And here you go:

  • SET earnings +130% YoY, +47% QoQ
  • MAI +351% YoY, +49% QoQ

Quick comments:

  • I could be an idiot and value the SET and MAI on a PEG basis, but let’s leave that to the sell-side analysts.
  • Look at Energy & utilities + petro 38% of the SET’s earnings, turned around from a massive loss, Construction materials and Agri (commodities like I’ve been banging on about for the past 12 months).
  • Personal products did far better than I thought +1,496% YoY.
  • Transports and Tourism were the dogs. But at one point they are going to be the darlings %’age wise.
  • Remember that the lockdown started towards the end of 1Q20 and lasted until the near-end of 2Q20 (basically globally). This time around in Thailand it started post Songkran, but the RoW (excl a few countries in Asia) and especially the good ol’ US of A are reopening quickly. 2Q #’s should be amazing %’age wise, but there is still a lot of noise in these figures.

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