Europe’s remarkable achievement

Krugman’s latest piece over at the NYT draws the comparison of Europe’s recovery since the ’08 GFC versus the Great Depression, and yes its rubbish in comparative terms. So the bulls will say “hey at least things are getting better” whilst the bears will counter “but it’s still awful considering the xx.xx billions of euro’s that have been pumped into the system!”

Lets just recognise the fact that most of Western Europe is expensive, old, and far too many regulations deter businesses from starting or expanding and unless there is a drastic change in the way anything can be conducted there, their numbers will never look good.


Source: NYT

What happened this week 11/11 – 15/11


  • Domestic rice prices in free fall — The government’s delay in paying farmers for rice earmarked for the pledging scheme has resulted in declining domestic paddy prices, say traders. The average local paddy price is now only Bt6,500-6,000 a tonne, far lower than the Bt15,000 offered by the government. (Bangkok Post, 11/11/13)
  • Senators shoot down blanket amnesty bill – Senators late last night rejected the blanket amnesty bill in a bid to defuse political and social tensions. After 12 hours of debate, the senators shot down the controversial bill by 140 votes to 0. However, the move is not in line with the demand of Democrat Party protest leader Suthep Thaugsuban who urged the Senate to vote that the bill be classified as a financial bill and return it to the prime minister so that she kill the bill by refusing to endorse it. Without doing so, the government can revive the bill after a 180-day period. (Bangkok Post, 12/11/13)
  • ICJ delivers win-win ruling – The International Court of Justice’s (ICJ) judgment on the Preah Vihear temple land dispute was positive to Thailand and the Thai people should be cheerful about it, the Thai legal team defending the case said yesterday. (Bangkok Post, 12/11/13) Continue reading What happened this week 11/11 – 15/11

Stocks in the news (ck, ea, earth, ratch, rs, siri, thai) 15.11.13


BMCL in the black in two years — CK guarantees that BMCL will be profitable in two years. It also announced that it will buy any shares remaining from BMCL’s capital increase after rights offering. 3Q13 profit was Bt937mn, a 945% increase YoY, while 9M13 grew strongly from a loss thanks to share of profit from subsidiaries and higher revenues. CK has raised its revenue target to Bt40bn this year. (Khao Hoon, 15/11/13)

Comment: Well post-recap with the debt wiped out, sure its entirely possibly for BMCL to finally be profitable


Bt171mn profit in 9M13 — EA reported 9M13 profit of Bt171mn, with 4Q13 to continue strong, on revenue from the 90MW solar plant expected be completed in December. (Khao Hoon, 15/11/13)


Revenue at Bt14mn this year — EARTH says coal sales volume this year will be over 8mn tons, support revenue of Bt14mn. Its said 9M13 orders were 6.5mn tons, pushing net profit up to Bt939mn. (Khao Hoon, 15/11/13)

Comment: Think the news has the revenue wrong on this one, but still an interesting company worth a look. Continue reading Stocks in the news (ck, ea, earth, ratch, rs, siri, thai) 15.11.13

Stocks in the news (ckp, cpn, ktb, intuch, rs, thai, true) 14.11.13


CK’s power unit foresees electrifying 2014 revenue – CK Power Plc (CKP), the SET-listed power unit of Ch. Karnchang Plc (CK), expects revenue growth of 20% to Bt6.8bn next year. It will be the first full year of operation for its cogeneration power plant in Ayutthaya. The higher 2014 revenue contribution of Bang Pa-in Cogeneration 1(BIG 1), which started up in July, will include power and steam sales. In the first nine months of this year, CKP achieved revenue of Bt4bn and expects Bt5.7bn for the full year, up sharply from Bt1.5bn in 2012. (Bangkok Post, 14/11/13)

Comment: still an incredibly overvalued utility


Ups revenue target — CPN has raised its 2013 revenue target to 18-19% after reaching growth of 17-18% in the first nine months. It expects revenues to grow by at least 15% next year supported by the opening of 3-4 new department stores. The company has allocated an investment budget of Bt13-14bn for next year; part of the investment budget will come from the sales of its Central Plaza Chiang Mai Airport to the CPNRF for Bt6-7bn. (Khao Hoon, 14/11/13) Continue reading Stocks in the news (ckp, cpn, ktb, intuch, rs, thai, true) 14.11.13