Tag Archives: business

Megacaps back in vogue in defensive stock tilt #SootinClaimon.Com

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Megacaps back in vogue in defensive stock tilt

The broader stock market almost wiped out its gains, while megacap companies rallied to a record as traders turned to defensive shares after economic data suggested a slowdown in the labor-market recovery.

The NYSE FANG+ Index of pandemic darlings such as Apple Inc. and Amazon.com Inc. climbed about 1.5%. Real estate, utility and staples firms in the S&P 500 rose, while energy and financial stocks fell. The benchmark gauge of American equities was little changed, while the Dow Jones industrial average retreated.

U.S. companies added fewer jobs than expected in August, ADP Research Institute data showed. While manufacturing expanded at a stronger-than-estimated pace, supply-chain bottlenecks were accompanied by labor constraints. Those figures came before Friday’s payrolls data, with economists expecting a deceleration from the rapid gain in the prior month and a drop in the unemployment rate.

“The private payrolls numbers have been all over the map during the pandemic, and often not the strongest indicator of how the rest of the jobs report will play out,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “With so much pressure on improvement on the labor-market front coming from the Fed, this could send a signal that jobs growth is stagnating. That’s likely a good thing for the markets though, as it means easy-money policy continues.”

For Linda Duessel, senior equity strategist at Federated Hermes, it’s still too early to get bearish on the market. While more Wall Street voices are predicting a pullback soon, she told Bloomberg TV Wednesday that the “unbelievable” landscape of strong earnings and fiscal stimulus means stocks can run higher for longer.

Meantime, Citigroup Inc.’s Tobias Levkovich is sticking to his bearish call. The bank’s chief U.S. equity strategist predicts the index will end the year at 4,000 before reaching 4,350 by June 2022. Both levels sit below its last close of 4,522.68. Underpinning his view are stretched valuations and a planned tax rise that will hurt corporate profits.

Some corporate highlights:

– Netflix Inc. rallied after saying the sitcom “Seinfeld” would begin streaming on Oct. 1.

– Chinese stocks listed in the U.S. rose for a third straight day, rebounding from a sell-off fueled by Beijing’s sweeping regulatory crackdown.

– Workhorse Group Inc. tumbled after a news report that the U.S. Securities and Exchange Commission has opened an investigation into the electric-truck start-up.

The Treasury 10-year note’s yield has scope to rise to 1.90% in the coming months, a level it hasn’t exceeded since January 2020, according to JPMorgan Chase & Co. technical strategist Jason Hunter. He cited the “aggressive rally that created extreme overbought conditions” as one of the reasons for his prediction. The benchmark bond rate is currently around 1.3%.

Some of the main moves in markets:

Stocks

– The S&P 500 was little changed as of 4 p.m. EDT

– The Nasdaq 100 rose 0.2%

– The Dow Jones industrial average fell 0.1%

– The MSCI World index rose 0.3%

Currencies

– The Bloomberg Dollar Spot Index fell 0.2%

– The euro rose 0.2% to $1.1838

– The British pound was little changed at $1.3768

– The Japanese yen was unchanged at 110.02 per dollar

Bonds

– The yield on 10-year Treasurys was little changed at 1.30%

– Germany’s 10-year yield advanced one basis point to -0.37%

– Britain’s 10-year yield declined two basis points to 0.69%

Commodities

– West Texas Intermediate crude fell 0.4% to $68.20 a barrel

– Gold futures were little changed

Published : September 02, 2021

Only 150,000 more foreign tourists expected this year: KResearch #SootinClaimon.Com

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Only 150,000 more foreign tourists expected this year: KResearch

Kasikorn Research Centre has slashed its forecast for foreign arrivals before the end of this year to just 150,000, from its previous forecast of 250,000-650,000.

KResearch warned that arrivals could drop as low as 100,000 as outbreaks of the Delta variant both in Thailand and abroad dampen the global tourism industry.

It expects international tourism in 2021 to shrink 45 per cent and forecast recovery to pre-Covid levels would take until at least 2025.

