BTS becomes Ananda Development’s third largest shareholder

BTS Group Holdings Plc (BTS) acquired shares from the president of Anand Development on Tuesday making the group the third largest holder in the company.

The group says it plans to support joint investments and developments with big projects to launch in future. 

Chanond Ruangkritya, Chief Executive Officer of Ananda said BTS groups purchased around 250 million of ANAN shares at a price of 1.33 baht per share.

The transaction is worth 332.46 million baht. 

The share acquisition of BTS Group accounts for 7.5 per cent of the CEO’s holdings, resulting in it becoming the third largest shareholder of ANAN following Chanond Ruangkritya and Pipat Paniangwet.

According to a local newspaper, there will be a joint venture between the Ananda and BTS Group in the Thana City Projects. The projects aim to develop “Smart City” and “Technology & Innovation Hub” for urban lives. 

“Ananda never stops growing. We are looking for opportunities both in the property development business as well as partners to help support our future growth,” said Chanon.       

Ananda development  

In the third quarter, Ananda reported net profit of 292 million baht, which includes gains from sales of rental assets of 237 million baht. 

Stripping out this divestment gain, core net profit stood at 56 million baht, down 77 per cent year-on-year but marked a recovery from the losses suffered from covid in the second quarter.                        

Analysts at Kiatnakin Phatra Securities expect 2021’s operations to turn around from losses this year, while its earnings outlook still remains challenging with lower backlog on hand.

“Ananda does not have a backlog at the company level while the backlog at JV was lower at 6.3 billion, which implied that 35 per cent of JV revenue is secured. We expect ANAN to launch some projects next year,” said Kiatnakin Phatra analysts.

According to Kiatnakin Phatra, ANAN is rated as ‘underperforming’ with a target price at 1.20 baht.

However, the stock price of Anana (ANAN) surged on Tuesday by 6.10 per cern to trade at 1.74 baht per share with a transaction value of 32.36 million baht at 11.07 a.m.

BTS Holdings 

The net profit of BTS Holdings was in-line with projections by Krungsri Securities at 765 million baht, falling 40 per cent year-on-year.

Excluding profit gained from change in value of investment, core profit was only 562 million baht due to loss contribution from associates MACO and U-City. 

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