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Covid-19 restrictions in the US a boon for Thai toy, sports equipment makers

EconFeb 15. 2021

By The Nation

The Department of International Trade Promotion (DITP) is calling on Thai manufacturers of toys and sports equipment to consider expanding to the US market, where demand for these products has been rising since the Covid-19 pandemic.

Last year, toy sales in the US rose 16 per cent to $25.1 billion, with demand rising for merchandise such as skates, skateboards, scooters, dolls and accessories as well as toys for development such as Lego.

Somdet Suchomboon, DITP director-general, said each DITP office overseas has been tasked with exploring opportunities for Thai products. This is in line with Commerce Minister Jurin Laksanawisit’s policy, he said.

The New York DITP office recently reported that the consumption of toys and sports equipment in the United States has been rising because people are stuck at home due to the Covid-19 pandemic.

“From January to November 2020, the US was Thailand’s sixth biggest buyer of toys and sports equipment, worth $98 million or about Bt2.94 billion. Though Thailand’s main competitors are China, Vietnam and Taiwan, it has an advantage because tax is waived on several products,” Somdet said.

Thailand is not charged import duty on golf equipment, golf clubs, golf balls, exercise equipment, balls, aqua equipment, tennis balls, inflatable balls, outdoor recreation equipment and games, various ice-skating equipment, roller skates, sailboat and equipment, while its competitors are subject to 4.4 to 15 per cent tax.

Noppadon Thongmee, director of DITP office in New York, said the US is an attractive market because consumers have high purchasing power and find products from Thailand satisfactory, which will contribute to high market growth.

Since Thailand manufactures many famous brands and can ensure quality, it is eyed by many importers. However, Thailand’s competitiveness is affected by some limitations such as high labour costs.

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Thailand’s GDP contracted 6.1 per cent in 2020 due to Covid-19: NESDC

EconFeb 15. 2021Danucha Pichayanan, secretary-general of NESDC

By The Nation

Thailand’s gross domestic products (GDP) shrank 6.1 per cent in 2020 due to widespread impact of the Covid-19 pandemic, the National Economic and Social Development Council (NESDC) said on Monday.

Danucha Pichayanan, secretary-general of NESDC, said at a conference that GDP in the fourth quarter of 2020 rose by 1.3 per cent compared to the previous quarter, but contracted 4.2 per cent year on year.

The economy expanded in the fourth quarter as consumption rose, while the government and private sectors continued to expand well.

The NESDC lowered the GDP growth forecast for 2021 to 2.5 to 3.5 per cent with a median of 3 per cent from the previously estimated 3.5. to 4.5 per cent.

The economic outlook in 2021 is brighter due to positive factors from global economic expansion, as large economies have pushed large stimulus packages for economic recovery and budget disbursement from both fixed budget and loans.

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11 Thai firms get ‘gold-class’ stamp in S&P’s 2021 sustainability assessment

EconFeb 11. 2021SET President Pakorn Peetathawatchai

By The Nation

As many as 11 Thailand-based firms were named “gold class” in this year’s S&P Global Sustainability Yearbook, the Stock Exchange of Thailand (SET) revealed on Thursday.

The 11 firms are Banpu, BTS Group Holdings, IRPC, PT, PTT Exploration and Production, PTT Global Chemical, Siam Cement, Thai Oil, True Corporation, Thai Union Group and Thai Beverage.

SET President Pakorn Peetathawatchai said 29 companies made it to the rankings this year among more than 7,000 firms in 40 countries, including the US, Japan, South Korea, UK, France and Taiwan.

Visit https://www.spglobal.com/esg/csa/yearbook/ for more information.

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Thailand still needs blue-collar workers despite Covid fallout

EconFeb 11. 2021

By THE NATION

Thailand’s Outsourcing Employment Association revealed that even though the country has been hit by a Covid-19 outbreak twice, the demand for blue-collar workers has not fallen.

Visuth Panthavuthiyanont, the association’s chairman, said on Tuesday that Thailand’s labour market was badly affected by the nationwide lockdown between March and July 2020. However, demand for labour in some industries, especially automobile and electronics, gradually returned to normal from late October.
He said this was because demand for these products had returned, and with new orders, workers had to be called back to their workplaces.

However, he said, though the market is showing positive signs, the employment market will not be the same as pre-Covid times.

He said the outbreak has shaken several businesses and increased the rate of unemployment in Thailand and several other countries. Also, severance pay packets were an added burden on employers.

Visuth added that in a bid to avoid having to pay a lump sum to employees in case of unpredictable circumstances, in the future both blue and white-collar workers will be hired under short-term contracts.

The workforce will also be kept flexible because orders are not expected to be as stable as before.

However, Visuth said, Thailand currently lacks blue-collar workers, who are key to several industries.

Thailand’s domestic workforce, or workers aged between 18 and 60, stands at about 12 million, comprising 10 million blue-collar workers and 2 million white-collar workers.

He said the blue-collar workforce of 10 million was not sufficient to meet Thailand’s needs and put the shortage down to a drop in births and the unpopularity of vocational degrees.

