May 26, 2020

Thai Enquirer Summary

Economic News

Thai Airways International Plc (THAI) held an emergency meeting of its board and got

down to business of replacing 4 of its board members with former business executives,

including the airline’s former chief executive, according to the resolution of its

extraordinary board meeting held on May 25, effective immediately.

Piyasvasti Amranand, who served as THAI President from 2009 and 2012, the

last time the airline was profitable, has been appointed as a new board member,

replacing Sirikul Laukaikul.

Other 3 former business executives including former CEOs of state-owned energy

firm PTT Plc and TMB Bank Plc Pirapan Salirathavibhaga, Pailin Chuchottaworn

and Boontuck Wungcharoen, respectively, to replace Pitipan Tepartimargorn,

Pratana Mongkolkul and Pinit Puapan.

It is understood that the appointment of the 4 figures as THAI new board

members is due to their close ties with Prime Minister Prayut Chan-o-cha.

However, military personnel who sit as THAI board members, namely, ACM

Chaiyapruk Didyasarin, ACM Chanyoot Sirithumakul and ACM Amnart

Jeeramaneemai have been kept on the THAI board, according to a report from the

Stock Exchange of Thailand (SET)’s website.

The announcement came after the government reduced its stakes in the national

carrier last week from 51% to 47.86%, losing its status a state-owned enterprise

over the weekend.

A latest report said THAI executives will file a rehabilitation plan for the national

carrier with the Central Bankruptcy Court today (May 26).

In a related development, Deputy Prime Minister Wissanu Krea-ngam will hold a

meeting today (May 26) to decide on whether the Finance Ministry or the

Transport Ministry should oversee the rehabilitation process for THAI.

The Ministry of Finance has joined forces with the specialised financial institutions

(SFIs) and agencies under the Ministry to set up the “Rao Mai Thing Kun” team to follow

up on relief measures to alleviate hardships facing the public, Finance Minister Uttama

Savanayana announced.

The Ministry will also mull additional measures to stimulate the economy and

rebuild the grassroots economy including the Government Savings Bank (GSB)’s

40-billion-baht soft loan program for retail borrowers and small and medium-

sized enterprise (SME) borrowers as well as the state-owned Bank for Agriculture

and Agricultural Cooperatives (BAAC)’s loan scheme totalling 170 billion baht to

support farmers after COVID-19 eases.

It is reported that 9 state-owned banks are planning to issue a new round of loans

worth 230 billion baht to support the Finance Ministry’s scheme to fight COVID-

19.

The government is considering measures to spur domestic tourism in July.

Thosaporn Sirisumphand, secretary-general of the National Social and Economic

Development Council (NESDC, formerly known as National Social and

Economic Development board (NESDB)) said the package may include subsidies

on rooms and other incentives for domestic tourists such as coupons that offer 40-

50% discounts on hotel room rates as part of the tourism promotion incentive to

spur domestic tourism once the country is out of lockdown in July.

“Other engines are off during COVID” and there are only government

spending and tax measures to help the economy,” Mr Thosaporn said.

“Tourism should be a fast economic stimulator,” he said. “If the situation

improves, we may open for tourists to come in”.

The export and tourism driven economy may shrink 5% to 6% this year, the worst

since the 1997-98 Asian financial crisis due to the outbreak, the agency said.

The move is part of a plan to lift the sagging economy via the 1.97 trillion baht in

which the government will borrow to reduce the impact of the pandemic on jobs.

A 400-billion-baht crisis fund targeted at boosting grass-roots activity including

tourism.

The Revenue Department sees a revenue shortfall of 140 billion baht in the wake of tax

refunds to individual and businesses as part of the government’s relief measures to

alleviate the impacts of COVID-19.

Ekniti Nitithanprapas, director-general of the department, said his department

forecast a loss of as much as 140 billion baht in tax revenues.

The signing of “Contract 2.3” for the Bangkok-Nakhon Ratchasima high-speed railway

between Thailand and China is expected in October, Transport Minister Saksayam

Chidchob announced after a meeting of the 28th

Thai-Chinese Joint Committee (JC)

yesterday (May 25).

He said the 2 sides agreed on the 50.6-billion-baht draft contract including the

content on the signalling and operation systems.

