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SET aims to launch measures to tackle stocks with low free-float ratio

EconDec 30. 2020

By The Nation

The Stock Exchange of Thailand (SET) will launch measures to control stocks with a low free-float ratio to prevent share-price volatility as in the case of Delta Electronics.

The price of Delta shares on Tuesday closed at Bt438 per share, down Bt122, or 21.79 per cent, after hitting a new high of Bt838 on Monday.

SET president Pakorn Peetathawatchai said the price of Delta shares rose and fell sharply because their free-float ratio was low and not from “concentrated trading” by investors.

To contain share-price volatility, he said SET would come out with short- and long-term measures after taking into account varied opinions and making a proposal to the Securities and Exchange Commission.

“We will launch both short-term and long-term measures to prevent such events in the future. More information related to the free-float ratio is needed to make the evaluation more accurate,” he added.

Capital Nomura Securities director of research and investment Koraphat Vorachet said the price of Delta shares had risen too much, adding that the SET Index would have stood at 1,396 points if Delta shares were not included.

He said Delta shares’ free-float ratio was low because the parent company in Taiwan had the highest shareholding of 64 per cent, while the number of shares in the market continued to decrease.

“We expect Delta shares to face a correction because passive funds are holding shares to speculate for profit,” he said, advising investors to avoid investing in the company’s shares.

Asia Plus Securities analyst Anakepong Putthapibal said the price of Delta shares had risen sharply as investors expected the company’s revenue to increase from the production of electronic devices and electric-vehicle parts.

“However, we advise investors to carefully consider investing in Delta shares because its price is higher than the fundamentals, which may result in mass sell-offs for profit,” he said, putting the fair value of Delta at Bt150 per share.

Yuanta Securities managing director Padermpob Songkroh meanwhile expects the price of Delta shares to continue to be volatile for a while.

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SET up amid mass buy-ups of large-cap shares

EconDec 30. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 12.24 points, or 0.84 per cent, to 1,474.19 in the morning session on Wednesday.

The SET gained positive sentiment from mass buy-ups of large-cap shares. However, the index is expected to come under pressure amid uncertainty over the quick rollout of US economic stimulus measures and Thailand’s rising Covid-19 cases.

Meanwhile, investors have been advised to beware of mass sell-offs of shares to reduce risks during the New Year holiday.

The top 10 stocks with the highest trade value in the morning session were Delta, GPSC, AEONTS, PTT, STGT, KEX, True, Banpu, EA and IVL.

The SET Index closed at 1,461.95 on Tuesday, up 9.28 points, or 0.64 per cent. Total transactions amounted to Bt77.71 billion, with an index high of 1,468.60 points and a low of 1,440.59.

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Gold price stable

EconDec 30. 2020

By The Nation

The price of gold was unchanged in morning trade on Wednesday, the Gold Traders Association reported.

As of 9.22am, the buying price of a gold bar was Bt26,650 per baht weight and selling price Bt27,750, while gold ornaments cost Bt26,166.16 and Bt27,250, respectively.

The Comex (Commodity Exchange) gold price to be delivered in February rose by US$2.50, or 0.13 per cent, closing at $1,882.90 (Bt56,514) per ounce on Tuesday due to a weakening dollar.

However, the price rose slightly as some investors sold their safe-haven assets after US home prices hit the highest level in six years.

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U.S. stocks drop after hope fades for expanded aid

EconDec 30. 2020

By Syndication Washington Post, Bloomberg · Vildana Hajric

U.S. stocks pulled back from record highs, with small-cap shares posting their biggest drop in a month, as prospects faded for bigger government aid checks to individuals. The dollar weakened.

The Russell 2000 Index tumbled almost 2%, while the S&P 500 finished only slightly lower. A gauge of global equities was set to close at a record after the U.S. House backed President Donald Trump’s proposal to boost aid checks for individuals, but pulled back from its high of the day as Senate Republicans blocked an attempt by Democrats to increase the direct payments to $2,000 from $600.

The year is coming to a close with risk assets such as stocks, corporate bonds and bitcoin just off record highs. As investors try to gauge the impact of the pandemic and the pace of U.S. vaccine distribution, the S&P 500 is set to end the year 15% higher.

On the coronavirus front, more restrictions are being imposed to fight the spread of the new, more infectious strain. covid-19 hospitalizations in the U.S. reached new highs, while Southern California plans to extend a regional stay-at-home order. South Korea’s daily toll of fatalities rose to a record, while Thailand reported its first virus death since November.

