Ready for IPO — BRR is ready to sell 169mn shares in an IPO. It is expected to finalize the offering price on October 27, 2014. It plans to be listed on the SET on November 6. The company plans to use the proceeds to increase its cane crushing capacity and as working capital. (Kao Hoon, 21/10/14)
Comment: As mentioned before IPO’s are coming fast and furious during this 4Q, looking at BRR it appears that it’ll have the same story as every other small IPO that has come to the market.

Airline’s IPO falls short – Bangkok Airways has raised Bt1.04bn less in proceeds than planned as it opted to price its initial public offering (IPO) shares in a middle range. The airline earned Bt13bn from the sale of 520mn new shares, 7.40% short of the Bt14.04bn that was projected earlier if the ceiling price had been adopted. This resulted from its decision to price its IPO shares at Bt25, the middle of the indicative range of Bt23-27, executives of the carrier confirmed yesterday. (Bangkok Post, 21/10/14)
Comment: Demand for BA shares aren’t as high as they have indicated, if it really was 1.5x oversubscribed then the IPO would have been priced at THB 27, I doubt first day trading will be anything special.

DTAC follows special Facebook friend – Total Access Communication Plc (DTAC), the country’s second-largest cellular operator, seeks to double its mobile data users within two years thanks to a rapid transition from 3G to 4G mobile services. The company will today announce a six-month content partnership with Facebook and together launch a special “Happy Connection” package in Thailand. (Bangkok Post, 21/10/14)

IRPC shrugs off oil price dip – IRPC Plc, an integrated petrochemical arm of PTT Plc, is confident that the current loss in value of its oil stock will have a marginal impact on performance, says IRPC president Sukrit Surabotsopon. Oil prices have declined since early this year, and the further drop to below US$100 a barrel a week ago is loss-making for local oil companies whose costs are higher than the current price level. IRPC said it would book an additional third-quarter profit of Bt1bn from asset sales and oil hedging. (Bangkok Post, 21/10/14)

GEL solidifies future under turnaround team – The management team at SET-listed General Engineering Plc is turning around the concrete materials maker after years of losses, says chief executive Thitipong Tangpoonphonvivat. After many years of losses, GEL in 2012 turned a profit of Bt159.32mn, which rose to Bt258.63mn in 2013 and Bt139.05mn in the first six months of this year. (Bangkok Post, 21/10/14)
Comment: Its holding in MILL is head-scratching.

Court accepts bond worth Bt228mn from JAS to prevent the request for an injunction by TT&T. The court will rule on 7 November. (Kao Hoon, 21/10/14)
Comment: House of cards!

Signing contract with EGAT — NWR says it will sign a contract for construction of EGAT’s power plant in Mae Moh worth Bt1bn this month. It is also waiting for bidding results for new work worth Bt6bn that should be out by the end of this year. It expects 2014 revenue growth of 5%. NWR will join with a Japanese partner to help expand abroad. (Kao Hoon, 21/10/14)

OCEAN appointed as distributor for all hand and power tool products for Goodyear. It estimates this will add Bt60mn to sales annually. It expects 2015 revenue growth of 40% and maintains 2014 target at 20% growing, saying that 9M14 earnings already surpassed the whole of 2013. (Kao Hoon, 21/10/14)

Bt600mn extra profit from land sales in 4Q14. It expects equity income from Mega Bang Na to grow HoH. SF expects sharp earnings growth HoH in 2H14 from 1H14’s Bt327mn. (Thun Hoon, 21/10/14)
Comment: Mega Bang Na has outperformed all expectations for SF and with its MEGA Rangist to be launched in a few years the profile of this company will have changed dramatically versus where it was 5 years ago.

SPALI: 3Q14 revenue of Bt7bn from high condo revenue. It will launch eight new projects worth Bt13bn to lift backlog from Bt4bn. These will generate revenue through 2017. (Thun Hoon, 21/10/14)

TRC to sign agreement for Bt1.7bn BCP project. It will also sign a Bt519mn contract for work for TTM. These will expand backlog to Bt5bn. Management expects to conclude bidding for Bt10bn in projects soon and also obtain the 1st gas pipeline maintenance project for PTT worth Bt7bn. The company will form a partnership with a Chinese company to bid for new projects that will support earnings growth in 2015. (Thun Hoon, 21/10/14)

TSE’s IPO price set at Bt3.9/share. Subscription will be held on 21-24 October. It will use the Bt1.7bn from the IPO to invest in another 100MW solar power plants. The company will start trading on 30 October. (Kao Hoon, 21/10/14)
Comment: Regardless of the news that the minority shareholder wants to sue etc etc this IPO is still going to go ahead

Roadshow ahead — The REIT Manger for WHART, WHAREM, said it will move ahead with a roadshow with institutional funds to sell WHART, a Bt4.7bn REIT. It says that the investment highlights of the assets are the location, which is located in a prime area for logistics, attractive yields and stable income. It plans to start selling the trust units this November. (Kao Hoon, 21/10/14)
Comment: This will keep the momentum in WHA’s stock price for the coming few quarters.

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