CIMBT focuses on investment – First-quarter retail deposit growth at CIMB Thai Bank (CIMBT) was flat year-on-year, reinforcing signs of a tepid economy and a drying up of individual liquidity. Given the lower deposit growth target, CIMBT has focused on investment products including debentures, derivatives and fixed-income and equity funds. It plans to mobilize Bt60-70bn through these products this year, Bt10bn of which is set for deposits. (Bangkok Post, 9/4/14)


CPALL expects sales growth in 1Q14 supported by the opening of new branches and sales in MAKRO stores. It expects sales for 2Q14 to continue to grow driven by summer holidays in schools, Songkran festival, and the hot weather. Sales target for the year is set at 12-13%. (Khao Hoon, 09/04/14)

Comment: Since the dollar debt overhang has been removed the stock price begun to appreciate again


IEC is confident that earnings in 1Q14 will be in the black. It targets EBITDA for the year at Bt400mn after it started booking in revenues from its solar farm projects and waste-to-energy power plant projects in four areas. It is looking to set up two more biodiesel plant. The 3.3mn new shares raised earlier will be traded today. (Khao Hoon, 09/04/14)

Comment: Could the punters be back here? Market cap today is at THB 3.6 bn


SCC will invest Bt506mn in a 33% partnership with Florim in Italy. It will build a new high-end ceramic tile factory there with production capacity up to 5mn sqm/year. (Khao Hoon, 09/04/14)


SEAFCO will sign for construction work of a new retail mall worth Bt500mn in April. It expects 1Q14 performance to be similar to that of last year’s despite the political turmoil. It reiterates that revenues and net profits this year will grow by 10-20%. (Khao Hoon, 09/04/14)

Comment: This is a well managed firm in piling, but with both the private and public sector (normally they offset one another) SEAFCO may struggle this year.


Thai bourse lists Siri Prime Office property fund on April 9 — The Stock Exchange of Thailand (SET) will list Siri Prime Office Property Fund, managed by SCB Asset Management Co., Ltd., worth Bt1.7bn (approx. US$52.4mn), on its main board on April 9, under the ticker “SIRIP”. (SET press release, 08/04/14)


Tisco treads carefully with loans – Tisco Bank will continue its prudent policy by setting aside higher provisions for loan losses in this year’s first quarter amid an increase in late payments triggered by the slack economy and ballooning household debt. The bank’s NPLs totaled Bt280mn, representing 1.46% of loans outstanding as of February. Tisco is likely to cut its 2014 loan growth target from 10%. (Bangkok Post, 09/04/14)

Comment: Tisco and KKP are going to suffer the most in the 1H14


UNIQ wins work to develop hydrant network for Suvarnabhumi Airport Phase II and hydrant control system worth Bt409mn. It will also bid for the construction of the Green Line sky train section between Mochit-Sawanmai-Kokood on April 11, 2014. (Khao Hoon, 09/04/14)

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