1. Fitch affirms TH’s BBB+ sovereign credit rating; maintain stable outlook.
  2. Foreign visitors reached 23.2m YTD, including 611,121 last week, and likely to surpass 25m target this yr. Malaysian (3.8m), Chinese (2.9m) and Korean (1.4m) are top three.
  3. China EV makers are expected to purge 27,000 EV inventory on an upcoming Motor Expo event Nov 30 till December 11 before EV 3.0 incentives scheme expire at end of year, Prachachart.
  4. Government plans to borrow Bt500b in phases, 2-3 years, to finance a cash handout program to stimulate econ, allaying concerns that the debt proposal may widen the fiscal deficit and jeopardize the nation’s credit ratings.
  5. Finance Ministry keen to promote new fund: Focus on ESG-related stocks and bonds. The Finance Ministry plans to push the Thailand ESG Fund (TESG), a longterm savings fund that can be used for tax deduction, for cabinet approval next Tuesday, says permanent finance secretary Lavaron Sangsnit. Bangkok Post
  6. Cabinet approves 2-baht increase in sugar price: The cabinet yesterday approved a two-baht increase in the domestic sugar price to better align with higher production costs. Bangkok Post
  7. Another B56bn in rice support given nod: The cabinet yesterday approved additional rice support measures worth 56 billion baht, raising the state’s total spending on rice support in the 2023-24 harvest season to 111 billion baht. The latest measures are aimed at supporting quality development for rice by offering farmers 1,000 baht per rai, not exceeding 20 rai per household or a total of 20,000 baht. Bangkok Post
  8. Interest rate increases hit demand for residential units: Interest rate hikes have affected demand in the lower-end segment for residential units, resulting in a consecutive decline in transfers in the third quarter of 2023. Vichai Viratkapan, acting directorgeneral of the Real Estate Information Center, said the number of residential units transferred has fallen year-on-year since the first quarter of 2023, with a drop of 0.8% to 84,619 units. “This year, interest rate hikes started in January, followed by a second rise in March, which continued to affect the housing market in the second quarter,” he said. “This led to a yearonyear decline of 4.4% in the number of residential units transferred, totalling 91,085 units.” Bangkok Post
  9. SET seeks to rebalance stock market trading: Bourse to expand retail investor base. The Stock Exchange of Thailand (SET) is preparing to rebalance stock market trading by accelerating the expansion of the retail investor base and disclosing more short-selling transaction information to restore investor confidence. Bangkok Post
  10. Industrial sentiment slumps: Index falls to lowest level in 16 months. The Thailand Industry Sentiment Index continued its decline to 88.4 points in October, the lowest level in 16 months, on the back of lower sales by manufacturers and unpleasant domestic circumstances, says the Federation of Thai Industries (FTI). Bangkok Post

Bonus 2:

  1. Ministry sets 2024 export growth target at 1.99%: The Commerce Ministry has set an export growth target for 2024 of 1.99% to roughly US$288 billion or 10 trillion baht. Speaking after a joint meeting chaired by Commerce Minister Phumtham Wechayachai yesterday with heads of the ministry’s agencies and representatives from the private sector to formulate plans to expedite export and border trade activities for the remainder of this year and 2024, permanent commerce secretary Keerati Rushchano said the target aligns closely with private sector estimates of 1-2% growth in exports next year. Bangkok Post
  2. Renewal of gas licence at Pailin shortly: The renewal of a licence to produce gas from the Pailin block in the Gulf of Thailand is likely to be processed quickly early next year to avoid problems that could affect domestic gas supply, says the Department of Mineral Fuels. Lower gas production results in Thailand importing greater quantities of liquefied natural gas. Surges in the price of electricity have been attributed to gas price fluctuations. The gas production licence for the Pailin block is set to expire in 2028. Under a law, the department is able to extend the production period for another 10 years if operators request it. The block is cooperated by PTT Exploration and Production Plc (PTTEP), which made a 60% investment, and US-based Chevron Corp, which holds a 40% stake. Bangkok Post
  1. Hi there, Pon, this is a bit of an esoteric question – is the Pailin Block a major gas field, relative to PTT’ operations . ?
    also, has the ADVANC investment in JASIF make it a more safe dividend play. ? Tia.

      • Thanks Pon. as retirees close to 80, I’ve given up investing in Thai growth potential stocks, in exchange for high yield but low risk. ‘Crony’ 555 is a terrific description of TIT. All these ”isms” are alive and kicking in Thailand: nepotism, cronyism, and patronage. Nepotism – favoring only relatives in all positions, cronyism – favoring only companions and friends in every position, and patronage – governing political party appoints their friends and relatives to only high positions.

      • Postscript: a huuuuge ‘thank you’ for the ref. to that follow up article in the BP about the history of the relationship between PTTEP/Chevron. I was aware of it, but had forgotten. thanks!

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