BBL says its loans grew less than its target of 3% affected by economic slowdown. Credit card spending for the first seven months grew 13-14% from target of 10%. It added 200,000 new credit card members. (Thun Hoon, 20/08/15)
Comment: Strange to see BBL finally pushing into the consumer market with its credit cards, as if the Bangkok market was oversaturated enough as it is.

BJCHI expects 2H15 revenue to be better than 1H15 backed by transfers and Bt6bn in bids. (Khao Hoon, 20/08/15)

CSP targets 2015 revenue of Bt3.2bn. It plans to improve production efficiency. It is talking with a prospective partner to invest in the construction business. (Khao Hoon, 20/08/15)

EFORL plans to list Wuttisak to obtain funds to repay its debt of Bt3.4bn. It expects 2015 revenue of Bt4.2bn after achieving Bt2.2bn in 1H15. 1H15 net profit reached Bt153mn (+54%). (Khao Hoon, 20/08/15)
Comment: Interesting but its still trading at a rather ridiculous valuation of THB 9 bn

ILINK expects 2015 net profit of Bt300mn on the back of higher sales. It plans to bid for Bt5-6bn in projects which it hopes will raise backlog from Bt150mn. It plans to list a subsidiary on mai. (Thun Hoon, 20/08/15)
Comment: The positive news for ILINK comes from the supposed digital economy, it’s shift to the SET from the MAI and the listing of it’s subsidiary

ITD’s backlog is Bt300bn which is expected to contribute revenue in 2015-2017. It expects to be bidding soon for a portion of the Bt1trn in government projects. It expects revenue of Bt49bn in this year and Bt70-80bn next year. It has been awarded three projects valued at Bt1.1bn. (Thun Hoon, 20/08/15)

Comment: Of the 4 major contracts, I’d rank them in the following idea, STEC, CK, UNIQ and then ITD

KTC expects 2015 net profit of Bt2bn (+15%) with NPL ratio of 2.2%. (Khao Hoon, 20/08/15)

LIVE bought 51% of Spin Work Company Limited (SPW). It plans to expand its advertising business in Japan through SPW. It reported 2Q15 net profit of Bt21.11mn from 2Q14 net loss of Bt6.13mn. (Khao Hoon, 20/08/15)

MCS is confident 2015 revenue will achieve target of ¥10mn backed by 200,000 tons in orders. It is talking to a prospective Japanese partner to invest in steel fabricating with a budget of Bt10mn, expected to be concluded this month. (Khao Hoon, 20/08/15)

NCH expects 2H15 net profit to be good backed by Bt314mn transfers of Natureza condominium phase 2. It expects 2015 revenue of Bt2.2bn supported by an uptrend in the property business. It plans to introduce Bt3bn in new projects, raising backlog from Bt1bn. (Thun Hoon, 20/08/15)

PLAT expects 2H15 revenue to be close to 1H15’s. Two hotels at Samui are progressing and expected to be finished in 2017. It reported 1H15 net profit was Bt299.3mn (+60.5%). (Khao Hoon, 20/08/15)
Comment: PLAT will only begin to look interesting in 2017/18

PYLON is confident 2015 net profit will mark a record high with 15-20% growth YoY. It plans to bids for Bt1bn in projects (excluding the Green Line). Its backlog is Bt600mn, of which it expects to book 80% this year. (Khao Hoon, 20/08/15)
Comment: However they themselves are worried about future projects

ROJNA expects 2015 net profit to be higher than Bt1.2bn after achieving profit of Bt830mn in the first half. It plans to open a 2,000-rai industrial estate in Chonburi province, with sale and transfers in 2017-2018. (Thun Hoon, 20/08/15)

SMPC reported 2Q15 sales of Bt572mn (-29%YoY) but net profit rose 136% aided by lower expenses and higher tax benefits. It will pay a dividend of Bt0.12/share. Management expects demand for gas cylinders on seasonality. (ASTV, 20/08/15)

SVI is confident 2015 net profit will rise YoY as it has resumed normal operations after the fire in 2Q14. It expects to book an extra gain from insurance compensation. It targets 2016 net profit to mark a new high. (Khao Hoon, 20/08/15)
Comment: One of the easiest turnaround’s to forecast

TAE expects to benefit from EPPO’s exit from gasohol 91. It expects sales to rise 10% from last year’s Bt2.5bn. It plans to acquire an ethanol plant to increase capacity. (Thun Hoon, 20/08/15)

TASCO reported 2Q15 net profit of Bt1.31bn, up sharply YoY. Management expects 2H15 revenue to be good aided by lower oil price and government stimulus. (Thun Hoon, 20/08/15)
Comment: And we think that everything is priced in already for this company

TK expects its loan portfolio to drop 5-6% because of the economic slowdown. It expects growth in 2015 net profit as 1H15 net profit beat the whole of 2014. It targets to control NPLs to 5%. It plans to begin the nano-finance scheme in 4Q15. (Khao Hoon, 20/08/15)
Comment: We do doubt anything positive will come about from the nano-finance scheme

TPCH expects 2H15 revenue to be better than 1H15 with 30% revenue growth for the year 2015. It plans to start operations at two power plants, which will raise capacity to 30MW and expects to add more. It plans to hold a roadshow both at home and abroad. (Khao Hoon, 20/08/15)
Comment: The story for TPCH is straightfwd, how many MW’s can they get in the coming years from the government’s PDP plan

TPIPL expects 3Q15 net profit to be positive backed by government projects. It plans to add more waste power plant capacity from 18MW to 55MW in August and targets a total of 168MW. It expects 2016 net profit to mark a record high backed by profit from investment projects and new cement plant. (Thun Hoon, 20/08/15)

TSR targets 2015 revenue of Bt1.5bn. It will do this by opening more branches, increasing telesales and expanding its plant. 1H15 net profit was Bt52mn. It will pay an interim dividend of Bt0.1/share, XD on Aug 28. (Khao Hoon, 20/08/15)

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