In Europe, the Stoxx 600 rose as the FTSE 100 Index rallied in the first session since the U.K.’s Christmas Eve trade deal with the European Union. Uncertainty about what accord will be struck on financial services weighed on Lloyds Banking Group Plc, Natwest Group Plc and Barclays Plc.

Elsewhere, the pound recouped some of Monday’s decline.

These are the main moves in markets:

Stocks

– The S&P 500 Index fell 0.2% as of 4 p.m. EST.

– The Stoxx Europe 600 Index gained 0.8%.

– The MSCI Asia Pacific Index jumped 1.4%.

– The MSCI Emerging Market Index increased 1.1%.

Currencies

– The Bloomberg Dollar Spot Index sank 0.4%.

– The euro increased 0.3% to $1.2249.

– The British pound gained 0.4% to $1.3499.

– The Japanese yen strengthened 0.3% to 103.53 per dollar.

Bonds

– The yield on 10-year Treasuries rose one basis point to 0.93%.

– Germany’s 10-year yield dipped less than one basis point to -0.58%.

– Britain’s 10-year yield fell four basis points to 0.21%.

Commodities

– West Texas Intermediate crude gained 0.8% to $47.99 a barrel.

– Gold strengthened 0.3% to $1,879.61 an ounce.

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EEC retains 3-year target of Bt100bn investment

EconDec 30. 2020

By Watchara Pussayanawin

The Nation

The Eastern Economic Corridor (EEC) Office has maintained its target of investment in the EEC zone over the next three years at Bt100 billion, despite the gloomy global economic outlook.

Meanwhile the number of investors granted EEC promotion certificates in the first 11 months of 2020 rose 62 per cent, indicating investors are confident to continue investing, said Luxmon Attapich, the office’s deputy secretary general for Investment and International Affairs.

In 2021, the EEC will focus more on wooing investment from industries benefiting from the Covid-19 pandemic fallout, including the digital, health and logistic businesses.

During the first 11 months of 2020, total investment in processed food, the bio-industy and medical industry stood at Bt18 billion, which is expected to rise 70 per cent in the next three years.

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Thai factory output rises for first time in 19 months

EconDec 30. 2020

By The Nation

Thailand’s manufacturing production index (MPI) rose 0.35 per cent in November from a year earlier, for its first annual increase in 19 months.

The index also rose 1.77 per cent from last month driven by a 10.2 per cent growth in auto manufacturing, said the Industry Ministry.

The figures showed Thai manufacturing was on the path to recovery after being hit by the trade war and Covid-19 outbreak, said Thongchai Chawalitpichaet, director-general of the ministry’s Office of Industrial Economics. 

Global economy recovery aided by stimulus packages had boosted orders for Thai-made products, resulting in a smaller export contraction of 0.87 per cent last month, he added.

He expects December’s PMI to match November’s level, if authorities can contain the latest virus outbreak.

Overall in 2020, the PMI is expected to contract by 8 per cent but then grow by 4-5 per cent next year, he said.

The manufacturing sector is expected to contract 7 per cent this year, then expand 4-5 per cent next year, based on an exchange rate of Bt29-32 per dollar and crude oil at US$40 to $50 per barrel, he added.

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KAsset forecasts SET Index at 1,550-1,600 next year

EconDec 30. 2020

By The Nation

Kasikorn Asset Management (KAsset) expects the Stock Exchange of Thailand (SET) Index to move between 1,550 and 1,600 next year amid the global economic recovery.

KAsset managing director Suradech Kietthanakorn said Thai bank, energy, petrochemical, hotel and healthcare stocks will benefit from the recovery, while the performance of shares in public utilities, retail, public transport and electronics shares should improve next year.

He added that positive sentiment from Covid-19 vaccines, central banks’ moves to ease monetary policy, and countries’ economic stimulus measures is driving the SET upwards.

“However, investors should diversify risks and invest with caution due to impacts from Covid-19, domestic politics, US-China relations and President-elect Joe Biden’s administrative policies.”

He advised investors to consider the K Global Income Fund (K-GINCOME), K Global Income Fund-SSF (K-GINCOME-SSF), K China Equity Fund (K-CHINA) and K China Equity RMF (KCHINARMF).

