| Yesterday saw another dismal day for the SET ... worries over the situation in the South dominate compounded by the prime minister?s hardline stance. Retail investors were not willing to hold positions for any length of time, while foreign investors were very nervous. There is not much guidance from the US where all is quiet awaiting the FOMC meeting on Thursday (25 bp hike is expected). The region is mixed. Oil prices are down at US$49/bbl. Volume is pitiful. There are lots of results out, which will hopefully generate a bit of interest. ADVANC posted a 3Q04 net profit of Bt5.27bn, up 10% YoY and 4.9% QoQ. This is in line with consensus forecasts as well as our own. Yawn. Trading on a PER of 14.4x FY04 and 12.4x FY05 the stock looks pretty fully valued. More bang for your buck is to be in SHIN, or better yet, banks!
SATTEL posted a 3Q04 net profit of Bt96m, down 53% YoY and 34% QoQ. This is much worse than expected and is around 30% lower than consensus expectations. Higher than expected expenses and lower revenue from transponders were the culprits. The stock is under review.
LANNA?s 3Q04 net profit came in at Bt30.9m, up 181% YoY. It was clearly a beneficiary of higher coal prices, which are continuing to show strength in 4Q04. The ethanol project is also expected to begin in 4Q04. We are very keen on this stock. BUY.
TT&T had a 3Q04 loss. There is no surprise there.
Looking at LANNAs results, BANPU should also be good. BUY ahead of results, and buy on weakness PTT. ? From the Institutional Desk
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