There are total of 14 contracts involved in the 253-kilometre rail route from

Bangkok to Nakhon Ratchasima in the Northeast. It is part of a high-speed train

project, linking Bangkok to Nong Khai, bordering Lao PDR.

The signing is scheduled by October or sooner before the 5-year project will

commence.

Incumbent governor of the Bank of Thailand (BoT) Veerathai Santiprabhob, whose five-

year term ends on September 30, said he will not apply for a second term because of

family reasons.

Mr Veerathai pledged to help with a smooth transition before the next chief takes

office on October 1, according to the BoT’s statement.

Political News

Political activist Srisuwan Janya called for Prime Minister Prayut Chan-o-cha to launch

an investigation into demands for alleged kickbacks from hotel operators if they want to

be chosen as state quarantine facilities for those who return from overseas.

Mr Srisuwan wants Gen Prayut to set up a special committee to look into the

kickback demands from hotel operators in exchange for operation fees from the

government. Mr Srisuwan claimed that a group of people claimed to come from

state agencies had asked big hotel operators in Pattaya, Chon Buri province to pay

them an operation fee of 30-40% to make their hotels state quarantine facilities. In

return, the hotels will be paid 1,000 baht per person per day.

In a latest report, Mr Srisuwan said he learned that an official with the initial

“Por” who serves in the Centre for Covid-19 Situation Administration (CCSA) is

involved in the kickback demand.

Mr Srisuwan has already petitioned the Office of the Ombudsman asking it to

look into the issue.

The army quickly came out to deny any involvement in the kickback demand as

Defence Ministry spokesman Lt Gen Kongcheep Tantravanich said army

personnel is not involved in the alleged kickback demand. He added that Prime

Minister Prayut, also the Defence Minister, has instructed an investigation into the

matter.

Unity inside the Phalang Pracharat Party (PPRP) remains a big question ahead of the

House’s debate on 3 executive loan bills.

The party is planning to convene a meeting of MPs at 14:00 hrs today (May 26) to

ready them for the House’s debate on 3 decrees backing loans of 1.97 trillion baht

that will kick off from tomorrow (May 27).

Interestingly, Deputy Prime Minister Prawit Wongsuwan, as the PPRP chief

strategist, said he would not be present at the meeting. He merely said, “I am not

going, nothing to do with me”.

Wichian Chavalit, the party’s registrar official, said today’s meeting is about the 3

loan bills set to be deliberated in the House during May 27-31, not to clear

internal rifts inside the party.

Finance Minister Uttama Savanayana, as the PPRP leader, called a meeting with

more than 40 MPs yesterday (May 25) to prepare them for the coming debate on

loan legislation. Interestingly, there was no sign of Industry Minister Suriya

Jungrungreangkit and MPs of the Saam Mitr faction as well as Deputy Finance

Minister Santi Promphat, who did not appear at the Finance Ministry’s meeting.

Meanwhile, the Opposition is said to prepare 65 MPs to grill the government over the 3

loan bills.

The 65 MPs who have been assigned to grill the government over the loan bills

are divided into 35 Pheu Thai MPs and 15 Kao Klai MPs.

Suthin Khlangsaeng, the opposition chief whip and Pheu Thai MP for Maha

Sarakham, said the Opposition will not allow the 3 executive decrees to pass

without clarity on the spending plan from the government.

Pita Limjaroenrat, the leader of the Move Forward party, the reincarnation of the

defunct Future Forward party, has come out to say that he would not be

participating in the debates as he has to undergo an immediate surgery on

Wednesday.

Prime Minister Prayut Chan-o-cha plans to explain the government’s push to issue 3

executive decrees governing the borrowing of 1.97 billion baht and the budget transfer

draft bill himself, Deputy Prime Minister Wissanu Krea-ngam said.

Government chief whip Wirat Rattanaset ruled out the possibility by MPs to seek

a court review of the decrees. Mr Wirat’s opinion is in line with opposition chief

whip and Pheu Thai MP for Maha Sarakham Suthin Khlangsaeng’s earlier

announcement. Mr Wirat believed that the government has sufficient reasons to

justify the borrowing which is normally used in case of emergency.

Initially, time allocated to the government side is 22 hours, with 11 hours to be

given to cabinet ministers to clarify the bills and the remaining 11 hours to

government MPs, Mr Wirat said.