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Hotels want soft loans, salary co-payment after new outbreak hurts tourism

EconDec 29. 2020

By The Nation

The Thai Hotels Association (THA) will ask for more government measures to soften the impact of Covid-19 on the sector, THA chairperson Marisa Sukusol told the Thansettakij newspaper.

Among them is a measure allowing hotels to suspend their outstanding debt. Hotels want to halt their principal and interest payments for two years. The THA also wants annual interest on hotel debt to be cut to 2 per cent.

The THA will also ask the government to allocate budget for soft loans of up to Bt60 million per hotel at 2 per cent interest, with principal and interest repayment suspended for two years. When payment is due, the loans should be converted into long-term credit at low interest. The loans were needed to boost liquidity, the association said.

It will also ask the government to pay 50 per cent of monthly staff salaries in order to retain as many as 200,000 hotel employees nationwide.

The co-payment scheme would cover monthly salaries of up to Bt15,000 and last for one year. Payments would be transferred directly into their accounts via Krungthai Bank. The total cost of the scheme is estimated at Bt18 billion.

Hotel operators calculate the Covid-19 impact could drag on until late next year, due to the fresh outbreak in Thailand.

The new surge of infections has seen some hotels that had reopened, close again after guests cancelled bookings over infection fears.

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SET up 0.64% despite virus surge, foreign inflow slowdown

EconDec 29. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,461.95 on Tuesday, up 9.28 points or 0.64 per cent. Total transactions amounted to Bt77.71 billion with an index high of 1,468.60 and a low of 1,440.59.

In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,440 and 1,470 amid year-end mass buy-ups of Super Savings Funds and Retirement Mutual Funds, as well as news that US President Donald Trump had signed a $900-billion stimulus package.

“However, the slowdown of foreign fund flows and uncertainty over the surge in domestic Covid-19 cases will pressure the index,” he said.

The 10 stocks with the highest trade value today were DELTA, GPSC, KEX, EA, IVL, AEONTS, CBG, PTT, KBANK and BANPU.

As of 4.30pm, the price of oil rose by US$0.50 or 1.05 per cent to $48.12 per barrel, while gold rose by $3.10 or 0.16 per cent, to $1,883.50 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 27,568.15, up 714.12 points or 2.66 per cent.

China’s Shang Hai SE Composite Index closed at 3,379.04, down 18.25 points or 0.54 per cent, while the Shenzhen SE Component Index closed at 13,970.21, down 73.89 points or 0.53 per cent.

Hong Kong’s Hang Seng Index closed at 26,568.49, up 253.86 points or 0.96 per cent.

South Korea’s KOSPI Index closed at 2,820.51, up 11.91 points or 0.42 per cent.

Taiwan’s TAIEX Index closed at 14,472.05, down 11.02 points or 0.076 per cent.

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Investors cautioned against buying shares of Delta as price skyrockets

EconDec 29. 2020

By The Nation

Experts have advised investors to avoid the shares of Delta Electronics, as its price was higher than the fundamentals.

On Monday, the price of Delta shares hit a new high of Bt838 per share before closing at Bt560 per share, down Bt124 or 18.13 per cent with total transactions of Bt12.36 billion.

Supachai Wattanavitheskul, an analyst at Yuanta Securities, said Delta’s share price rose sharply because it was listed in the SET50 Index, while it gained positive sentiment from rising electric vehicle (EV) share price and the easing trade war.

“Besides, investors expected Delta’s profit to rise by 100 per cent year on year and rise even more next year,” he said.

He said the price of Delta shares had risen by four times its fair value of Bt197 per share, while the share’s price-to-earnings ratio was over 100 times the company’s next year’s profit forecast of Bt8.2 billion.

“To maintain the rise in share price, Delta’s profit must hit Bt15 billion next year. However, it depends on the growth in EV and Internet of Things businesses whether it can support the company’s growth or not,” he said.

He advised investors to avoid investing in the shares of Delta.

Therdsak Taweeteeratham, executive vice president of research at Asia Plus Securities, said the price of Delta shares rose sharply from investors’ hopes of the company’s growth and the change in technology.

He said it depends on investors’ speculation whether Delta’s share price would rise further or not, as there would be high risks when the share price hits a new high.

“We advise investors who have Delta shares to set up a good profit-taking point, but those who do not have such shares must consider thoroughly before speculating because they would face losses,” he said.

Nuttachart Mekmasin, a research analyst at Trinity Securities, said the price of Delta shares had almost hit its highest point.