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Thai ‘InsurTech’ firm plans IPO to expand business into Asean countries

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Thai ‘InsurTech’ firm plans IPO to expand business into Asean countries

Thai ‘InsurTech’ firm plans IPO to expand business into Asean countries

MONDAY, JANUARY 09, 2023

A Thai tech firm, whose platform and AI technology have become a game changer for the insurance industry, is confident of winning approval to raise funding from the stock market through an initial public offering soon.

BlueVenture Group Plc (BVG) said on Monday that it has filed an application with the Securities and Exchange Commission (SEC) to issue an IPO of157.50 million shares in the Market for Alternative Investment (MAI).

The BVG management has expressed confidence that the SEC would soon approve its application and it would use the funds raised via the IPO for expanding its business into Asean nations.

Patcharaporn Sanburanurak, managing director of KGI Securities (Thailand) Plc, BVG’s financial adviser, said the SEC has started considering the IPO application of BVG.

The IPO would seek to sell 90 million shares of BVG and 67.50 million shares of its subsidiary company, Patcharaporn revealed.

She said BVG had stated in the application that it would use the funds raised from the IPO to further develop its AI technologies for car and health insurance platforms so that it could expand its business to other Asean nations.

BVG CEO Nawarat Wongthitirat said her company had initiated the use of AI and Big Data technologies to provide a platform and apps for car insurance companies and health insurance firms to manage and streamline services for their clients.

Nawarat said BVG’s platforms and apps have become an industry game-changer for insurance firms, allowing them to service their clients with much more efficiency and allowing them to save time and cost.

Thai ‘InsurTech’ firm plans IPO to expand business into Asean countriesNawarat said the EMCS platform of BVG is now used by 34 out of 39 car insurance companies that operate in Thailand as of last year.

The platform is used to manage 10.7 million out of 11 million non-compulsory car insurance policies, Nawarat added.

The platform is also used to manage about 1.5 insurance claims each year and there are over 3,700 BVG clients using the platform, including insurance firms, service centres, garages, towing firms, spare parts firms and car wreckage auction firms.

Nawarat said BVG’s subsidiary, BlueVenture TPA, has developed and provided a platform and app for health insurance firms.

The health insurance app and platform are now being used by over 500 state and private hospitals and clinics around the country to check the claim rights of some 8.8 insurers, Nawarat added.

With the platforms and apps and more technologies to be developed to cover all types of insurance, the company is upbeat that it will soon become a truly InsurTech firm, the CEO added.

Kerry Express slashing operational costs to cope with economic challenges

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Kerry Express slashing operational costs to cope with economic challenges

Kerry Express slashing operational costs to cope with economic challenges

MONDAY, JANUARY 09, 2023

Nongluck Ajanapanya

Kerry Express (Thailand), an express delivery company, has launched an aggressive cost-cutting programme and is increasing investment in technology to improve operational efficiency.

Alex Ng, CEO of Kerry Express (Thailand), said at a press conference on Friday that its “Lean Programme” follows up on its aggressive pricing strategy in 2022, which put significant competitive pressure on its competitors.

However, as the global recession, high inflation, energy price volatility, and geopolitical tensions intensified, Kerry needed to improve operational efficiencies in many areas. Ng said it was required to create a better appetite for larger market share and scale when the economy shows signs of recovery.

“We decided to launch the Lean Programme in the first week of 2023 as a commitment to internal improvement and returning to be profitable,” he said.

Ng added that Kerry, as a good and responsible market leader, should always look inward to improve its cost efficiency, employee productivity, and creativity.

He explained that the programme would use four main strategies to cut costs from within.

The first step is an aggressive cost-cutting and waste-reduction exercise. Then there’s the management pay cut for top executives. Following that, all departments’ head counts would be frozen until further notice. Finally, non-performing sites and locations would be closed.

Kerry Express slashing operational costs to cope with economic challenges

Aside from cutting internal costs, Kerry is committed to increasing capital investments in machinery, equipment, and systems that help to automate work processes in a variety of areas.

Ng revealed that the first shipment of new equipment would arrive in Bangkok in the first quarter and become operational in the second.

He claimed that the company had gained a lot of technological and industrial know-how from its sister companies, such as SF Holding in China and Kerry Logistics Network in Hong Kong.

“Such investments will bring Kerry’s running costs down immediately and take our operations to another level. SF Express and KLN are giving us a lot of inspiration, especially in technologies and industrial know-how. We will also slowdown the development of non-core businesses so our people could focus on the above initiatives with sharper attention,” Ng said.

