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Markets wrap: Stocks drop as inflation angst curbs risk appetite #SootinClaimon.Com

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https://www.nationthailand.com/business/40008954

Stocks fell on concern that inflation could pose a challenge to the global economic rebound, forcing central banks to raise interest rates sooner than expected. Treasuries rose.

Traders took some risk off the table as data showed new U.S. home construction slowed down – suggesting builders are struggling to break ground on projects amid high materials prices and ongoing labor shortages. Target Corp. sank after warning that cost pressures are creeping up, stoking fears that inflation will dent profits at retailers. The technology-heavy Nasdaq 100 outperformed major benchmarks, led by a rally in giants Apple and Tesla.

“While we remain structurally bullish on stocks, we do anticipate a push-and-pull of market dynamics into year-end given inflation concerns, supply-chain pressures, labor shortages, and fiscal uncertainty,” said Andrea Bevis, senior vice president at UBS Private Wealth Management.

Markets could face a rocky time ahead as the economy seeks to emerge from the abrupt impact of the pandemic, according to Goldman Sachs Group Chief Executive Officer David Solomon. In case rates move up, that “will take some of the exuberance out of certain markets,” he said in an interview at the Bloomberg New Economy Forum in Singapore.

Inflation is “clearly not as transitory as some might have hoped, but we’re not at the point yet where we could definitively say that it’s ingrained or persistent,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management.

The worst quarter for the S&P 500 since the start of the pandemic appears to have driven away some do-it-yourself investors. The retail trading surge that began with lockdowns has now abated, as total equity volume from individual investors fell to 19% in the third quarter, down from 24% at the start of this year, according to Securities and Exchange Commission and market data compiled by Bloomberg Intelligence.

Some other corporate highlights:

– Amazon is considering shifting its popular co-brand credit card to Mastercard amid simmering tensions with Visa – a feud that already prompted the retailer to ban the payment giant’s cards in the U.K.

– Chobani filed for an initial public offering, disclosing steady growth as the company continues to build on sales of its namesake yogurt brand.

– American Airlines Group expects travel to rebound to pre-pandemic levels in 2022, said Chief Executive Officer Doug Parker.

Home-improvement giant Lowe’s raised its sales forecast for this year. TJX Cos. climbed after the off-price retailer’s results topped estimates.

Elsewhere, oil tumbled as investors considered the prospect of a release of crude supplies from strategic reserves.

Stocks

– The S&P 500 fell 0.3% as of 4 p.m. New York time

– The Nasdaq 100 was little changed

– The Dow Jones Industrial Average fell 0.6%

– The MSCI World index fell 0.3%

Currencies

– The Bloomberg Dollar Spot Index fell 0.2%

– The euro was little changed at $1.1322

– The British pound rose 0.5% to $1.3492

– The Japanese yen rose 0.6% to 114.12 per dollar

Bonds

– The yield on 10-year Treasuries declined five basis points to 1.59%

– Germany’s 10-year yield was little changed at -0.25%

– Britain’s 10-year yield declined three basis points to 0.96%

Commodities

– West Texas Intermediate crude fell 2.9% to $78.40 a barrel

– Gold futures rose 0.8% to $1,868.80 an ounce

Published : November 18, 2021

By : Bloomberg

Arabica coffee prices are the highest in almost a decade #SootinClaimon.Com

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Arabica coffee prices soared Wednesday, approaching the highest in almost a decade on increasing signs of shortages in top producers Brazil and Colombia.

Prices for the high-end beans delivered in March climbed 4.6% to $2.3475 a pound in New York, the highest settlement for a most-active contract since January 2012. That’s nearly double from a year ago. The beans that are ubiquitous in cafe chains like Starbucks and Peet’s Coffee & Tea are adding to the inflationary pressure across many sectors of the economy.

“The supply-chain stress is at unprecedented levels. We have never faced so many adverse factors at the same time,” said Judy Ganes, the president of J. Ganes Consulting. “This is quickly turning into a crisis.”

Brazilian areas that saw output plunge this year hurt by drought and frosts are expected to have subpar yields also in 2022, and the country doesn’t have enough buffer inventory to make up the difference, Ganes said. Prices could soon reach $2.70 to $2.80 a pound, she said.

