Tracking foreign investors in Thailand is a necessity as they do have a substantial impact on the SET. We do this daily/monthly/quarterly by monitoring the change in NVDR holdings in Thai equities.

fyi: NVDR holdings, Non-Voting Depository Rights, are a vehicle in Thailand for non-thai investors to buy shares in Thai Equities. It is tracked daily by the Stock Exchange of Thailand

Without giving too much away we’ll just show the top 10 mkt cap, some fav’s of ours and the max percentage increase/decrease of changes in NVDR holdings. The period of this is from 30/08/11 to 28/09/11 .

Interesting points:

1. To see such a sell off in stocks such as TOG and CENTEL does get us slightly excited as we used to have holdings in the both of them years ago. Both are still fantastic companies but were just overvalued for the past few years, or not as attractive when compared to other opportunities in Thailand. Perhaps now they will be both worth a revisit after seeing their share prices drop and the sell off in NVDR holdings.

2. AGE and SF had massive increases, AGE essentially is a distributor of a coal, and I put my hand up that I missed this one as an investment opp back in 2009/2010 despite having met management, I couldn’t foresee their ability to grow the company as well as they had done. The increase in SF is not too surprising b/c their mega-mall JV with IKEA will be recognised within the next 6 months, but following on from this, b/c of their business model, SF’s revenue and earnings will drop significantly again, and as seen before their price may very well likely collapse again.