Love at First Bite: The Standard, Hua Hin offers Valentine’s Fairytale Romance Package
TUESDAY, JANUARY 24, 2023
Nestled in a lush garden dreamscape with native flora and greenery, The Standard, Hua Hin is set its picturesque beachside setting for this Valentine’s Day.
The only hotel in Thailand to make Conde Nast Traveler’s 2022 Hot List, the colourful retreat is offering exclusive stay and dining offers rich with romance and tropical vibes, including a five-course Valentine’s Day dinner, served in bed on the beachside lawn.
Hua Hin has been a beloved beach getaway for over a hundred years, dating back to the construction of the railroad connecting the bustling metropolis of Bangkok with this dreamy seaside town. By the mid-1920s, it became the chosen holiday retreat for Thai nobility drawn to the undiscovered pristine coastline.
The Valentine’s Day Stay Package at The Standard, Hua Hin can be booked from 12 January to 13 February 2023 for stays between 13-15 February 2023 with rates starting from THB 11,299 net based on double occupancy.
In addition to sunny accommodations with a daily buffet breakfast, the package includes beachside dinner in bed while watching a romantic movie together with a bottle of bubbly on 14 February, and a couple’s DIY Mud Lounge experience.
Lovebirds can also opt to book the Valentine’s Day Dinner-In-Bed experience separately for THB 4,250 net per couple (Early Bird offer) or THB 5,000 net per couple when booking their dinner after 3 February. The price includes a five-course set menu with a bottle of bubbly.
In addition to soaking up the resort’s famously vibrant pool scene, couples staying at The Standard, Hua Hin will find numerous drinking and dining options to suit every taste and innovative spa treatments for a full system reboot, including après-sun therapies and a purifying and mood-enhancing DIY scrub and mud experience.
Standard International is the parent company of The Standard hotels. Created in 1999, The Standard hotels are known for their pioneering design, taste-making clientele, and unrelenting un-standard-ness.
Sun Pharmaceutical and Concert Pharmaceuticals announced on Monday that they have executed an agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8.00 per share of common stock in cash, or $576 million in equity value.
Concert stockholders will also receive a non-tradeable contingent value right (CVR) entitling holders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in a contingent value rights agreement detailing the terms of the CVRs. The transaction was approved by the Boards of Directors of both companies.
The upfront payment of $8.00 per share of common stock in cash represents a premium of approximately 33% to Concert’s 30-day volume weighted average price as of January 18, 2023, the last trading day prior to today’s announcement.
The concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry. The concert has an extensive patent portfolio, including its lead product candidate deuruxolitinib – an oral inhibitor of Janus kinasesJAK1 and JAK2 for the treatment of Alopecia Areata, an autoimmune dermatological disease – which is in late-stage development.
Concert has completed the evaluation of the efficacy and safety of deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its THRIVE-AA Phase 3 clinical program and two open-label, long-term extension studies are ongoing in North America and Europe. Sun Pharma’s immediate focus would be to follow Concert’s plan to submit a New Drug Application (NDA) to the US Food and Drug Administration (FDA) in the first half of 2023.
Alopecia Areata is an autoimmune disease in which the immune system attacks hair follicles, resulting in partial or complete loss of hair on the scalp and body. Alopecia Areata may affect up to 2.5% of the United States and the global population during their lifetime.
The scalp is the most commonly affected area, but any hair-bearing site can be affected alone or together with the scalp. The onset of the disease can occur throughout life and affects both women and men. Alopecia Areata can be associated with serious psychological consequences, including anxiety and depression. There are currently limited treatment options available for Alopecia Areata.
“Sun Pharma is building a global Dermatology and Ophthalmology franchise and aims to be a preferred development and commercial partner in these therapies worldwide. The acquisition of Concert adds a late-stage, potential best-in-class treatment for Alopecia Areata in deuruxolitinib,” said Abhay Gandhi, CEO of North America, Sun Pharma. “There is a significant unmet need in the Alopecia Areata space and we aim to build on Concert’s commitment to supporting the Alopecia Areata patient community. We are well-positioned to successfully bring this product to market globally. I look forward to welcoming the exceptionally talented Concert team who have worked tirelessly to develop the product to bring it to market.”