Local arabica prices in Brazil and Colombia are at fresh record highs. There are increased concerns of more contract defaults in both countries from farmers that had sold the beans at much lower levels in forward deals.

About 3.5 million bags of coffee – more than 400 million pounds – are sitting in Brazilian warehouses, according to Anike Ejlers Wolthers, founder of Red Container Coffee, a broker based in Santos, the country’s main export hub. Shipments are taking as long as 100 days when the normal is 30, she said.

Gains on Wednesday were fueled by short covering tied to the soon-to-expire December contract, traders said.

India is also facing yield erosion from too much rain. Meanwhile, Ethiopia’s civil war has spared exports so far, yet any adverse developments for Africa’s largest arabica grower could tighten the pipeline further.

Elevated freight and fertilizer costs are compounding the industry’s supply head winds, and La Nina weather condition could bring erratic weather to South America in the coming months.

Companies are feeling it.

Israel-based Strauss Group, one of the biggest roasters in Europe, said this week higher raw material materials, notably coffee and milk, are eroding margins. The company has raised prices in Brazil, and also in Ukraine, Romania, Serbia and Poland.

Brazilian exporters have been unable to ship millions of bags of coffee in recent months because of port bottlenecks. Vietnam, the biggest producer of robusta, has had problems with supply chain disruptions and soaring Asian freight routes.

“In Brazil, there’s a lot of stress on the trees and input costs for fertilizer are rising, so you’re not going to get farmers suddenly turning on the taps and producing much more coffee,” Geordie Wilkes, head of research at broker Sucden Financial in London, said by phone. “Even if you get a better arabica crop next year, you’re looking at a balanced market at best.”

In other soft commodities, cotton for March delivery advanced 1.6% to $1.1692 a pound, the highest close since July 2011, on shrinking supply.

There’s speculation that India is considering to restrict cotton exports in a bid to bring high prices down for the fiber and yarn, said Peter Egli at Plexus Cotton. That would prompt buyers to seek supplies in other countries such as the U.S. and Brazil.

Published : November 18, 2021

By : Bloomberg

A group of crypto investors is trying to buy an original copy of the U.S. Constitution #SootinClaimon.Com

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https://www.nationthailand.com/business/40008952

Cryptocurrency investors are pooling millions of dollars worth of digital tokens in an effort to buy a rare first printing of the U.S. Constitution.

The group, calling itself ConstitutionDAO, says it has raised more than $23 million, or about 5,599 Ether, as of Wednesday afternoon, surpassing the $20 million goal it originally set for itself. (Ether, a digital currency produced by the Ethereum network, is the second-largest cryptocurrency by market capitalization after bitcoin.)

Sotheby’s, which is auctioning the document on Thursday, has valued it between $15 million and $20 million, though it could go for more. The artifact is one of 13 copies of the founding document that survived from a series of about 500 printed for Constitutional Convention delegates to consider in Philadelphia in 1787, according to the auction house.

The crypto investors say they want to put the document, the last privately owned copy, on public display and are seeking a partner who can do so.

“The eventual home must have the expertise to properly house, store, and maintain the artifact,” the group writes on its website. “Additionally, the community has expressed strong preferences for institutions that are free to the public and willing to cover the costs associated with housing the document.”

The group is organized as a “decentralized autonomous organization,” a self-governance structure pioneered by crypto users to pursue a project and allow participants to vote on major decisions. “It’s fitting that we use this technology to honor and protect the greatest historical tool for human governance: the U.S. Constitution,” the group writes.

The founding core of the collective comprises a number of tech entrepreneurs, including the chief technology officer of a crypto-based publishing platform; the founder of a cabin community for online creators outside Austin; and a partner at a crypto-focused venture capital fund.

In social media posts, several core contributors noted growing support for the project, including a Tweet by singer Grimes.

The group notes that if the bid is successful, donors won’t own a fractional share of the document. Rather, they will receive a “governance token” that will give them the ability to advise on where and how the document is displayed.

A Sotheby’s spokeswoman did not respond to a request for comment by publication.

