What Thailand Needs Most Is a Bill of Rights

Stanley Weiss has come out with another op-ed piece on Thailand, this time discussing the need for Thailand to have a Bill of Rights.

Over the past century, Thailand has endured colonial aggression, two world wars and neighboring civil wars on every one of its borders. It has survived extreme nationalism, home-grown fascism, aggressive communism and stifling dictatorship. It has persevered through 18 military coups, survived economic collapse, withstood periods of widespread starvation and navigated a ubiquitous regional drug trade. And after all that, Thailand has emerged as the region’s second-largest economy, with the broadest-based prosperity in its history.

The primary author of America’s Bill of Rights, James Madison, once wrote that “If men were angels, no government would be necessary.” Only time will tell if Bangkok, Thailand’s “City of Angels,” will give in to Lilliputian solutions or summon the bold thinking that is worthy of a great nation.

Source: Huffington Post

New shareholders and sharper focus buoy Golden Land

Golden Land Plc (GOLD) is a SET-listed property developer focusing on landmark commercial, hospitality and mixed-use developments in the heart of Bangkok’s central business district as well as low-rise residential living. President Thanapol Sirithanachai discusses the company’s strategy and outlook.


Mr Thanapol believes Thailand will quickly recover from the political conflict.

Golden Land has gone through a change in shareholders and strategy. Could you explain where the company is today?

In 2012, Univentures became a majority shareholder at 58% because we saw hidden value in the combination of commercial and residential assets and undeveloped land, and believed that an injection of capital with a restructuring of the company would unlock this value.

We are undertaking a three-step process as part of our strategy. The first year, 2013, was focused on building a strong professional team and investing in our infrastructure to ensure that the company has a strong foundation from which to grow.

The second step, 2014, is focusing on unlocking value and making us profitable again. The third step will be our growth strategy in 2015 when the company can take off, acquiring and launching more projects. Continue reading New shareholders and sharper focus buoy Golden Land

What happened this week 24/02 – 28/02


  • Economy in danger of stalling — Credit rating agencies have voiced concerns that the political impasse could take a toll on investment if it continues, says a Finance Ministry source. Public investment under the caretaker government cannot proceed at full throttle, while the Bt2trn infrastructure and the Bt350bn water management projects have been temporarily stalled by the court. (Bangkok Post, 22/02/14)
  • Foreign attendance at fairs down — The Ministry of Commerce reports that foreigner visitors at investment fairs in Thailand are down by 10% as they fear political risks. However, it insists that total exports will not be affected as it will aim for more regional trade partners. (ASTV Manager, 25/02/14) Continue reading What happened this week 24/02 – 28/02

Stocks in the news (aav, cho, ck, cpall, rs, sc, spgc) 28.02.14


Thai AirAsia’s Q4 profit falls by 40% – Last year’s fourth-quarter net profit of Thai AirAsia (TTA) dropped by 40% YoY to Bt425mn due to aircraft deprecation costs and higher spending to counter the market downturn caused by the civil unrest in Bangkok. This came despite a 16% increase in revenue to Bt6.50bn and an 81% load factor that was almost stable from 82% previously. Meanwhile, Asia Aviation Plc (AAV) posted a 24.4% increase in net profit in 2013 to Bt1.04bn. AAV has a 55% shareholding in TAA. (Bangkok Post, 28/02/14)

Comment: Once protests are over, how fast would the recovery be?


CHO expects 15% revenue growth in 2014, supported by its Bt600mn backlog that is expected to be booked entirely this year. The board has also authorized a dividend of Bt0.015/share. It is also in the process of negotiating with 3-4 logistics clients to help support revenue growth in the future. (Khao Hoon, 28/02/14)


CK net profit leaps 1,213% – Ch. Karnchang Plc (CK), Thailand’s biggest contractor by market value, posted a record net profit of Bt7.67bn baht last year, thanks to a substantial increase in construction work and profit from investment in listed companies. Mr. Plew, chief executive and executive board chairman, said the company aims for more than Bt30bn in construction revenue this year, with a gross profit of 8-10%. (Bangkok Post, 28/02/14)

Comment: Value in its holdings are deteriorated by its poor margins on the construction side Continue reading Stocks in the news (aav, cho, ck, cpall, rs, sc, spgc) 28.02.14

Stocks in the news (bcp, bts, ck, cpf, csl, loxley, ptt, qh, samart, thai, thcom, thbev, wha) 27.02.14


BCP aims at EBITDA of Bt25bn in 2020, brought by a focus on projects with 15% IRR. It expects 2014 EBITDA of over Bt10bn, supported by solar farms. (Khao Hoon, 27/2/14)

Bangchak to issue up to Bt8bn in bonds — BCP will issue Bt50-8bn worth of debentures in the second quarter of the year to finance its investment. President Vichien said the company is seeking new investments together with local and international partners in solar farms, ethanol and upstream businesses in mineral and oil. (Bangkok Post, 27/02/14)

Comment: Perhaps one of the few bright spots in the Energy sector


BTS goes to Beijing on invite from Chinese government. It is one of two candidates to operate a rail system for 30 years. VGI is also preparing to expand to overseas. BTS dividend is estimated at Bt0.15 per share. (Khao Hoon, 27/2/14)

Comment: They’ve already paid out a dividend earlier in the year, this is the second one.


CK will pay stock dividend at a ratio of 40:1 (existing stock : new stock) XD 7 May 2014. 2013 net profit was more than Bt7.6bn due to gain from subsidiary such as TTW,CKP, and BMCL. It has cash of ~Bt8.4bn. (Khao Hoon, 27/2/14)

Comment: Stock dividends, no matter what management says, is crap for a stock in the short term, plus CK’s value is in its subsidiaries, the construction business is just a headache for its margins. Continue reading Stocks in the news (bcp, bts, ck, cpf, csl, loxley, ptt, qh, samart, thai, thcom, thbev, wha) 27.02.14