Thailand’s tourism market is facing challenges from domestic controls as well as travel advice from other countries warning their citizens against visiting the Kingdom, the research house added.

Thai tourism is also at risk from domestic political tensions, it said.

However, KResearch predicted gradual recovery for the industry in the fourth quarter if Thailand can control infection rates in tourism destinations such as Phuket, Krabi and Surat Thani.

Published : September 01, 2021

Thai stocks fall back after 8-day surge #SootinClaimon.Com

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https://www.nationthailand.com/business/40005573

Thai stocks fall back after 8-day surge

The Stock Exchange of Thailand (SET) Index closed at 1,634.48 on Wednesday, down 4.27 points or 0.26 per cent. Transactions totalled THB117.67 billion with an index high of 1,646.07 and a low of 1,628.16 as the index broke an eight-day run of rises.

In the morning session, Krungsri Securities expected Wednesday’s index to rise to between 1,643 and 1,650 points before falling back.

It said the SET gained positive sentiment from the US Federal Reserve signalling it would not rush to raise the interest rate, and the first day of lockdown easing in Thailand amid a falling domestic infection rate.

“However, the index would be under pressure from short term mass sell-offs and signs of overbought stocks,” Krungsri Securities said.

The 10 stocks with the highest trade value today were MAKRO, CPALL, DELTA, PTT, U, KBANK, BBL, GULF, KCE and B.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 28,451.02, up 361.48 points or 1.29 per cent.

China’s Shanghai SE Composite Index closed at 3,567.10, up 23.16 points or 0.65 per cent, while the Shenzhen SE Component Index closed at 14,314.09, down 14.30 points or 0.100 per cent.

Hong Kong’s Hang Seng Index closed at 26,028.29, up 149.30 points or 0.58 per cent.

South Korea’s KOSPI Index closed at 3,207.02, up 7.75 points or 0.24 per cent.

Taiwan’s TAIEX Index closed at 17,473.99, down 16.30 points or 0.093 per cent.

Published : September 01, 2021

BoI’s Asean investment framework gets Cabinet okay #SootinClaimon.Com

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BoI’s Asean investment framework gets Cabinet okay

The Cabinet on Tuesday gave the go-ahead to the Asean Investment Facilitation Framework (AIFF) proposed by the Board of Investment (BoI).

It also appointed Deputy PM Supattanapong Punmeechaow, who oversees issues related to the economy and investment, as the Thai representative at the Asean Economics Ministers’ meeting on September 8.

The AIFF, meanwhile, aims to help Asean countries recover from the fallout of Covid-19 by focusing on investment and promoting the region as an important supply source.

The framework covers investment facilitation from several aspects, including immigration, workers, capital, business partners as well as support via the latest technology such as electronic documents and digital platforms.

Nonarit Bisonyabut, a senior researcher at Thailand Development Research Institute, said Asean had the potential to become a key global supply source thanks to its large population.

He added that the countries expected to recover quickly are Singapore, Malaysia, Thailand, Indonesia and the Philippines.

He also said that Asean’s many economic pacts, such as the Regional Comprehensive Economic Partnership, the Comprehensive and Progressive Agreement of Trans-Pacific Partnership and the Greater Mekong Subregion Economic Cooperation Program, will help speed up recovery.

Published : September 01, 2021

CKPower announces strong and sustainable Q2/2021 Net Profit growth of 845% #SootinClaimon.Com

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CKPower announces strong and sustainable Q2/2021 Net Profit growth of 845%

Growth is expected to continue into Q3 driven by increase in water flow during the rainy season and share of profit from additional shareholding in Xayaburi Power

Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited (CKPower), stock symbol “CKP”, announced the performance of CKPower group for Q2/2021 and 1H/2021, stating that CKPower continued to generate healthy profits with the Company reporting Net Profit attributable to Equity Holders of the Company Baht 707.0 million, an increase of Baht 801.9 million or 845.0% from the same period last year when it reported a loss of Baht 94.9 million and also reporting total revenue of Baht 2,295.2 million, an increase of Baht 464.0 million or 25.3% from the same period last year when it reported total revenue of Baht 1,831.2 million. As for the first half of 2021, the Net Profit was Baht 821.6 million, an increase of 289.1% from the same period last year when it reported a loss of Baht 434.4 million, while total revenue was Baht 4,396.2 million, an increase of Baht 803.1 million or 22.4% from the same period last year when it reported total revenue of Baht 3,593.1 million.