The company is still finalising the details of its investment.

While acknowledging that the plans are challenging, he said Kerry believes they are the right steps to help the company achieve a breakthrough in profit recovery and propel Kerry to a new level of success in a short period of time.

Nongluck Ajanapanya

US snack rankings reveal Americans’ growing hunger for Thai flavours

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US snack rankings reveal Americans’ growing hunger for Thai flavours

US snack rankings reveal Americans’ growing hunger for Thai flavours

MONDAY, JANUARY 09, 2023

Thailand’s food manufacturers have been urged to harness Americans’ growing hunger for Thai-flavour snacks.

Thai flavours ranked 6th among international cuisines that American consumers want to taste more of in snacks, according to the 2023 Food and Beverage Flavor Report.

Mexican flavours topped the US most-wanted list, which is published by California-based flavour and fragrance producer T Hasegawa USA. Next came Italian, Chinese, Japanese, Latino and Thai.

The ranking shows strong potential for Thai food manufacturers in the US market, said Thailand’s Department of International Trade Promotion (DITP) office in New York on Monday.

The survey of 2,000 respondents found that the snacks Americans want to see in Thai flavours are baked potato chips (39%) followed by tortilla chips (36%) and fried potato chips (34%) while the most popular Thai flavours are tom yum (sour & spicy soup) and larb (spicy meat salad with toasted ground rice).

“These flavours have been made popular by Thai street foods which are booming in the US,” explained Ketsuree Vijaranakorn, head of the DITP’s New York office.

“Food manufacturers should use this popularity to penetrate the American snack market, which is craving spicy and exotic alternatives.”

US snack rankings reveal Americans’ growing hunger for Thai flavours

The DITP reported that snacks are the fastest growing market in the US food & beverage sector, growing 11.4% to $44.9 billion (1.5 trillion baht) in the last 10 months of 2022.

Crunchy and salty snacks (chips, pretzels, and popcorns) dominated the market with a 59.3% share, followed by cookies (18.6%) and crackers (15.3%).

Ketsuree said the DITP will continue holding promotional events in the US to promote Thai foods, beverages and snacks, including at the Winter Fancy Food fair in Las Vegas from January 15-17, and the Summer Fancy Food Show in New York from June 12-14.

Manufacturers and exporters can reach the department at www.ditp.go.th or its 1169 hotline.

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Thai exports staring at grim prospects in 2023 global economic scenario

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Thai exports staring at grim prospects in 2023 global economic scenario

Thai exports staring at grim prospects in 2023 global economic scenario

MONDAY, JANUARY 09, 2023

Business councils and bankers are predicting a slowdown in growth or even a contraction for Thailand’s exports this year because of the global economic slump and continued geopolitical conflicts.

The grim picture for Thai exports was forecast by the Thai National Shippers’ Council (TNSC), the Thai Chamber of Commerce, and bankers from CIMB Thai Bank, TMBThanachart Bank (TTB) and Krungthai Compass.

During the Covid-19 pandemic, when tourism came to a standstill, exports were the main saviour of Thailand’s economy, with continued growth from 2020 until the third quarter of 2022.

However, signs of a slowdown became visible in October last year when exports contracted 4.4% year on year while the contraction widened to 6% in November.

TNSC chief Chaicharn Charoensuk said export data for December has not been announced yet but the TNSC expected it to be negative because of the impact from the global economic slump.

Chaicharn said the TNSC expected Thai export growth this year to slow slow down to 1-3% because of several factors:

● High inflation rates would prompt the US Federal Reserve and central banks of major economies to use austere financial measures that would cause their economies to slow down, affecting Thai exports.

● The Covid-19 situation in China has not improved and the Chinese government may be prompted to use restrictive measures, which would affect supply chains of Thai exporters, and cause economic slowdown in China, unavoidably affecting Thai exporters.

● Although the Russia-Ukraine war would benefit Thai exporters of foods, it would raise costs for exporters of other products when global oil prices rise.

● The baht has appreciated against the US dollar and its value increased from 38 baht per dollar two months ago to about 33-34 baht. This would cause Thai products to become less competitive.

The TNSC expects Thailand to export goods worth US$49 billion to the United States, while exports to China would be worth US$36.5 billion and US$49 billion to Europe this year.

Chaicharn said the TNSC wants Thai exporters to look for new markets to offset the decline in demand in some markets.

