BANPU expects 3Q16 net profit to be better than 2Q16’s Bt281mn thanks to higher coal price. It plans to invest in solar rooftop by negotiating with IEs, department stores and residences. (Thun Hoon, 12/09/16)
BRR’s board approved setting up an infrastructure fund for the power business of its two subsidiaries (Buriram Sugar and Buriram Power) with capacity of 19.8MW. It expects to use the funds to invest in new plants in Buriram and Surin. (Khao Hoon, 12/09/16)
Comment: Well that is an interesting development for a company firm. I’m not sure if 20 MW is enough for an infrastructure fund though…
CM expects to complete a deal to set up a subsidiary in Myanmar by the end of this year. It plans to invest Bt700mn in a processing plant. It plans to expand to abroad. It expects 2016 revenue to be good on the back of the baht depreciation. (Thun Hoon, 12/09/16)
DCORP expects to sign an MoU with a Chinese partner this week to invest in a mega project. It plans to invest in a 320MW solar farm in the Philippines. It expects net profit this year. It will also book revenue from a new service (energy saving management for private companies). It expects 2017 performance to be good on the back of the power business. (Thun Hoon, 12/09/16)
Comment: We’ve been reading a lot about these solar farm’s in the Philippines, last we checked the grid there is far worse than Thailand so we have our doubts on several of these projects going through.
GUNKUL plans to take over 40-70MW Japanese solar farms. It also plans to submit bidding documents for a 20MW solar farm in Malaysia. It expects this to increase its total capacity to 420MW at the end of 2015. It expects its capacity to reach 1000MW within 2021. It expects 2016 revenue to grow 30% as targeted. (Thun Hoon, 12/09/16)
JMART expects 4Q16 sales to surge brought by launching iPhone7. It expects 2016 revenue to grow 30% as targeted. It expects to change to a holding company within 2017 after it reaches Bt10bn in assets. (Thun Hoon, 12/09/16)
Comment: We are more curious about their other businesses which are the key drivers versus just the phone sales. Plus when you’re up against someone like Com7 that is sweet with True or SPVI that is sweet with AIS, how can JMART continue to compete?

L&E expects 2H16 earnings to be good on seasonality. It expects 2016 revenue to grow 10%, boosted by transfers and upcoming projects added to its existing projects of Bt900mn. It expects to set up distributors in Indonesia, with finalization by the end of this year. (Thun Hoon, 12/09/16)
NWR plans to take part in bids at home and abroad. It is waiting for the result of Bt100bn in bids which it already submitted. It expects to get not less than 5% of the total. Its backlog is Bt15bn, of which it expects to book 40-50% this year. (Thun Hoon, 12/09/16)
PERM expects 3Q16 earnings to be good aided by thermal resistance sheets. It plans to expand its distribution channel to modern trade to increase its customer base. (Thun Hoon, 12/09/16)
PSTC plans to take part in Bt1bn in bids. It plans to acquire more biomass power plants. It expects to book revenue from the sale of electricity in 4Q16. It expects 2016 net profit to be good. (Thun Hoon, 12/09/16)
SCN got the concession to buy natural gas from a rig at Phetchabun. It expects this to contribute Bt110mn revenue/year, starting next year. It expects 2016 revenue to grow 40% as targeted. It plans to acquire one more NGV station which will increase its NGV stations to 10 this year. (Khao Hoon, 12/09/16)
TNP expects 2H16 earnings to grow from 1H16, especially in 4Q16, which is high season for tourism in Chiang Rai. It expects sales to reach Bt3bn within 5-7 years. It targets to open 55 new branches. It expects 2016 net profit to mark a record high with 10-15% revenue growth. (Thun Hoon, 12/09/16)
TOG expects 2H16 earnings to be good, brought by exports. It expects 2016 revenue to grow 8-10% as targeted. It plans to invest in a warehouse in the U.S. when its revenue reaches Bt200mn. (Thun Hoon, 12/09/16)
Comment: A great little business that somehow supplies the world. The issue here is the same with every other manufacturing company, the constant need for reinvestment prevents its ROIC from growing.
TSR expects 3Q16 performance to be good because of debt quality control and launching new products. It expects net profit to mark a record high in 4Q16 on seasonality and net profit contribution from its business in Laos. It targets 2016 revenue to grow 30% and reach a record high in 2017. (Thun Hoon, 12/09/16)
Comment: A quick dive into the numbers hints that its just accounting changes that have hurt them in the 2Q16. Let’s see how the rest of the year unfolds.
TTCL plans to take part in Bt11.7bn in bids, and to win a third of these. Its backlog is Bt25bn and it expects to book 45% of this in 2H16. It plans for an IPO of TTPHD in Singapore. It expects to get a decision on its planned investment in solar farms in Japan and coal power plants in Myanmar. (Thun Hoon, 12/09/16)

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