CKPower announces strong and sustainable Q2/2021 Net Profit growth of 845%CKPower announces strong and sustainable Q2/2021 Net Profit growth of 845%

The growth in operating results was partly attributable to higher revenue from the sales of electricity from the Nam Ngum 2 Hydroelectric Power Plant (“NN2”), which reported Q2 electricity sales of Baht 956.1 million , an increase of Baht 563.5 million or 143.5% compared to the same period last year, and reported 1H electricity sales of Baht 1,715 million, an increase of Baht 946.4 million or 123.1%. The increased revenue was driven by higher electricity sales due to greater reservoir inflows during the first half as well as higher water storage levels at the start of 2021 compared to the same period last year.

Furthermore, CKPower earned a year-on-year increases in the share of profit from its investment in the Xayaburi Hydroelectric Power Plant (“XPCL”) of Baht 616.9 million or 626.3% in Q2/2021 and Baht 915.6 million or 208.5% in the first half of 2021, which were primarily attributed to greater average water flow rates through the Xayaburi Hydroelectric Power Plant compared to the same period of the previous year, boosting sales of electricity, and to a decrease in XPCL’s financial expenses due to a decline in interest rates from the previous year and loan principal repayment.

Mr. Thanawat said that in addition to strong Q2 performance, CKPower issued Baht 4,000 million debentures on May 28, 2021 with the proceeds intended for the rollover of its debentures that were due in Q2/2021, for asset acquisition and investment in ventures related to the Company’s businesses, as well as for use as working capital in CKPower’s operations. The debentures were given a credit rating of “A-/Stable” by TRIS Rating Company Limited. Furthermore, on June 29, 2021, CKPower purchased an additional 5% share of XPCL as approved by the 2021 Annual General Meeting of Shareholders with a Baht 1,800 million short-term loan facility as source of fund, increasing its shareholding in XPCL from 37.5% to 42.5%.

The strong performance is expected to continue into Q3/2021 as a result of an anticipated year-on-year increase in NN2 and XPCL’s electricity output as NN2’s reservoir inflows and the Mekong water flow rates through XPCL are forecast to continue to be higher than the previous year. In addition, XPCL has been able to produce electricity at maximum capacity since mid-June. The performance will also be driven by the fact that CKPower is set to begin recognizing the increased share of profit from XPCL following the additional 5% shareholding from Q3 onwards.

“CKPower is making preparations to issue debentures to rollover the short-term loan facility used to pay for the additional shares in XPCL and expects to issue the debentures in Q4, subject to market condition. The Company is also set to start a credit rating process for XPCL in the second half of this year to accommodate XPCL’s plan to issue debentures in 2022,” said Thanawat.

With regard to COVID-19, the production of all CKPower’s power plants have not been affected as Business Continuity Plans (BCPs) have been prudently prepared to handle such events and manage risks that may impact the Company’s operations. CKPower has also donated Baht 2 million to Kasetsart University Foundation to support its COVID-19 vaccination efforts, contributed necessary equipment to Public Health Service Center 4 Din Daeng under BMA Health Department to support its public vaccination service, and handed out alcohol gel hand sanitizers to communities surrounding Bangpa-in Cogeneration Power Plant, a power plant under CKPower Group, Thanawat added.

Published : August 31, 2021

C.P. Group’s retail portfolio re-organises – preparing for fast foreign expansion #SootinClaimon.Com

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https://www.nationthailand.com/business/40005552

C.P. Group’s retail portfolio re-organises – preparing for fast foreign expansion

Aims to increase overseas retail and wholesale stores across region and drive online-offline business expansion

Charoen Pokphand Group (C.P. Group) Chief Executive Officer and Chairman of Siam Makro Public Company Limited, Mr. Suphachai Chearavanont, announced that C.P. Group aims to rapidly expand the number of its retail and wholesale stores in the region, including cash-and-carry stores operated by its subsidiary Siam Makro, as well as other formats within the C.P. Group.

