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https://www.nationthailand.com/business/corporate/40024773

New THAI CEO confident of early takeoff from rehabilitation plan

THURSDAY, FEBRUARY 09, 2023

The new chief executive of Thailand’s financially ailing national airline on Thursday expressed confidence that it would be able to exit the rehabilitation plan ahead of schedule.

Chai Eamsiri, chief executive officer of Thai Airways International PLC (THAI), said he was confident that the recovery in the travel and tourism sectors would help the national flag carrier complete its rehabilitation conditions and exit the plan earlier than late 2024.

He said that an early exit would allow THAI shares to resume trading on the Stock Exchange of Thailand in 2025.

“The crisis is now over for Thai Airways. We are now in the phase of making money continuously for sustainable development of the organisation,” said Chai, who took charge only on February 1.

THAI has resumed flights on 65% of its pre-Covid routes and its cabin factor was a healthy 85% last year, the CEO said, adding that the airline has made profits since May last year, with a “very good” cash flow of 30 billion baht at present.

The airline earned about 90 billion baht in revenue last year and the figure was estimated to rise by 40% this year, according to the CEO.

He said Thai Airways’ earnings would grow strongly for another year, thanks to the return of Chinese tourists and increased demand for air travel.

According to the CEO, THAI has met most conditions in the business rehabilitation plan quicker than expected.

The airline also has begun its long-term growth programme that includes procurement of new planes and fleet modernisation. With 49 planes at present, THAI aims to expand its fleet to meet rising demand for air transport, taking delivery of six rented Airbus A350 jets in April and planning to lease three more wide-body planes within this year or early next year, according to the CEO.

In September 2020, the Central Bankruptcy Court approved THAI’s recovery plan after the Covid-19 pandemic paralysed global air travel. The airline’s debts stood at 338.9 billion baht against total assets of 298.9 billion baht as of September 30 that year.

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https://www.nationthailand.com/business/corporate/40024763

Siemens expects high growth in Thailand, Asean CEO says

THURSDAY, FEBRUARY 09, 2023

The largest industrial manufacturer in Europe, Siemens, expects substantial growth in Thailand, especially in green energy and sustainability, the company’s Asean CEO, Thai Lai Pham, said in a recent interview with Krungthep Turakij.

“Siemens eyes substantial growth in Thailand with investments in existing businesses, personnel development, and finding partners to expand into new businesses related to green energy and sustainability,” Pham said.

He said that Siemens’ current business plan in Thailand focuses on digital industries and smart infrastructure. The company aims to sell more of its technology products in the Thai market, he said, adding that Siemens invested 5.6 billion euros (201.5 billion baht) in research and development during its last fiscal year.

The key to Thailand’s success will be upgrading its digital infrastructure, Pham said.

Thailand’s location is attractive, he added, explaining that the country is in the heart of the Asean where investments in technology and manufacturing are growing rapidly.

“Global investors are interested in every country in the Asean region thanks to high investment in infrastructure and supply chains,” he said. “The Thai government must focus on upgrading the country’s infrastructure, especially its digital [infrastructure] to attract investors, boost competitiveness, and improve people’s quality of life.”

Pham added that investments in education and staff training are as important as investing in high-value industries.

“All investment projects must contribute to the development toward sustainability by finding the path that is most suitable for Thailand to achieve the goals,” he said.

“I’m not saying Thailand is currently doing it wrong. But the country needs to improve upon what it has achieved in several aspects, to be even more efficient and ensure the fullest use of FDI,” he said, referring to foreign direct investment.

Sustainability will be the biggest challenge for all businesses, he said, noting that Thailand has pledged to achieve carbon neutrality in 2050 and zero greenhouse gas emissions in 2065.

The effective adaptation of technology to suit business objectives and real-world applications will always be the answer for businesses aiming to increase their productivity and prevent losses amid the shift towards greater sustainability, he said.

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https://www.nationthailand.com/business/corporate/40024760

Travel tech company profiles emerging travel ‘tribes’

THURSDAY, FEBRUARY 09, 2023

Nongluck Ajanapanya

Global travellers will prioritise unique experiences, sustainability, and more technological innovation over the next 10 years, according to a study released by travel technology company Amadeus.

The study examined forces transforming travel, as well as emerging traveller traits, behaviours, and preferences, to pinpoint what travellers will want a decade from now, Karun Budhraja, Amadeus senior vice president for marketing in the Asia Pacific region, told a media briefing at the company’s Singapore office.

The study identifies four “Traveller Tribes” that will develop over the next decade and likely be dominant in 2033.

They are “pioneering pathfinders” (43%), “excited experientialists” (25%), “memory makers” (17%), and “travel tech-fluencers” (15%).

“Pathfinders” live fast-paced lives and are always looking for their next adventure, Budhraja said. Most (82%) are between the ages of 23 and 41.