“We are pleased to enter into this exciting transaction with Sun Pharma, which delivers substantial value to our shareholders and is the outcome of a thorough review process overseen by the Concert Board,” stated Roger Tung, Ph.D., President and CEO of Concert. “Our mission at Concert has always been to translate innovative science to clinical solutions in order to meaningfully improve patients’ lives. We are proud to see our team’s accomplishment – creating a valuable new drug candidate for a major, underserved disease – appropriately recognized and valued by Sun Pharma as a means to expand their ongoing, international commitment to dermatology. I am confident that this transaction will maximize value for our shareholders and enhance access to deuruxolitinib for patients with Alopecia Areata.”
Transaction Terms and Timeline to Closing
Under the terms of the merger agreement, Sun Pharma will promptly commence a tender offer to acquire all outstanding shares of Concert common stock. Concert stockholders will be offered an upfront payment of $8.00 per share of common stock in cash. Concert’s Board of Directors unanimously recommends that Concert stockholders tender their shares in the tender offer.
Concert stockholders will also receive a non-tradeable CVR, which entitles Concert stockholders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in the contingent value rights agreement detailing the terms of the CVRs.
These milestones, subject to terms and conditions as specified in the contingent value rights agreement, include: (i) $1.00 per share of common stock, payable the first time in any fiscal year between the time of the first commercial sale of deuruxolitinib in the U.S. and March 31, 2027, net sales of deuruxolitinib is equal to or exceeds $100 million, and (ii) an additional $2.50 per share of common stock, payable the first time that in any period of four consecutive fiscal quarters between the time of the first commercial sale of deuruxolitinib in the U.S. and December 31, 2029, net sales of deuruxolitinib is equal to or exceeds $500 million. There can be no assurance that any payments will be made with respect to the CVRs.
The transaction is expected to be completed in the first quarter of 2023. The transaction is subject to the tender of a majority of the outstanding shares of Concert’s common stock, as well as the receipt of applicable regulatory approvals and other customary closing conditions. Following the successful closing of the tender offer, Sun Pharma will acquire all remaining shares of Concert that are not tendered into the tender offer and all shares of Concert’s preferred stock through a second-step merger at the same price of $8.00 per share of common stock, plus one non-tradeable CVR. The merger will be effected as soon as practicable after the closing of the tender offer.
For the nine-month period ending September 2022, Concert reported total revenue of $29 thousand and a net loss of $90.6 million. The R&D expense for that nine-month period was $75.7 million. As of September 30, 2022, Concert had approximately $148.9 million in cash, cash equivalents and investments.
Sun Pharma had net cash of $1.6 billion as of September 30, 2022.
Marriott Bonvoy presents extraordinary travel experiences to celebrate diversity, equity and inclusion across APAC in 2023
TUESDAY, JANUARY 24, 2023
Members can get up-close-and-personal with top players at the Australian Open, including Marriott Bonvoy Ambassador, Ash Barty, and celebrate pride at the Sydney Gay and Lesbian Mardi Gras and Gay Games Hong Kong.
Singapore – Marriott Bonvoy, Marriott International’s award-winning global travel programme and extraordinary portfolio of 30 hotel brands, presents a year-long line-up of incredible experiences to celebrate diversity, equity and inclusion across APAC. From championing Women in Sports at the Australian Open, to celebrating pride at the Sydney Gay and Lesbian Mardi Gras and Gay Games Hong Kong, Marriott Bonvoy members can pursue their passions and enjoy once-in-a lifetime experiences through the Marriott Bonvoy Moments.
“Travel has the transformative power to connect people – whoever they are and wherever they may come from. It opens up perspectives to the places we visit, the people we meet and the cultures we experience,” elaborated Julie Purser, Vice President, Marketing, Loyalty and Partnerships, Marriott International, Asia Pacific. “Marriott Bonvoy is proud to be collaborating with these cornerstone events that underscores our values of welcoming all. Through these curated collaborations, we also hope to rally travellers and empower advocates to celebrate diversity, equity and inclusion together with us.”
Get inspired by the best Woman in Sport
The Australian Open (AO), one of the most highly anticipated sporting events in the region, returns this January with an unmissable Summer of Tennis. For the second year running, Marriott Bonvoy partners with tennis champion and 2022 AO winner, Ash Barty, to spotlight the shared passion for inclusivity and women in leadership through a collection of incredible moments that fuel members’ joy for travel and change the way in which they see the world.
Members can get up-close to the action with coveted tickets to the Women’s Final in the Superbox and tennis clinics with Barty herself. Fans also gain exclusive access to premium viewing tickets across marquee matches in both Women’s and Men’s finals, meet-and-greets with Australian tennis legends and the opportunity to take photos with the Daphne Akhurst and Norman Brooks trophies.