C.P. Group retail and wholesale businesses are already present in China, Malaysia, India, Cambodia, and Myanmar under multiple brands and multiple formats with around 337 stores.

Mr. Chearavanont said, “Retailing is a global opportunity for Thailand and a sector where we can be successful on the international stage. It is a vision shared by our retail and wholesale businesses.”

Streamlining and Driving Efficiency

“Succeeding in complex global markets requires great speed in decision-making. To enhance our ability to move fast, several of our retail businesses have resolved to re-organise and reduce some layering within the group. A proposed re-organisation, pending various shareholder approvals, will cut layering down and result in Siam Makro becoming the parent company of C.P. Retail Development Co., Ltd.

“These changes will streamline decision-making and, among other benefits, give Siam Makro and Lotus’s the agility to succeed in the international arena,” he said.

Aims to Increase Public Participation

To support its international ambitions and other plans, in a Board Meeting held on Tuesday 31st August, the Directors of Siam Makro PLC resolved to propose to the company’s shareholders at an Extraordinary General Meeting in mid-October to approve the increase of Siam Makro’s registered capital from the current Bht 2.4 billion to THB 5,586 million baht. This would be realised by issuing up to 6,372,323,500 new ordinary shares with a par value of Bht 0.5 each, of which 1,362,000,000 would be allocated for a public offering.

Mrs. Suchada Ithijarukul, Group Chief Executive Officer, Siam Makro PLC, said, “We want to invite the public to join us in this exciting international growth journey and are offering a bigger part of the business for public participation. Moonstone aims to double the percentage of its public ownership from the current 7% to be over 15%, while C.P. Group’s shareholding will be reduced from 93% to around 85%.”

The structural streamlining initiatives of the various companies do not affect the operations of Siam Makro or any other operating company.

“All staffing, management, day-to-day work, the business format, the positioning, target customers, and suppliers will remain and operate as before. There will be no personnel changes and also no changes to the controlling shareholders of the operating companies as a result of these actions that are still subject to shareholder and other approvals,” Mr. Chearavanont added.

‘Platforms of Opportunity’

According to Mr. Chearavanont, the various structural initiatives advancing the group’s international footprint will also support the recently announced ‘Platforms of Opportunity’ strategy to strengthen Thailand’s competitive position in the post-pandemic global economy by “building a stage on which other Thai companies and Thai products can maximise their potential.”

“We want our retail operations around the world to serve as a platform from which tens of thousands of Thai small-holder farmers, manufacturers, and SMEs can present their products in international markets.

“Creating more retail outlets for Thai products in global markets, especially for fresh foods and agricultural produce, is an essential part of realising Thailand’s dream of becoming a ‘Kitchen of the World’. Our stores will act as a pipeline through which many other smaller Thai enterprises can flow into new markets, together with their produce and products, growing their businesses, and adding resilience to ours,” he said.

Biggest Challenges

One of the big challenges faced by Thai growers and manufacturers in entering international markets is the difficulty of getting into another country’s distribution system. The systems, often, favour established brand names and produce from traditional suppliers, and there may also be many middlemen affecting Thailand’s competitiveness.

“We have to use our stores to enable consumers in overseas markets to be exposed to more Thai products. From there, it will be up to the products’ performance, pricing and marketing to nurture their ongoing presence.

“We can also assist Thai growers, SMEs and manufacturers in getting a fuller understanding of the complex local regulations in a foreign market that are difficult to navigate from here in Thailand, and this will help remove another obstacle for Thai brands and Thai suppliers,”

Mr. Chearavanont said.

Global Giants

Thailand has earned recognition in international retailing by winning top awards from respected global retail associations for innovations as well as owning landmark retail outlets in many countries, but its presence is still small when matched against the international giants of retailing.

