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Baht/$ 33.60/68 (Bid/Ask)
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IN BRIEF
BANKING / Non-performing loans in the banking system fell slightly in the second quarter thanks to progress in debt restructuring.
Gross non-performing loans stood at 453 billion baht or 7.3% of total outstanding loans at the end of June, down from 465 billion or 7% at the end of March. Net bad loans after provisions were 248 billion baht or 3.7% of total loans compared with 244 billion or 4% at the end of March.
The Bank of Thailand aims to cut net non-performing loans to 2% of total loans by the end of 2014.
Banyong Wisetmongkolchai, the president of Bangkok Commercial Asset Management, said almost all of the outstanding bad loans in the system represented debt held from the 1997 economic crisis and currently in the foreclosure process.
He said the NPLs were likely to decrease as banks moved to sell off bad loans to asset management firms.
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CP All profit triples
RETAILING / CP All Plc, the world's fourth-largest 7-Eleven franchise, said that its second-quarter profit more than tripled from a year earlier to 864.4 million baht.
Analyst Aungkana Tungwikromkrai of KGI Securities said CP All's second-quarter earnings were ''outstanding'' and beat her estimate by 66%. KGI has an ''outperform'' rating for the stock with a 12-month price target of 13.90 baht a share.
CPALL shares closed yesterday at 10.90 baht, up 9%, in trade worth 166.7 million baht.
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KYE shares jump
INDUSTRY / Shares of the appliance maker Kang Yong Electric Plc (KYE) rose to a four-year high yesterday after it reported that profit tripled in its first financial quarter.
The company said net income in the three months to June 30 rose to 255.6 million baht from 114 million in the same period last year because it reduced costs.
KYE shares closed yesterday at 38.25 baht, up 15%, in trade worth 667,000 baht.
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GFPT back in black
FOOD PROCESSING / GFPT Plc, the country's second-biggest listed poultry producer, returned to profit in the second quarter with net income of 234 million baht, compared with a loss of 6.1 million a year ago.
Profit was helped by a 36% year-on-year increase in sales, the company told the SET.
GFPT shares closed yesterday at 20 baht, up 6.4%, in trade worth 9.9 million baht.
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Good PAP result
BUILDING MATERIALS / The steel pipe maker Pacific Pipe Plc yesterday reported a tenfold year-on-year increase in second-quarter profit to 180 million baht.
The company said it would pay a first-half dividend of 0.12 baht a share, an increase from 0.04 baht in the same period last year.
PAP shares closed yesterday on the at 1.92 baht, up 6.7%, in trade worth 2.6 million baht.
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Hutch deal falters
COMMUNICATIONS / CAT Telecom has suspended a plan to allow Hutchison CAT Wireless Multimedia to solely handle marketing of its nationwide CDMA mobile services, CAT board chairman Sathit Limpongpan said yesterday.
He said that although CAT had signed a memorandum of understanding with Hutch last October, Hutch showed no intention to upgrade its CDMA network to third generation service. Therefore, CAT would handle marketing itself, he said.
Mr Sathit said that CAT would now negotiate with Hutch to take over marketing of CDMA in the 25 central provinces to merge the service with CAT's nationwide network.
Hutch's marketing deal for the central provinces is due to expire in 2015.
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M-CHAI gains
HEALTH CARE / Mahachai Hospital Plc (M-CHAI) reported that its second-quarter profit tripled.
Net income rose to 35.2 million baht from 10.9 million a year earlier. First-half net profit rose 125% year-on-year to 41.2 million baht. The company operates a hospital in Samat Sakhon, south of Bangkok.
M-CHAI shares closed yesterday at 23 baht, down 10% on profit-taking from the previous day's sharp gains, in trade worth 69,000 baht.
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14-day yield 3.4%
DEBT MARKET / The Bank of Thailand yesterday sold 75 billion baht worth of 14-day bonds for an average yield of 3.43549% with bid coverage of 1.47 times.
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