Visuth added that migrant workers cover the labour shortage, and regulations should be amended to make it easier for them to work in Thailand.

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SET levels out under pressure from tight valuation

EconFeb 10. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,516.94 on Wednesday, down 1.33 points or 0.09 per cent. Total transactions amounted to Bt74.89 billion with an index high of 1,527.88 and a low of 1,513.13.

In the morning session, a Krungsri Securities analyst expected the SET to fluctuate between 1,510 and 1,530 points despite hopes of fresh US economic relief and the rising oil price.

“The SET will be under pressure from its tight valuation at price-to-earnings of 30 times,” he added.

The 10 stocks with the highest trade value today were BAM, GPSC, PTT, GULF, KBANK, BBL, KTC, SCB, MINT and THCOM.

As of 4.30pm, the price of oil rose by US$0.19 or 0.33 per cent to $58.55 per barrel, while gold rose by $7.70 or 0.42 per cent to $1,845.20 per ounce.

Other Asian indices were on the rise:

Japan’s Nikkei Index closed at 29,562.93, up 57.00 points or 0.19 per cent.

China’s Shang Hai SE Composite Index closed at 3,655.09, up 51.60 points or 1.43 per cent, while the Shenzhen SE Component Index closed at 15,962.25, up 331.68 points or 2.12 per cent.

Hong Kong’s Hang Seng Index closed at 30,038.72, up 562.53 points or 1.91 per cent.

South Korea’s KOSPI closed at 3,100.58, up 15.91 points or 0.52 per cent.

Taiwan’s TAIEX Index was closed for Lunar New Year.

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SET rallies on hopes of fresh US stimulus, rising oil price

EconFeb 10. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 8.12 points, or 0.53 per cent, to 1,526.39 in the morning session on Wednesday.

The SET is expected to fluctuate between 1,510 and 1,530 points despite hopes of a fresh US economic relief package and the rise in the oil price, a Krungsri Securities analyst said.

“The SET would be under pressure due to its tight valuation,” he predicted, adding that the index’s price-to-earnings ratio was 30 times.

He recommended investors buy:

▪︎ PTTGC, TOP, IVL, EPG, VNT, CBG, ROJNA, TVO, STGT, HTC, CPF, RCL, PSL, SYNEX, COM7, XO, WICE, JMT, JMART, SINGER, MTC, SAWAD, KCE, AH and SAT, whose fourth-quarter turnover is expected to improve.

▪︎ CBG, ICHI, OSP, SAPPE, RBF, DOD and PTG, which benefit from positive news on hemp production and its general use.

The SET Index closed at 1,518.27 on Tuesday, up 1.84 points, or 0.12 per cent. Total transactions amounted to Bt92.88 billion, with an index high of 1,529.49 points and a low of 1,516.50.

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Gold price falls after surging a day earlier

EconFeb 10. 2021

By The Nation

The price of gold dropped by Bt100 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.

As of 9.25am, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,050 while gold ornaments cost Bt25,483.96 and Bt26,550, respectively.

At close on Monday, the buying price of a gold bar was Bt26,050 per baht weight and selling price Bt26,150 while gold ornaments cost Bt25,574.92 and Bt26,650, respectively.

The spot gold price moved to US$1,839 (Bt55,017) per ounce in the morning after rising by $3.30 to $1,837.50 per ounce on Tuesday on hopes of a rollout of fresh US economic stimulus measures and the weakening dollar.

The Hong Kong gold price meanwhile dropped by HK$40 to $16,980 (Bt65,526) per tael, the Chinese Gold and Silver Exchange Society reported.

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Bitcoin’s Tesla-driven rally fizzles after prices hit $48,000

EconFeb 10. 2021

By Syndication Washington Post, Bloomberg · Joanna Ossinger, Eric Lam

The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000.

The cryptocurrency pulled back in the early U.S. hours, trading up 2.9% on the day around $46,000. Prices are still up more than 30% since the beginning of February.

While the trading action was calmer, there’s still a fierce debate over whether Tesla’s $1.5 billion investment in Bitcoin will lead to other companies following suit. While crypto acolytes have been saying for some time that corporate adoption is imminent, in reality it had been limited to firms such as MicroStrategy Inc. and Square Inc.

“One by one, corporations will add Bitcoin to their balance sheets and it couldn’t get bigger than Tesla,” said Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno in Singapore. “Imagine if 100 companies start putting even 1% into Bitcoin, what that is going to do to demand and supply.”

While Tesla’s investment makes up about 8% of its most recent cash reserves, it’s a drop in the ocean compared to the holdings of America’s blue-chip corporates. The purchase is worth just 0.05% of the $2.79 trillion of cash and cash-equivalents held on the balance sheets of S&P 500 members, according to data compiled by Bloomberg.

For the likes of treasurers, the asset class is just too risky, according to James Angel, an associate professor at Georgetown University. There is no compelling business case for Tesla, or any other corporation, to speculate in Bitcoin, he said in e-mailed comments.

