BR expects 2016 revenue growth OF 10-15% supported by recovery in sales in 2H16. It plans to develop a new project to increase its margin. It expects to conclude a JV in Hong Kong in 1-2 months which is a key to expanding to Indonesia. (Thun Hoon, 09/06/16)
Comment: Cheap on valuations, so so on growth prospects
CHOW sets 2016 revenue target growth at 50% to reach Bt4bn. It expects to sell 180k tons of steel, supported by government projects and higher price. It expects to start up a 30.5MW power plant by the end of this year and will list “CHOW Energy” on mai this year. (Kao Hoon, 09/06/16)
Comment: They have spent the last 12 months accumulating PPA’s in Thailand and solar power projects in Japan. Will be interesting to see the financial performance of those plants 
DAII has cut its 2016 revenue target growth to 10% from 15% as sales of construction materials has slowed. It expects to book an extra item from sale of land in 3Q16 which will push 2016 profit to grow more than last year. It plans to expand in Vietnam. (Kao Hoon, 09/06/16)
EARTH expects 2Q16 earnings to be good supported by high season. It is certain that 2016 revenue will grow 10% from last year’s Bt17.1bn as it has a wider customer base. It expects to finish the deal for a solar farm in Europe this year. (Thun Hoon, 09/06/16)

EPG expects 1Q17 earnings to be outstanding from last year’s profit of Bt287mn supported by cost reduction and more orders. It expects 2017 revenue will reach Bt10bn. (Thun Hoon, 09/06/16)
ESSO has set its three-year (2017-2019) investment budget at Bt0.8-1bn to expand and renovate 30 service stations nationwide. It expects to increase market share to second place within five years. It targets oil sales volume growth of 7%, similar to the industry. (Thun Hoon, 09/06/16)
Comment: Has the growth of PTG finally woken up some of the sleeping giants in Thailand?
GOLD targets 2Q16 low-rise transfers of Bt2bn, with presales of Bt5.5bn in first five months. It plans to launch seven new projects worth Bt6.3bn in 2H16. (Kao Hoon, 09/06/16)
IHL is confident that 2H16 earnings will be outstanding after booking revenue from a protein factory in 3Q16. It expects revenue of Bt50mn and this could be more than Bt100mn on a full year of contribution. From next year it will have a margin of more than 50% due to high demand and low production cost. It expects 2016 revenue will hit its target of Bt2.5bn, growth of more than 10%. (Thun Hoon, 09/06/16)
IMPACT sets FY2016 revenue target growth at 4% to Bt2.2bn from Bt2.1bn last year. It expects to maintain gross margin growth from 2015. (Kao Hoon, 09/06/16)
IRCP will pay a cash dividend of no less than 50% of net profit. It expects 2Q16 to continue to grow after 1Q16 reported profit of Bt24.73mn or growth of 66.52% YoY. (Thun Hoon, 09/06/16)
LHK targets FY2016 revenue growth of 5% as its three main businesses continue to grow. (Kao Hoon, 09/06/16)
S sets 2016 revenue target at Bt7bn. It has budgeted Bt15bn to acquire a business and is confident that it will have profit from this activity. It plans to acquire a big company valued at Bt10bn. It expects 2Q16 to show profit. (Kao Hoon, 09/06/16)
SAMTEL expects to sign 2-3 new projects in total worth Bt3bn next week. It expects to get a job worth Bt3.7bn in July-August. This will bring backlog to more than Bt10bn. It plans to bid for a new job worth Bt18.5bn by the end of 2016. (Thun Hoon, 09/06/16)
Comment: They have been coming out more and more with news that 2H16 will be a time to win more projects
UNIQ expects 2Q16 earnings to be good supported by its backlog of more than Bt22bn. It plans to bid for a new job in 2H16 to bring 2016 revenue to more than Bt10bn. (Thun Hoon, 09/06/16)
  1. Oh my! BR has been through the wringer several times… Annual Report suggests that management is heavily committed to this venture holding a grand total of 2.1289% of the outstanding shares among 6 individuals. One broker report has maintained a strong “Buy” recommendation following progressively lower target prices from13.80 down to about 7 Baht. Sure those clever venture capital fellows can make this dog bark! Cheers..

    • I wouldn’t be surprised to see this trend occur more often in Thailand and other developing markets. The US and Europe also went through the stages from being family owned to having a more diversified shareholder base.

    • But we have seen this many times before with an overhyped IPO and growth prospects, post 2 month pop, then a gradual fade to eventual capitulation, ICHI is a great example of another.

      I have dipped my toe in at 6 baht because I can afford to wait given the yield at play. Growth prospects can change like the weather and BR is not flavor of the month.

    • As many people have mentioned before, you have to take price targets from the brokers with a huge grain of salt. They are just marketing tools.

  2. One thing you have to wary of some brokers were touting pre-dilution numbers in their forecast material which made BR look a lot better that what they were. I don’t know whether this is just laziness from the big banks or a cynical ploy?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.