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SET-listed company profits projected to fall over 40% in Q3

EconOct 23. 2020

By The Nation

Listed companies’ third-quarter profits are expected to drop over 40 per cent year on year, driven by the fall in tourism revenue, according to Tisco Securities.

The securities company evaluated 114 listed companies and projected their accumulated third-quarter net profit at Bt103 billion – down 42 per cent from a year earlier, but up 9 per cent from last quarter.

Tourism-related firms such as hotels and airlines would face losses from the Covid-19 fallout, while oil refinery operators would be hit by the decline in gross refinery margin, said Tisco.

It also forecasts a fall in third-quarter profits for commercial banks, due to high reserves, and energy companies, due to pressure on oil sales and prices.

Meanwhile, weak domestic purchasing power will continue to pressure retail companies.

“Profits of most listed companies will remain in negative territory, except for construction-material and electronics part firms, though these would not help stimulate the stock market much” said Tisco senior strategist Apichat Poobunjirdkul.

But fourth-quarter profits would be boosted by the return of tourists and recovering domestic consumption, he added.

“However, investors should monitor for impact on the stock market from domestic political unrest, while listed companies’ fourth-quarter profit is expected to be lower than the same period last year,” he said, adding that profits would rise in the first quarter of next year.

Tisco forecasts listed companies’ accumulated net profit in 2020 will drop 39 per cent to Bt470 billion from Bt780 billion last year, due to the virus crisis and domestic political unrest.

“Listed companies’ net profit next year will increase by 37 per cent to Bt650 billion,” he added.

Asia Plus Securities’ executive vice president Therdsak Thaveeteeratham forecasts listed companies’ third-quarter profits of between Bt180 billion and Bt200 billion – lower than the projected average of Bt220 billion-Bt290 billion.

“However, we believe that profits have bottomed out and will gradually increase in many industries as the Covid-19 impact subsides. We also expect listed companies to be more economically active in the fourth quarter of this year,” he said.

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SET slumps over delay in US stimulus measures, political unrest

EconOct 22. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,213.61 on Thursday, down 2.87 points or 0.24 per cent, while transactions tallied at Bt66 billion with an index high of 1,223.48 and a low of 1,204.73.

In the morning session, a Krungsri Securities analyst said he expected the index to fall to 1,210 points due to uncertainty over fresh US economic stimulus measures.

“The market expects the rollout of the latest stimulus bill to be delayed after added conflict between the Democrats and the Republicans,” he said.

“Meanwhile, the falling oil price due to the second Covid-19 wave, Thailand’s political unrest and mass sell-offs in stocks before the upcoming three-day holiday will pressure the index,” the analyst predicted.

The top 10 stocks with the highest trade value today were SCGP, CPALL, STA, NER, PTTEP, AOT, GULF, SCC, KBANK and PTT.

As of 4.30pm, the price of oil rose by US$0.07 or 0.17 per cent to $40.10 per barrel, while gold dropped by $9.90 or 0.51 per cent, to $1,919.60 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,474.27, down 165.19 points or 0.70 per cent.

China’s Shanghai SE Composite Index closed at 3,312.50, down 12.52 points or 0.38 per cent, while Shenzhen SE Component Index closed at 13,396.18, down 71.73 points or 0.53 per cent.

Hong Kong’s Hang Seng Index closed at 24,786.13, up 31.71 points or 0.13 per cent.

South Korea’s KOSPI Index closed at 2,355.05, down 15.81 points or 0.67 per cent.

Taiwan’s TAIEX Index closed at 12,917.03, up 39.78 points or 0.31 per cent.

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SCGP shares rise on first day of trading after IPO

EconOct 22. 2020

By The Nation

The price of SCG Packaging (SCGP) shares on the first day of trading on Thursday rose to Bt37 per share, up 5.71 per cent from its initial public offering (IPO) price of Bt35, with the company seeing total transactions of Bt6.26 billion.

The Siam Cement subsidiary launched the IPO to raise approximately Bt45 billion in capital from September 28 to October 7 this year.

SCGP chief executive officer Wichan Jitpukdee said Bt27 billion from the fundraising would be used for business expansion, Bt8.2 billion of which would go to increase the company’s production capacity in Thailand, Vietnam, the Philippines and Indonesia.

Wichan also said Bt13 billion would go for repaying debts to financial institutions and Bt4.5 billion would be used as a circulating fund.

“This fundraising will help expand SCGP’s business in Asean countries, especially Thailand, Vietnam, Indonesia, the Philippines and Malaysia,” he said.

SCGP, which is a large-cap stock with a market capitalisation of around Bt150 billion, has the chance to be listed in the SET50 or SET100, an analyst at Asia Plus Securities said.

The analyst meanwhile expected Thanachart Capital, with a market capitalisation of Bt35 billion, to be delisted from the SET50 or the Erawan Group, with a capitalisation of Bt80 billion, to be delisted from the SET100.