Phumtham Wechayachai, an advisor to the Opposition leader, did not rule out the

possibility of forming a new party following reports that he has formed a new political

group called CARE (Continue Ability Renew Efficiency) with key former executives of

the now-defunct Thai Rak Thai Party).

Mr Phumtham said the CARE group was formed after his talks with groups of

academics, politicians and the young-generation in an attempt to find the best

solution for the country’s problems. He said the group has yet to finalise on how

the potential of how many political parties will be from. He admitted that there

have been talks about the party leader and secretary general, adding that his group

stressed on recruiting economic experts.

Six military and police top brass and some other senators have come under fire from the

public for missing out their meetings frequently.

Five out of 6 military and police top brass who concurrently serve as senators are

found to have missed Senate meetings the most among other senators, according

to a report by the Internet Dialogue on Law Reform (iLaw).

iLaw said out of a total of 145 voting sessions held by the Senate, 5 out of 6 these

appointed senators with military and police backgrounds are among top 10

senators who missed voting sessions the most.

The list of 10 senators who missed the Senate’s voting sessions the most are:

1) Navy commander Admiral Ruechai Ruddit missed 144 voting sessions;

2) Army chief Gen Apirat Kongsompong missed 143 voting sessions;

3) former air force commander-in-chief ACM Chaiyapruk Didyasarin

(who was later been replaced by ACM Manat Wongwat) and ACM Manat

altogether missed 143 voting sessions;

4) Maj Gen Kolchai Suvanboon missed 143 voting sessions;

5) Capt Tinnapan Nakata missed 137 voting sessions;

6) Supreme Command’s chief-of-staff Gen Pornpipat Benyasri missed 136

voting sessions;

7) Permanent secretary for defence Gen Nat Intharacharoen missed 135

voting sessions;

8) Pol Lt Gen Jitti Rodbangyang missed 125 voting sessions;

9) Gurdist Chansrichawla missed 117 voting sessions;

10) Gen Pathomapong Prathompat missed 112 voting sessions.

National Police Chief Gen Chakthip Chaijinda missed the sessions the least

among the 6 military and police top brass. He missed 99 voting sessions and cast

46 votes.

The six seats in the Senate were held by commanders of the army, navy, and air

force, along with the chief of defence forces, defence permanent secretary and the

national police chief.

General News

Thailand reported 1 more fatality of the COVID-19 yesterday (May 25), raising the total

to 57.

The Centre for Covid-19 Situation Administration (CCSA) also confirmed 2 new

infections; 1 of which had close contacts with a patient, and the other returned

from Russia.

A total of 3,042 cases have been reported in Thailand so far, with 2,928 given the

all-clear.

In a related development, Deputy director-general of the Disease Control

Department Tanarak Plipat said businesses and venues that are under moderate risk

of COVID-19 (yellow zone) are expected to reopen and resume operations in the

next phase of relaxation.

Boxing stadiums, massage parlours, spas, cinemas, bowling alleys, amusement

parks, convention venues, trade exhibition centres and tutorial schools are

businesses and venues under moderate risk and expected to resume operations.

Boxing rings are already spreading news that the Cabinet is set to allow

boxing to be allowed even before the decision is made with social media

buzzing with internal messages showing that the Cabinet is set to decide on

May 29th

Talks of this segment opening up has been circulating since May 22nd

among the boxing stadium operators and fans.

However, pubs, bars and night entertainment venues will remain closed.

There are reports emerging that international schools are calling for the schools to reopen

when their term starts in July/August this year as the number of cases come down in

Thailand.

But Malaysia yesterday reported the highest number of new cases after the

country opened its economy as it was losing close to $550 million per day in

economy during the lockdown.

Malaysia reported 172 cases on Monday the highest since its reopening on

May 4th

.

