CENTEL expects 2018 revenue growth of 7-8% supported by high season, economic growth and recovery of Chinese tourists. It is acquiring 2-3 food companies both at home and abroad. One acquisition will be clear this year. It has raised its investment budget to Bt3bn (from Bt2.4bn) to support its revenue growth. (Thun Hoon, 22/8/18)
Comment: Yes but they are shutting down 2 hotels for renovation so earnings will be weaker for 12-18 months, then again with the stock price declining does it really make sense? The hotels will be back and fully operational and the assets haven’t changed, oh the wonderful markets 🙂 
CPL got a big leather production job for Puma shoes. It is developing “White Wet”, a prefabricated leather, and expects the new product will raise its revenue growth. (Kao Hoon, 22/8/18)
FPI expects strong 2H18 revenue growth supported by new automotive part orders and revenue from a biomass power plant. Current backlog is Bt800mn and 50% of backlog will be booked as revenue in 2H18. (Kao Hoon, 22/8/18)
ILINK expects 2H18 revenue to grow HoH. All businesses are growing and will allow it to reach its revenue target of Bt4.99bn this year. Backlog from its all business is Bt5.9bn. It plans to bid for more projects with total value of Bt24bn. (Kao Hoon, 22/8/18)
Comment: Quite an amusing opportunity day yesterday with the smiley faces throughout their presentation. In the end the suvarnabhumi project that hurt them has passed, its been provisioned, it may be recognised back as profit and then the stock may…double?
KTC is waiting for KTB approval to enter Nano and Pico financing. It expects Nano and Pico loans to yield high returns and support revenue and earnings growth. It maintains personal and credit card loan growth target at 10% this year. It is keeping NPL ratio stable at 1.3%. The uptrend of interest rate is expected to have no impact on cost as it has already locked in the financial cost. (Thun Hoon, 22/8/18)
MOONG expects growth of its business. It targets revenue growth of 15% this year. It plans to launch new projects and expects earnings to be a record high. It is looking partners to invest in Cambodia and Myanmar to boost its sales growth. (Thun Hoon, 22/8/18)
MSC expects 2H18 results to be better HoH, supported by IT growth trend. It expects revenue to grow by 4-5% this year and maintains margin no less than 1H18 at 3.91%. It is studying an investment in CLMV, raising revenue contribution from CLMV, and seeking partners to invest abroad. (Thun Hoon, 22/8/18)
Comment: Similar to most of the smaller IT players, a decent balance balance, but no growth.
PF expects revenue and sales growth in 2H18 as it will book revenue from its backlog and launch many projects. It will also book revenue of Bt3.53bn from sale of land in 2Q18. It expects 2018 revenue to be Bt24.1bn. It has 23 property projects planned with total value of Bt20bn as it believes the Thai economy is recovering. (Kao Hoon, 22/8/18)
PORT is looking for an alliance to reinforce its fundamentals. The conclusion of a deal will be known this year with investment budget of Bt1-2.5bn. Management says its 2H18 revenue will be better HoH and targets revenue growth of more than 15% this year. (Thun Hoon, 22/8/18)
PTG targets non-oil business growth of 15-20%. It is expanding Pan Thai coffee shops and Max Mart stores. It has reduced this year’s investment budget to Bt4-4.5bn and cut sales growth to 17-18% as it expects grassroots economy to slow. it still expects 2H18 results to be better HoH and targets revenue growth of 15-20% this year. (Thun Hoon, 22/8/18)
Comment: So the compounding growth is still there but the margins are volatile, to be expected in the petrol retailing business. And when the margins are incredibly positive at some point in the future people will be upgrading their forecasts. 
RML’s inventory increased sharply after it partnered with KPN. It has purchased all the rooms in Diplomat 39 and Sathorn property projects worth Bt2.5bn to resell. It expects to transfer The Loft Asok project this year. It has raised 2018 presales target to Bt5bn and expects 2H18 earnings to be good. It is setting up S19-S28 property project with value of Bt7.7bn and plans to launch office-condominium projects worth Bt15bn. KPN has appointed two representatives to sit on the RML board. (Thun Hoon, 22/8/18)
Comment: Interesting developments here, equity swaps, asset swaps, haven’t done a deep dive on the numbers but it looks like an easy exit for KPN into a public co. 

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