• The Thai stock market has been rather volatile because rumours of the King’s health in September and his unfortunate recent passing. A lot of questions were asked throughout the market regarding how on earth did the market rebound so quickly the day of the event. Some say it’s a “Sell the rumour, buy the fact” others point to the fact that local institutions bought the market up massively in the last hour and that it may have been the Government Pension Fund or the Vayupak Fund. Others say Bualuang Asset Management bought it up after dumping the market earlier in the week which led to Dr Somkid inviting several AM’s to ask them to stop selling. In the end who really knows? All I can read from all of this was that a potential market panic was averted, the market remained “stable” and the currency was stable.
  • There’s been a lot of corporate news recently, BDMS bought the Nai Lert Park hotel to do a massive wellness center, TFD bought a stake into Hotpot, TICON has a new major shareholder in Charoen, NMG had a technical default because the SEC removed their directors, IFEC has a new major shareholder and these are just off the top of my head at this time in the evening. So some quick thoughts:
    • BDMS – Interesting move, analysts are worried about their leverage increasing dramatically but I’ve often wondered aloud at what point will we see a hospital REIT from BDMS?
    • TFD & Hotpot – Nuts, I don’t get it, it makes zero sense
    • Ticon – BJC/BIGC/F&N could be potential future customers? The issue for Ticon since the floods is that the electronic manufacturers all left and that has hurt their occupancy rates.
    • NMG – The “Former” directors are now going after the SEC, which could be quite intriguing to see how this unfolds. Then again remember NMG locked out shareholders from an AGM not too long ago, as the Buddhists may say “karma?”
    • IFEC – ha..ha…ha..
  • Now we have a new website here on www.thaicapitalist.com and the thanks goes to the wonderful folks over at Shareinvestor Thailand for doing, hopefully the links will work in the emails this weekend
  • Finally, another week of traveling coming up so blogging shall be light, this time to the Philippines, let’s accept it, Duterte is an asshole, but he’s a good asshole for the people of the Philippines. The average person on the street apparently feels safer, his popularity ratings are going higher since he was elected and he got the big $ from China.
  1. Truly remarkable market recovery…….. but are we sure that the Fat Lady has Sung?? I gathered the performance of SET50 plus 40 companies that I follow….. Pre death price, sell off low, and Friday Oct 21st close. For the SET50 – median selloff was 15%, recovery 13%, for a 96% return to pre death level. Will share the PDF if you are interested.

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