Celebrate love at APAC’s grandest Pride events
This February, WorldPride will be coming to Sydney for the first time, combining with the Sydney Gay and Lesbian Mardi Gras for the largest Pride celebration in the world, with W Hotels, part of Marriott Bonvoy, as its exclusive hospitality partner. As a brand, W Hotels has always been a platform for individuals and communities, and this three-year collaboration underscores the brand’s legacy of being a voice for progressive ideals. Marriott Bonvoy’s portfolio of hotels across Sydney will be showcasing a range of exhilarating experiences to host guests and Marriott Bonvoy members through this global celebration of diversity and inclusion.
In addition, Pride Month in June will see celebrations in W Hotels across several destinations including W Bangkok and W Koh Samui.
The Gay Games – the world’s largest sports and cultural event open to all – makes its way to Asia for the first time ever, from 3 to 11 November 2023 in Hong Kong. Platinum partner, Marriott Bonvoy, presents a tailored “Feel Your Pride and Share Your Love” stay package to celebrate a week of diverse cultures, sports and inclusivity. Guests of the 13 participating hotels, including The Ritz-Carlton Hong Kong, The St. Regis Hong Kong and W Hong Kong, can create unforgettable memories with access to exclusive Pride-themed experiences, offers to discover the city, and a special welcome gift. Packages are now available for booking via the Marriott Bonvoy website here or mobile app.
Marriott Bonvoy Moments gives members the chance to use points earned from travel at nearly 8,200 hotels and everyday activities, such as cobrand credit card purchases, to bid for the chance to take part in exclusive Marriott Bonvoy Moments experiences all over the globe. Members may redeem their points for either fixed-price experiences or use them to bid on packages through auctions.
CLSA will host the 19th CITIC CLSA Asean Forum from 8-10 March 2023 in Bangkok
TUESDAY, JANUARY 24, 2023
After two years of virtual conferences, CLSA will host the 19th CITIC CLSA Asean Forum in person from 8-10 March 2023 at the Grand Hyatt Erawan Bangkok.
This year’s event will bring together over 280 institutional investors with senior executives from leading regional companies and an outstanding lineup of industry thought leaders delivering actionable insights over three days.
While global markets work through inflationary and recessionary pressures, Asean continues to provide investment opportunities in a post-pandemic world. CLSA Chief Equity Strategist Alex Redman anticipates relative emerging markets outperformance, a forecast supported in part by the recent unravelling of the US dollar rally.
Around the region, we see Indonesia leveraging substantial resources to attract manufacturing investment from multinational corporations looking to diversify supply chains. A new Malaysian government and a forthcoming election in Thailand add another political dimension to a region that boasts US$10tn in GDP. Home to 670m people, population growth remains a core driver in Asean for 2023.
Edward Park, Chief Executive Officer of Institutional Equities at CLSA, said: “Asean has become an increasingly attractive investment destination for global investors looking to tap into the enormous opportunities emerging markets can offer. With US$10tn in GDP, there are numerous growth possibilities. Our Forum is a reputable platform for corporates and investors alike to delve deeper into the region’s long-term transformation and commercial development prospects.”
Shaun Cochran, Head of Research at CLSA, added: “As the world returns to a normalising interest rate environment, real economy investment and innovation will be favoured over the dominance of financial innovation seen during the prior decade. Coupled with shifting geopolitics that will transform global production footprints, the relative merits of the young and growing populations of emerging markets – especially Asean – have never been stronger. This is despite historically compelling relative valuations. In the transition to a post-Covid world, our Asean Forum is ideally timed to ensure investors get ahead of this impending secular shift.”
More stores and e-commerce key strategies as Jaspal eyes expansion in Asean markets
MONDAY, JANUARY 23, 2023
Jaspal Co Ltd, a leader in Thailand’s fashion retail industry, has unveiled its 2023 overseas expansion plan with the goal of becoming a leading “regional fashion and lifestyle retailer”.
Jaspalaims to achieve a leap in overseas sales by focusing on Asean markets, particularly Vietnam, Cambodia and Malaysia, where it has made inroads, and the high-growth Philippines market for the first time.
The company will focus on a number of its flagship brands, including Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, as well as import premium and sports brands to strengthen its portfolio and cater to all fashion shoppers in the targeted Asean markets.
