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https://www.nationthailand.com/business/40013870

The Rubber Authority of Thailand (RAOT) expects the rubber price in the second quarter to remain stable at Bt63 to Bt65 per kilo.

However, the price would also depend on developments in the Ukraine-Russia conflict, RAOT governor Nakorn Tangavirapat told the Thansettakij news outlet.

Athiwee Daengkanit, RAOT’s research and development director, said the price was being supported by the low quantity of rubber in the market as Thailand enters the dry season. Meanwhile, market demand is high, supported by China’s economic stimulus policy and subsiding Covid-19 infections that allowed more Chinese factories to open.

China is by far the biggest market for Thai rubber exports.

Another positive factor was Chinese car sales, which rose 18.7 per cent to 1.74 million units in February from a year earlier, breaking an eight-month slide.

Chinese sales of neighbourhood electric vehicles (NEV) also surged 197.5 per cent in February, raising demand for rubber even higher.

However, the energy price remains high after the International Energy Agency (IEA) reported that oil supply from Russia will fall by 3 million barrels per day next month.

This would lead to a global shortage of 700,000 barrels per day in the second quarter.

Meanwhile, the baht has strengthened again on dollar sell-offs as the US Federal Reserve is expected to raise the interest rate by 0.25 to 0.50 per cent with another six rises signalled for this year.

Athiwee said the market is closely monitoring the Ukraine-Russia conflict as it will affect rubber demand and prices. She expects the price to remain stable through April on demand from China and Japan, though said the Russia-Ukraine conflict would be a factor.

Worathep Wongsasuttikul. honorary president of Thai Latex Association, forecast that the rubber price would remain strong. He cited the probability of an early dry season due to the La Niña phenomenon. But he also cautioned that the European conflict could drive up the price.

Thailand is the world’s largest exporter of rubber, with an industry that supports around 1.7 million Thai households.

Athiwee Daengkanit, RAOT’s research and development directorRAOT governor Nakorn Tangavirapat

Published : March 27, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013852

When new rules come in force from April 1, buyers of property or vehicles will still be able to use digital money as a guarantee, but not to pay for the purchase, a senior official from the Bank of Thailand said recently.

Naphongthawat Phothikit, director of the central bank’s Payment Systems Policy Department, said the use of cryptocurrencies as deposits or investments is still allowed, though they will be banned as payment for goods and services.

Under the new rules, business operators including crypto exchanges are prohibited from providing payment services promoting the use of digital assets and cryptocurrency to pay for goods and services. This ban has been imposed because Thai authorities say the wider use of digital assets is threatening the country’s financial system and economy.

Meanwhile, the Securities and Exchange Commission (SEC) is gathering information to set measures for controlling the use of “utility tokens” or crypto tokens that allow users to get future access to goods or services provided by a certain company.

Surasak Ritthongpitak, director of SEC’s Market Supervision Department, said a public hearing on the matter will be held in April and expects the agency to set regulations on the use of utility tokens in the third or fourth quarter of this year.

The use of cryptocurrency as a means of payment has been banned after many young Thai investors increased their trade of digital assets in search of better returns amid the economic slowdown.

Thai investors are now holding up to 114.5 billion baht worth of digital assets, up from 9.6 billion baht a couple of years ago, Bloomberg reported on Wednesday, citing government data released in January.

It said average daily turnover has jumped to 4.8 billion baht from 240 million baht, with the number of active trading accounts swelling to 1.98 million from 170,000 before the pandemic.

Published : March 26, 2022

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https://www.nationthailand.com/business/40013844

A recent survey by the Government Housing Bank’s Real-Estate Information Centre (REIC) shows that though fewer new property units are being released in the South, the property market in the Northeast is recovering fast.

“This year, the Isaan market has 3,928 new properties, up by 60.3 per cent from 2,450 units during the same period last year,” Wichai Viratakaphan, REIC’s acting director-general, said on Friday.

REIC estimates that Nakhon Ratchasima and Khon Kaen have seen the highest number of new properties added to the market this year at 1,917 and 1,195 units, marking a 106 per cent and 66.4 per cent increase year on year, respectively.

“We expect 4,206 units in the Northeast to be sold this year, up 5.9 per cent from 3,973 units sold in 2021. The sale value will also rise by 4.8 per cent to 13.5 billion baht from 12.9 billion baht,” he said.

In comparison, provinces in the South have 17,399 properties up for sale, marking a 2.1 per cent drop year on year. The total value of properties has also dropped by 0.9 per cent year on year to 76.29 billion baht.

