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Unchanged presales target of Bt32bn, +6% YoY, 62percent SDH, 32% condo and 6% TH. This implies presales growth 9percent for SDH, 29percent for TH and -3percent for condo. It said 1Q14 presales came out over 10% below target for both low-rise and
NIM plunges; provision decreases Despite the slowing economy, TMB has an ambitious goal with FY2014 ROE target of 14%. During the two previous quarters, ROE has increased and made the average of 12%, so it would not be difficult for ROE to reach 14%.
February 2014 car production drops 24%yoy The Federation of Thai Industries (FTI) reported February 2014 car production at 173,506 units, falling 24.3%yoy...FY2014 car production to drop 6%yoy to 2.3 million Car production has been sluggish in early-
The political problems that began in November 2013 and have yet to be resolved have had a mixed effect on the transportation sectors. Based on traffic over the past 4 months (Figure 1), there are those that benefit: BTS has seen a 13% YoY rise in
Stripping out an FX gain of Bt88m, core earnings would be Bt134m, down 51% YoY but up 11% QoQ. The bottom-line was 12% above our estimate and the consensus because of a bigger FX gain than modeled. However, core profit was 26% below our number and
Stripping out extra itemsa Bt22m FX gain and net extra expenses of Bt59m (bad debt provisions and a loss on an asset sale)core profit would be Bt189m, up 62% YoY but down 10% QoQ...Core earnings exceeded our number by 32%, thanks to fatter GM than
Q13 net profit of Bt1.6bn (40% YoY, 120% QoQ) beats on better food sales, margin, other income...Bt0.35 DPS on 2013, implying 1.5% dividend yield, with XD on April 16 and payment on April 30...Q13 and 2013 highlights: Hotels (35% of total revenues):
The figure missed our estimate by 3%, due to slimmer GM than modeled...Gross margin dipped 25 bps YoY to 8.8% (we had expected flat GM)low GM for three new stores that opened during 4Q13 outweighed the effect of a higher proportion of HoReCa items in
The result exceeded our estimate by 2% and the consensus by 4%, due to a fatter gross margin than assumed. Stripping out an insurance payout and an FX gain, core profit was Bt340m, up by 767% YoY and 7% QoQ. Results highlights 4Q13 sales totaled Bt2.
The result was in line with our estimate, but was 22% above the street number, led by higher sales and GM than expected by the consensus. PS announced a DPS of Bt0.85 for FY13 operations (a 33% payout rate), a 4.3% yield (XD on March 11; payment on