US giants keen on Thai investment, says Somkid

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https://www.nationthailand.com/business/30378374?utm_source=category&utm_medium=internal_referral

US giants keen on Thai investment, says Somkid

Nov 15. 2019
By THE NATION

1,773 Viewed

Deputy Prime Minister Somkid Jatusripitak said today (November 15) that Amazon and a US digital company had expressed interest in investing in Thailand.

Representatives from both companies have make enquires and wanted to hold talks with related ministers, he said, adding that they were told to hold meets with officials of the Finance Ministry and the Ministry of Digital Economy and Society.

“It is a good sign that global IT giants are showing strong interest in Thailand”.

Somkid held talks with Finance Ministry’s executives today on the global economic situation. Thailand has to be well-prepared to deal with the declining global economy, he said.

Domestic consumption, Somkid said, showed signs of improvement in October, reflecting success of “Eat, Shop, Spend”, the ongoing economic stimulus package.

Google firm on “leaving no Thai behind”

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Google firm on “leaving no Thai behind”

Nov 14. 2019
Google has reaffirmed its commitment to leave no Thai behind.

Google has reaffirmed its commitment to leave no Thai behind.
By The Nation

1,781 Viewed

Google has reaffirmed its commitment to “Leave No Thai Behind”, highlighting initiatives that will help more Thai people and businesses participate in the growth and opportunities of the digital economy at the second annual Google for Thailand event today (November 14).

Google’s initiatives span across four pillars: access, digital skilling, localised content/local products, and SMEs – designed to ensure that all Thais would have equal opportunities to access technology and use it to unlock digital opportunities.

Mike Jittivanich, head of Marketing of Google Thailand, has launched two digital skilling programmes under the company’s Grow with Google global economic opportunity umbrella. The new programmes specific to Thais include Primer, an app providing simple training in foundational business and digital marketing skills, and Skillshop, an e-learning platform for Google products. Jittivanich also launched Be Internet Awesome, a programme designed to teach kids to explore the internet safely and confidently. Thailand is the first country in Asia to have the programme in its local language.

Another major announcement is Google’s expansion of its research into harnessing AI for detecting diabetic retinopathy. There are 4.5 million diabetic patients in Thailand, but only 1,500 eye doctors can detect the disease.

Dr Fred Hersh, programme manager of Google Health, said that since the study began in December 2018, Google and its partners – the Rajavithi Hospital, Department of Medical Services and the Ministry of Public Health have expanded their study from one clinic to eight clinics in three Thai provinces (Bangkok, Pathum Thani, and Chiang Mai).

Google also unveiled its most recent culture project in Thailand, the Hidden Fruits exhibit, which is the 5th installment in the Front Palace collection that Google Arts & Culture launched in September. Working closely with the Department of Fine Arts under the support of Thanpuying Sirikitiya Jensen, Google was able to capture high resolution images of the murals in the impressive Buddhaisawan Chapel using their Art Camera technology.

The ultra-high resolution capabilities of the camera results into “gigapixel” imagery made up of over one billion pixels, allowing Thais to see and experience upclose the intricate details of their rich culture online.

For its access initiative, Google said that its free WiFi programme, Google Station, which was launched last year, is now available in over 100 venues nationwide, including markets, malls, airports, and also in key ground transport hubs, connecting Thais to commerce all over the country.

Lastly, Google announced that more Thai SMEs can now have a presence online. Their collaboration with the Ministry of Commerce will allow Thai SMBs who are listed under Blue Flag and ThaiTrade.com to sign up and be verified for Google My Business, a free tool enabling businesses be found on Google Search and Google Maps.

In addition, Google has expanded its partnership with Siam Commercial Bank where SMEs can be verified on Google My Business using SCB Easy app, starting end of November 2019.

True posts Bt2.9-bn profit in Q3

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True posts Bt2.9-bn profit in Q3

Nov 14. 2019
By THE NATION

1,187 Viewed

Telecommunications group True Corp has reported a net profit of Bt2.9 billion for the third quarter of 2019, up from Bt1.1 billion in the previous quarter and Bt99 million more than it netted in the same period last year.

The jump was attributed to an increase of Bt10.3 billion in earnings before interest, tax, depreciation and amortisation and a rise of Bt3.4 billion in operating profits.

