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OR share price hits Bt26.50 on first day of trading

NationalFeb 11. 2021

By The Nation

The share price of PTT Oil and Retail Business (OR) on the first day of trading was Bt26.50 per share, up Bt8.50, or 47 per cent, compared to its subscription price of Bt18.

Several analysts had expected the price to rise over its subscription price.

As the company has good fundamentals, they advised investors to buy the shares for long-term speculation.

Earlier, OR had launched its initial public offering of 3 billion shares. Of the total, 1.03 billion were offered to retail investors, 1.21 billion to domestic institutional investors, 450 million to foreign institutional investors and 300 million to existing PTT shareholders.

The total number of retail investor subscriptions via three banks – Kasikornbank, Bangkok Bank and Krungthai Bank – was more than 530,000, while they received an average of 4,500 shares.

OR Chief Executive Officer Jiraporn Khaosawas announced that the company’s five-year business expansion plan (2021-2025) was worth Bt74.60 billion, with 34.6 per cent to be invested in the oil business, 28.6 per cent in retail and service businesses, 21.8 in foreign business and 15 per cent in other business.

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AOT reports Bt3.4-billion accumulated net loss in Q1 fiscal year 2021

NationalFeb 11. 2021

By THE NATION

Airports of Thailand Plc (AOT) and its subsidiaries reported to the Stock Exchange of Thailand on Thursday an accumulated net loss of Bt3.44 billion for the first quarter of fiscal year 2021 (October-December 2020), a 146.93 per cent decrease compared to the same period of the previous fiscal year, in which it had reported a net profit of Bt7.33 billion.

AOT’s revenue in the first quarter of fiscal year 2021 was recorded at Bt2.74 billion, decreasing 89.99 per cent from the same period of the previous fiscal year, when it had reported revenue of Bt16.1 billion.

AOT also said it recorded 104,366 flights from six airports under its administration in the first quarter of fiscal year 2021, a 53.5 per cent decrease year on year. Of these, 89,433 were domestic flights and 14,903 international.

The company attributed its loss to the decrease of international flights and passengers due to the Covid-19 crisis, as well as the financial aid it has been providing to entrepreneurs at airports who have been affected by the virus fallout.

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Online logistics business talks with Myanmar, Laos create over Bt130 million in trade value

NationalFeb 11. 2021

By The Nation

The Department of International Trade Promotion’s online business matching (OBM) negotiations with Myanmar and Laos to help Thai logistics operators has yielded a trade value of more than Bt130 million, director-general Somdet Susomboon said on Wednesday.

The two sets of OBM negotiations covered joint ventures, business cooperation, transportation and building a network between Thai operators and their counterparts in Myanmar and Laos.

Online negotiations between Thai logistics operators and their Myanmar counterparts on December 18, 2020, created a trade value of more than Bt10.9 million, and talks with Laotian operators on January 26 yielded a trade value of over Bt120 million.

The OBM activities are in line with the policy of Deputy Prime Minister and Commerce Minister Jurin Laksanawisit to promote Thai logistics entrepreneurs and develop their operations in delivering goods to the other Mekong countries, while expanding the kingdom’s regional logistics service network.

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SET under pressure due to tight valuation

NationalFeb 11. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index fell by 5.02 points, or 0.33 per cent, to 1,511.92 in the morning session on Thursday.

A Krungsri Securities analyst expected the SET to fluctuate between 1,525 and 1,530 points despite the US Federal Reserve’s promise to maintain the interest rate in a bid to stimulate the economy and employment.

The analyst said the index gained positive sentiment from the rising oil price and the first day of PTT Oil and Retail Business share trading.

“However, 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, SYNXE, 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 1,516.94 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 points and a low of 1,513.13.

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Baht rate unchanged, expected to move in line with dollar

NationalFeb 11. 2021

By THE NATION

The baht opened at 29.90 to the US dollar on Thursday morning, unchanged from Wednesday’s close.

The Thai currency is likely to move between 29.80 and 30 on Thursday, Krungthai market strategist Poon Panichpibool said.

He mentioned that the market was waiting for new factors to move the currency.

On Thursday, the baht will likely move in line with the dollar.

Poon said the market is still closely watching the status of fresh US stimulus measures, the Covid-19 situation in Thailand and vaccine distribution.

The main focus in Thailand is on PTTOR stocks, as Thursday is the first day of trading on the shares and will likely attract even foreign investors, he said.

Poon said financial markets were not ready for risks, after US core inflation decreased more than the market expected.

The economic data is a matter of concern for investors, who are watching for signs of an economic recovery and are being urged to sell their risk assets for speculation.

The Russell 200 Index dropped by 0.7 per cent, while the S&P 500 saw no change. Europe’s Stoxx 50 closed 0.35 per cent amid investor concern over an EU economic recovery that has been pressured by the virus situation and vaccine distribution.

The US Ten-Year Treasury yield meanwhile decreased by 4 basis points to 1.12 per cent.

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Gold price unchanged even as spot price rises

NationalFeb 11. 2021

By The Nation

The price of gold was unchanged in morning trade on Thursday, 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.

The spot gold price moved to US$1,838 (Bt54,993) per ounce in the morning after rising by $5.20 to $1,842.70 per ounce on Wednesday, thanks to the weakening dollar and progress in the rollout of fresh US economic stimulus measures.

The Hong Kong gold market was closed for the Lunar New Year.

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Stores employ 3-bottle limit to prevent palm cooking oil hoarding

NationalFeb 11. 2021

By THE NATION

Several discount stores and supermarkets have enforced a 3-bottle limit on palm cooking oil purchases to prevent hoarding, a news source revealed on Thursday.

