2012 SET Awards

Best CEO Award

– SET: Somprasong Boonyachai, chief executive officer, Shin Corporation

– MAI: Noppadon Tansalarak, chief executive officer, Master Ad

SET Award of Honour

For Continuous Excellence in 2008-2012

– Corporate Governance Report: Bangchak Petroleum, Kasikornbank

– Corporate Social Responsibility: Bangchak Petroleum, Siam Cement

For Continuous Excellence in 2009-2012

– Corporate Governance Report: Krung Thai Bank, Somboon Advance Technology, Se-Education

For Continuous Excellence in 2010-2012

– Corporate Governance Report: Kiatnakin Bank, Siam Commercial Bank

– Investor Relations: Kasikornbank

– Securities company: Credit Suisse Securities (Thailand)

Continue reading 2012 SET Awards

Manners

My colleagues and I, specifically me,  have had to deal with a lot of rubbish in the past month with our former firm/platform slandering us for the silliest of reasons, non-fact based, purely emotions driven.

For the time being we’ve decided to act proper and not bother mud slinging and throwing accusations around, despite the temptation because of how easy it would be, as  it would just end up being childish and my mother raised me better than that.

Of course if it gets to the point where I’ve had enough, be sure to be ready to read about unhonoured agreements, how actions there never put clients first (teaser: forcing clients to buy a fixed income fund that has a 5% front end fee?!?!?!), and several others. It’ll be quite a read.

All I can say is, we’ve put our clients first always, yes I’ve made one or two bad picks but the other 20 seem to have turned out quite well :)  as clients, colleagues and friends will know.

 

What happened this past week?

Positives:

  • Thailands October Car exports hits another record high 98,284 units, up 79.71% on the same month last year, and an increase of 0.02% over September
  • China’s HSBC Nov preliminary mfr’g PMI rises to 50.4 v 49.5, above 50 for 1st time since Oct ’111
  • Euro zone mfr’g/services index holds steady at 45.8 vs 45.7 in Oct but still just off the lowest since June ’09.
  • German IFO business confidence unexpectedly rises to 101.4 from 100 in Oct but back to the Sept level. Expectation was 99.5.
  • No official Greek deal (won’t be the last deal) yet but market expects one as Greek stocks rally 7% on the week as does the Greek 10 yr bond (that could benefit from buyback).
  • French business confidence up 3 pts in Nov to 88 from weakest since Aug ’09.
  • Cease fire between Israel and Hamas.
  • US Oct Housing Starts total 894k, 54k better than expected and the most since July ’08 led by multi family. Still long way to go as still 60% below high and near trough levels of the ’81 and ’91 recessions. Overall permits stay relatively elevated.

Negatives:

  • The Thai Industries Sentiment Index (TISI) for October was down from 94.1 in September to stand at 93.0, the lowest for 11 months
  • Moody’s takes away France’s triple A rating 10 months after S&P did. French 10 yr yield up 9 bps on the week but CDS cheaper by 5 bps, and CAC up everyday this week.
  • China’s FDI falls 0.2% YoY in Oct vs est of up 1%. It’s down for 11th month in past 12.
  • Japanese exports down 6.5% in Sept YoY, lower by 20.1% to China and by 11.6% to EU.

Quick Thoughts: Telecom sector

Whats going on here?

  • There are 4 complaints against the 3G auction with 2 of them already rejected by the DSI, as no price collusion was found.
  • The other 2 complaints were filed by 40 senators and the Office of the Ombudsman and are now awaiting a court ruling due next week.
  • Most likely the courts will throw out the cases

Why?

  • The Ombudsman has no right to inspect the NBTC. The Ombudsman only has the right to inspect government employees and government departments and not the NBTC, which legally is an independent organization.
  • The DSI announced that they had found no irregularity in the 3G auction, also, which will be officially announced next week.
  • A group of 40 senators will file suit against the National Telecommunications Commission of the NBTC with the Constitutional Court as the senatorial group sees it illegal that the National Telecommunications Commission will grant the licenses. However, the National Telecommunications Commission will not be the one granting the licenses, but only holding the auction.

So what?

  • Well by the looks of all the facts…all this suit filing seems to be a waste of time therefore if anyone is interested in the telco sector I’m fairly certain the noise will go away shortly.

Disclosure: Please use your own thoughts, do your own homework and see the disclaimer on for more of the legal babble!