COM7 sets 15% revenue growth target this year, 200 new branches, expanding retail business and pet shops, starting in March with 10-20 branches p.a.

ERW sees 80% rise in bookings, with booming tourism and domestic travel subsidy to boost revenue growth this year to 45% with >40% OCC growth to 75-80%, sets Bt1.6b capex for 18 Hop-Ins.

Comment: Pricing in 2025 earnings, but has performed as I thought, big boys gobbling up the market share.

III sees windfall from # of flights getting back to 74% from 2022 at 44%, forecast 99% next year, boosting goods and container transports and 15-20% revenue growth target this year.

Comment: Great figures from III, but the figures appear convoluted when you first have a look, worth a deeper dive.

MTC sets 20% loan port growth target, 600 more branches and 2 more auction yards in the South and N-Eastern.

Comment: Their figures are falling apart and the market still hasn’t realised this. They’ve been pumping loans to their existing customer base, just rolling over, re-issuing debt and now it’s starting to show.

TASCO sets 10% asphalt sale growth this year to 1.3m tons, sets Bt1b capex to add vessels.

Comment: Stable top line, but it’s a margin game here, they need oil prices to crash and then you’ll see a beautiful jump.

TFG sets Bt3-3.5b capex to expand poultry, swine farms, and retail business in Vietnam, and domestic Thai Food Fresh Market shops to 400 by end of year, 15% revenue growth overall.

Comment: CP has a strong foothold in VN, Japfa has been there for decades, plus you have a bevy of local players, not sure how they are going to successfully do a retail business there.

  1. that’s a coincidence that you’ve mentioned MTC. Altho’ a different financing op., I was doing DD on Heng Leasing. Seems like a well run op and I might buy of the price continues to decline. Not asking for investment advice. But,Have you ever commented on this co. since the IPO? TIa. Don.

    • Not for a year…this was the comment back in 31/03/22

      HENG target 30% loan growth, Bt12b loanbook target by end of year from Bt9.2b FY21, will add 100 branches to expand network from current 529, expects to be granted digital lending license from BOT within 1H, target cod in November.
      Comment: People still under estimate how large the loan shark market is in this country. (I did until 2016)

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