Political News Headlines in Thai Media

Chitpas “Tant” Kridakorn, a Democrat Party MP, filed lawsuits on Monday against

netizens for sharing pictures that allegedly show the protest-leader turned politician

kicking a sign.

o Link- https://www.thaienquirer.com/13524/tant-files-defamation-charges-against-

netizens-for-sharing-picture-of-lookalike-during-pdrc-protest/

As the coronavirus pandemic winds down and the government has begun to ease

lockdown measures, a disorganized opposition is failing to capitalize on the

government’s mismanagement through infighting and strong egos.

o Link- https://www.thaienquirer.com/13519/opinion-disorganized-fractured-

opposition-cannot-capitalize-on-government-mismanagement/

Thailand’s government said on Monday that it had discovered two new cases of

coronavirus in the past 24 hours.

o Link- https://www.thaienquirer.com/13494/two-new-coronavirus-cases-in-thailand-

one-new-fatality/

Myanmar’s government submitted, this weekend, an official report to the International

Court of Justice detailing how the country will prevent future acts of genocide against its

Rohingya Muslim minority.

o Link- https://www.thaienquirer.com/13483/myanmar-submits-official-report-to-icj-

on-rohingya-genocide-a-humanitarian-disaster-looming-in-camps/

A police spokesman on Monday rejected the allegations that the authorities employed the

Emergency Decree to suppress political activities.

o Link- https://www.khaosodenglish.com/politics/2020/05/25/police-deny-abusing-

virus-emergency-law-to-block-protests/

Forestalling a second wave of infections, and not politics, is behind the government's

need to extend enforcement of the emergency decree as lockdown measures are set to

loosen up, said Deputy Prime Minister Prawit Wongsuwon.

o Link- https://www.bangkokpost.com/thailand/politics/1924044/no-politics-in-decree-

stretch

The leaders of the three armed forces have the worst track records when it comes to

Senate voting, according to the Internet for People's Laws Project, or iLaw. The records

were confirmed by Senate Speaker Pornpetch Wichitcholchai on Monday.

o Link- https://www.bangkokpost.com/thailand/politics/1924084/military-top-brass-

skip-senate-votes

Opposition parties are threatening not to support three executive decrees authorising the

government to borrow 1.97 billion baht to combat the Covid-19 crisis if certain

"conditions" are not first met.

o Link- https://www.bangkokpost.com/thailand/politics/1924040/covid-19-decree-

oversight-pressed

A candidate of the Seri Ruam Thai Party led by Pol Gen Sereepisuth Temiyavet on

Monday applied to contest the June 20 by-election in Constituency 4 of this northern

province.

o Link- https://www.bangkokpost.com/thailand/politics/1923944/seri-ruam-thai-

candidate-to-run-in-lampang-by-election

Economic News Headlines in Thai Media

The Automotive Industry Club (AIC), part of the Federation of Thai Industries, estimated

that around 300,000 people could lose their jobs if the government does not help the

sector.

o Link- https://www.thaienquirer.com/13536/exclusive-up-to-300000-people-could-

lose-their-jobs-if-government-fails-to-help-automotive-industry/

Sri Trang Agro-Industry (STA)’s shares were the third most traded stock on the Stock

Exchange of Thailand (SET) Monday morning as the stock bucked gloomy trends to rise

130 per cent year-to-date on news that its rubber gloves unit may be listed.

o Link- https://www.thaienquirer.com/13515/sta-shares-to-surge-with-a-profit-

projection-of-2-9-billion-baht-in-2020/

With a drop in infections, new easing measures and a tracing application now in tow,

Thai citizens are breathing much easier and flocking to malls and department stores for

their much needed outdoor therapy.

o Link- https://www.thaienquirer.com/13501/relaxed-standards-are-premature-as-

thailand-eases-lockdown-further/

People living in Bangkok’s Ekkamai area gathered on Monday (May 25) to voice their

opposition against plans to construct a 43-storey building called “Impression Ekkamai”

on Sukhumvit Soi 61, and raised concerns about safety and traffic problems the project

would create.

o Link-

https://www.nationthailand.com/news/30388471?utm_source=category&utm_mediu

m=internal_referral

Advanced Info Service (AIS), the top mobile operator by subscriber numbers, has

insisted no personal information from customers was leaked during a scheduled test

earlier this month -- only non-critical information was exposed online as reported by

foreign media.

o Link- https://www.bangkokpost.com/business/1924112/3-week-lapse-for-ais-data-

breach

The Tourism and Sports Ministry wants to ask the Covid-19 Situation Administration

(CCSA) to lift the domestic tourism lockdown starting in June, as the industry prepared

for new national safety and health standards with almost 1,500 operators applying for

certification.

o Link- https://www.bangkokpost.com/business/1924176/tourism-and-sports-ministry-

seeks-to-lift-domestic-lockdown

Some 70% of SET-listed companies are prepared for the Personal Data Protection Act