Yosathep Singhsachathet, deputy chief executive officer of Jaspal Co Ltd, said, “We want to build upon our success after having become a leader and key driving force in Thailand’s fashion retail industry. In the next step, we aim to become a regional fashion and lifestyle retailer by expanding our overseas stores, especially in Asean countries, many of which have high growth potential, high purchasing power and fashion tastes similar to the Thai market.”
“We have established subsidiaries in target Asean countries to enable quality control of products and services and carry out effective marketing communication, which, ultimately will serve our goals of delivering the best experiences and impressions to customers in each country,” he said.
In 2022, the company was active in three countries with a total of 70 stores. In Cambodia, the company managed Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps, Lyn Beauty, Mango, Super Dry, Fred Perry, Champion, Asics, and New Era. In Vietnam, it managed Lyn, Lyn Beauty, Jelly Bunny, Lyn around, Fred Perry, and Diesel, and in Malaysia, it managed Jelly Bunny.
Last year, the company launched Lyn Beauty, its own in-house brand of cosmetic products, in Vietnam via stores and online channels, modelled after the successful business in Thailand. It also pushed for growth for various other brands under its management with the opening of the first Fred Perry stores in both Vietnam and Cambodia, as well as a New Era store in Cambodia and a Diesel store in Vietnam. The company also launched “StudioJPS.com“, the fashion multi-band website targeting the Cambodian market.
The company expects its planned expansion in Asean countries in 2023 to boost its overseas sales. The company outlined its various brand and channel strategies:
* For In-house brands of Jaspal Co Ltd, including flagship brands such as Lyn, CC Double O, Jelly Bunny, Lyn around, CPS Chaps and Jaspal, which have an established customer base in Thailand and some foothold in other countries, the company will open more stores and e-commerce channels to increase coverage and provide access to more customers. In addition, it will open the first Jaspal brand store in Cambodia in the first quarter of 2023, the deputy CEO said.
* For brands that the company manages as an authorised importer and distributor, it looks to expand its role and find more premium and sports brands. The company already manages global brands, such as Mango, Super Dry, Fred Perry, Champion, Asics, Diesel, and New Era. The company will focus on expanding overseas customer base among those with high purchasing power in keeping with the growth of the fashion industry in each target country, Yosathep said.
* Regarding store locations, the company will give priority to top shopping centres in each country, with consideration for economic growth and customer demand in the areas where the shopping centres are situated as well as customer traffic in order to reach more customers, Yosathep said. It will also focus on the interior design of the stores and display to reach the brands’ standards, which will reinforce the brand image. In addition, it would provide professional staff members who are skilled at giving recommendations to customers and providing great experiences and impressions, he added.
* For the online business, the company will utilise its expertise with 27 e-commerce sites across Asean, each of which is handled by a specialised and experienced team, a strategy the company has been using to reach customers and generate sales. The e-commerce sites are divided into four groups: brand websites; popular marketplace platforms in each country, such as Lazada, Shopee and Zalora; the multi-brand website StudioJPS.com targeting the Cambodian market managed directly by the company; and, social commerce platforms such as Facebook, TikTok and Line, he said.
The diverse range of online platforms can answer a wide range of different challenges in different countries, including varied customer behaviour and market growth, Yosathep said. In some markets, such as Malaysia and Vietnam, revenue from e-commerce accounts for a high portion of about 9-10 % of the total revenue, he added.
According to Statista, the Thai apparel market will expand by 3.1% in 2023, by 7.7% in Vietnam, 7.5% in Cambodia, 8.2% in Malaysia, and 11.1% in the Philippines.
“This has led us to feel confident of our plan to expand our businesses to the four target Asean countries and benefit from the high growth of those markets, which will help us achieve the status of the top regional fashion and lifestyle retailer,” Yosathep said.
SCG Packaging outlines THB100-bn investment plan for 5 years to step up growth
TUESDAY, JANUARY 24, 2023
Nongluck Ajanapanya
SCG Packaging (SCGP), Thailand’s leading multinational consumer packaging solutions provider, is focusing on investing in high-potential segments, accelerating innovation, and providing total packaging solutions in the midst of an economic recovery.
The plan is part of a five-year investment plan worth 100 billion baht (2021-2025), with a revenue target of 200 billion baht in 2025. This year, the company plans to ramp up operations in order to maintain business growth, with a revenue target of 160 billion baht.