Published : November 18, 2021

By : The Washington Post

SET advances on positive ECB signals, US-China trade talks #SootinClaimon.Com

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The Stock Exchange of Thailand (SET) Index closed at 1,644.60 on Wednesday, up 0.59 points or 0.04 per cent. Transactions totalled 83.42 billion baht with an index high of 1,651.51 and a low of 1,642.36.

In the morning session, Krungsri Securities forecast the SET Index on Wednesday would fluctuate between 1,635-1,655 points.

It said the index gained positive sentiment from the European Central Bank signalling it would not raise the interest rate next year, believing that rising inflation is short term impact due to the energy crisis.

It added that a smoothly US-China trade meeting would also help boost the index.

“However, Thai stocks would be under pressure due to falling oil price below US$80 per barrel, especially shares related to energy,” Krungsri Securities said.

The 10 stocks with the highest trade value today were TRUE, KBANK, SAWAD, JMT, SCGP, SCB, PTT, BAM, TTB and AOT.

Other Asian indices were mixed:

  • Japan’s Nikkei Index closed at 29,688.33, down 119.79 points or 0.40 per cent.
  • China’s Shanghai SE Composite closed at 3,537.37, up 15.58 points or 0.44 per cent, while the Shenzhen SE Component closed at 14,711.18, up 97.21 points or 0.67 per cent.
  • Hong Kong’s Hang Seng Index closed at 25,650.08, down 63.70 points or 0.25 per cent.
  • South Korea’s KOSPI Index closed at 2,962.42, down 34.79 points or 1.16 per cent.
  • Taiwan’s TAIEX Index closed at 17,764.04, up 70.91 points or 0.40 per cent.

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Published : November 17, 2021

By : THE NATION

3Q revenue boosts BGRIMs 9-mth earnings to B2.23bn On course to raise power delivery, add capacity, expand renewable investment #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008890

B.Grimm Power PCL (BGRIM), Thailand’s leading industrial power producer, increased its normalised net profit attributable to the parent company by 6% in the first nine months of this year to 2,228 million baht.

B.Grimm Power PCL (BGRIM), Thailand’s leading industrial power producer, increased its normalised net profit attributable to the parent company by 6% in the first nine months of this year to 2,228 million baht.

The higher earnings in January-September resulted from a 21% rise in its power sale volumes to industrial clients, a 16.9% reduction in the sales and administrative expenses, and the expanded production capacity, said Dr Harald Link, Chairman and President of BGRIM. It is noteworthy that actual power sale volumes in the period exceeded the 10-15% growth projections set earlier.

For the third quarter, BGRIM’s 2021, BGRIM’s revenues from sales and services edged up by 4.7% over the same period last year to 11,714 million baht. This was driven by a 17.1% growth in the electricity sales to industrial customers in the country to peak at 844 gigawatt-hours.

The rise in power deliveries came upon strong demand from key industrial customers and new buyers who have committed to purchase 33.5 MW from BGRIM. The company has targeted not less than 40 MW in power supplies to new clientele this year and more than 50 MW in 2022.

However, third-quarter normalised net profit attributable to the parent firm dropped 23.4% from the same period last year to 571 million baht. This was due primarily to the 14% increase in natural gas prices to 268 baht per million British Thermal Unit (BTU) and the planned maintenance shutdowns of its three industrial power plants (SPP).

Dr Link noted that the majority of BGRIM’s revenues, at 75%, would not be affected by rising natural gas prices, a development that has been anticipated. But BGRIM has devised strategies to cope with the matter by means of acquiring more projects to realise profits immediately next year. Various cost control plans will be executed to save at least 100 million baht in expenses in 2022.

Meanwhile, the five replacement co-generation plants are scheduled to come on stream in the second half of 2022 with greater fuel efficiency that can reduce the consumption of natural gas per unit of generation by 15%. BGRIM also has the flexibility in managing future gas costs when its plan to import liquefied natural gas (LNG) is realised.

Dr Link said BGRIM is expanding its footprint in renewable energy to meet its vision of Empowering the World Compassionately to create values for the society and grow alongside Thailand and the region. BGRIM is striving to achieve net zero carbon emissions by 2050 through the expansion of its renewal energy portfolio to include the recently-announced ventures of that nature in Malaysia and Poland.

