Headlines:

Thai Public Broadcasting Service (Thai PBS) could be a threat to MCOT (MCOT.BK, Bt28.50, OP) because
15 Feb 08 09:43
Thai Public Broadcasting Service (Thai PBS) could be a threat to MCOT (MCOT.BK, Bt28.50, OP) because of its similar content. (The Nation)Comment: Although we believe it might be a risk to audience share and limit the ability to further increase advertising rates, we don’t see much downside risk to advertising revenue as TPBS can not advertise and advertisers who want to place products in certain market segments will have no choice other than MCOT. Maintain Outperform with a target price of Bt36.75.

Total Access Communication (DTAC.BK, Bt47.00, N) asked the NTC to impose network interconnection reg
15 Feb 08 09:43

Total Access Communication (DTAC.BK, Bt47.00, N) asked the NTC to impose network interconnection regulations on VoIP service providers, saying it was gaining nothing from these firms dumping their call traffic onto its network and potentially losing at least Bt400mn a year in fees. (The Nation) Comment: VoIP providers have a Type 2 license and are not subject to interconnection regulations. Maintain Neutral on the counter with a target price of Bt48.00.

Isuzu announced domestic auto sales for January 2008 were 45.4K units, rising 17.7% YoY but down 29.
15 Feb 08 09:43

Isuzu announced domestic auto sales for January 2008 were 45.4K units, rising 17.7% YoY but down 29.3% MoM. The YoY growth was from low base effect and the MoM drop was due to December always being the peak auto sales month. (The Nation) Comment: Due to improving consumer confidence, we believe domestic auto sales will improve moderately in 2008 with 5% growth to 633K units from 631K in 2007. Maintain Neutral rating on sector with Somboon Advance Technology (SAT.BK, Bt14.20, OP) and Thai Stanley Electric (STAN.BK, Bt144, OP) as our top picks.

The Election Commission's sub-committee investigating House Speaker Yongyuth Tiyapairat has found hi
15 Feb 08 09:43

The Election Commission's sub-committee investigating House Speaker Yongyuth Tiyapairat has found him guilty of electoral fraud, marking the onset of a process which could see him stripped of the speaker's post. If the EC endorses the panel's findings, it will forward the case to the Supreme Court's section on election cases. If and when the case goes to the court, Mr Yongyuth's role as House Speaker would be suspended pending a verdict. (Bangkok Post)

Thai Airways International (THAI.BK, Bt33.5, N) has been accused of committing cartel acts in respec
15 Feb 08 09:43

Thai Airways International (THAI.BK, Bt33.5, N) has been accused of committing cartel acts in respect to fuel surcharge, security surcharge, and other surcharges, which infringed EU laws and caused damage to airfreight customers. (Bangkok Post) Comment: If found guilty, the EU will fine the company up to 10% of annual sales. Negative sentiment for THAI, but litigation should take quite some time. Maintain Neutral rating for THAI with a target price of Bt38.20.

Bank of Ayudhya (BAY.BK, Bt24.80, OP) has completed the purchase of total shares in GE Capital Auto
15 Feb 08 09:42

Bank of Ayudhya (BAY.BK, Bt24.80, OP) has completed the purchase of total shares in GE Capital Auto Lease (GECAL) from GE Capital Asia Investment (GECAI) with the total purchase price paid to GECAI of Bt16.18bn. (SET) Comment: This would enhance its NIM and fundamentals. Maintain Outperform with a target price of Bt32.10.

Thailand's Consumer Confidence Index (CCI) for January moved up for the third consecutive month to 7
15 Feb 08 09:42

Thailand's Consumer Confidence Index (CCI) for January moved up for the third consecutive month to 71.2, compared to 70.4 in December, due to optimism towards a more stable political backdrop and the government’s policy to boost the overall economy. (Reuters) Comment: We believe politics mattered more than short-term economic pressure from 4.3% inflation in January. The new government’s economic stimulus plans, pro-growth and populist policy, fiscal policy expansion, hastened and expanded mega-projects, should continue to drive CCI upward at least in near term.