“Nakhon Si Thammarat recorded the biggest dip in new properties, marking a 60.8 per cent drop year on year, followed by Songkhla, which recorded a 47.8 per cent decrease,” he said.

“The trend in Phuket, however, is improving with 439 new condos and 177 new horizontal units being launched this year, up 74.2 per cent and 3.5 per cent year on year, respectively.”

In terms of properties sold, REIC reckons the South will see 5,495 units bought up this year, up 56.4 per cent year on year. The total value of sold units is also expected to rise 67.7 per cent year on year to 22.9 billion baht.

REIC expects 2,768 houses valued at 10.14 billion baht and 2,727 condos valued at 12.77 billion baht to be sold this year.

The number of unsold properties in the South this year is estimated to hit 15,319 units, down 0.5 per cent year on year. Of these, 9,907 units are houses worth 37.9 billion baht and 5,412 units condos and flats worth 27.7 billion baht.

This year, Phuket is expected to have the highest number of unsold units, followed by Songkhla, Surat Thani and Nakhon Si Thammarat.

Published : March 26, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013826

Kasikorn Research Centre (KResearch) has lowered Thailand’s GDP growth forecast for the year from 3.9 per cent to 2.5 per cent this year, as adverse impacts from the ongoing military crisis between Russia and Ukraine are likely to continue throughout 2022.

Western countries’ boycott measures against Russia are expected to keep average crude oil prices at about US$105 per barrel throughout the year, KResearch assistant managing director Nattaporn Triratanasirikul said.

She said this would result in Thailand’s GDP expanding only by about 2.5 per cent, although a higher growth of 2.9 per cent was likely if the conflict ends within the third quarter and oil prices come down substantially to about $90 per barrel in the second half of the year.

Thailand would see higher inflation of up to 4.5 per cent and there would be pressure on the Bank of Thailand to increase the policy interest rate, due to greater possibility of the US Federal Reserve raising its key interest rate before the year-end, the KResearch executive said.

Meanwhile, KResearch deputy general manager Kewalin Wangpichayasuk said that the Russian-Ukrainian crisis would mainly affect the business sector, with minimal impact on consumers.

The industrial sector would see production costs increase by THB80 billion, she said.

Also, the Thai tourism sector would suffer from a decline in visitors from Russia and other European countries, although as many as 4 million arrivals are expected this year following relaxation of Covid-19 preventive measures, according to Kewalin.

“Tourist expenditure is expected to decrease by THB50 billion when compared to a no-war scenario,” she said.

The services sector would also be impacted, while the automobile, electronics, retail and restaurant industries would see smaller expansion this year due to the war, the KResearch executive added.

KResearch deputy managing director Thanyalak Vacharachaisurapol said that the financial boycott of Russia has resulted in decreased trade volume between Thailand and the two warring countries.

Also, there have been fluctuations in the Thai capital markets with higher cost of fund-raising, she noted.

Published : March 25, 2022

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https://www.nationthailand.com/business/40013811

The Bank of Thailand has distributed new THB20 banknotes made of polymer aimed at preventing forgery, the BOT announced.

The BOT has started using the new polymer THB20 banknotes since Thursday and the public can exchange the notes at all bank branches around the country.

The BOT said the THB20 banknotes already in circulation can still be used.

The central bank said the new THB20 banknotes have the number 20 embossed for the blind to easily feel and recognise the note’s value.

It said the new notes are precisely printed with anti-forgery technology to make it hard for anyone to make fake notes.

The central bank said the people can feel the note and tilt it to check if it is a counterfeit.

For example, users can feel the glossy surface of the polymer note.

And when they hold the note up to look at the transparent lotus stupa pattern on the right side of the King Rama X portrait, they can see through it. The number “20” is embossed in the middle of the stupa pattern.

When users tilt a note, they can see the King Rama X official logo on the left side shining in reddish yellow.

In another spot, when users tilt the note to look on the side of the note with King Rama X’s portrait, they can notice the shiny “20” figure hidden in a green pattern at the centre bottom.

Users can spot “20 baht” in Thai and English inside the grey narrow bar across the banknote on the right side of the King’s portrait.

Published : March 25, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013813

The focus of the latest edition of the Big Issue 2022 online forum was the Russia-Ukraine war and how it has sparked a global economic crisis with Thailand being hit by the ripple effect.