It credited higher service revenue with above-industry subscriber growth in both the mobile and broadband segments, lower sales expenses and net benefit from asset sales to the Digital Telecommunications Infrastructure Fund in August.

“True Group recorded strong subscriber and net profit growth in the third quarter, driving service revenue to a record high of Bt78.6 billion and net profit to Bt5.4 billion in the first nine months of this year,” said co-president Kittinut Tikawan.

TrueMove H’s mobile phone service revenue reached Bt19.3 billion as combined revenues from data and voice services grew 2 per cent year-on-year in the third quarter.

TrueVisions’ exclusive broadcasting rights to English Premier League (EPL) matches on all platforms also boosted revenue, along with its platinum subscriptions and customer base. It added 4 million more customers by the end of the third quarter than it had in the second and 2.3 million more paying subscribers.

TrueVisions’ service revenue maintained a quarterly upward trend to Bt3.1 billion in Q3, underpinned mainly by growing revenue from major concerts, as well as sublicensing and sponsorship related to the EPL broadcasts.

TrueVisions said it would continue to diversify its portfolio and expand its revenue stream beyond traditional TV by sublicensing self-produced content to partners and utilising online “influencers” marketing to specific customer segments.

Ratch posts 2.4% growth in net profit to Bt5.06 bn for first nine months

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https://www.nationthailand.com/business/30378350?utm_source=category&utm_medium=internal_referral

Ratch posts 2.4% growth in net profit to Bt5.06 bn for first nine months

Nov 14. 2019
By The Nation 

1,099 Viewed

RATCH Group Public Company Limited today (November 14) announced a net profit of Bt5.058 billion in the first nine months of the year.

The company recently invested over Bt2 billion in securing 99.97 per cent ownership of Navanakorn Electric Company Limited, which has since been renamed

RATCH Cogeneration Company Limited. The acquisition enabled it to realise instant income.

It has also expanded its role in power supply at the Nava Nakorn Industrial Promotion Zone.

Nevertheless, the company has been looking for more infrastructure investments and was recently awarded, through BGSR Consortium, the operation and maintenance service of two intercity motorway (Bang Pa-In to Nakhon Ratchasima and Bang Yai to Kanchanaburi) under a Bt60-billion deal.

Kijja Sripatthangkura, chief executive officer of RATCH Group, said:” the first 9-month performance demonstrated progress towards target, proven by continued growth of earnings and investment expansion in both power and infrastructure sectors, including the 99.97-per cent share acquisition of the 119.11MW Navanakorn Electric Company Limited (renamed RATCH Cogeneration power plant), 70-per cent share purchase in the 214.2-MW Yandin wind farm and the 226.8MW Collector wind farm in Australia. The company has now acculumated a total capacity of 446.57 MW”.

In infrastructure investment, the company has won under the Public-Private-Partnership scheme the operation and maintenance of Bang Pa-In to Nakhon Ratchasima and Bang Yai to Kanchanaburi intercity motorway, worth Bt33 billion and Bt28 billion respectively.

In the period, RATCH realised profit-sharing from Berkprai Cogeneration power plant (35- per cent shareholding), which commenced operation last June and the Asaha-1 Hydroelectric power project in Indonesia, after a 26.61-per cent share purchase last year end. Besides, it expects revenues derived from RATCH Cogeneration power plant and Xepian Xenamnoy Hydroelectric power project will be realised by end of this year as well as throughout next year, helping to further strengthen the company’s financial stability.

“RATCH forecasts that the investment in RATCH Cogeneration power plant will help create a industrial customer base. Its capacity potential can support the growing demand for electricity from industrial customers in the Nava Nakorn Industrial Promotion Zone. As a partner of Navanakorn power plant located in the zone, it is possible to seek collaboration for RATCH Cogeneration to supply electricity to the industrial sector.

Additionally, the company has been seeking more infrastructure projects. It has teamed up with BSR Group to participate in bidding for projects under the Public-Private Partnership scheme, including public transportation, telecommunication and other public services. Many of these projects are currently under feasibility study for potential investment”, said Kijja.

