I’ve been travelling effectively every weekend either by car or plane since the airport opened up and its very obvious to see the economic destruction throughout all destinations excl perhaps Hua Hin and Khao Yai.

Whilst I’ve thought that banks may be interesting at some point in the 3-6 months once provisions and write-offs are done, recent discussions have led to me think that listed players such as TISCO, KKP and LHFG will struggle tremendously next year. (i.e. I wouldn’t be surprised to see them merge/go bankrupt/raise ridiculous amounts of equity)

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