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Industrial estate sector: Seems more positive, but there are still concerns
Our top picks for the sector are Amata Corporation (AMAT.BK/AMATA TB) and Hemaraj Land and Development (HEMR.BK/HEMRAJ TB). Both should be key beneficiaries from relocation demand, as they were not…
Siam Cement Plc. (SCC.BK/SCC TB)
Siam Cement Plc. (SCC.BK/SCC TB)*: Earnings set to recover in 2012 Though we revised down our earnings forecasts for SCC in 2011 by 9% and 2012 by 11%, we anticipate…
PTT Plc. (PTT.BK/PTT TB)*: Key takeaways from site visit
We attended PTT’s site visit on Friday and met with management to discuss its new five-year CAPEX plan and LNG business. There were no major surprises, and the key positive…
Energy sector: Oil & Gas: Positive near term outlook
We expect the price of Brent oil to remain robust at an average of US$100/bbl for 2012, down 10% YoY, but still 22% higher than the three-year average (2009-2011). Our…
PTT Global Chemical (PTTG.BK/PTTGC TB)
A big step towards megatrend We believe PTTGC’s investment in Perstorp’s isocyanates business unit was the right move as it would be key to the company achieving its long-term strategic…
Thai Vegetable Oil (TVO.BK/TVO TB): Margin to improve as price spread widens
We maintain a rating of Outperform on TVO with a new 2012 target price of Bt21.60 (from Bt21.00). We believe the company’s earnings already hit bottom and should improve in…
Rojana Industrial Park Tough year ahead
Rojana Industrial Park (ROJN.BK/ROJNA TB): Tough year ahead We maintain a rating of Underperform on ROJNA as we believe huge loss in 4Q11 will pressure the share price and our…
Thoresen Thai Agencies (TTA.BK/TTA TB): Gradual improvement over the long term
Thoresen Thai Agencies (TTA.BK/TTA TB): Gradual improvement over the long term We revised up our FY12 net profit forecast for TTA to Bt390mn from Bt248mn as its energy business is…
Robinson Department Store (ROBI.BK/ROBINS TB)*: Provincial powerhouse
We reinitiate coverage on ROBINS with a rating of Outperform. Our target price of Bt50.00 is based on DCF valuation, with WACC of 11.5% and terminal growth rate of 3%.…
Hemaraj Land and Development Plc. (HEMR.BK/HEMRAJ TB): Positive investment sentiment
At yesterday’s analyst meeting, HEMRAJ’s management expressed its confidence that the company would achieve its land sales target of 1,700 rai supported by good investment momentum in Thailand even with…