Wichan Jitpukdee, SCGP’s chief executive officer, told a press conference on Tuesday that the packaging industry’s overall outlook in the first quarter of 2023 would see steady recovery as China begins to reopen the country.
Meanwhile, the Asean region would benefit from the recovery of tourism, import and export, and normalisation of the manufacturing supply chain.
“These factors have a positive effect on the overall economy and product consumption while increasing demand for packaging,” he said.
However, he noted that demand for packaging consumption is quite fragile due to ongoing challenges, such as prolonged volatility in the global economy, high inflationary pressures, interest rate hikes, and a fall in consumer purchasing power in many regions, particularly in major economies such as the United States and the European Union.
Wichan Jitpukdee
He said that SCGP was already well-prepared with a strategic cost management plan for the entire year. However, in order to sustain growth, the company would focus on merger and partnership (M&P) in packaging and other areas with high growth potential, particularly consumer goods, healthcare-related products, medical supplies, and labware.
“The investment budget for this year has been set at 18 billion baht,” he disclosed.
Meanwhile, SCGP will work with customers to develop innovations and value-added packaging solutions to meet the changing lifestyles of consumers. The budget for research, development, and innovation is set at 800 million baht, he said.
Other growth strategies include improving supply chain integration, proactive management and effective planning to deal with uncertainties, and implementing the Environment-Social-Governance concept.
“In 2025, we hope to increase the proportion of environmentally friendly packaging while increasing the recyclability rate of all products to 100%. Meanwhile, efforts to reduce greenhouse gas emissions are proceeding as planned in order to achieve net zero by 2050,” Wichan stated.
Danaidej Ketsuwan
SCGP’s chief financial officer, Danaidej Ketsuwan, revealed that the company had revenue of more than 146 billion baht in 2022, an increase of 18% over the same period last year.
The surge in revenue mainly came from increased production capacity and M&P.
In the meantime, earnings before interest, taxes, depreciation, and amortisation were 19.402 billion baht, down 8% year on year. Profit at 5.801 billion baht also was down 30% over the previous year.
Danaidej explained the drop to higher energy costs and lower sales volume, as well as softening demand for packaging paper globally and regionally as a result of China’s strict lockdown.
He said SCGP needed new business ideas while strengthening its core product and it should expand into related businesses to maintain its position as the region’s leading consumer packaging provider.
One shareholders’ meeting can harm the world beyond your imagination: piles of papers, travel by shareholders, and food waste. SET-listed Buriram Sugar (BRR) Plc has now come up with ideas for holding zero-carbon shareholders’ meetings.
Among its carbon-reduction measures, BRR refrains from printing its meeting agenda and invitation letter on paper as is traditional practice. Instead, the company asks its shareholders to download a digital meeting document and invitation letter by scanning a QR code. Not a single piece of paper is used.
BRR chief executive officer Anant Tangtongwechakit revealed that Monday’s shareholders’ meeting was held under the theme “Toward a Sustainable Future” to reduce its carbon footprint. The meeting was planned with advice from the Thailand Convention and Exhibition Bureau (TCEB).
The TCEB advised BRR to use a hybrid meeting format to reduce fuel consumed for shareholders’ travel. The vote at the meeting was also held electronically, using Blockchain AGM Voting technology that allowed shareholders to vote from anywhere without having to travel to the meeting venue. It also further reduced the use of paper.
Moreover, shareholders who wanted to be present physically at the meeting were encouraged to use public transport. To make it more convenient for them to do so, BRR selected a hotel that is located close to mass transit systems.
Meanwhile it encouraged those who wanted to drive to the meeting venue to share vehicles to reduce fuel consumption, Anant added.
BRR paid attention to every detail in a bid to reduce carbon emissions. The hotel was told not to use plastic, foam and fresh flowers in its decorations.
Drinking water was served in recyclable plastic bottles. No straws were handed out. For tea and coffee drinkers, the BRR provided its own sugar in glass receptacles instead of conventional paper sachets.
Adding to the carbon emission reduction measures, the hotel was selected based on its ecosystem awareness. BRR said the hotel recycles waste food into animal feed and compost to grow vegetables. The venue has been awarded Green Hotel (Bronze Level) and Asean MICE Venue Standard awards, Anant said.
Food was served to shareholders using bowls and dishes made of bagasse by Sugarcane Ecoware Co Ltd (SEW), a subsidiary of BRR. The bagasse eco-ware biodegrades in 45 days, Anant said.