He said the key alternative markets for Thai exporters are:

Middle East: The TNSC sees Saudi Arabia, the United Arab Emirates and Qatar as capable of becoming important alternative markets for Thai exporters. Key export products to these markets could be rice and foods.

South Asia: Thai exporters can seek to export jewellery, accessories, plastic pellets and chemical products to India, Bangladesh and Nepal.

CLMV: Cambodia, Laos, Myanmar and Vietnam could be important alternative markets for Thai exporters with construction materials, electric appliances, plastic pellets, textiles and clothes, sugar, and machines and parts among key products.

Wisit LImluacha, deputy chairman of the Thai Chamber of Commerce, said the chamber expected export growth of 6% last year but only 2% this year.

He said the economic slowdown in some of Thailand’s major markets, especially the United States, Europe and China, would result in slowdown for exports.

The global economic slowdown, the high inflation rate and the sluggish performance of the manufacturing sector in Thailand’s main markets would remain risk factors this year, he added.

Amornthep Chawala, vice president of CIMB Thai, said the research office of his bank expected exports to suffer 1% negative growth this year. He said the prediction was based on the export situation in the last quarter of last year.

Amornthep said the negative growth could be more severe than one per cent if China faced economic sanctions from the US.

He said the reopening of China would benefit Thailand’s exports in the short term but the situation would reverse if China itself cannot export to the US.

“So, we estimate that the negative growth may be more than 1%. We have to wait and see the export data for two months before we can be sure,” Amornthep said.

He said the government should find new markets for Thai exporters and should ink more free trade agreements with other countries or groups.

Narit Sathapoldecha, head of the TTB Analytics centre, said his bank expected Thailand’s exports to grow at or lesser than 1.6% this year.

He said the main risk factor for Thai exporters is China itself. He said China’s economy could slow down because of the impact of the Covid-19 pandemic and Beijing could try to offset the situation by expanding its own exports, which could be at the cost of Thailand’s exports.

Narit explained that China might dump its products in the global markets and make it more difficult for Thai exporters to sell their products.

Pacharapoj Nantramas, vice president of Krungthai Compass, a research arm of Krung Thai Bank, said his bank foresaw export growth this year at 1.2% or lower.

The grim prediction was based on negative growth during the past several months, he added.

Thailand’s Consumer Confidence Index rebounds to pre-Covid level

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Thailand’s Consumer Confidence Index rebounds to pre-Covid level

Thailand’s Consumer Confidence Index rebounds to pre-Covid level

MONDAY, JANUARY 09, 2023

December saw the Consumer Confidence Index (CCI) rise into the confidence zone for the first time since before the Covid-19 outbreak, the Trade Policy and Strategy Office (TPSO) reported on Sunday.

The CCI rose to 50.4 last month from 49.9 points in November, entering the confidence zone (50-100 points) for the first time in 43 months since May 2019.

Driving the improvement were overall economic recovery, rising domestic consumption, and the influx of foreign tourists at year-end, which prompted businesses to expand and hire more staff.

The CCI survey uses data from 6,600 samples in seven occupations across Thailand.

The TPSO also reported that Thailand’s Construction Materials Price Index (CMPI) jumped 5.7% in 2022 and is expected to remain around the same level this year.

Thailand’s Consumer Confidence Index rebounds to pre-Covid level

The price of construction materials rose on the soaring cost of fuel and steel due to the Russia-Ukraine war, the TPSO said. Other factors driving up the index were manufacturers reducing output, rising minimum wages, increasing electricity costs, the weakening baht, and floods in the second half of the year, said TPSO director Poonpong Naiyanapakorn.

December’s index dropped 0.2% from the previous month, reflecting the falling steel price and promotions for sanitaryware, but it was still 3.6% higher than a year earlier.

The TPSO forecast the CMPI this year will be in the same range as 2022, as Thailand’s recovering economy and public and private investment projects trigger high demand for steel and fuel. Also driving up manufacturing costs will be the higher electricity costs and continual rises in the minimum wage and interest rate.

Factors that could dampen the CMPI in 2023 are the threat of another Covid-19 situation in China and the threat of another lockdown, and the end of government measures to boost the real estate sector that will result in declining property sales, the TPSO said.

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BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

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BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

SATURDAY, JANUARY 07, 2023

Wang Jian, Chairman & Co-founder of BGI Group, announces his recent visit to Thailand to speak to General Prayut Chan-o-cha, Prime Minister and Minister of Defense of Thailand, and discuss medical genomics and the development of life sciences with the public sector and other organizations.

