Well done Thailand! Continuing its wonderful streak of being one of the worst performing stock markets in the world, the SET is -11% YTD.

Now this is of course a bit messy…scroll down to the electronics sector which effectively is DELTA and that name is -50% this year due to the company missing earnings…and unable to maintain its lofty 1 gajllion PE multiple.

h/t to Paolo for sending this link to the group chat: Bangkok Post which summaries the drop in the SET well.

Delta Electronics and Airports of Thailand (AOT) fell dramatically early in the week. DELTA was pressured by results that were about 50% weaker than expected, as well as an overhang related to legal expenses, while growth prospects this year do not put it among growth stocks. Moreover, its rich valuation caused the stock fall at a steeper than usual pace.

AOT was weighed down by concerns about liquidity at King Power, its main duty-free contractor, which could lead to additional provisioning if the latter cannot pay concession fees. With less promising prospects for profit sharing from duty-free business, some analysts downgraded the earnings outlook for the airport operator, while trimming the share valuation as return on equity might also slip. However, AOT clarified concerns and confirmed that it has no plan to reduce the minimum guarantee specified in the duty-free concession.

I’d add to this that the due to the LTF scheme expiring this year …. you’ve already seen some THB 70 bn worth of redemptions YTD and there’s still some THB 100 bn to go for the rest of the year. – I’ll find the source, but here’s grok to help you out https://grok.com/share/bGVnYWN5_621c96d2-3110-4155-a839-f858e775cdb5