CBG targets 2018 revenue to grow by at least 20% from both domestic and overseas markets. It plans to focus on the UK and China and penetrate into Europe this year, as it aims to become a global brand. It is going to negotiate with entities in France, Germany and Switzerland and expects finalization of deals in one to two countries within 2018. (Thun Hoon, 17/1/18)
Comment: It does appear to be that global recognition has been achieved by CBG, perhaps from Thailand we don’t see it but when you talk to friends around the world you may be surprised. Still, its stupidly expensive at the moment

ERW has budgeted Bt3bn to open new hotels in Thailand and the Philippines. It expects tourism to continue to grow strongly in 2018 and projects 2018 average occupancy rate of at least 82% as HOP INN has received good response from the market. It also projects 2018 revenue to grow by 8-10%. (Thun Hoon, 17/1/18)
Comment: This is the first time that I’ve seen ERW consistently maintain its current stock price. Great business, but the model is asset heavy.

GUNKUL is going to start commercial operations of 200MW in this year, starting in February. It projects this will generate revenue of Bt14-15bn per year and plans to find more projects in which to invest. It says the EPC business outlook is also good; it plans to bid for new projects worth Bt3bn in 1H18. It targets 2018 revenue to grow by at least 20%. (Thun Hoon, 17/1/18)

IVL is entering a joint venture with Huvis from South Korea to set up an LMF plant in the US, with production capacity of 60,000 tons/year. (Khao Hoon, 17/1/18)

JMART targets 2018 earnings to grow by 30% after all of its businesses have been growing well, but major growth contribution is from mobile phone business. It plans to expand to fintech business to support the growth. It has budgeted Bt19.5bn to expand the branches, to use for M&A and to acquire more debt to manage. (Khao Hoon, 17/1/18)
Comment: IC effing O.

LIT plans to raise 2018 results to make new high; it targets revenue, earnings and loan to grow by at least 30%. It says finance project is going well and plans to maintain NPL to no more than 5%. It also targets the company to be traded in SET within three years. (Thun Hoon, 17/1/18)

MTLS plans to open 600 branches all over the country in order to raise 2017 loan to grow by 40%; it projects loan at Bt33-35bn in 2018. It also plans to issue new bond, worth Bt3bn to use the fund to further expand its loan business, which it expects to finalize the plan in February. It says 1Q18 results will be outstanding, as loan has increased significantly . (Thun Hoon, 17/1/18)
Comment: I still don’t understand why this business model has lower NPLs compared to fincos

PSH plans to launch 75 projects, worth Bt66.7bn. It targets 2018 presales at Bt53.742bn, growing by 13% and targets revenue at Bt50.5bn, growing by 10% from last year. It has budgeted Bt16bn to buy land for project development in the future. It is hastening the construction of Vimutti hospital, which it expects to complete and open for service in 2020. (Thun Hoon, 17/1/18)

SCN has budgeted Bt114.4mn to acquire 1.267 MW solar farm from VTE. It projects this will add revenue to the company by at least Bt18mn/year. (Thun Hoon, 17/1/18)

SINGER targets 2018 revenue to grow by 35% and has budgeted Bt3bn to conduct new project and raise margin. It plans to expand its branches by using franchise, Singer Franchise and targets number of branches to increase to 350 all over the countries by 2021. (Thun Hoon, 17/1/18)
Comment: Their numbers have been disappointing for the past 12 months as revenues and NPLs hit them strongly. So even if they do grow by 35% in 2018, its already more than priced in.

TISCO projects 2018 loan to grow by 0-5% from 2017’s growth of 11%. It targets non-retail loan to grow by at least 5% after it grew significantly in 2017. It expects to loan loss reserve will be lower and targets to maintain NPL to no more than 2.3%. It plans to focus on leasing business after the sales of new automobile has been growing. (Thun Hoon, 17/1/18)
Comment: So what will you pay for a business like TISCO + standard chartered if it has no growth?

VTE is changing its business structure as it continues Minbu power plant projects with capacity of 22MW. It projects 2018 revenue growth will be higher than 2017’s after it books revenue from construction of Bt2.5bn. It also expects first phase of Minbu power plant with 50 MW will COD in the mid-2018. (Khao Hoon, 17/1/18)

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