THAILAND MACROECONOMICS WEEKLY UPDATE

INDUSTRY

COMMERCIAL AND RETAILS

Siam Makro Public Company Limited (MAKRO)

The Siam Makro Public Company Limited, an operating wholesale business throughout Thailand and overseas, operates a food service that imports and trades frozen and chilled foods, and restaurant and minimart, revealed 1Q23 quarterly sales were THB 114 bn or a 7.3% increase from the same period last year. This is mainly due to an increase in the sale of wholesale business with a 13% increase from the same quarter of last year.

 

SERVICE

Dexon Technology Public Company Limited (DEXON)

The Dexon Technology Public Company Limited, a provider of engineering inspection services and technological innovations for production structures and equipment in industries such as petroleum and energy, has received approval from its board to establish a subsidiary in the United States called “Dexon Technology.” The new company will have a budget of THB 34 million and will specialize in providing advanced pipeline inspection services using cutting-edge technology.

Ama Marine Public Company Limited (AMA)

The Ama Marine Public Company Limited, an international liquid logistic provider,  reported Q1/23 profit of 80 million baht, a turnaround from a loss of THB 0.48 million in the previous year, driven by a surge in shipping revenue after high freight rates boosted cargo transport earnings.

BANKING 

United Overseas Bank Limited (UOB)

The United Overseas Bank Limited (UOB) granted a green loan with THB 150 million to Polytechnology Co., Ltd., the country’s leading inverter distributor and the official partner of Huawei Technologies (Thailand). This project is a collaboration between UOBKH and U-Solar 2.0 where the bank facilitates credit to solar project developers and EPC contractors.

FINANCE

Heng Leasing and Capital Public Company Limited (HENG)

The Heng Leasing and Capital Public Company Limited revealed 1Q23 net profit reaching THB 101 million, growing 52% from the same period last year. This is due to an increase of fee and service income 77.4%, interest income from loan agreement by 55.6% , and increase of interest income from hire purchase contract by 18.5 %.

PROPERTY AND CONSTRUCTION

Origin Property Public Company Limited (ORI)

The Origin Property Public Company Limited, the property development, has signed a joint venture agreement with Berly 8 Plus Public Company Limited (BE8). Established a new company called “Origin Beat Co.,Ltd.” to provide IT services and support for the business group of ORI.

SC Asset Corporation Public Company Limited

According to Mr. Atthaphon Saritdipanthawat, the Chief Corporate Support Officer of SC Asset Corporation Plc. (SC), the company is set to launch 25 new projects worth a total of THB 40 billion under the SC Thriving Beyond strategy. The plan for 2023 includes 22 low-rise projects and 3 high-rise projects (by SC and SCOPE). The company also revealed the first quarter performance of 2023 with THB 4,930 million of revenue, increasing 29% (YoY).

Team Consulting Engineering and Management Public Company Limited (TEAMG)

The Team Consulting Engineering and Management Public Company Limited (TEAMG) has demonstrated strong performance in Q1/2023, with a profit growth of 125.1% compared to the same period last year. The company has benefited from effective cost management and is poised for continued success in 2023 with many projects in the pipeline.

AUTOMOTIVE

Hwa Fong Rubber (Thailand) Public Company Limited (HFT)

The Hwa Fong Rubber (Thailand) Public Company Limited, a manufacturer and distributor of tires and tubes for bicycle, motorcycles, and small logistics vehicles, revealed 1Q23 quarterly sales was THB 607.44 million, which dropped by THB 317.93 million or 34.36% as result from a decrease of tire and tube for bicycle demand in Europe due to high level of inventory.

CONSUMER PRODUCT

Thai Union Group Public Company Limited (TU)

The Thai Union Group Public Company Limited, is one of the world’s largest seafood players. TU owns leading brands in key markets and global sourcing, production and distribution networks, revealed 1Q23 quarterly sales at THB 32.7bn, decreased by 10.0% YoY from high baseline in 1Q22, demand for the products soften as customers managed their high inventory levels and logistic normalization, high fish price, and lower freight revenue. Partially offset by higher selling prices.

Srinanaporn Marketing Public Company Limited (SNNP)

The Srinanaporn Marketing Public Company Limited, a company that produces and distributes beverage and snack products, has announced that its net profit for Q1 2023 reached THB 151.9 million, representing a 44.8% increase compared to the same period in the previous year. The growth was driven by the success of the company’s main products, including “Jele” and “Bento,” as well as the recent launch of new products such as “Jele Light Freshy.”