Held by Thansettakij and Bangkokbiznews on Wednesday, the forum featured experts in the economic, business and investment fields such as former commerce minister Dr Thanong Bidaya, and former finance ministers Korn Chakitavanij and Dr Uttama Savanayana.

The forum, “Dealing with War and the Economic Crisis”, also featured Thai Business Council chairman Sanan Angubolkul, Board of Trade chief Kriengkrai Thiennukul, Thai-Russian Business Council chair Payong Srivanich, who is also vice-chair of the Federation of Thai Industries, and president of the Thai Bankers’ Association Paiboon Nalinthrangkun. The meeting was compered by editors Bakban Boonlert and Weerasak Pongaksorn.

During the discussion, the participants expressed their opinions on how the Thai economy, already struggling from the Covid-19 pandemic, has been dealt another blow – the energy crisis sparked by the war. This latest crisis has left Thailand dealing with the highest inflation in 13 years.

The government’s measures to mitigate the effects, such as its co-paying Khon La Krueng subsidy and Rao Tiew Duay Kan tourism packages, have done little to make up for the loss of income over the past two years. The experts reckoned people’s income would drop further due to the prolonged war. The three ministers, meanwhile, proposed the use of the Loan Act, though each offered a different suggestion on how it can be used.

Former commerce minister Thanong advised Thailand to start working on boosting its competitive advantage by seeking new investment in special economic zones or potential start-ups. The aim, Thanong said, should be to create jobs for low-income earners, and for this, the government needs to come up with a clear, long-term strategy.

Former finance minister Korn agreed, saying the government should lay out a clear-cut strategy for implementing the Loan Act. He also urged the government to focus on healing and rehabilitating small- and medium-enterprises so they can conduct business in the “new normal”.

Uttama, meanwhile, pointed out that economic problems would remain even after the Russia-Ukraine war ends. For Thailand to survive the crisis, he said, the government should have a short- and long-term plan for the implementation of the Loan Act. He added that the authorities should also ensure that the Loan Act is used based on the plan, so money is not wasted. As for seeking investments in special economic zones such as the Eastern Economic Corridor, he said, the government should ensure investors have confidence in the national strategy and progress of the EEC.

Published : March 25, 2022

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https://www.nationthailand.com/business/40013795

The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,670 and 1,690 points on Friday even though the US stock indices had risen on strong job growth data and window dressing in the latter part of this month, Krungsri Securities said.

However, the drop in oil price due to expectations that Europe will not sanction Russian oil, as well as the ongoing Russia-Ukraine conflict, would pressure the index, it said.

It recommends the purchase of the following as an investment strategy:

• KCE, HANA and SVI would benefit from the rising price of technology shares.

• GPSC, BGRIM, SCGP and EPG would benefit from falling oil price.

• BDMS, BH, INTUCH, ADVANC, BTS and BEM which are defensive stocks.

The SET Index closed at 1,680.89 on Thursday, up 2.94 points or 0.13 per cent. Transactions totalled Bt66.56 billion with an index high of 1,685.12 and a low of 1,675.19.

Published : March 25, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013767

The finance minister and the Bank of Thailand (BOT) on Thursday reiterated that cryptocurrencies cannot be used as a means of payment because it could affect the stability of the baht.

Finance Minister Arkhom Termpittayapaisith’s response came a day after the Securities Exchange Commission announced its new regulation to ban the use of digital assets and cryptocurrencies to pay for goods and services.

Arkhom said cryptocurrencies cannot be used as a means of payment because Thailand already has its currency system and several countries do not accept cryptocurrencies as a means of payment.

“It concerns the stability of the existing currencies. It may affect Thailand’s and the world’s currencies,” Arkhom said.

The minister said the SEC had earlier monitored the use of cryptocurrencies for money laundering. He said a firm has been closed for transferring cryptocurrencies of its clients out of the country before the SEC detected the practice.

“This is an important matter and several countries are also preventing the use of cryptocurrencies for money laundering. We’re supervising cryptocurrencies not because we don’t want the trade to happen but because we want to see security and stability of the system,” Arkhom added.

Rung Mallikamas, an assistant governor at the BOT’s Financial Institution Policies Division, said only the Thai currency system should be used as a means of payment in the country because Thailand already has a stable currency.

She added that the central bank did not want to see the use of cryptocurrencies to stimulate unnecessary spendings.

Published : March 24, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013765

TikTok aims to make its brand more credible while providing increased knowledge to its users through a variety of content as livestreaming grows rapidly, the video platform said in a press release, adding that the entertainment trend will continue to be strong among Thais this year.

