Only slight QoQ fall in EBITDA in 2Q14 — Although its refinery will be shut down for maintenance, BCP expects EBITDA for 2Q14 to only fall slightly compared to 1Q14. Even though EBITDA for refinery business will fall by 30%, revenue from its three solar energy phases plus the attractive adders, will help strengthen EBITDA margin this quarter. (Khao Hoon, 27/05/14)

Comment: The main growth driver here will be from the solar business which is what had analysts all excited for the past 3 months


DEMCO says 2Q14 net profit will be strong supported by dividends of more than Bt116mn from wind projects Huay Bong 2 and 3. Management said its current backlog is Bt4.348bn and it is waiting to sign for a Bt200mn new project. It will also expand into Laos, Myanmar and list “Wind Energy Holding” in the market at the beginning of 2015. (Tun Hoon, 27/05/14)

Comment: The listing of the Wind Energy Holding + its dividends from the wind projects are keeping demco’s valuations at these levels.


EGCO confirms investment into electricity business this year at Bt18bn, with at least ROE of 10%. Management said they will expand and invest in both Thailand and abroad. (Khao Hoon, 27/05/14)


EIC spends Bt245mn to take 49% in “Smart Traffic”. It expects to start booking profit in 2Q14. Moreover, it said it expects a turnaround its business from last year’s loss of Bt13.29mn after booking profits from its new business and with its electronic business continuing to grow. (Tun Hoon, 27/05/14)


GLOBAL reiterates its sales target growth this year at 25-30% driven by recovery in spending in the provinces. It also expects to maintain its gross margin this year at 15-16%. (Tun hoon, 27/05/14)

Comment: This could very well be the case, with the military in charge, farmers are getting paid, projects will begin to go through.


MC says road show was successful with foreigners now holding a 26% stake in the company. It is certain sales this year will grow by 25%. It is looking to open 110 new branches and expand into Malaysia and Indonesia. (Khao Hoon, 27/05/14)

Comment: This is how you market a company/a stock, I still hate the SSS decline, but the expansion story is still there


OFM reaffirms sales this year will grow by 12-13%. It will invest Bt500mn to open eight new OfficeMate branches and 11 B2S stores. It will also open a new warehouse of 10,000 sqm in 3Q14 to help support its online business. (Khao Hoon, 27/05/14)

Comment: The story here would be the margin expansion, the costs from the merger with central retail is done and dusted.


Rumors on PTT money laundering have dragged its market cap down by Bt22bn to Bt845bn. PTT says the rumors are untrue. (Khao Hoon, 27/05/14)

Comment: Would PTT ever really say that the rumours are true?


ROBINS will maintain its sales growth this year at 10% and invest Bt5.55bn to open six new branches in 2H14. (Khao Hoon, 27/05/14)


TOG said orders for 2Q14 have surged. It is confident that revenue this year will hit its target of Bt1.8bn. Production capacity to produce its organic lens has increased by 30%. The company is also looking to expand into South America, Turkey, Russia and Asia. (Khao Hoon, 27/05/14)

Comment: This is a fantastic business, used to be shareholders in TOG years ago, well run company, open management, other than top line growth, they’ve been able to begin cost reductions, I feel like an idiot for missing the stock price drop in the beginning of the year.

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