As of September 30, RATCH booked revenues and profit-sharing from power plants in Thailand and aboard with a total of 7,057 megawatts in capacity while projects under-construction and scheduled to commence operations within this year and next comprise the 102.5-MW Xepian-Xenamnoy Hydroelectric power project, the 24-MW Nava Nakorn expansion power project and the 149.94-MW Yandin wind farm.

In the first nine-month, the company reported Bt33.61 billion in total revenue, mainly derived from Bt27.38 billion in electricity sales by Ratchaburi Power Plant, Tri Energy Power Plant and RATCH-Australia Corporation Pty Ltd, accounting for 81.5 per cent of the total with Bt3.52 billion in profit sharing making up the balance.

The company recorded Bt5.058 billion in net profit during the period, rising 2.4 per cent year on year.

Major hotels planned for Phuket, Pattaya seen as boon for MICE trade

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Major hotels planned for Phuket, Pattaya seen as boon for MICE trade

Nov 14. 2019
By THE NATION

1,805 Viewed

Integrated lifestyle real-estate group Asset World Corp (AWC) and Marriott International will bring three global brands to Pattaya and Phuket, aiming to create a new destination of world-class MICE (Meetings, incentives, conferences and exhibitions) hotels and facilities for both business and leisure travellers.

AWC Centre Pattaya will combine facilities for meetings, conventions and accommodations with luxury shopping and spaces for inspiring art and and entertainment.

It will consist of the Pattaya Marriott Marquis Hotel and JW Marriott the Pattaya Beach Resort & Spa.

Courtyard by Marriott Phuket Town is meanwhile designed to set a new benchmark for stylish and upscale accommodations on the globally acclaimed island paradise.

“Partnering with Marriott will allow us to offer a unique experience for both business and leisure customers,” said Wallapa Traisorat, CEO and president of Asset World Corp.

Wallapa Traisorat, CEO and President of Asset World Corp

Wallapa Traisorat, CEO and President of Asset World Corp

She said the company foresees a long-term positive outlook for the Thai MICE sector, which has grown by 47.6 per cent on average in recent years.

“We look forward to building on our long-standing partnership with Asset World Corp,” said Craig Smith, group president for Asia-Pacific at Marriott International.

“Marriott International is proud to play a strategic role in AWC’s vision of expanding its diverse portfolio of hospitality and lifestyle projects in Thailand.”

AWC Centre Pattaya, seen as a new destination modelled after the acclaimed Asiatique the Riverfront in Bangkok, will feature luxury accommodations and a diverse array of indoor and outdoor retail spaces and attractions that will appeal to all age groups.

The JW Marriott The Pattaya Beach Resort & Spa and Pattaya Marriott Marquis Hotel will together offer 1,298 guestrooms, 11 food & beverage outlets, and 10,000 square metres of convention, event and meeting spaces.

Targeted to open in late 2020, the Courtyard by Marriott Phuket Town will be surrounded by historic Chino-Portuguese buildings. It involves the strategic conversion of the well-known Metropole Phuket Hotel.

With 248 guest rooms, two food-and-beverage outlets and 2,000sqm of meeting space, the hotel will offer business and leisure travellers modern fuss-free amenities.

Feel more secure with MacroEye

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Feel more secure with MacroEye

Nov 14. 2019
Jeerawut Wongpimonporn

Jeerawut Wongpimonporn
By THE NATION

1,107 Viewed

“Improved security in daily life” is the promise of MacroEye, a face-recognition system offered by Thailand-based technological firm Coding Hub and Yitu, a Chinese artificial intelligence researcher-developer.

Coding Hub managing director Jeerawut Wongpimonporn points out that Yitu “won” a test of face-recognition technology run by the US National Institute of Standards and Technology “for the third time in a row”.

The system includes School Time, Smart Event Manager, Smart Security for Home and Office, Time In, and Face Recognition API Service.

School Time can be used in schools, including monitoring phone use among kindergarten pupils, maintaining attendance records for all students with their names, photos and ID numbers and a message program linking the schools with parents around the clock.

Smart Event Management keeps an eye on arrivals at a workplace, and Smart Security for Home and Office on the security of all areas and the arrivals and departures of all individuals, raising an alarm if there’s an unidentified intruder.

Time In involves a phone application by which employees can register their times clocking in and out of work and share the information with supervisors.

