GULF: signed a 25-year PPA with Electricity Authority (EGAT) for the development of 59mw solar farms, scheduled cod in 2026. Comment: Is someone going to start asking the question “how is gulf going to fund all these projects given their balance sheet?” MTC: anticipate 2Q turnaround as credit demand accelerate ahead of school term start, keeps 20% FY loan growth target. Comment: They’ll continue to surprise everyone (myself included) PSL: 1Qnp came aft close at Bt409m +420% yoy, beat Bt251m consensus, thanks to higher fleet’s earnings per day per ship at $12,433 vs $10,022 in 1Q23, Bt20m FX ga ..read more

BGRIM: acquires 40% stake in 33.7mw UAE solar rooftop operator for $ 3.39m, 4.1mw cod-ed & 29.6mw target COD during FY24/25. Comment: Why? I understand it’s sunny over there but when the gov makes it rain then the roads are flooded… JR: awards EPC contract from TTCL valued at Bt120m. SPREME: IT Solutions provider, Supreme Distribution, debut IPO 200m shares at Bt2.6 apiece. Comment: Looks like a great pump! TIDLOR: announced restructuring plan to holding company, aims to separate traditional biz (auto title loan) from InsurTech non-life insurance brokerage. Comment: Now? Now you want to do ..read more

ADVANC reports 1Q after closes, Bt7.22b consensus, on higher ARPU. BTG sets up Betagro Ventures a new corporate venture arm to incubate new food and agriculture tech ventures, expecting to spur innovation across its ecosystem. Comment: They’ve run out of ideas.. BGRIM sets up B.Grim Power Future Solution (BGPFS) to jointly invest in 80mw solar project with SCCC in Saraburi valued at Bt1.92b, BGPFS holding 25% of the project. CPNREIT announced final offering for 990m additional trust units at 1:0.3855 @ Bt10.2/unit, subscription from Apr 23 to May 8, 2024. HMPRO reports Bt1.71b, +6.2% yoy, topp ..read more

BJC fell 3.69% on elevated volume, as tax may rise as much as 20%, forcing it to cut FY24 projection, Tabloid. DELTA reported Bt4.31b 1Q Net Profit, +19% yoy, on strong growth in sales revenue of power electronics and mobility business segments, but missed Bt4.58b consensus. RT sees brighter prospect in 2Q, on Bt8.52b backlog and ongoing project bids, firms on Bt4b revenue this year, +30% yoy, mulls seeking board approval at meeting today for RO, to boost opportunity for new bids. Comment: Doing an RO now? The value of the company has -60% since it went public 7 years ago. Perhaps w/ a “civili ..read more

Notable Transactions Buy(s) THB 20 mn N/a Sell(s) THB 26 mn N/a The post Management Trades 22/04 – 26/04 first appeared on ThaiCapitalist ..read more

Just looking at the 12M’s performance makes me go WOW. Throw in the currency falling by some -22% over the past 2 years. Just WOW. But YTD there are greenshoooooooooots, agri – construction services, tourism, healthcare, happy hunting…Also it’s earnings season and hmmm..bottom line growth for the banks were great (hello obvs NIM) but the topline figures were urgh. Let’s see how the rest of the companies perform. The post Market Update 29/04 first appeared on ThaiCapitalist ..read more

Week 22/04 – 26/04 Corporate ctr.vn, fpt.vn, msn.vn, nvl.vn, vic.vn CTR VN: plans to pay cash dividends at a rate of 27.2% (VND311 bn); Development investment fund VND100 bn, bonus and welfare fund VND125 bn. Comment: Finally…….and this name is well positioned given the telco investments/capex. FPT VN: announced cooperation with Nvidia to promote AI artificial intelligence research. FPT plans to invest $200 mn to build AI Factory, using Nvidia technology. FPT won bids for 15 large projects (over $5 mn/ project) in Q12024, focusing mainly on the Japanese and Asia-Pacific markets MSN VN: officia ..read more

BAY’s ready to cut MRR by 25bps to help vulnerable groups, sees limited impact if BOT to cut policy rate at next meeting, as it has balanced lending structure, and firms on 3-5% loan growth target this year. Comment: Awww that’s so sweet of the banks…they’re going to help.. GULF clarified that it has no plans to take over KBANK, after having acquired 20.52m shares of KBANK (0.87%), saying it’s solely eyeing investment gains. Comment: They need to speculate to make cash in order to invest into all those power projects that they’ve won. RCL: board approved purchase 2 new build TEUs vessels for B ..read more

AOT reported 7 days passenger traffic via 6 airports under management during Songkran fest (Apr 11-17) +22.7% yoy to 2.49m travelers, aircrafts movement +15.3% yoy to 14,934 flights. Comment: And voila….2025 is going to be higher. And people still don’t believe it yet. ASW anticipates 2Q turnaround from completion of 4 condos total Bt6.6b, tailwind from ongoing transfer of 2 SDH projects. Comment: Well…not sure about this company – and how it isn’t bankrupt yet. BH reports Bt1.98b 1Q, +25.3 yoy, beat Bt1.78b consensus, thanks to robust traffic from both Thai & non-Thai patients, with 33.5 ..read more

BLC’s unit, Bangkok Drug, wins license from Japan partner, Nichi-Iko Pharmaceutical, to solely distribute its generic pharmaceutical products in TH, expects sales jump from good products at affordable price. Comment: Should be worth our time to investigate. CK firms on plan to participate auction of 5 dual-rail projects total Bt128b this year. CPNREIT to raise up to $31m in a PP and up to $278m via preferential public offering to eligible existing unit holders, at 2.8%-6.5% discount to Tue’s closing price of Bt10.7, to be used to invest in the Central Pinklao Project and pay for rental fee of ..read more