DITTO: Management indicated that approximately THB1bn in revenue is expected over the next two years. Phase 1 of the zoo project is nearing completion, with Phase 2 to follow.

Comment: So this is a data management company, focused on net zero with its carbon trading angle, and building a zoo. Someone throw peanuts at this management team.

EGCO: Announced the disposal of a 49% stake in two power plants (256MW Banpoong and 122MW Klongluang Utilities) to J-Power Holdings (Thailand), a subsidiary of Japan’s Electric Power Development. The partnership is expected to enhance asset development, improve operating efficiency, and support expansion of its power business domestically and overseas.

Comment: Under valued, I do wonder if they’ll be bringing capital back home.

KTC: Collaborating with Dhipaya Insurance to expand its auto loan business via the insurer’s network, aiming to leverage its customer base and auto insurance policyholders.

Comment: Dhipaya is doing well…one of the few insurance companies that seems to be focused on growing.

SCGD: Reported net profit of THB246m (+13.9% y/y), beating THB214m consensus, supported by strong sales of decorative surfaces and bathroom products in Vietnam, as well as lower energy costs per sq.m following a shift to alternative energy sources.

Comment: Everyone needs a new toilet in Vietnam?

SHR: Plans to revamp hotels in Manchester and Glasgow, which will operate under the lyf brand by Ascott post-renovation. The strategy aims to optimize existing assets, enhance competitiveness, and improve occupancy rates and room yields.

Comment: It’s cheap on NAV..until they begin to recycle capital, or at least 2-3x in size, locals don’t care about the share price.

SKY: The company supports the government’s initiative to attract high-quality tourists, with confidence that its digital systems will streamline processes, reduce queues, and improve passenger flow. It is aligned with passenger trends toward self-service and real-time information. The company continues to pursue partnerships and M&A while investing in AI to enhance competitiveness in government projects. Expansion into CLMV within three years remains on track.

Comment: We’re thinking about who could be the next SKY?

SNNP: Targets mid- to high-single-digit growth, driven by new snack product launches, a localization strategy to capture growth in Vietnam, and deeper market penetration via modern trade small reform (MTSR). The company is also considering solar rooftop installations to reduce energy expenses.

SPA: FIL Ltd reduced its stake by 1.8099% to 4.0275% on Apr 21.

Comment: At a certain price…maybe -30% lower, it may be interesting again.

TEAMG: Management sees strong project opportunities this year, targeting THB3bn in new contracts. The land bridge project was highlighted as a key long-term driver of Thailand’s economic growth, alongside additional project opportunities.

Summary Table

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