Face Recognition API Service can match a person’s facial characteristics between official database records and any still or moving image.

BGRIM posts record third-quarter profit

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BGRIM posts record third-quarter profit

Nov 14. 2019
BGRIM chief executive Preeyanart Soontornwata said the third-quarter profit upsurge was largely a result of significant expansion of electricity generating capacity over the past 12 months.

BGRIM chief executive Preeyanart Soontornwata said the third-quarter profit upsurge was largely a result of significant expansion of electricity generating capacity over the past 12 months.
By The Nation

1,541 Viewed

B.Grimm Power Plc (BGRIM) posted the highest third-quarter normalised net profit for the period July-September, a massive 69-per-cent increase over the same period last year thanks to a revenue boost from its new solar power projects in Vietnam.

B GRIM chief executive Preeyanart Soontornwata said the third-quarter profit upsurge was largely a result of significant expansion of electricity generating capacity over the past 12 months, which saw 856 megawatts from 11 projects being added to its growing portfolio. Revenue rose 21 per cent over the same period of last year.

The full quarter revenue realisation from the Dau Tieng 1 and 2 solar photovoltaic power facilities, the Phu Yen solar farm – both in Vietnam – and the Nam Che 1 hydropower plant in Laos which was brought on stream in June made an important contribution to BGRIM’s third-quarter profit.

Another contributor was the reduced fuel consumption at the company’s ABP3 co-generation plant following the gas turbine power efficiency improvement that was completed early this year.

BGRIM’s net profit from the consolidated financial statements was at Bt1.287 billion baht with the earnings attributable to major shareholders Bt763 million.

If excluding unrealised gain on foreign exchange and other non-operating expenses, the company had a normalised net profit of Bt1.225 billion with Bt715 million baht being attributable to major shareholders. That was an increase of 69 per cent from the same period last year and 24.3 per cent from the preceding quarter.

The margin of earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 28.3 per cent due to the increase in revenue from solar power plant projects.

Preeyanart noted that BGRIM signed an agreement with PetroVietnam Power Corporation of Vietnam early this month to study an investment in a 3,000-MW power plant using liquefied natural gas (LNG) as fuel as well as the LNG import and distribution facilities in Vietnam.

Meanwhile, construction of BGRIM’s Interchem industrial waste-to-energy project, with an installed capacity of 4.8 MW, has advanced as planned with 87-per-cent progress made. Currently underway there is construction of the drainage system piping, double layer brick wall and maintenance building and carbon black building.

Commercial operation of Interchem facility is scheduled to start next month.

The proportion of renewable energy to BGRIM’s overall production capacity has now grown to 30 per cent from 8 per cent earlier, while megawatt contribution from its overseas projects increased to 25 per cent from 2 per cent, underscoring the company’s status as a leading regional energy player.

BGRIM is exploring new investment in power both at home and abroad including South Korea, Vietnam, Cambodia, the Philippines and Malaysia. Moreover, the company has been expanding solar rooftop business in Thailand, the Philippines and Oman with total secured capacities of 60 megawatt already.

As for the progress for the development of five replacement power plants in Thailand, BGRIM has secured licenses and permits for all of them as has an acceptance letter from EGAT regarding power purchasing. All five replacement projects are under development with the scheduled commercial operation date (COD) in 2022.

EGAT has also extended the power purchase from BGRIM’s ABP1 power plant by three years beyond the September 17 expiration of the original contract until its replacement plant is completed.

Public and private investments to prop up economic growth in 2020: central bank chief

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Public and private investments to prop up economic growth in 2020: central bank chief

Nov 15. 2019
Central bank governor Veerathai Santiprabhob/file photo, Credit : BOT

Central bank governor Veerathai Santiprabhob/file photo, Credit : BOT
By The Nation

1,133 Viewed

The global trade war and the steep appreciation of the baht are key risk factors for the Thai economy next year, according to economists.

Central bank governor Veerathai Santiprabhob said the economy would expand 3 per cent this year. The impact of the US-China trade war had hurt manufacturing, investments, exports and employment. “We are starting to see reduction of working hours and overtime jobs,” he warned.