Throughout this year, BGRIM obtained various national awards which reinforce its mission. Lately, it received a score of 94% for the Survey and Monitoring Project on Corporate Governance of Listed Companies in Thailand (CGR) conducted by the Thai Institute of Directors Association (IOD) with an excellent (5-star) rating for the second year in a row. The rating mirrors the company’s commitment to conduct its business with environmental and social responsibility as well as adherence to good corporate governance.

BGRIM aims to secure at least 7,200 MW in outstanding power sale contracts by 2025, up from 3,058 MW at the end of 2020, and further to 10,000 MW by 2030 with a revenue target of 100 billion baht per year.

Published : November 16, 2021

B.GRIMM Power expands its renewable energy Portfolio #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008888

B.GRIMM Power expands it’s renewable energy Portfolio — To acquire a significant stake in fast growing renewable energy company, Renikola, Malaysia.

B.Grimm Power Malaysia Sdn. Bhd., (“B.Grimm Malaysia”) which is a 100% owned subsidiary of B.Grimm Power Public Company Limited (“B.Grimm Power”), has entered into the agreements to indirectly purchase 40.6% in Pimpinan Ehsan Berhad (PEB) via a direct subscription to 45% shares in reNIKOLA Holdings Sdn. Bhd., a fast-growing pure play renewable energy company based in Malaysia with target to increase renewable portfolio to above 1 GW from current pipeline of more than 500 MW.

Currently reNIKOLA has 88 MW of solar plants in operations and term sheet signed for acquiring another 90MW of solar plants in the near future. Additionally, reNIKOLA also has various MOUs signed with major corporations in Malaysia, to develop a 375MW solar plant under the nascent Third Party Contract (Corporate PPA) framework. reNIKOLA, also has an identified pipeline of prospective solar and small hydro projects which it is pursuing actively.

The promoters and management of reNIKOLA have a strong track record in the recent past of being on the forefront of renewable projects in Malaysia, with some of the firsts being: The first project to reach commercial operation date (COD) under the Large Scale Solar (LSS) bidding system in Malaysia; and the first renewable company in Malaysia to get the approval of Ministry of Energy, Science & Technology for a solar plant under the TPC/”Corporate PPA” scheme.

At the virtual signing ceremony, President of B.Grimm Power Dr. Harald Link said: “We share same values as reNIKOLA, which is to provide clean, reliable and affordable electricity. As such, we see it as the ideal vehicle for us to venture into the energy sector in Malaysia. The country offers many opportunities, particularly in the renewable energy segment. We have plans to develop renewable energy power plants in Malaysia and through this acquisition, we can fast-track our expansion plans in the country and build a sizeable renewable energy asset portfolio together. We are thrilled with all the possibilities and look forward to turning the opportunities into reality expeditiously.”

Chairman of reNIKOLA Tengku Zaiton added: “The participation of B.Grimm Power, which is a respectable world-class energy company, as the significant shareholder of reNIKOLA Holdings validates the direction we are taking, focusing on pure play long term renewable energy or renewable energy assets. We are excited with the huge potential it brings when both parties combine our strengths. We can leverage on B.Grimm Power’s strong expertise and technical know-how in the renewable energy sector. Coupled with the RM367 million cash injection from B.Grimm, we have a strong war chest to seize the tremendous growth opportunities in the renewable energy sector.”

Chairman of PEB Jonathan Law Ngee Song, said: “We have set a clear goal, that is to transform PEB into a leading pure play renewable energy company in the region. We want to build the largest renewable energy asset portfolio in Malaysia. With B.Grimm Power as a significant shareholder in PEB [upon completion of the Proposed Acquisition], we are confident we are on the accelerated path to achieve our goal, and it certainly serves as a booster to our standing and credibility as well. With the support of B.Grimm Power, PEB through reNIKOLA Holdings can play a key role in helping to achieve this target. Moreover, we believe our efforts on the Environmental, Social and Governance or ESG aspect can be further enhanced by the input from B.Grimm Power given its excellent reputation and established track record in this area. All in all, it is interesting times ahead as we embark on the next phase of our corporate journey.”

B.Grimm Power’s Commitment to Net Zero by 2050

This is yet another step by B.Grimm Power towards reaching the goal of Net Zero Carbon emissions by 2050.