Wang Jian expressed the hope to seek cooperation between government organizations and partners in Thailand to establish the “International Innovation Center for Life Science” in Thailand in the future, positioning Thailand as a regional hub for medical genomics, and a center for treating thalassemia, and actively preparing to provide relevant services available to the Thai public. 

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

Additionally, Wang Jian met with Anutin Charnvirakul, Deputy Prime Minister and Minister of Public Health, and Sathit Pitutecha, Deputy Minister of Public Health to discuss the expansion of cooperation with the public health system and further development of life sciences in Thailand.

“We truly believe that the creation of the “International Innovation Center for Life Science” will be finally achieved, because Thailand has many internationally recognized medical teams and a high level of medical advancement and standards,” he said. “Additionally, Thailand has national policies that support development in the field of genomics. As a result, we are confident that both parties will expand their collaboration in a variety of ways, such as expertise, education, and personnel training and exchange with the assistance of related organizations.” 

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

“As the old saying goes, ‘Teaching people how to fish is more effective than giving a fish to them.’ This cooperation will enable the younger generations to keep pace with the development of cutting-edge technologies and enable the world’s leading modern technologies to serve Thailand and benefit the Thai public,” he added.

Wang Jian stated that BGI and Chalermchai Sri-on, Minister of Agriculture and Cooperatives, has discussed further cooperation around development, innovation and research. BGI has achieved success cases in many areas of China, and developed the rice technology to grow rice that can be sowed once and harvested multiple times over three to five years. This perennial rice features the reduction of the cost on seeds, fertilizer and water. Energy consumption such as labor force and other resource requirements will be reduced, resulting in a decrease in carbon emissions and global warming. Both parties will further make discussion in terms of this study.

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

“Over the past twenty years, I have held onto the ideal and the belief that Omics for all and related technologies will benefit mankind. BGI has its own unique strategic thinking in scientific development, technological innovation and industrial development. Additionally, we actively encourage innovation in talent and technology, and reduce industrial costs by way of large-scale development, thus reducing the incidence of diseases, and making everyone enjoy a healthy life. BGI plans to cooperate with government organizations and partners in Thailand to conduct preventive screening for genetic diseases and realize the prevention and control of cancer with genetic technology. Besides, we offer assistance in having control over infectious diseases around the world, and achieving the purpose of benefiting mankind in an in-depth way,” he said.

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

BGI, headquartered in Shenzhen, People’s Republic of China, established in 1999, is committed to taking part in the Human Genome Project. It has over 10,000 employees in 100 countries and regions worldwide. It has published more than 4,000 research papers, more than 400 of which appear in leading scientific journals, such as Nature, Science, Cell, and New England Journal of Medicine. Moreover, it obtained more than 1,700 patents. BGI Genomics, a subsidiary of BGI, has been listed on the Shenzhen Stock Exchange. MGI Tech Co., Ltd., a subsidiary of BGI, has been listed on the Shanghai Stock Exchange in 2022. According to 2022 Nature Index, BGI ranks eighth globally and first among life science industrial institutions in the Asia-Pacific region.

BGI Group to co-develop “International Innovation Center for Life Science” with Thai government

To combat the pandemic that has raged around the world in recent years, BGI performs pathogen genome sequencing and has successfully developed a diagnostic kit for the SARS-CoV-2 virus, which has been recognized internationally and approved for its use worldwide. In addition, BGI sequenced and successfully developed a diagnostic kit for both SARS virus and avian influenza in 2000 and 2004, respectively.

Tourism, wellness, and green businesses to drive Thai economy this year

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Tourism, wellness, and green businesses to drive Thai economy this year

Tourism, wellness, and green businesses to drive Thai economy this year

FRIDAY, JANUARY 06, 2023

Tourism, wellness, and green businesses will be the major growth drivers for the Thai economy this year, Deputy Commerce Minister Sinit Lertkrai said on Friday.

The three sectors have a bright outlook for 2023 due to their performance last year, growth prospects, the current business environment, and economic trends, Sinit said, citing a forecast by the Department of Business Development.

Although the Covid-19 pandemic will continue to create an economic crisis globally, it creates opportunities for new businesses, Sinit said, adding: “Entrepreneurs need to adapt swiftly and carefully study business trends.”

