Earnings season is over….far better than the market expected, this past 12-18 months has been interesting…we’re seeing upgrades in 2H of both 2025-2026 as houses have underestimated the earnings, this is the opposite from 2015-2024 where one only saw downgrades in the 2H of each calendar year.

Now someone clever asked me…as ING is exiting TTB, Singtel exiting GULF, and China Mobile exiting True thats a combined THB 110 bn in value to be absorbed by local AM’s can the market still hold? No idea. Probably yes through a combination of local AMs, retail and regional AMs, it’s effectively 3 days of buying in the market (given that the SET trades THB 70-90bn) but could the strong runners i.e. DELTA, banks and telcos be sold own make up for it? Let’s see….

I still see more greenshoots (remember this wanky term?) coming from the economy…but September is approaching..and that’s my usual overseas trip period where I’ve experienced market pullbacks and have to deal w/ for the past 2 decades…let’s see…

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