Coincidentally Malaysia has also announced its target to reach Net Zero by 2050. It aims to reduce the intensity of greenhouse gas or GHG emission across the economy by 45% based on the GDP by 2030, which is 10% higher than the earlier target.

Currently B.Grimm Power has 737 MW of renewable power plants in operations, consisting of solar projects in Thailand, Vietnam and Cambodia, wind projects and waste-to-energy in Thailand and hydro power projects in Laos. The company also operates a number of solar rooftop projects in Thailand and the Philippines. Additionally, B.Grimm Power currently developing several renewable projects with a total of capacity of 126 MW, including wind project in Poland, hydro power projects in Laos and solar hybrid project in Thailand. The company aims to ramp up its total installed capacity from 3,058 MW at the end of 2020 to at least 7,200 MW of secured PPA by 2025, and to 10,000 MW by 2030 with a targeted annual revenue of more than 100 billion baht.

Published : November 16, 2021

PTG Energy reports 20.8% growth in Q3 #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008887

PTG Energy has announced a 20.8 per cent growth in the third quarter and expects further expansion in the fourth quarter thanks to the easing of restrictions and reopening of the country.

PTG Energy has announced a 20.8 per cent growth in the third quarter and expects further expansion in the fourth quarter thanks to the easing of restrictions and reopening of the country.

Pitak Ratchakitprakarn, PTG president and CEO, said the company’s third-quarter revenue stood at 30.59 billion baht, up 20.8 per cent year on year. This resulted in a 65 million baht net profit from the oil business, the value of which has dropped 87.4 per cent or 448 million baht due to the Covid-19 pandemic.

Revenue from the company’s retail and servicing sectors rose by 20.8 per cent year on year due to the 34.5 per cent rise in retail oil price per litre, while revenue from non-oil business grew by 19.3 per cent or 1.413 billion baht year on year from liquefied petroleum gas (LPG) business and “Phan Thai Coffee” food and beverage business.

However, he said, earnings from the sale of oil dropped by 10.3 per cent or 1.106 billion litres year on year as the demand for oil nationwide has dropped by 20.1 per cent due to the prolonged Covid-19 pandemic and flood crisis.

“In comparison, sales and management costs have risen by 11.3 per cent year on year as more petrol stations and non-oil business branches have been set up,” he said. “However, the company has made 4.2 per cent more profit from joint ventures, especially the palm complex project.”

PTG Energy reports 20.8% growth in Q3PTG Energy reports 20.8% growth in Q3

Pitak said the company is prepared to deal with fluctuations in both oil and non-oil businesses and has adjusted its investment strategy for 2021 in line with the country’s reopening plans.

He added that the company also boosted its liquidity to preserve financial stability in case there is a new wave of Covid-19.

“The company’s earnings before interest, taxes, depreciation and amortisation [EBITDA] is expected to drop to between 0 per cent and a contracted 5 per cent in response to a 1 to 4 per cent growth in the sale of oil and 70 per cent contraction from LPG sales amid uncertain circumstances,” he said.

“However, we expect the Covid-19 situation to be a short-term challenge and expect the situation to return to normal soon.”

Published : November 16, 2021

GC Rated Number One for Three Consecutive Years in the World in the DJSI Chemicals Sector, As It Transitions into Net Zero Organization #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008879

GC the first petrochemical company in Thailand to achieve honor for three consecutive years

Dr. Kongkrapan Intarajang, Chief Executive Officer of PTT Global Chemical Public Company Limited (“GC”), confirmed GC has been recently rated number one in the world for sustainability in the 2021 Dow Jones Sustainability Indices (DJSI) chemicals sector for the third consecutive year – the first Thai petrochemical company to achieve this for three years, driven by combining environmentally friendly innovations with advanced technologies. The ranking reflects GC’s commitment to applying an integrated and sustainable business approach through environment, social and governance & economic factors (ESG).

GC is focused on maximizing efficiency across all assets – guided by digitalization and the ‘5Rs’ principle to Reduce unnecessary or repetitive processes or uses; Reuse solutions to prolong service life; Recycle to utilize them more; Reject substances that are not environmentally friendly and leverage Renewable resources to optimize processes and reduce energy consumption.

