RATCH in talks with 2 powerplants operations on M&A to offset revenue lost from retirement powerplants in Ratchburi during 2025-27.

SCB, BBL and KTB followed KBANK’s lead in cutting lending rates by 25 bps, while keeping the MLR (prime rate) unchanged, responding to Bank of Thailand’s surprise rate cut last wk. Deposit rates were left untouched.

Comment: And watch their NIM’s continue to get destroyed, want to see a sad picture of the Thai banking industry? Look at South Korea’s banks.

Temasek offers to sell 257.1m share in INTUCH @ Bt60.5 – Bt62, a discount of 3.9%-6.2%, according to termsheet, CS was among arrangers.

Comment: We got the call last night, it was a 6% discount.

TPOLY expects to win additional foundation work projects worth Bt3.6b before end of year from current Bt15b bidding, power subsidiary TPCH to cod 2 powerplants combined 20mw in 4Q, maintain Bt4b FY19 revenue target.

Comment: A turnaround year for TPOLY coming? TPCH is throwing out good numbers.

  1. Looking at the whole picture, is there any industry that has a positive outlook here right now? Construction is in the doldrums, Banks are lagging, Petro and refinery entering a down cycle, ICT with high valuations low growth and pending TOT lawsuits settlements, Media a basket case other than a few 40x PE OOH names, Power had a few gems but they have since had price run ups in a flight to quality. Transport, a great way to burn money.

    Probably Consumer is the only place with a positive outlook if we buy that future stimulus can energize grass roots consumption, but my guess is provincial/rural thais are up to their eyeballs in debt and the only way to up their consumption is to keep borrowing to spend.

  2. well I’m not surprised of these s**t numbers after all we are in a global slowdown, probably entering into global recession next year.
    the problem is thailand even in the expansion cycle won’t be able to grow as before, surpassed by ASEAN countries, as Vietnam, Indonesia or Philippines.

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