The measures added up to a carbon emission reduction of over 4.3 tonnes, which is equivalent to growing a small forest.
“These measures helped us reduce carbon emissions by 4,333.65 kilograms, which is equivalent to growing 263 trees,” Anant concluded.
Grab Thailand signs up for government’s tax rebate shopping scheme in Q1
MONDAY, JANUARY 23, 2023
Nongluck Ajanapanya
Grab Thailand will participate in the “Shop Dee Mee Kuen 2023 (shop and payback)” scheme via GrabMart in the first quarter, joining forces with leading retailers to help stimulate the economy.
Chantsuda Thananitayaudom, senior director, commercial and marketing, Grab Thailand, told a press release on Monday that the campaign would allow users to purchase everyday goods and request a full tax invoice request through the application for a tax rebate of up to 40,000 baht.
She said Grab Thailand wanted to become one of the forces in driving the Thai economy in early 2023 and to facilitate tax rebate benefits for users through purchases made through the GrabMart app.
Tops Market, Tops Fine Food, Tops Daily, J Gourmet, Lawson, FamilyMart, Betagro Deli, Betagro Shop, OfficeMate, B2S, Boots, Matsumoto Kiyoshi, Beautrium, Oriental Princess, and Karmakamet are among the 15 leading retailers who are part of the scheme, offering a range of over 80,000 product items.
She revealed that Grab is offering exclusive discounts of up to 200 baht for GrabMart shoppers when using the ‘SHOPD’ code on a minimum purchase of 600 baht on GrabMart.
Users interested in the “Shop Dee Mee Kuen 2023” tax rebate scheme via GrabMart can make a purchase between January 23 and February 15, 2023.
Thai vehicle exports in December highest in 45 months
TUESDAY, JANUARY 24, 2023
Thailand exported 111,605 vehicles in December, the highest in 45 consecutive months, the Federation of Thai Industries (FTI) said.
Surapong Paisitpatnapong, FTI deputy chairman, said on Tuesday that the export of fully assembled units in December rose 10.17% from the same month in 2021.
During 2021, Thailand exported 1,000,256 completely built unit (CBU) vehicles, marking a 4.28% increase from the previous year, Surapong added.
He said exports to Asia, Middle East, Africa, Central and South America showed a definite increase. However, he said, exporters were still suffering from a drop in the availability of shipping liners.
He added that 158,606 vehicles were manufactured in December, up 2.75% from the same month in 2021.
Automakers were able to produce more vehicles because the supply of semiconductor parts has picked up.
In 2022, 1,883,515 vehicles were manufactured in Thailand, marking an increase of 11.73% year-on-year, Surapong added.
He said 82,799 vehicles were sold domestically in December, down 9.02% from the same month in 2021.
The FTI believes 1.95 million vehicles will be manufactured this year – 1.05 million for export and 900,000 for local consumption.
Thailand likely to hike key interest rate by 25 basis points tomorrow
TUESDAY, JANUARY 24, 2023
Kasikorn Research Centre (KResearch) on Tuesday expected the Bank of Thailand’s Monetary Policy Committee (MPC) to raise Thailand’s key policy rate by 25 basis points to 1.50 per cent to fight inflation.
The MPC, at its previous meeting on November 30, had voted unanimously to raise the interest rate by 25 basis points to 1.25% to control inflation.
KResearch said the Thai economy is continually recovering from the impact of the pandemic due to China’s earlier-than-expected reopening of its borders, which would help the tourism industry.
However, the economy is still being pressured by inflation, the centre said, adding, headline inflation in December had increased to 5.89% while core inflation is still at the same level as the previous month at 3.23%.
KResearch believed that after the revision in January, the MPC would hike the interest rate by 25 basis points one more time to 1.75% within the first quarter of the year, and maintain the rate until the year-end to control the inflation in 2023 within the target of 1-3%.
KResearch forecast that the MPC could be pressured to raise the interest rate to higher than the estimated 1.75% target if Thailand’s inflation continues to rise for too long, or the US Federal Reserve decides to use aggressive rate hikes.
The centre also predicted a K-shaped recovery for the overall economy in 2023 with uneven growth distribution among different industries. Tourism and service industries will enjoy significant growth, while those related to export sectors will suffer from the recessive global economy and the strengthening of the baht.
Wichan Jitpukdee
Danaidej Ketsuwan
The FTI believes 1.95 million vehicles will be manufactured this year – 1.05 million for export and 900,000 for local consumption.
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