Well I’m writing this just at the open for the afternoon session, and wow rates > srettha being a fantastic salesman narrative. How many margin calls are we seeing by management/owners today?

There seems to be a lot of fear that several companies can’t roll over their debentures – hello magnolia! yes you’re effectively bankrupt entity with a THB 60bn hole that can’t be found, and the equity is worth zilch. My viewpoint – the small & weak will be dead….the large and/or stable will find ways to raise capital but at a higher cost.

Back to the markets…include the drop in USD/THB, Thailand is now -20% for the year. Well done.

I’m still on the commodity bandwagon…and more wars don’t dampen this sentiment…look for the service providers, there’s not many in Th, but you’ll find 1 or 2 that will make fortunes from the capex from PTT group.

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