This group is more willing than others to let sustainability influence their travel decisions and is very comfortable using alternative payment methods, Budhraja said.

“Experientialists” are more likely than other travellers to act on instinct and prefer less predictable and more exciting lodging experiences, he said. Almost half of them are single and they have high-paying jobs with a flexible schedule, he added.

“Tech-fluencers” are the most familiar with using technologies to make their lives easier, but they are the group most concerned about data security, Budhraja said.

“Memory makers” take a more straightforward approach to travel, focusing on making memories and visiting places, Budhraja said. They are older – 44% are over the age of 42 – but travel regularly.

Karun Budhraja

“For them, the future can be a frightening prospect,” Budhraja said.

“They prioritise people over technology and sustainability [and are] reassured by existing methods [of travel],” he added.

Thai tourists fall into the same four categories: half are pathfinders, 23% are experientialists, 15% are tech-fluencers, and 12% are memory makers.

The study indicates that many travellers will be open to new and emerging technologies, and will want to travel in more sustainable ways.

However, with some travellers concerned about the proliferation of technology and the growing need for cyber-security and data privacy, the industry must ensure that all travellers benefit from technological advances.

“The travel landscape in Asia Pacific markets is incredibly diverse. As the travel industry evolves, the Traveller Tribes report identifies what matters most to Asian Pacific travellers, such as sustainable travel or emerging technologies. Their behaviours and the values they seek in travel will shape the industry in 2033 and beyond,” Budhraja said.

Fred Barou, Amadeus’ senior vice president for customer success management in the Asia Pacific region said travellers are excited by the ability to reach destinations more quickly. They also want sustainable travel, fewer problems with technology, and more diverse payment methods, Barou said.

The survey helps travel agencies and related businesses become aware of what technologies they should look for, he said.

Fred Barou

Biofuel could be the next game changer in the travel industry, he said, adding that cashless payment, cryptocurrency, data security, and biometrics are playing a bigger role in travel.

While technology may make travel easier in many ways, travel agencies and other tourism businesses still have a role to play, he said. They need to be more focused and personalised in their service, he explained.

The study is based, in part, on a survey of 10,000 travellers in 15 countries.

Northstar Research Partners was partnered to conduct the study.

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https://www.nationthailand.com/business/corporate/40024755

Thai trans tycoon welcomes revenue surge from universal beauty

THURSDAY, FEBRUARY 09, 2023

Stephanie Adair

The purchase of the Miss Universe Organisation by JKN Global Group has already seen 800 million baht flow into the Thai company so far, and the amount will rise to 1.2 billion baht this year, its CEO and managing director Jakkaphong “Anne” Jakrajutatip told a press conference.

El Salvador is paying 400 million baht to host the pageant this year and JKN is in the process of signing contracts for hosting the pageant for the following two years, she said. 

JKN bought the Miss Universe Organisation from Endeavor Group in October last year.

JKN plans to use the Miss Universe brand to promote its own consumer products, starting with beverages that will be launched in the first quarter of this year, Jakkaphong said.

JKN is planning to expand into the beverage, wellness and cosmetic segments with direct sales to consumers through JKN18 channel, JKN Hi shopping and Omni Channel and Social Commerce, she said.

Revenues will total 4 billion baht this year, Jakkaphong said.

JKN aims to become a global content creator and to take the lead in Asean by purchasing the rights to sell global brands.

“We are currently using JKN Global to sell the Miss Universe organisation [for] broadcast fees, franchise fees, production fees, everything. So, as we go into the content market, we go as JKN Universe or Miss Universe organisation. That’s part of the blending,” Anne explained.

“The second part will be consumer products. A lot of them will be branded as Miss Universe skin care, Miss Universe cosmetics, and beverages, too … [Miss Universe] beverages will include collagen, multivitamin beauty drinks, and also mineral water. Everything will be under the same ecosystem, led by the logo or brand of Miss Universe,” she added.

The success of the Miss Universe Organisation has improved JKN’s cash flow. As a result, its board of directors agreed at a January 30 meeting to cancel a decision made on January 5 to sell an additional 1,019,917,296 shares to increase its capital.

Instead, it will sell 510,043,387 shares to existing shareholders, and reduce the number existing shareholders can buy to two new shares for every share they hold, instead of three. The shares

JKN will also issue new ordinary shares – 66,666,666 million at 4.50 baht apiece – in a private placement to Unistretch Co Ltd, which is part of the GP Group under the management of Nishita Shah.

The group is JKN’s strategic partner in expanding the Miss Universe Organisation. 

JKN decided to postpone the rights offering and reduce its size because it forecasts higher than expected revenue this year from the Miss Universe Organisation. 

The reduced rights offering will have no effect on JKN’s expansion plans, Jakkaphong said.