bt5.1/share or +200% from IPO price of Bt1.7/share on its first day of trade. The company expects revenue growth of 10% YoY in 2015 and will add at least three branches p.a. (Kao Hoon, 3/11/14)
Comment: I want to know when are we going to be allowed to short these small names, SPA is in one of the most competitive industries, its valued at silly levels (as more of this years IPOs are)

TEAM sees bright 4Q14 after high season has given it a large order from overseas. The company expects revenue growth of 10% YoY in 2014 and sharp net profit growth as it focuses on cost control and high-margin products. It expects to improve production efficiency and technology. (Thun Hoon, 3/11/14)
Comment: TEAM’s biggest issue in the past was that almost 80% of revenues came from one customer and when that customer disappeared, everything collapsed, I would hope that management isn’t so foolhardy this time around.

VGI says acquisition of TH will not impact as it has outdoor advertising media. The company will sign an agreement with Family Mart and Big C to manage their advertising nationwide. (Kao Hoon, 3/11/14)

VPO doing a road show in three provinces ahead of its IPO of 236mn shares and planned listing on the SET with November. Management is confident that its fundamentals are solid. (Kao Hoon, 3/11/14)
Comment: See NCL, then again, see all the small names.

  1. I can’t believe you have changed your website so much and so drastic that it makes it difficult to read because the printing is so light and the format is also not easy to follow. Your older site was wonderful, a dream to read and a site that others are or were jealous of, but now you have gone and ruined it all. This is not progress on your part, but I am afraid you have gone from hero to zero in my opinion. Of course, I still wish you and your site the best, but now I see it as just another site that is not so special anymore because believe me, your old sit was indeed special and I am one of your fans. If you are going to keep this new format then please darken and make your font a bit bigger.

  2. Hi Pon.

    Thanks for darkening the print. It makes it a lot easier for me to read. I realize now that your site was under renovation when I first read it and sorry if it seemed I was complaining, which was not my intention. And I happen to agree with Mike, that the information on this site, is top notch.


  3. Also much enjoyed from me too. Thanks.
    I am always here, unfortunately got no loose change when opportunities arise.

    How do you get the translations from the Thai papers.

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