The platform, which has more than 1 billion users and has become popular for its fun-loving videos, said it also has plans to support creators with economic opportunities through its “TikTok Creator Next” and “TikTok Creator Marketplace”, as well as a host of solutions and tools to support impactful storytelling and strong engagement with consumers.

“Consumer behaviour is changing radically as people shift more towards mobile devices as the key tool to access information, communicate, shop and consume entertainment content,” Surayot Aimlaor, TikTok’s head of Consumer Marketing, Thailand, said.

“More than 40 per cent of consumers have changed their media consumption behaviour from traditional to online, fast-tracked by the pandemic that increased people’s search for fun and entertainment as a relief from everyday restrictions,” he said.

“Figures show that 85 per cent of Thais use mobile devices to enjoy entertaining media and among them 99 per cent watch online videos.”

TikTok said these are the trends to watch for in 2022:

• Edutainment – a new generation of creators will emerge on TikTok, bringing with them diverse skill sets, creating easy-to-understand content that is entertaining and will inspire people’s learning and self-discovery.

• Creative entertainment – more and more people will evolve from passive users into active creators, resulting in increased quality content for everyone on the platform to view or collaborate with other users through “duet” and “stitch” features.

• Authentic & positive entertainment – with the idea to provide a safe space for aesthetic expression and individuality.

• Live entertainment – livestreaming content will grow rapidly and boost engagement between audiences and creators, thanks to “Live Match”, “Multi-Guest” and other features on TikTok Live.

• Cultural entertainment – with diverse cultures infused into the content, users will be able to appreciate diversity and shape a more contemporary culture.

Meanwhile, Siriprapa Weerachaising, TikTok’s Campaign and Content Operation chief for Thailand, highlighted what’s next for 2022:

• Edutainment & new trending content – Entertainment content is expected to continue its strong momentum in 2022 by blending incidental entertainment value with other areas of interest, resulting in the likes of edutainment, “foodtainment”, and “petstainment”.

• Rewards creativity – content creation has become a top career among young people, with TikTok standing out as the platform for user generated content where anyone can achieve a million views. TikTok brings creators and users closer together.

• TikTok “Creator Next” – to support new creators and to emphasise their role in creating great content, TikTok Creator Next was launched earlier this year. Creators can unlock new and existing tools to redeem rewards for their creativity and passion. Creators with 1,000-100,000 followers can use “virtual gifts” and collect “diamonds” by going Live. Creators with more than 10,000 followers can gain access to “TikTok Creator Marketplace” that offers opportunities to work with brands.

TikTok witnessed 85 per cent year-on-year growth with 800 million videos created and a total of more than one trillion video views in Southeast Asia and Thailand (of June 2021), the platform said in its press release.

The growth of online communities has led to online media spending, which is expected to reach 27 billion baht in 2022, the platform added.

Published : March 24, 2022

By : THE NATION

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https://www.nationthailand.com/pr-news/business/40013761

S&P Global Ratings on Wednesday downgraded ST Engineering, given the company’s “growth appetite to keep its debt level elevated for at least the next two to three years”.

The lowering of the issuer credit rating follows the revision of the company’s stand-alone credit profile (SACP) to BBB+ from AA-, S&P Global Ratings said in press release.

“Our issuer credit rating of AA+ for ST Engineering incorporates a six-notch uplift from the company’s SACP of BBB+. This continues to reflect our view of an extremely high likelihood of extraordinary support to ST Engineering from the government of Singapore through Temasek Holdings,” the agency said.

“Following the TransCore transaction, S&P Global Ratings’ view of ST Engineering’s stand-alone creditworthiness has been significantly weakened by a notable increase in the company’s leverage tolerance.

“Although the acquisition of TransCore will immediately be cash flow accretive, the S$3.6 billion [THB88.96 billion] debt-funded acquisition will almost triple ST Engineering’s debt to S$5.3 billion in 2022 from $2.1 billion as of December 31, 2021. We forecast ST Engineering’s debt-to-EBITDA ratio will increase to about 4.0x in 2022, improving by about 3.0x-3.5x thereafter,” the agency said.

The addition of TransCore to ST Engineering’s portfolio will provide a new product offering in the smart mobility segment and provide some geographical diversification for ST Engineering.

“Nevertheless, we believe the benefits from potential business synergies will take some time to materialise. Compared with rated aerospace and defence peers, ST Engineering’s size and product offering constrain the company’s creditworthiness,” S&P Global Ratings added.

Published : March 24, 2022

By : THE NATION