“Corporate cash managers are generally quite conservative and invest corporate cash balances in safe liquid assets,” Angel said. “Bitcoin is highly volatile and can easily go up or down 10% in a day or 50% in a year — certainly not a good short-term store of value.”

And while Tesla announced plans to accept Bitcoin for purchases, hardly anyone uses the cryptocurrency for anything beyond speculation. Data from New York-based blockchain researcher Chainalysis Inc. showed that only 1.3% of economic transactions came from merchants in the first four months of 2019.

“The crypto craze is entirely driven by short-term speculative momentum/mania,” Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte, wrote in emailed comments. “For all the noise I keep hearing about how high Bitcoin may go, the noise around how it will be used in everyday life is deafeningly silent.”

Others disagree and insist there is growing interest from the corporate world. MicroStrategy’s CEO Michael Saylor last week hosted a seminar on corporate adoption and said beforehand that professionals from more than 1,400 firms were expected to join.

“Bitcoin as a corporate treasury asset is not yet a mainstream business strategy, but firms like MicroStrategy and now Tesla are highly visible advocates,” said Seamus Donoghue, vice president of sales and business development at digital infrastructure provider Metaco. “With such vocal sponsors leading corporate adoption, further adoption will follow much faster than currently expected.”

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U.S. stocks halt rally as dollar falls

EconFeb 10. 2021

By Syndication Washington Post, Bloomberg · Olivia Raimonde

U.S. stocks halted a six-day winning streak as investors debated whether commitments by the Federal Reserve and the Biden administration to let the economy run hot will spark destabilizing inflation.

The S&P 500 Index edged lower from an all-time high after a 5.4% surge this month fueled by signs the Biden administration intends to pass a sizable aid bill while the central bank promises to keep rates pinned near zero. The Nasdaq 100 Index eked out a gain, while small caps notched the longest rally since December 2019. Treasuries advanced and the dollar fell for a third straight session.

Stretched valuations are giving investors pause as they cheer advancing vaccination efforts, rising stimulus prospects and a slowdown in coronavirus infections across the globe. With inflation expectations near the highest since 2013, questions have also begun to be raised about when the so-called reflation trade in bonds could start to threaten equities.

“We are getting to the point where we have to start worrying about the risk of how do we pull back on that stimulus, will it cause the economy to overheat, are these valuations becoming too expensive,” Saira Malik, Nuveen head of global equities, said on Bloomberg TV. “That is something we are going to be grappling with as the year goes on.”

Elsewhere, Brent oil hovered around $60 a barrel on signs the global market is tightening and demand is improving. Bitcoin pared an earlier jump to a record after Tesla Inc. bought $1.5 billion of the cryptocurrency.

These are the main moves in markets:

Stocks

– The S&P 500 fell 0.1% as of 4 p.m. EST.

– The Stoxx Europe 600 Index lost 0.1%.

– The MSCI Asia Pacific Index advanced 0.4%.

– The MSCI Emerging Market Index gained 0.7%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.5%.

– The euro advanced 0.6% to $1.2118.

– The British pound gained 0.5% to $1.3809.

– The onshore yuan strengthened 0.2% to 6.436 per dollar.

– The Japanese yen strengthened 0.6% to 104.57 per dollar.

Bonds

– The yield on 10-year Treasurys decreased two basis points to 1.15%.

– The yield on two-year Treasurys rose to 0.115%.

– Germany’s 10-year yield was flat near -0.45%.

– Britain’s 10-year yield fell to 0.461%.

– Japan’s 10-year yield advanced less than one basis point to 0.073%.

Commodities

– West Texas Intermediate crude rose 0.6% to $58.32 a barrel.

– Brent crude added 0.9% to $61.12 a barrel.

– Gold futures strengthened 0.1% to $1,836.10 an ounce.

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Thailand’s start-up platform targets Bt500m from investors this year

EconFeb 10. 2021

By The Nation

The Industry Ministry forecasts over Bt500 million will be injected into new enterprises selected for its Startup Connect programme this year.

Run by the Department of Industrial Promotion (DIP), the national start-up promotion platform attracted more than Bt350 million in investment for entrepreneurs last year.

Startup Connect is designed to create market access and investor support for new enterprises – especially technology start-ups.

The pilot programme last year selected six entrepreneurs to present their business models to investors and venture capital firms. ECG-Research Co Ltd decided to invest more than Bt350 million in the six start-ups.

This year, the programme will progress in four steps:

First, the start-up network will be expanded by searching for potential entrepreneurs to develop skills and prepare business models to present to investors.

Second, the capital network will be expanded by creating a network of private companies interested in investing in entrepreneurs. Start-ups will also be promoted by Thai embassies to build confidence in business cooperation abroad.

Third, the market network will be expanded with a team of experts advising entrepreneurs on how to meet consumer needs and also operate their business with stability.

Fourth, the international network will be expanded for operators who are ready to expand overseas. These entrepreneurs will be promoted by Thai embassies as a guarantee of quality to boost investor confidence.

The 2021 Startup Connect programme has already selected 25 candidates out of 500 registrants for its training scheme.