MACROECONOMICS WEEKLY UPDATE

Thailand’s UTCC consumer confidence index rose in March to a three year high of 53.8 due to a recovery in tourism and spending for the upcoming election.

The Fetco Investor Confidence Index (Fetco ICI) moved down to the “neutral” zone as amid worries over the U.S and European bank turmoil with local elections as the most supportive factor.

Prachachart leader Wan Muhammad Noor Matha led a delegation of party members to meet Malaysian Foreign Minister Zambry Abdul Kadir in Kuala Lumpur and has called on Malaysia to consider easing the elaborate steps required to get a work permit

As many as 57 million ballots will be printed to accommodate 52 million voters in the May 14 general election, the Election Commission (EC) said on Tuesday.

Earnings plays are expected to weigh on the market in the near term as SET-listed companies as the first quarter reporting season begins . A downbeat surprise, however, could send equities down.

INDUSTRY

COMMERCIAL AND RETAIL 

Around 5.1 million people are expected to travel during the Songkran holiday season, generating up to 23 billion baht in revenue which is about 26.3% increase compared to last year with the Airports of Thailand expecting 2.37 million people to travel at its airports more increasing 137.5% from last year.

T.A.C Consumer PCL  (TACC)

TACC invests 40 million baht to close the health business merger deal to buy Bloss Natura and beauty from Korea ready to open a subsidiary “Health Inspired Planet”, aiming to book revenue immediately in the second quarter of 2023, targeting revenue by 2024 to surpass 100 million baht, preparing to sell through online-retail.

Charoen Pokphand Foods Public Company Limited (CPF)

CPF Global Food Solutions Public Company Limited (CPFGS), a subsidiary of the group Charoen Pokphand Foods Public Company Limited (CPF) has submitted a registration statement and draft to the SEC for an initial public offering (IPO) the company is one of the leading distributors of meat and food products. Including restaurant and pet snack businesses under the CPF Group

BANKING 

Government Housing Bank (GHB)

The Government Housing Bank (GHB) announced an increase in interest rates for savings accounts and fixed deposits by 0.05-0.40% per annum, as well as an increase in interest rates for all types of loans by 0.25% per annum, effective from April 10th, 2023.

ENERGY 

Global Power Synergy Plc (GPSC)

Global Power Synergy Plc (GPSC), the power generation arm of national oil and gas conglomerate PTT Plc, continues to grow its renewable business in India after its subsidiary Avaada Energy Private (Avaada) won an auction for a 421-megawatt solar farm project in the country.

Bangchak Corporation Public Company Limited (BCPG & ESSO)

Mr. Chaiwat Kovavisarach, Chief Executive Officer and President of Bangchak Corporation Public Company Limited or BCP, revealed after the 2023 Annual General Meeting of Shareholders on April 11, 2023 that the resolution of the meeting approved the purchase of shares. ordinary and making a tender offer for all remaining securities (tender offer) of Esso (Thailand) Public Company Limited or ESSO with more than 99% of the votes.  

After the acquisition, BCP will have an additional refining capacity of 294,000 barrels per day and become the largest refinery in Thailand. The company’s gas stations will also rise to 2,100 stations, close to its competitor PTT Plc which has 2,473 stations.

PTT  Public Company Limited(PTT)

PTT Plc (PTT) is planning to invest over 200 billion Baht to produce green hydrogen in collaboration with ACWA Power, a Saudi Arabian renewable energy company, to power electric trains in ASEAN.

PROPERTY

Asset World Corp(AWC)

Asset World Corp have revealed to go on the offensive to expand their real estate empire in Chiang Mai, including, hotels, plaza, retail outlets, flea markets, and recently investing 800 million baht to overhaul Pantip Chiang Mai as a lifestyle hub.

Asset World Corp(AWC)

Minor Hotels announced the introduction of its Anantara brand to India, Anantara Jaipur Hotel. A beautiful venue for parties and weddings. Anantara Jaipur will consist of 150 luxury rooms and suites, including terrace rooms. 4 suites with plunge pools and a Royal Suite measuring 160 square meters with a large balcony and private pool. Minor Hotels is a hotel operator. Both as an owner, management and investor, which currently has more than 530 hotels in 56 countries in the Asia-Pacific, Middle East, Europe, America, Africa and Indian Ocean regions.

TECHNOLOGY

Blue Venture Group (BVG)

Blue Venture Group (BVG), Thailand’s leading insurance platform provider is partnering with a Cambodian reinsurance firm to launch an insurtech joint venture to start operating in the second half of this year. The joint venture, in which BVG holds 49% of the shares will use AI in auto insurance claims to reduce costs and time, has registered capital of US$500,000. 

HEALTH CARE 

Bangkok Chain Hospital Pcl – Chularat Hospital Pcl (BCH-CHG )

On April 11, 2023, reporters reported that The Board of Directors of the Social Security Office (SSO) approved on April 10, 2023, setting a flat rate for service fees to network hospitals at the rate of 1,808 baht per insured person per year from the original 1,640 baht per person insured per year from 1 May 2023 onwards (no retroactive effect) in which BCH has the highest number of insured persons.

 

THAILAND SET UPDATE 

The SET closed today at 1,592.67 points, a decrease of 4.43 points (-0.28%), trading value of 44,756.11 million baht.

 

As the SET Index Trading Range 1580 to 1600 points the trading is thin due to the occasion of the Songkran Festival and also the International Monetary Fund (IMF) cut global economic forecasts in 2023 and 2024 is expected to be at 2.8% and 3%, respectively and the USD/ THB Range to be 34.15/34.50.

 

 

 

Note that during the Month in April the trading  for all investor types is thin due to the long weekend.