He, however, pointed to positive factors next year which would drive the economy. Public spending on infrastructure investment is expected to be on track after delay in spending this year. Private investment is expected to rise due to increase in foreign direct investment (FDI), which was a blessing from the trade war that had forced many investors to relocate their production sites from China to Thailand, according to Veerathai.

“So far, the trade war has had only a slight impact on the Thai economy because the country has ample buffer — a high current account surplus and foreign exchange reserves,” he explained.

In the first nine months, Thailand ran a current account surplus of $26 billion while FDI rose to $8 billion, he said.

Investors see baht-denominated assets as safe haven, leading to capital inflows and appreciation of the baht, he said.

The central bank recently issued a series of measures to prevent the baht’s rapid rise.

Pipat Luengnaruemitchai, assistant managing director at Phatra Securities, said there were many risk factors next year. Uncertainty remained high due to the impact of the trade war, Pipat said on Thursday at a seminar entitled “Thai Economy 2020: Looking Ahead”, hosted by the Thammasat Economics Association. Thailand also will face a decline in the labour force as the country is now an ageing society.

Consumer spending next year will continue to come under pressure as people’s incomes are already impacted by slow economic growth and weakening investment, he said.

“Looking ahead to the medium and long-term, risks will increase significantly due to the trade war and global geopolitics, Those factors will have a huge impact on the global economy, and technology disruption also will have a negative impact on the economy,” Pipat warned.

The baht is expected to rise further against other currencies after appreciating about 20 per cent in recent years.

“The continued appreciation of the baht will further erode severely Thailand’s competitiveness,” he said, adding, a stronger baht will make Thai products more expensive than those of its competitors.

Amornthep Chawla, senior executive vice president at CIMB Thai, predicted that economic growth next year would be between 2.5 to 3 per cent driven by tourism. The market believes that the trade war will drag on, probably for 10 years, as the United States does not want China to become the number one global superpower, he said. US elections next year could boost Thai exports to 2018 levels after an estimated contraction of 2 per cent this year.

PM proposes holding world music festival to woo tourists

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PM proposes holding world music festival to woo tourists

Nov 14. 2019
By THE NATION

2,165 Viewed

Prime Minister Prayut Chan-o-cha has suggested that Thailand organise a music festival featuring the world’s leading musicians in order to woo music-loving tourists to the Kingdom.

He added that he had pondered on this matter for a long time.

The premier made the remark after a meeting with the Board of Trade of Thailand on Thursday (November 14) on the issue of promoting tourism.

Investors keen on EEC, but funding still limited

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Investors keen on EEC, but funding still limited

Nov 14. 2019
By The Nation

1,323 Viewed

Requests for support in investing in the Eastern Economic Corridor (EEC) increased by 37 per cent in the first nine months of the year, expanding from 262 projects to 360, the Board of Investment (BOI) said this week.

But investment funding plummeted 23 per cent in the same period, from Bt2.3 billion to Bt1.67 billion, due to the limited number of large projects undertaken thus far, said Deputy-Secretary General Narit Therdsteerasukdi.

He said the automotive and electronics industries still have a key role to play in developing the EEC, primarily in the construction of a high-speed railway connecting three airports and Map Ta Phut Port Phase 3.

Of 177 projects with a combined value of Bt86.7 million, 51 worth Bt26.5 million involved the electronics industry and 43 worth Bt30.8 million in the automotive industry. Another 36 projects worth Bt14.5 million involved the chemical-petrochemical industry.

Thaioil’s Bt100-billion-plus investment in fuel production in Chonburi has made that province the most popular target for investments, which currently total Bt92.1 million, followed by Rayong with 157 projects valued at Bt57.9 million and Chachoengsao with 40 valued Bt17.9 million.

Investors in other countries including China and Japan have expanded their stakes in 10 targeted Thai industries, boosting requests for assistance in Foreign Direct Investment by 69 per cent year-on-year, with 689 projects valued at Bt203.4 billion.

Most such requests have come from Japan, which has entities investing in 167 projects valued at Bt59.2 billion, followed by China with 139 projects valued at Bt45.4 billion and Switzerland with 15 projects valued at Bt11.7 billion.

Narit credited the “Thailand Plus” promotional scheme in predicting that investment in the EEC would ultimately hit Bt300 billion.