“In retailing, having scale is one of the most important contributors to success. There are huge global retail corporations. The largest two retailers in the world each register more sales than the size of Thailand’s entire economy. For Thai retailers going up against these giants on the world stage, it is a tough challenge”

“By collaborating with many other Thai businesses, simplifying our organisation, and moving forward purposefully with sufficient financial resources, I am confident Thailand will have a relatively large and important overseas distribution network in the near future,” he said.

Mrs. Ithijarukul said, “Siam Makro has played an important part in supporting professional customers in Thailand, especially small-sized operators, mini-marts and the hotel, restaurant and catering sector, for more than 32 years. That relationship is based on our emphasis on high food quality and safety combined with the right assortment of great value packaged products and fresh produce. We are fully committed to supporting our professional customers even better in the years ahead as their trusted partner.”

“The accelerated international expansion of our business in the future will also provide our SME suppliers of fresh produce, packaged goods and other products with significant, new growth opportunities and we look forward to that prospect with excitement,” she said.

Published : September 01, 2021

Krungthai set to launch Thailand’s first index linked note investing in 4 megatrends and ESG #SootinClaimon.Com

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https://www.nationthailand.com/pr-news/business/40005525

Krungthai set to launch Thailand’s first index linked note investing in 4 megatrends and ESG

Krungthai is launching “Krungthai iSTOXX® Global Transformation IXGTRSND Index Linked Note” which focuses investment in industries riding the 4 megatrends of global transformation and adhering to ESG principles.

Continuing to develop products and services that meet future investment needs, Krungthai is launching “Krungthai iSTOXX® Global Transformation IXGTRSND Index Linked Note” which focuses investment in industries riding the 4 megatrends of global transformation and adhering to ESG principles. The 4 megatrends include Connected World, Industry 4.0, Sustainable Growth and Better Healthcare – making the index linked note the first product of its kind in Thailand. It also boasts full principal protection and sustainable returns.

Rawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai BankRawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai Bank

Rawin Boonyanusasna, Senior Executive Vice President, Head of Global Markets Group at Krungthai Bank, said that following the successful sale of the luxury-themed index linked note with full principal protection in June 2021, which was well-received beyond expectations by both new and existing customers, Krungthai Bank has speeded up the issuance of “Krungthai iSTOXX® Global Transformation IXGTRSND Index Linked Note”, a 5-year note linked to iSTOXX® thematic index which focuses the investment in companies that benefit from global future and ESG trends, e.g. Verizon, one of the leading 5G providers; Pfizer, a Covid-19 vaccine manufacturer; and Gilead Sciences, the manufacturer of covid-19 prodrug Remdesivir. The new index linked note boasts full principal protection if held until maturity and periodic principal repayment over the 5-year life of the note. The Krungthai iSTOXX® Global Transformation IXGTRSND Index Linked Note will be available for sale between 6 – 9 September, 2021.

As the world has been going through drastic transformation, with the spread of Covid-19 as an accelerator, behavior of consumers around the world has significantly changed. Technologies and online lifestyles have become more common in people’s lives, especially in the areas of shopping, working, education and healthcare. These changes are reflected in the 4 megatrends and the companies operating in businesses along the trends can expect high growth potential. The 4 megatrends are 1) connected world via 5G, cloud computing and video gaming; 2) Industry 4.0 and Internet of Things becoming increasingly important in people’s daily lives such as the use of artificial intelligence (AI) in devices, applications and social media; 3) sustainable growth and the use of renewable energy such as electric vehicles; and 4) better healthcare, which has gained more attention after the spread of Covid-19, and the adoption of technology in vaccine development, medical treatment and preventive healthcare such as biotech and robotic surgery to ensure better health and quality of life.
 “These megatrends bring us the new investment opportunities benefiting from world class companies evolving in the global waves of change. The iSTOXX® Global Transformation IXGTRSND Index Linked Note does not only offer the investors the upside exposure on the Global Transformation trend, but also the advantages of this note, including a full principal protection by the AA+ rated Krungthai Bank and the periodic principal repayment over the note’s 5-year life,” added Mr Rawin. 
 For more information, contact any Krungthai Bank branch nationwide or call 02-208-4691 and 02-208-4673.