Registration of new wellness and lifestyle businesses increased sharply last year from 2021, Sinit said.

Citing January to November data from the Department of Business Development, he said 1,262 new businesses related to health, beauty, spas and fitness were registered in 2022, up 70% from 2021. Combined, their registered capital totals 2.7 billion baht.

Tourism, wellness, and green businesses to drive Thai economy this year

New tourism-related businesses also surged last year from a year earlier: 4,852 new businesses registered in the sector – an 82% increase from 2021. Their combined registered capital totalled 11 billion baht.

Last year also saw 133 new green businesses launched, up 51% from 2021. Their combined registered capital totalled 405 million baht.

Another 62 new businesses that manufacture electric vehicles, batteries and accessories were registered last year, with combined registered capital of 5.9 billion baht. That was an increase in new businesses in the sector of 55% from 2021.

Using broader definitions of the three categories – including meetings, incentives, conferences and exhibitions in tourism, frozen health foods and herbal remedies in wellness, and environmental management in green businesses, for example – causes the sectors’ economic power to surge. 

According to the Department of Business Development, 94,035 new tourism, wellness and green businesses were registered by the end of last year under the sectors’ broader definition. Their combined registered capital totalled 1.3 trillion baht, according to data from the department.

Commitment to consumer well-being, sustainability vital to Osotspa’s success: CEO

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Commitment to consumer well-being, sustainability vital to Osotspa’s success: CEO

Commitment to consumer well-being, sustainability vital to Osotspa’s success: CEO

FRIDAY, JANUARY 06, 2023

The CEO of multiple award-winning consumer goods maker Osotspa says the recipe for the company’s success has three key ingredients: an unparalleled commitment to the well-being of consumers and outstanding products

“And don’t forget sustainability,” Osotspa CEO Wannipa Bhakdibutr added, explaining that it was at the core of the company’s business model and had positive economic, social and environmental impacts.

She said the company’s employees were proud that Osotspa was awarded the Thailand Corporate Excellence Award 2022 for marketing excellence by the Thailand Management Association (TMA), in concert with Chulalongkorn University’s Sasin School of Management.

Two of its flagship products – M-150 and C-VITT – were selected as The Most Powerful Brands of Thailand 2022 for the energy and functional drink categories, respectively, Wannipa said.

Osotspa was also honoured in the Thailand Digital Transformation Award 2022’s Operation Transform Thailand category for its ability to adapt to technology. Moreover, it received the bronze prize in Genba Kaizen Award 2022 for effectively applying the Kaizen principles in management and production, Wannipa added.

She said the company was proud to have been selected as one of the Best Companies to Work for in Asia for two consecutive years, explaining that Osotspa promotes hybrid and flexible working, providing employees with flexible working hours and allowing them to design their workplaces.

“Ensuring a good working environment enhances life and makes good business sense,” Wannipa said.

Since Osotspa prioritises the environment, social and governance framework within its busines model, the company was included in the Thailand Sustainability Investment list last year, while the Institute of Directors Corporate Governance Report of Thai Listed Companies named Osotspa an excellent firm in 2022.

The company was also awarded Asean Asset Class PLCs in the 2021 Asean Corporate Governance Scorecard, Wannipa noted.

Osotspa’s commitment to reducing harmful environmental impacts, and enhancing the quality of life of its employees and communities, has made it a role model. This extends to its support for people with disabilities. Both the Security and Exchange Commission and the Social Development and Human Security Ministry have praised the company.

The awards are a sign that the company has been tenacious in developing successful new products while improving the quality of life, Wannipa explained.

Marriott Bonvoy Moments offers exclusive opportunities for Manchester United fanatics to create remarkable memories with the team

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Marriott Bonvoy Moments offers exclusive opportunities for Manchester United fanatics to create remarkable memories with the team

Marriott Bonvoy Moments offers exclusive opportunities for Manchester United fanatics to create remarkable memories with the team

FRIDAY, JANUARY 06, 2023

Once-in-a-lifetime packages will grant members behind-the-scenes access to Manchester United for the remainder of the 2022-2023 season, made possible only through Marriott Bonvoy and Marriott hotels.

Marriott Bonvoy, the award-winning travel program from Marriott International, has announced it is offering Marriott Bonvoy members multiple opportunities to experience unforgettable moments with Manchester United. Launching today, together with Marriott Hotels, members can bid on opportunities for exclusive access including an overnight stay in Old Trafford Stadium, access to visit the pitch, and a chance to travel to Barcelona with the team, all through the Marriott Bonvoy Moments platform for the remainder of the 2022-2023 season.