Thai Wah Public Company Limited (TWPC)

The Thai Wah Public Company Limited, a manufacturer and distributor of tapioca starch products and starch-related products such as vermicelli, noodles, and sago, set up a subsidiary in the United States under the name of “Thai Wah International (USA) Corp.” The distributor of tapioca starch, bioplastic, and other products related to agriculture and food.

Ichitan Group Public Company Limited (ICHI)

The Ichitan Group Public Company Limited, a company that operates in the beverage business, reached a new high in the 28th quarter, reporting a Q1/23 profit of 222 million baht, an explosive increase. The company is expected to continue performing well in Q2/23, with strong sales of hot drinks driving growth.

ENERGY

TPC Power Holding Public Company Limited (TPCH)

The TPC Power Holding Public Company Limited, holding company which invests in companies generating and distributing electricity from Renewable Energy. The TPCH stock price soared over 11% after the company reported the operating result for the first quarter of 2023. The company had total net profit of THB 110.77 million, an increase of over 100% from the previous quarter.

PTT Global Chemical Public Company Limited (PTTGC)

The GC Ventures (GCV), a subsidiary of PTT Global Chemical Public Company Limited, invested in Interface Polymers Limited (IPL), a British startup company. The investment aims to expand the new business direction to increase their capacity. 

IRPC Public Company Limited

The IRPC Public Company Limited, which operates in the refinery, petrochemical, port and tankfarm, and asset management businesses, has announced a drop in performance for the first quarter of 2023. The company’s net sales decreased by THB 848 million or 1% compared to the same quarter of the previous year, due to a 13% decrease in average selling prices caused by lower crude oil prices, despite a 12% increase in sales volume.

TECHNOLOGY

Stars Microelectronics (Thailand) Public Company Limited (SMT)

The Stars Microelectronics (Thailand) Public Company Limited, an electronics solution provider of outsourced semiconductor assembly and test (OSAT) and electronics manufacturing services (EMS), reported the outstanding performance with net profit of over THB 73 million or 30% increase from the same quarter of last year.

INFORMATION AND COMMUNICATION TECHNOLOGY

Interlink Communication Public Company Limited (ITEL)

The Interlink Communication Public Company Limited has reported a 6% increase in revenue, with first-quarter sales of THB 556 million and a profit of THB 58 million, compared to the same period last year. The company has also announced a new partnership with Edge Centres, a major global company based in Australia, to open a data center in Chiang Mai.

Jasmine Technology Solution Public Company Limited (JTS)

The Jasmine Technology Solution Public Company Limited returned to mining bitcoins after the BTC price continued to rise. Meanwhile, the company also plans to launch a Bitcoin Lightning Application by this coming October.

Infraset Public Company Limited (INSET)

Infraset Public Company Limited, a design and construction company of Engineering Infrastructure, revealed the revenue in the first quarter of 2023 surged 79% compared with the same quarter of the previous year with total revenue of  THB 452.80 million. The main reasons for revenue surging are the delivery of telecommunications network support (5G), infrastructure work such as conduit work, and recurring income from the data center maintenance business.

Advance Info Service Public Company Limited (ADVANC)

In Q1 2023, Advance Info Service Public Company Limited reported a remarkable profit of THB 6.7 billion, surpassing the performance of its competitor TRUE. Despite the merger with DTAC, TRUE still posted a loss of THB 492 million.

Thaicom Public Company Limited (THCOM)

The Thaicom Public Company Limited reported operating results for the first quarter of 2023 with a net profit of THB 89.57 million, an increase of 77% from the same period of last year. This was due to an increase in revenue from the use of Thaicom 7 and Thaicom 8 satellites, as well as interest income from trade receivables.

ELECTRONIC COMPONENTS

KCE Electronics Public Company Limited (KCE)

The KCE Electronics Public Company Limited’s stock price dropped by nearly 6% following the release of its Q1 2023 operating results. The company reported a net profit of THB 345.5 million for the quarter, which represents a 41% decrease compared to the same period in the previous year. The decline was attributed to the strengthening of the baht and an increase in the cost of goods sold.

INDUSTRIAL

Union Petrochemical Public Company Limited (UKEM)

The Union Petrochemical Public Company Limited, an importer, exporter, and distributor of chemicals, the third-quarter profit has surged by 75%, driven by increased chemical revenue and a reduction in expenses. The company’s profit for the quarter reached THB 18.59 million, reflecting a strong growth of 75.91%

MEDIA

Major Cineplex Group Public Company Limited (MAJOR)

MAJOR has reported the results of profit with THB 70 million, marking a 191.67% increase from the same period in 2022 when it recorded a profit of THB 24 million. The growth is attributed to the high demand for popular foreign movies and an increase in the number of moviegoers, as well as the company’s efficient expense management.

SECTORAL UPDATE