Banks banks banks – hey the #s were amazing – no surprise – BOT policies allowed for them to hide NPLs and kick the can down the road for the next 5-10 years. Watch them slowly provision all their issues every q and how magical the figures will be. Now throw in the higher interest rates which are happening (for now) and watch their NIMs begin to recover in 2022.

Add to this the energy industries that are still roaring due to high commodity prices and I think the surprise will be in the telcos – should that dream of mine regarding True & DTAC come to fruition. And AIS and True can start to charge us all an additional 5% and make fantastic profits.

Finally tourism – it’s going to come back, just imagine in 2-3 years from now the #’s of Chinese and Indian tourists. Had an interesting talk with a hotel management co during the week, ~40% of Chinese visitors pre-wuflu were travelers that booked their own trips – not tour groups.

What could go wrong? Oh everything…