Published : August 31, 2021

Gold price up amid mass purchases after drop in US consumer confidence index #SootinClaimon.Com

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Gold price up amid mass purchases after drop in US consumer confidence index

The price of gold rose by THB50 in morning trade on Wednesday.

AGold Traders Association report at 9.29am said the buying price of a gold bar was THB27,700 per baht weight and selling price THB27,800, while gold ornaments cost THB27,197.04 and THB28,300, respectively.


At close on Tuesday, the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments cost THB27,151.56 and THB28,250, respectively.


The spot gold price on Wednesday morning was moving around US$1,812 (THB58,654) per ounce after Comex gold rose by $5.90 to $1,818.10 per ounce at close on Tuesday, due to mass purchases of the precious metal as a safe-haven asset after announcement that the US consumer confidence index in August dropped to its lowest level in six months. Meanwhile, the market is keeping an eye on the results of US non-farm payrolls on Friday that could signal a timeline to cut credit under the US Federal Reserve’s quantitative easing programme.

The Hong Kong gold price meanwhile dropped by HK$50 to $16,810 (THB69,933) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : September 01, 2021

SET up, but faces pressure from short term share sell-offs, overbought stocks #SootinClaimon.Com

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SET up, but faces pressure from short term share sell-offs, overbought stocks

The Stock Exchange of Thailand (SET) Index rose by 5.63 points or 0.34 per cent to 1,644.38 on Wednesday morning.

Krungsri Securities expected the day’s index to rise to between 1,643 and 1,650 points before falling back.

It said the index gained positive sentiment from the US Federal Reserve signalling it would not rush to raise the interest rate, and the first day of lockdown easing in Thailand as domestic infections saw a reported decline.

“However, the index would be under pressure due to short term mass sell-offs of sharers and signs of overbought stocks,” Krungsri Securities said.

It advised investors to follow a key Opec+ meeting on increasing oil production capacity by 400,000 barrels per day.

It also recommended buying of the following companies’ shares as an investment strategy:

▪︎ AOT, KBank, BBL, CPN, CRC, HMPro, AAV, BA, Mint, Amata and WHA, which benefit from the country reopening.

▪︎ CKP, Banpu, GPSC, Gulf, BCPG, BCH and CHG, whose third-quarter profit is expected to rise.

The SET Index closed at 1,638.75 on Tuesday, up 4.98 points or 0.30 per cent. Transactions totalled THB117.90 billion with an index high of 1,643.76 and a low of 1,628.12 as the SET rose for the eighth successive day.

Published : September 01, 2021

Baht likely to strengthen after lockdown easing, but could weaken if new wave hits: market strategist #SootinClaimon.Com

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https://www.nationthailand.com/business/40005551

Baht likely to strengthen after lockdown easing, but could weaken if new wave hits: market strategist

The baht opened at 32.23 to the US dollar on Wednesday, unchanged from Tuesday’s closing rate.

The Thai currency is likely to move between 32.10 and 32.30 during the day, Krungthai Bank market strategist Poon Panichpibool said.

The baht was likely to strengthen due to a hopeful economic recovery from an easing of the lockdown, which prompted foreigners to invest in Thai assets last week, he said.

Poon is however still concerned about the Covid-19 situation in Thailand, as he is not sure if the present pandemic wave has been contained because “not enough proactive testing is being carried out”.

The infection rate in Thailand is higher than 20 per cent, he said, while the World Health Organisation recommends it should be lower than 5 per cent.

Poon said there was room for the baht to fluctuate and weaken as the situation did not clearly point to an improvement.

He suggested keeping an eye on the virus situation 3-4 weeks after the first week of lockdown easing.

The baht might weaken if there is a new wave, he noted.

However, the Thai currency might strengthen to the key support level of 32 to the US dollar if foreigners invest to support the baht in the short term, he added.

Published : September 01, 2021