ThaiCapitalist Commentary
With Songkran Holidays now properly over as traffic has fully returned to Bangkok business has finally resumed again. What’s happening this week? Well Banks earnings are out, the big ones have cut costs (i.e. marketing down, bonuses + benefits down) to such a level that profit growth could still be seen on a YoY basis, […]
Read More →Notable Transactions Buy(s) THB 2.1 mn N/a Sell(s) THB 5.1 mn N/a
Read More →What happens when a takeover happens and all the free float disappears? Here are two recent examples: MAKRO – Takeover by CPALL and free float drops to single digits and for a short amount of time the stock price still shoots 30-40% above the takeover price, why? I have no idea! RASA – The latest one, […]
Read More →We had argued in the 4Q13 that foreign investment in Thailand had essentially bottomed out. Over a 12 month period foreign investors had sold over THB 200 bn worth of thai shares but in the past few weeks they’ve bought back some THB 15 bn (hence the continued strength in banks and telco’s) Image Source: […]
Read More →Thailand Revenue falling short — The Ministry of Finance reports that revenue in the first six months of the tax year (Oct 13- Mar 14), tax revenue for the government was Bt964bn, missing the government target of Bt1.024tn. (Kao Sod, 16/04/14) Caution over household debt — Banks say household debt levels are worrisome, with forecasters […]
Read More →“As a citizen of the country I am worried, but as an investor I’m not” I heard this quote last night over drinks and I think it perfectly sums up a lot of viewpoints on Thailand and its market today. If you had closed your eyes over the past 6 months and just came back […]
Read More →CPF CPF says sales and net profit in 1Q14 were strong. It is confident that sales will hit Bt450bn this year, up 10-15% YoY. (Khao Hoon, 18/04/14) Comment: No doubt on the sales growth, however with corn prices crawling higher, margin improvement may not be as good as they expected EARTH EARTH expects revenue of […]
Read More →I hate trigger funds with a vengence purely because of the set up whereby if an x% return is achieved then the fund is closed, if the x% return is not achieved then customers are given back whatever the final result is or given the underlying stocks instead. So essentially you’re buying an option with […]
Read More →AOT New taxiway: concrete, not asphalt — The CEO of AOT said that the company plans to instead use concrete instead of asphalt for the taxiway for Suvarnabhumi airport. It believes the cost will be lower, and it will save on maintenance costs. Management admits to an ongoing problem of water damage on the asphalt […]
Read More →BBL Management says 1Q14 loan growth was slightly negative consistent with the slowing economy. Loan growth is expected to be positive in 2Q14 and 5% in 2014. It expects Thai GDP growth of 3% YoY, supported by exports. (Khao Hoon, 16/4/14) Comment: Every bank will have poor loan growth in the 1Q14, question is how […]
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