“We expect SCGP’s revenue this year to be Bt6.99 billion, up 32.8 per cent year on year, while company profit is expected to be Bt8.33 billion, up 19.1 per cent year on year,” the analyst added.

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SET falls amid doubts over fresh US economic stimulus measures

EconOct 22. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index fell by 5.70 points, or 0.47 per cent, to 1,210.78 in the morning session on Thursday.

An analyst at Krungsri Securities expected the index to fall to 1,210 points due to uncertainty over fresh US economic stimulus measures.

“The market expected the rollout of the latest stimulus bill to be delayed after added conflict between the Democrats and the Republicans,” he said.

“Meanwhile, the falling oil price due to the second Covid-19 wave, Thailand’s political unrest and mass sell-offs in stocks before the upcoming three-day holiday would pressure the index,” the analyst pointed out.

He recommended investors buy shares of TU, STGT, CBG, SCC, IVL, Com7, Synex, Asian, Delta, Hana, SVI and TVO, whose third-quarter performance is expected to grow.

The SET Index closed at 1,216.48 on Wednesday, up 5.81 points or 0.48 per cent. Total transactions amounted to Bt54 billion, with an index high of 1,222.62 points and a low of 1,211.85.

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Gold price drops despite rise in global market

EconOct 22. 2020

By The Nation

The price of gold dropped by Bt50 per baht weight in morning trade on Thursday, the Gold Traders Association reported.

As of 9.24am, the buying price of a gold bar was Bt28,200 per baht weight and selling price Bt28,300, while gold ornaments cost Bt27,697.32 and Bt28,800, respectively.

At close on Wednesday, the buying price of a gold bar was Bt28,250 per baht weight and selling price Bt28,350, while gold ornaments cost Bt27,742.80 and Bt28,850, respectively.

The spot gold price moved to US$1,913 (Bt59,896) per ounce in the morning after the price rose by $14.10 to $1,929.50 per ounce at close on Wednesday from a weakening dollar, as well as uncertainty over the rollout of fresh US economic stimulus measures and the Covid-19 crisis.

The Hong Kong gold price meanwhile dropped by HK$10 to $17,750 (Bt71,710) per tael on Thursday morning, the Chinese Gold and Silver Exchange Society reported.

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U.S. stocks slip with pre-election aid unlikely

EconOct 22. 2020

By Syndication Washington Post, Bloomberg · Sarah Ponczek, Casey Wagner · BUSINESS 
U.S. stocks ended a volatile session slightly lower as the White House and Democrats neared an aid deal but signaled it’s unlikely to become law before the election. Treasury yields climbed and the dollar retreated.

The S&P 500 Index closed lower after an up-and-down session that saw the index whipsawed by takes on the progress toward a deal. House Speaker Nancy Pelosi, D-Calif., continued talks with White House representatives even as the odds remained long for a deal that could pass in the Senate. Small caps lagged behind.

“You look at the trading today and it’s almost like watching a cat with a laser pointer,” Mark Hackett, chief of investment research at Nationwide, said by phone. “Pelosi comes out midday and says she’s excited about the deal, and then two minutes later says she doesn’t think a deal will get done, and the market’s reacting. Investors are fixated on the shiny object, which is the stimulus deal.”

Energy producers were among the worst performers as oil fell toward $40 a barrel in New York. Social media firms fared better after Snap Inc. reported strong earnings, with Twitter Inc. and Facebook Inc. both up more than 5% at one point. Of the 84 companies in the gauge that have reported earnings this season, only 10 have missed analyst profit forecasts. Tesla Inc. rose ahead of financial results later Wednesday. Netflix Inc. sank the most since March after subscribers fell short of predictions. A surge in copper lifted materials producers.

The U.S. 10-year yield broke above 0.8% to the highest since June and European yields also rose after Pelosi expressed hope for political compromise on a bill this week. Rates came back from their peak as negotiations dragged on Wednesday.

European stocks slumped for a third day, with gold miners Fresnillo Plc and Centamin Plc falling after cutting production guidance. Telecom equipment maker Ericsson was a bright spot, climbing after a profit beat.

“Markets are pretty aggressively priced and we’re getting a lot information about earnings season,” said George Pearkes, global macro strategist at Bespoke Investment Group. “This is just stocks doing what stocks do, which is sometimes go up and sometimes go down, and whether it’s because of stimulus or something else is kind of irrelevant.”

Pelosi said Tuesday she also hoped that fresh stimulus spending would be retroactive, although the Republican Senate majority leader has warned the White House against a bigger Democrat-led deal before the election. The administration said it hopes to get a deal in the next 48 hours and that its offer is now up to $1.88 trillion, below the $2.2 trillion Pelosi has pushed for.

“The rise in yields suggests that the market thinks a stimulus deal will be forthcoming and that the Democrats are set to take both the presidency and the Senate at the Nov. 3 election,” said John Hardy, chief foreign-exchange strategist at Saxo Bank.