“Our members travel to create unforgettable memories and it’s why we are thrilled to again offer incredible Marriott Bonvoy Moments experiences with Manchester United for our members who are diehard fans,” said Jackie McAllister, Vice President, Marriott Bonvoy Brand & Moments Marketing. “With Marriott Bonvoy Moments, we give members extraordinary access to pursue their passions in life and enjoy their experiences with family and friends included.”

Marriott Bonvoy Moments offers exclusive opportunities for Manchester United fanatics to create remarkable memories with the team

In its fourth year teaming up with Manchester United, Marriott Bonvoy members can bid points on these once-in-a-lifetime Moments, including: 

•    Marriott Hotels Suite of Dreams (1x package available starting January 4): The ultimate unique experience for any Manchester United fan. A lucky member will have the opportunity to stay overnight at Old Trafford Stadium and experience a private tour of the stadium, dine with a Manchester United Legend, and access premier seats in the Marriott Hotels M Club suite to watch the game.

•    Manchester United Ultimate European Away Trip (1x package available starting January 4): Members will travel with Manchester United to watch the First Team play in Barcelona. Members will travel as part of the official Club traveling party and experience matchday hospitality along with a hotel stay.

•    Manchester Matchday Experience (1x package available starting January 4): With the Manchester Matchday experience, members will watch Manchester United play Leicester City from the bespoke Marriott Bonvoy Seat of Dreams with a Manchester United Legend for the duration of the match. Members will enjoy VIP matchday hospitality complete with complimentary food and beverages and a Q&A with a Manchester United Legend. They’ll also have access to a complimentary dinner at Rosso restaurant and a one-night hotel stay at Manchester Marriott Victoria & Albert Hotel.

•    Marriott Hotels M Club Suite and Ambassadors’ Lounge Hosting (multiple packages available starting January 4): Members will have access to the Marriott Hotels M Club suite – the brand’s hospitality suite – and Ambassadors’ Lounge at Old Trafford Stadium filled with complimentary food and beverages. Members will also meet with Manchester United Legends while overlooking the pitch from prime viewing seats.

•    Pitchside Experience (7x packages available starting January 24): Alongside the First Team warm-up, members will visit the pitch, receive a professional photo capturing their excitement as well as exclusive access to the hospitality at Marriott Hotels M Club suite. 

•    Mascot Experience (1x package available starting February 27): Members can bid on a memory-making opportunity for their child to be a team mascot walking hand-in-hand with one of the First Team players onto the Old Trafford pitch. Members, their guests and family will also receive hospitality tickets in the Marriott Hotels M Club suite and a one-night stay at Manchester Marriott Victoria & Albert Hotel.

•    Play on the Pitch (multiple packages available starting mid-April): Members have the chance to play in a football match at Old Trafford Stadium coached by Manchester United Legends.

To bid on these experiences and many more, please visit Marriott Bonvoy Moments.

Baht weakens against dollar on Friday but experts see upswing ahead

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Baht weakens against dollar on Friday but experts see upswing ahead

Baht weakens against dollar on Friday but experts see upswing ahead

FRIDAY, JANUARY 06, 2023

The baht opened at 34.03 to the US dollar on Friday, weakening from Thursday’s close of 33.87.

The currency will likely move between 33.90 and 34.20 against the greenback during the day and between 34.00 and 34.25 in the short term, Krungthai market strategist Poon Panichpibool said.

He said the baht weakened due to the strengthening dollar and falling gold price. He added that the Thai currency could face further pressure from positive US economic data such as non-farm payrolls, wage growth and the Purchasing Managers’ Index.

However, he did not expect the baht to weaken further as exporters are waiting to sell dollars. Also, foreign investors expect the baht may strengthen.

Poon said the baht could rise to 33.50 to the dollar on the return of Chinese tourists and gold sales.

He also advised investors to use strategies to prevent risk from currency exchange volatility.

Kobsit Silpachai, Kasikornbank’s head of capital market research, expects the baht to strengthen in the first quarter as tourism recovers before weakening in the second quarter due to dividend payments and foreign fund outflows.

Koraphat Vorachet, director of investment research and investor services at Capital Nomura Securities, said stocks in airlines, power plants and industrial estates would benefit from the strengthening baht as a large proportion of their debt is in foreign currency.

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