The Bangkok Post Business News

Wednesday August 20, 2008

Indorama Polymers (IRP) has raised its revenue target to 43 billion baht this year from 35 billion thanks to high prices, robust demand and rising production.

STOCKS
SET trips despite profit gains

Thai shares fell 0.85% yesterday over investor worries about the US financial sector and domestic political instability. The Stock Exchange of Thailand index closed at 691.33 points, down 5.9, in thin trade worth 8.67 billion baht. Energy stocks fell 0.01%, banks dropped 2.7% while ICT stocks rose 0.01%.

Logistics price cuts unlikely

Logistics operators say they won't reduce their charges despite the recent sharp drop in oil prices, as they had already lost too much money when oil prices were high.

CONVENIENCE STORES
CP All forecasts 15% revenue growth

CP All Plc, the operator of 7-Eleven convenience stores in Thailand, aims to build revenue this year by 15% or 12.2 billion baht and net profit by 20% or 500 million baht, despite political turmoil and economic turbulence. Deputy CEO Pittaya Jearavisitkul said the business had experienced no impact from either stumbling block.

Better life at one baht a day

Unlike the convenience store next door, the shop of Krabueng Noi carries only a few goods and has a small sales volume of merely 100 baht a day. But it serves the villagers who are committed to self-reliant living so that they would need to depend less on the government budgets and handouts.

CONSUMER CREDIT
BAY unit writes off B100m in card debts

FINANCE
LH Bank expects IPO in 2009

LH Bank, the banking arm of the country's biggest residential developer, Land & Houses Plc, said yesterday that it planned an initial public offering in the second half of 2009 and wanted to become a full-service bank.

COMMUNICATIONS
DTAC plans 3G in Bangkok early in 2009

OAG must resolve CAT-Huawei fine

CAT Telecom says the amount of the fine Huawei Technologies should pay for late delivery of the expanded CDMA mobile-phone network will be up to the Office of the Attorney-General (OAG).

Linking the Olympic supply chain

AUTO PARTS
AH growth dips on weak auto sales

Aapico Hitech Plc (AH), a SET-listed assembler of automotive jigs, dies and OEM auto parts, has cut its revenue growth forecasts to 5% this year from 15% growth earlier due to weakness in domestic auto sales. The company reported first-half revenues of 4.82 billion baht, up 3.2% from the same period last year. Second-quarter revenue was 2.47 billion baht, an increase from 2.31 billion baht in the same period last year.

PROPERTY
AP lifts 2008 revenue target

Asian Property Development Plc (AP) is more bullish about the second half of the year, planning to launch 12 projects worth 17 billion baht, said executive vice-president Visanu Suchatlumpong.

Furniture exports likely to dip by 15%

Thailand's furniture exports are likely to drop by 15% this year due to an unfavourable global economic situation and rising competition from rivals in China, Vietnam and Malaysia, according to Charit Mauleekulphairoj, the chairman of the local furniture producer Podium Holding Group.

Sena launches bold pay-later campaign

The property developer Sena Development is confident of its financial status, offering a six-month payment delay campaign for customers of its six housing projects until Dec 31, according to company director Kessara Thanyalakpark.

Price hikes raise Robinson's targets

Robinson Department Store has revised up its 2008 revenue growth target to 10% from 8% projected earlier thanks to product price increases on the back of high inflation.

AGRIBUSINESS
Nong Pho adding functional milk for market share

The Nong Pho Dairy Co-operative (Under Royal Patronage) plans to introduce ''functional milk'' products by the end of this year to tap a growing market and boost sales.

TEXTILES AND GARMENTS
Pacts spur Japanese ventures

More Japanese-Thai joint ventures in the textile and garment industry are likely as Japanese firms look to cash in on regional free trade pacts, says Dej Pathanasethpong, president of Thai Garment Manufacturers Association.