Elsewhere, the yen headed for its best day versus the dollar since August. The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal is within reach. Copper traded near a two-year high on supply disruptions in Chile.

Oil dropped toward $40 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles.

Here are some of the main market moves:

Stocks

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

– The Nasdaq 100 Index lost 0.1%.

– The Stoxx Europe 600 Index decreased 1.3%.

– The MSCI Asia Pacific Index rose 0.8%.

– The MSCI Emerging Market Index gained 0.4%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.5%.

– The euro increased 0.3% to $1.186.

– The British pound surged 1.6% to $1.3149.

– The Japanese yen strengthened 0.9% to 104.53 per dollar.

Bonds

– The yield on 10-year Treasurys jumped three basis points to 0.81%.

– The yield on two-year Treasurys climbed one basis point to 0.15%.

– Germany’s 10-year yield gained one basis point to -0.59%.

– Britain’s 10-year yield climbed five basis points to 0.242%.

Commodities

– West Texas Intermediate crude fell 4% to $40.04 a barrel.

– Gold futures strengthened 0.6% to $1,927.50 an ounce.

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MRTA approves Phuket tram project study

EconOct 22. 2020MRTA governor Pakapong Sirikantramas. 

By The Nation

The Mass Rapid Transit Authority of Thailand (MRTA) board on Wednesday approved the findings of a study on Phase 1 development of a tram system in Phuket, said MRTA governor Pakapong Sirikantramas.

The first phase, costing Bt35 billion, will run 42 kilometres from Phuket Airport to Chalong intersection.

The MRTA will now forward the findings to the transport minister. He added that the findings are expected to be tabled in Cabinet next October.

If approved by the Cabinet, the MRTA will call bidding for joint investment in early 2022, with trams expected to start running in 2026.

The service will have 21 stations, of which 19 will be at ground level, one at elevated level and one underground. Fares will range between Bt35 and Bt140 per trip. The project is expected to yield returns of 13.11 per cent.

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Vacationers on cruise ships will be allowed to disembark in Thailand, CCSA says

EconOct 22. 2020Dr Taweesin Visanuyothin 

By The Nation

The Centre for Covid-19 Situation Administration (CCSA) on Wednesday resolved to allow foreigners to disembark luxury cruise liners that drop anchor in Thailand, the centre’s spokesman Dr Taweesin Visanuyothin said.

The Tourism and Sports Ministry has said some 60 boats carrying 650 foreigners have asked for permission to enter the country. They are expected to generate revenue of up to Bt2.1 billion.

The travellers will have to undergo the mandatory 14-day quarantine and be tested for the virus three times. If they test negative, then they will be allowed to travel across Thailand.

CCSA is set to formally discuss the reduction of the quarantine period next week. It also decided on Wednesday to extend the state of emergency put in place nationwide to curb Covid-19 infections by another month to the end of November.

The centre will propose its resolution to the Cabinet on October 27, he added.

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More big firms opting for sustainability bonds to raise funds

EconOct 22. 2020Securities and Exchange Commission secretary-general Ruenvadee Suwanmongkol. 

By The Nation

More firms, especially major listed companies, are showing interest in raising funds by issuing environmental, social and governance (ESG) bonds, said Securities and Exchange Commission secretary-general Ruenvadee Suwanmongkol.

Eleven major companies have issued green bonds, social bonds and sustainability bonds in the two years up to October 21, raising Bt90 billion. The upward trend for ESG bonds is continuing, she said.

This year is also the first year that state agencies and enterprises have issued ESG bonds, she added.

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SET rises despite worries over political unrest, banks’ weak performance

EconOct 21. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,216.48 on Wednesday, up 5.81 points or 0.48 per cent. Total transactions amounted to Bt54 billion with an index high of 1,222.62 and a low of 1,211.85.

In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,200 and 1,220 points despite news that the US is poised to issue a fresh dose of economic stimulus measures by the end of this week.

“Uncertainty amid Thailand’s political unrest, banks’ weak third-quarter performances, and the outflow of foreign funds will pressure the index,” the analyst said.

The 10 stocks with the highest trade value today were NER, KBANK, STGT, PTT, STA, PTTEP, AOT, SCB, BBL and SCC.

As of 4.30pm, the price of oil dropped by US$0.62 or 1.49 per cent to $41.08 per barrel, while gold rose by $5.90 or 0.31 per cent, to $1,921.30 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,639.46, up 72.42 points or 0.31 per cent.

China’s Shang Hai SE Composite Index closed at 3,325.02, down 3.08 points or 0.092 per cent, while the Shenzhen SE Component Index closed at 13,467.91, down 135.97 points or 1 per cent.

Hong Kong’s Hang Seng Index closed at 24,754.42, up 184.88 points or 0.75 per cent.

South Korea’s KOSPI Index closed at 2,370.86, up 12.45 points or 0.53 per cent.

Taiwan’s TAIEX Index closed at 12,877.25, up 14.88 points or 0.12 per cent.