BTG anticipates recovery margin 2H on improving chicken & swine selling price on seasonal exports, improved domestic selling price following crackdown in illegal import meats, eased pressure from feedmill costs as price topped out early this year, firms on 5-10% full year sales growth target.

Comment: Could be time to relook at all the names here.

CRANE sees qoq growth in 2Q on revenue recognition from post-covid construction recovery and sale of cranes, sets Bt100m capex for expansion.

ITEL wins a 3 year fiber optic maintenance contract from Provincial Electricity Authority (PEA) valued at Bt124m.

ITTHI sets Bt700-800m revenue target this year, +250% yoy on securing large project from both private and public sectors post-covid.

Comment: New IPO name, not sure that they are in the right part of the industry to be decent over time...

SCB in consortium with Kakaobank, Korean largest digital bank, seeking a virtual banking license from the BOT, with SCB holding largest stake, while Kakaobank at >20%.

Comment: So Kakao isn’t putting in any capital? Ok, SCB bashing aside, would there be upside here for the venture as they’ll be able to get the korean tourists to use this? Or to market it for thai’s that are still deep in the K POP craze?

STARK’s delayed financial statement shows combined losses of Bt12.6b for 2021-22, many irregularities, PWC.

Comment: Let’s hope that the SEC goes after the management, specifically the chain smoking CEO that has run away.

TIDLOR: Sian Asia Credit Access cuts holding by 3.6839% to 16.4175% on Jun 15.

Comment: That’s CVC out.

TRT targets 20% full year revenue growth >Bt2.18b driven by Bt2.35b electrical transformer backlog on hand, aims to secure at least 20-25% from current Bt14.746b bidding.

Comment: A beneficiary IF Bangkok goes down the EV trend because all the transformers and power distribution systems will need to be upgraded.

WARRIX upbeats 3Q earnings from contribution from recently acquired Spore apparel store, Premier Football, new products from venture co., with Nanyang Textile Group.

Comment: An interesting development for the group. Still the best barometer to understand real Thai consumer spending.

  1. On BTG, given their IPO was a disaster, but with a sharp rally out of nowhere, is it approaching fair value? Or is it one of the milder versions of STARK in the swine biz with some built-in shenanigans?

    • The only line item you would have to question re BTG and its peer’s is the “bioasset” values…which is the valuation of their inventory of pigs/chickens.

      Rally isn’t a surprise given the soybean price retracement.

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