The company successfully outperforms its benchmarks by utilizing existing and adopting new low carbon technologies, as well as increasing the use of low carbon processes, to overcome current technological limitations. Moreover, GC recognizes that climate change is one of the most significant issues globally and has set a clear roadmap with increased medium-term targets to reduce greenhouse gases by 20 percent within 2030 on the journey to achieving Net Zero by 2050 in line with the Paris Agreement.

GC consistently adheres to social sustainability principles, whether during normal periods or times of crises. This was particularly evident during COVID-19, where GC maintained its social contributions at the grassroots, provincial, and national levels, applying circular economy principles and expertise to deliver innovative, safe, and environmentally friendly solutions to patients and medical personnel during the pandemic.

This included expanded collaboration with partners to produce medical equipment as part of its “Millions Support… Ensuring A Safe Space for All” project, providing personal protective equipment (PPE) under the Greater Care by GC brand and resulting in the donation of waterproof PE gowns made of high-quality polyethylene (PE) plastic resins, coveralls made from 100% recycled PET (rPET) – that can be reused for up to 20 times, and HDPE field beds  that could be reused and ultimately recycled.

GC remains committed to sustainable business processes underpinned by good corporate governance and transparent economic management. Further, GC plays an important role in driving the BCG (Bio-Circular-Green) economic model in line with the government’s policy for Thailand’s economic future.

The Dow Jones Sustainability Indices (DJSI) was jointly established by S&P Dow Jones Indices serving as an index to evaluate the expertise in sustainable development of leading globally listed companies ensuring that they have operated by focusing on society and the environment under good corporate governance while delivering returns and value to investors and stakeholders.

Published : November 16, 2021

Singha Estate reveals Q3/2021 performance with 2,127-million-baht revenue #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008841

Singha Estate reveals Q3/2021 performance with 2,127-million-baht revenue, increased 20% from last year backed by the performance of United Kingdom hotel portfolio. Announces successfully Sold Out of Santiburi the Residences, the Ultra-luxury Housing Segment.

Singha Estate Public Company Limited reported its total revenue of 2,127 million baht in Q3/2021, a 20% increase from the same period last year. Our financial performance continued to show strong improvement for the third consecutive quarter, affirming the business recovery. The total revenue composed of revenue from residential development of 436 million baht, revenue from commercial business of 238 million baht and revenue from hospitality business or 1,422 million baht and revenue from other businesses of 31 million baht.

Effective cost management, 44% cut selling expense in particular, coupled with share of the gain from handing over units at The ESSE Sukhumvit 36. Singha Estate, therefore, report positive EBITDA at 351 million baht, or 16% improvement from the same period last year.

Singha Estate reveals Q3/2021 performance with 2,127-million-baht revenueSingha Estate reveals Q3/2021 performance with 2,127-million-baht revenue

Despite the deconsolidating NVD from Singha Estate’s consolidated financial statement since the beginning of 2021, total revenue increased 20% thanks to the strong performance of hospitality business. In said quarter, the revenue form hospitality business stood at 1,410 million baht, improved drastically by more than 1000% form Q3/2020. This was mainly represented the revenue recognition of UK hotels portfolio after becoming the single shareholder. The decision to allocate portfolio and expand business in a new source of revenue has emphasized the Company’s success direction to capture the potential business which has a faster recovery.

For Q3/2021 is a very good quarter of UK Portfolio, benefited significantly from the lifting all the COVID-19 measures and entering into high season. As a results, the Revenue Per Available Room (RevPAR) during the Q3/2021 has reached 95% of RevPAR during the same period in pre-COVID-19 levels, brought up the performance of UK portfolio breaks the bottom line in third quarter. Aforementioned factors definitely push the overall hospitality performance, despite the gradual recovery of tourism industry in Thailand, Mauritius and Fiji.

Mrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate PlcMrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Plc

Mrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Plc, or “S”, revealed that the robust contribution of UK Portfolio performance is the starting point to confirm the strength of the tourism industry, particularly in leisure segment. We are confident that the positive momentum in hospitality business has continued towards Q4/2021 and the beginning of next year, reinforced by performance of CROSSROADS Project in Maldives. We expected REVPAR of CROSSROADS in the fourth quarter this year to reach Pre-COVID19 levels and foreseen the positive sign of tourism recovery in Thailand and Mauritius as well.