“The limit was announced after food merchants, owners of restaurants and grocery stores and the general public have been buying palm cooking oil in bulk amid the rising price of crude palm,” the source said.

“Food merchants fear that if the price goes up any higher they will lose their profit margin, while grocery stores aim to earn big profits in case of a price hike or product shortage,” he said.

Earlier this week, the Department of Internal Trade asked manufactures and distributors of bottled palm cooking oil to cap the price for as long as possible to alleviate the financial burden faced by consumers after the crude palm price jumped to Bt7.5 per kilogramme. This has resulted in the crude palm oil price increasing to Bt39 per kilogramme, in turn raising the price of bottled palm cooking oil to Bt46-Bt48 per litre.

“People have been complaining that some resellers, especially those who participate in the government’s ‘Let’s Go Halves’ co-payment shopping campaign, have raised the price of palm cooking oil to Bt50-Bt55 per litre,” the source added.

The department said the changing weather is one of the factors responsible for the rising crude palm price. It estimated that the oil palm price should stabilise around the end of March, when the market will see more crude palm.

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Protest ends at night after police release demonstrators, Ratsadon plans ‘no-confidence’ debate

NationalFeb 11. 2021

By THE NATION

The demonstration organised by the Ratsadon pro-democracy group on Wednesday ended at around 9pm in front of Pathumwan Police Station, shortly after officers released 12 protesters they had arrested earlier, while the group announced that it would hold a no-confidence debate against the government outside Parliament next week.

The protest started on Bangkok’s Pathumwan Skywalk at 4pm in a demonstration dubbed “hitting pots to banish dictators”.

The Pathumwan protesters also handed out stickers to passers-by reading “we do not want Article 112”, referring to the lese majeste law.

Police have charged dozens of people with lese majeste over their participation in pro-democracy protests in the past few months.

Read More: Thai protesters bang pots to ‘banish dictators’

At 7.30pm, protesters marched to Pathumwan Police Station, which is about 2 kilometres from the Skywalk, urging officers to release the arrested members.

At 8.45pm, police released the 12 after negotiations with Methee Amornwutkul, a representative of the Ratsadon’s guard unit.

At 9pm, one of Ratsadon’s leaders, Panasaya “Rung” Sithijirawattanakul, announced the group would hold a no-confidence debate against the government outside Parliament from February 16 to 19, and details would be revealed later.

Wednesday’s protest then came to an end.

A news source reported that while the arrested protesters were being released, three explosive sounds were heard in Soi Chula 5 behind the police station, causing the demonstrators to back away from the area. Witnesses reportedly said the explosions sounded like ping pong bombs. There was no report of any injuries.

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Cool-to-cold weather in upper Thailand, isolated rain in the South

NationalFeb 11. 2021

By THE NATION

A moderate high pressure system is covering upper Thailand, causing cool-to-cold weather in the North and cool mornings in the East and the Central region, including Bangkok, the Meteorological Department said on Thursday.

It added that the northeast monsoon prevails over the Gulf and the South, bringing isolated rain to the South.

Here’s the weather forecast for the next 24 hours:

North: Cool to cold weather; temperature lows of 13-17 degrees and highs of 29-34 degrees Celsius. Temperature on hilltops is likely to drop to 2-10 degrees.

Northeast: Cool-to-cold weather; temperature lows of 14-17 degrees and highs of 29-32 degrees Celsius. Temperature on hilltops is likely to drop to 7-12 degrees.

Central: Cool weather in the morning; temperature lows of 19-22 degrees, highs of 32-34 degrees.

East: Cool weather in the morning with isolated light rain; temperature lows of 19-23 degrees, highs of 31-35 degrees Celsius; waves a metre high and 1-2 metres offshore.

South (east coast): Partly cloudy with thundershowers in 10 per cent of the area; temperature lows of 22-24 degrees, highs of 31-34 degrees Celsius; waves a metre high and 1-2 metres during thundershowers.

South (west coast): Partly cloudy with thundershowers in 10 per cent of the area; temperature lows of 23-26 degrees, highs of 33-35 degrees Celsius; waves a metre high and 1-2 metres offshore.

Bangkok and surrounding areas: Cool weather in the morning; temperature lows of 21-23 degrees, highs of 32-34 degrees Celsius.

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Thai rubber sector overhauled with Bt700m upgrade for factories

NationalFeb 11. 2021

By The Nation

The Rubber Authority of Thailand (RAOT) is spending Bt700 million to upgrade rubber-processing plants as part of its Smart Farmer programme, RAOT chairman Prapan Boonyakiat said on Wednesday.

The programme’s latest project, in Trat, covers 18,095 rubber planters and over 270,000 rai of plantations. Its aim is to integrate farmers, farmers’ institutions, government agencies and the private sector to achieve five goals – cost reduction, productivity, quality development, marketing and management. The target is to have rubber processing plants covering all seven RAOT jurisdictions under an annual budget of Bt700 million.

The RAOT chief said the Rubber Board of Thailand had recently approved a Bt31-million upgrade for the Trat Provincial Rubber Network Cooperative Ltd factory. The upgrade will increase capacity threefold and boost quality of concentrated latex production at the factory. Higher capacity means the factory can support more rubber growers in the region, buying their fresh latex for a good price and then storing the concentrated product to control supply and prices in a highly volatile market.

Thailand released 519,614 tons of latex to the market in January, said the RAOT. However, that figure will fall 32 per cent to 353,224 tons in February and continue to decline through April, it said. Supply of latex will drop by as much as 80 per cent in the coming off-season months, said the RAOT. However, falling supply and rising purchasing power after Chinese New Year should see rubber prices increase to lift the pressure on farmers, it added.