Business

That's the verdict of Sunanta Vasapinyokul, an analyst at Finansa Syrus Securities in Bangkok. Yet Siam Commercial Bank (SCB), Thailand's fourth-largest lender, is selling its stake in finance company Siam Industrial Credit (SICCO) for 38 per cent below book value.

Is the buyer - Thai Credit Retail Bank - getting a bargain?

An unlisted bank, it will buy SCB's 38.65 per cent stake in SICCO for $29m - a price of 4 baht per share, compared to SICCO's book value of 6.4 baht per share.

Roong Sanguanruang, chief market analyst of the bank, said at a Thailand Market Association seminar on interest rates and the foreign exchange outlook yesterday that the baht was expected to move in the range of 30.7532.25 to the dollar in middle of next year. Earlier, Kasikornbank's treasurer expected the baht to end this year at 31 per dollar.

Of the 566 listed firms on SET and mai, 534, or 94% of the total, including 27 property funds, had reported their operating results as of June 30, 2010, with net profits in H1/2010 increasing in every Industry Group, for total net profits of THB292.98 billion (approx. USD9.16 billion), up from last year's THB218.24 billion (approx. USD6.82 billion), or a rise of 34%. Meanwhile, listed companies posted net profits of THB129.67 billion (approx. USD4.01 billion) for Q2/2010, a 1% rise over the same period last year, revealed SET President Charamporn Jotikasthira.

July vehicle output in Thailand, a regional manufacturing hub for many of the world's biggest automakers, shot up 94.4% on year to 145,771 units, the federation said in a statement.
The number of units exported in July was 87,605, the highest level in 22 years and more than double the 36,555 units a year earlier, with increased shipments to every market.

July vehicle output in Thailand, a regional manufacturing hub for many of the world's biggest automakers, shot up 94.4% on year to 145,771 units, the federation said in a statement.
The number of units exported in July was 87,605, the highest level in 22 years and more than double the 36,555 units a year earlier, with increased shipments to every market.

The strengthening of Thai baht was not worrying as the level of fluctuation was low and there were no signs of irregular speculation, Mrs Tarisa said.

"However, exporters and importers are advised to use hedging to avoid foreign exchange risk," she said.

The baht strengthened because exporters were selling US dollars, as continual export expansion and stable politics increased people's confidence and capital inflow, she said.

Thai Agriculture and Cooperatives Minister Theera Wongsamut said after meeting with Sri Lankan Plantation Industries Minister, Mahinda Samarasinghe, that the island nation was greatly interested in developing such plantation with Thailand, which is ready to provide academic knowledge on the subject.

Currently, Thailand has 6.3 million rai of farm land planted in sugar cane, and produces 69 million tonnes of sugar cane annually. Of the overall production, 6.9 million tonnes were made as sugar, 2.1 million tonnes were for domestic consumption, and 4.8 million tonnes for export.

BOI investment adviser Hiranya Sujinai said that the agency has a policy to promote investment in Yala, Pattani and Narathiwat to regain confidence from investors and stimulate other investment in other businesses to those areas.

According to the research center, interdependency on border trade between neighbouring countries and the steady economic growth help support exports to those countries.

The consortium is led by Aiyawatt Raksriaksorn of the Raksriaksorn family that owns King Power, the leading Thai duty free retailer. King Power last week struck a three-year shirt sponsorship deal with LCFC.

Chief Financial Officer Tanadit Charoenchan told a press conference the company, which has two broadcast and one broadband satellites in orbit, also expects to book a net profit for the full year.

In the Arpril to June period, revenue fell to THB1.69 billion from THB2.12 billion a year earlier, as its telephone division's Laos Telecommunications Co. unit and Cambodian Mfone Co. unit haemorrhaged customers to competitors offering lower prices. Revenue from internet and media services also dropped during the quarter.

The latest investment from HGST has been approved by the Board of Investment (BoI) for the production of HDD and components including head gimbal assembly (HGA) at its plant in Prachin Buri, according to the BoI.

In the next five years, sales of non-alcoholic beverages will increase to 20% of total sales from 15% currently and sales from new businesses such as packed rice will represent 10%, group marketing manager Piti BhiromBhakdisaid yesterday.

"Singha will have business in both local and overseas markets. Overseas marketing activities will help drive up our sales in the future as well," he said.

Factory workers in China have become increasingly bold in demanding better pay and working conditions as they become more aware of their rights and the growing labour shortage in some cities.

The result has been a rise in industrial unrest at both foreign- and Chinese-owned factories.