CROSSROADS is the one and only integrated leisure and lifestyle destination in Maldives, perfectly located just a 15-minute speedboat ride from Velana International Airport. In Q4/2021, we expect an increase in number of high spending customer such as tourists from the United State, United Kingdom and other countries in Europe which have positive impact to the REVPAR of this portfolio to once again reach the Pre-pandemic level.

Singha Estate reveals Q3/2021 performance with 2,127-million-baht revenueSingha Estate reveals Q3/2021 performance with 2,127-million-baht revenue

Looking ahead, we expect that hotel operations will have stronger trends across all geographies which have clear directions for opening borders from the government as CROSSROADS project. We foresee the positive signs from the Outrigger Mauritius Beach Resort, which has reopened its door on October 1st, 2021, in accordance with the welcoming international visitors to the country. In October which is the first operating month after the lockdown, the occupancy rate recovers strongly to 40% with solid momentum, predicted throughout the high season.

In respect of commercial business, Singha Estate still managed to let out additional space as well as renewed the space under the existing lease contracts. Consequently, the average occupancy rate remained high at 87% during the nine-month period of 2021. This reflected the Company’s effective selection of the target customers, focusing on high-growth industries led to the potential expanding of the business and rental space in the long run.

“With the success of Sold Out in every unit sold at Santiburi the Residences, reaffirmed customer confidence toward the Singha Estate brand which emphasizes enriching a quality of living for residents through three elements: smart living, healthy living and sustainable living. We have paid attention to every detail and use only finely selected materials to offer the best-in-class projects that suit every stage of life. Besides that, we continue to develop projects of detached house, reinforcing leadership in the luxury housing segment. With its current progress of development, the Company expects to launch the first project at Pattanakarn 32 within Q2/2022.” Thitima said.

Published : November 15, 2021

THAI Reports Progress of its Rehabilitation Plan and 2021 Nine-Month Operational Performance Results #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40008830

Thai Airways reports the operational performance results of the nine months period of THAI and its subsidiaries with the operating loss excluding the one-time transactions at 21,491 million baht.measures in accordance with the business plan.

Thai Airways International Public Company Limited (THAI) reports the operational performance results of the nine months period of THAI and its subsidiaries with the operating loss excluding the one-time transactions at 21,491 million baht. The total revenue was 14,990 million baht, lower than last year by 29,230 million baht or 66.1%. The expenses were 36,481 million baht, which is 41,695 million baht or 53.3% lower than last year due to the operations expenses which varied directly to the decreased production and transport volume as well as the cost control measures in accordance with the business plan. THAI and its subsidiaries reported net one-time revenue 73,084 million baht as a result of the implementation of the rehabilitation plan such as debt restructuring, sales of asset, and organization restructuring. Therefore, THAI and its subsidiaries reported net operating profit of 51,115 million baht in the nine months period of 2021.

As of 30 September 2021, the total assets of THAI and its subsidiaries were 163,703 million baht, which decreased by 45,594 million baht or 21.8% on 31 December 2020. The total liabilities were 240,196 million baht, a decrease by 97,766 million baht or 28.9%.

Shareholders’ equity amounted to -76,493 million baht, which is a negative decrease of 52,172 million baht compared to as of 31 December 2020.

THAI financial status and cashflow are sufficient for operations during the earning of a new loan, which would enhance the Company’s ability in implementing the rehabilitation plan in Q1/2022.

In addition, THAI increases its revenue competency through the development of ticket agent system, direct marketing, and the utilization of the information technology with the purpose of continual revenue and sustainable profit in the future.

From this November, THAI and Thai Smile have increased flight services and flight frequencies in 44 main domestic and international destinations with over 400 flights per week connecting Thailand to the world. THAI and Thai Smile have served over one million passengers in a month. Passenger revenue is expected to reach one trillion baht in 2022. THAI, as the national flag carrier, will be part of the efforts in driving Thailand’s economy and tourism industry.

Published : November 15, 2021