BANPU expects 2018 revenue of US$3.5bn, +25%YoY. It expects 2H18 coal price at US$100/ton. It maintains its target sales volume at 45mn tons. (Kao Hoon, 17/8/18)
BGRIM signed a contract to purchase 80mn shares or 80% of Fujian TTP Joystock, the owner of a 257MW solar power plant in Vietnam. The purchase is valued at US$35.2mn. The project is expected to generate electricity on Jun 30, 2019. It expects profit contribution of Bt317mn a year. (Kao Hoon, 17/8/18)
Comment: Vietnammmmmm
CHOW reported 2Q18 earnings of Bt161mn, +115%YoY backed by higher steel and electricity sales volume. It is setting up five power plant projects with total capacity of 14.3MW. Four are expected to be completed in 4Q18, supporting earnings this year. (Kao Hoon, 17/8/18)
ERW expects 10% growth in revenue in 2018 from last year’s Bt6.05bn. It expects to open four new hotels in 4Q18. The JW Marriott renovation is expected to complete before high season. It expects the year’s occupancy rate to be 81-82%. (Thun Hoon, 17/8/18)
ESSO expects 3Q18 earnings to recover after a 2Q18 loss. Paraxylene price is expected to rise in 3Q18. GRM is good and sales volume is still high. It plans to add new gas stations from the current 583 to total 600 this year. (Thun Hoon, 17/8/18)
JWD has raised its revenue target growth to 30% from the original target of 10% supported by revenue and earnings from the overseas joint venture. It expects 2H18 to grow. Outcome of logistics business investment in Vietnam will be known soon. It is also investing in the food business, from which it expects revenue of US$100mn in 2021. (Kao Hoon, 17/8/18)
Comment: Vietnammmmm
K says it expects earnings to turn around in 4Q18. It plans to bid for projects with total value of Bt1.46bn and expects to be awarded 10-20%. It also plans to expand abroad. It targets revenue of Bt30mn this year. Current backlog is Bt797.5mn and it expects to book 80% of backlog as income this year. (Thun Hoon, 17/8/18)
RML has budgeted Bt1.57bn to set up S19-S28 property project in cooperation with KPN group. The project is valued at Bt7.7bn and is located on Sukhumvit 19 and 28. It has already invested Bt500mn. It expects to issue new shares to the Narondej family (KPN group owner), raising them to third place in major shareholders. (Thun Hoon, 17/8/18)
Comment: That’s an interesting development for KPN, initial news was that RML was buying the land from them
SAWAD expects 2H18 results to be better. Management says it targets loan growth of 20-30% this year. NPLs have consistently decreased and it expect NPLs to end the year at 4.7% from 5.45% now. It has cut its provisions for BFIT. It is filing a banking agent license to expand its business in payment service. (Kao Hoon, 17/8/18)
Comment: It’s interesting how quickly the perception/narrative on a name changes, 4 months ago the fears of NPLs, declining growth rates had the share price battered, now with management saying the restructuring is completed investors are back on the SAWAD bandwagon.
SPRC expects 2018 earnings to be flat YoY. GRM is expected to stabilize in range of US$6-8/barrel and oil price is expected to move in the range of US$70-80/barrel. It announced a dividend of Bt0.5928 per share, yield of 4.6%, with XD on Aug 28. It plans to open gas stations to expand its range of business. (Thun Hoon, 17/8/18)
SSP goes to Vietnam. It is having a subsidiary purchase TTQN shares and futures with total value of Bt584mn. TTQN is the operator of a 49.61MW solar power plant in Vietnam. The deal is expected to complete on Jun 30, 2019. (Kao Hoon, 17/8/18)
Comment: And another renewable player from Thailand going into Vietnam. Is this the new Japan?
TITLE expects transfers to peak in 4Q18 and boost its 2H18 results. It plans to launch a new property project valued at Bt650mn in 4Q18. Current backlog is Bt1.52bn, which it expects to book as income soon. (Thun Hoon, 17/8/18)

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