(PDPA) related to capital market compliance, according to a survey conducted by the

Securities and Exchange Commission (SEC).

o Link- https://www.bangkokpost.com/business/1924140/70-of-set-firms-ready-for-

pdpa

Patchara Anuntasilpa, head of the Excise Department, hinted he personally supports

automakers' tax cut proposal to boost domestic demand, saying it could be a win-win for

all.

o Link- https://www.bangkokpost.com/business/1924132/automaker-tax-aid-seen-as-

win-win

Former Thai Airways International (THAI) president Piyasvasti Amranand, widely

recognised for his past success in leading the national flag carrier to recoup losses and

begin making profits again, is among the four new directors of THAI's board.

o Link- https://www.bangkokpost.com/business/1924052/thai-picks-new-board-

members-piyasvasti-returns

SET-listed Thitikorn (TK) is set to finalise the acquisition of a microfinance business in

Myanmar next quarter, a move expected to lend support to the company's goal of having

30% of its loan portfolio come from neighbouring countries by year-end 2020.

o Link- https://www.bangkokpost.com/business/1924324/thitikorn-closes-in-on-

myanmar-firm

The Centre for Covid-19 Situation Administration (CCSA) has warned that fraudulent

websites bearing the name of the government's Thai Chana platform are trying to steal

personal information from shoppers.

o Link- https://www.bangkokpost.com/thailand/general/1924108/thai-chana-fakes-

phish-for-user-data

o

The Stock Exchange of Thailand (SET) Index closed at 1,320.98 (May 25), up 17.01

points or 1.30 per cent.

o Link-

https://www.nationthailand.com/business/30388481?utm_source=category&utm_me

dium=internal_referral

The SET-listed oil and gas conglomerate PTT Plc is reviewing its 2020 investment plans

in response to the Covid-19 outbreak, said Arawadee Photisaro, PTT’s senior executive

vice president for corporate strategy.

o Link-

https://www.nationthailand.com/business/30388482?utm_source=category&utm_me

dium=internal_referral

Issues to be watched out for

May 21-27, 2020 – The government’s “Rao Mai Thing Kun” bond sale will be made

available to retail investors.

May 28-June 10, 2020 – The government’s “Rao Mai Thing Kun” bond sale will be made

available to the general public and non-profit entities.

May 26, 2020 – Prosecutors has delayed a decision on charges against Piyabutr

Saengkanokkul, former secretary-general of the now-defunct Future Forward Party, for

alleged contempt of court after he criticized the Constitutional Court’s decision to dissolve

the Thai Raksa Chart Party.

May 26-June 16, 2020 – The application period for the next governor of the Bank of

Thailand (BoT).

May 27-28, 2020 – The House is set to deliberate on government-sponsored executive

decrees on borrowing.

May 29, 2020 - The deadline for those who missed out on the government’s 5,000-baht

cash handout scheme who wish to appeal their case to the Finance Ministry.

May 31, 2020 – The government is expected to lift lockdown restrictions imposed under

the emergency decree.

June, 2020 - The Phalang Pracharat Party (PPRP) is set to hold a general assembly to

select a new executive board after the House’s reading on 3 executive decrees on

borrowing to fight COVID-19.

June 30, 2020 – The Civil Aviation Authority of Thailand (CAAT) is expected to lift ban

on incoming flights.

July 2020 – The Expressway of Thailand (EXAT)’s planned opening schedule of the new

Motorway Route 7 Section from Pattaya to Map Ta Phut.

July 2, 2020 – The shortlist of candidates for the new governor of the Bank of Thailand

(BoT) will be concluded.

July 15, 2020 – The House is set to deliberate on the draft budget bill for the 2021 fiscal

year.

September 30, 2020 – The Stock Exchange of Thailand (SET) is set to extend the revised

equity short-selling regulations from June 30 to September 30 as stock market volatility

remains high in the wake of the Covid-19 pandemic.

October, 2020 – The bidding for construction and operation for the 140-billion-baht

Orange Line western extension linking the Thailand Cultural Centre with Bang Khun

Non.

October, 2020 – The Thailand Grand Prix was rescheduled after being postponed due to

the coronavirus outbreak.

Key Data

SET Index 1,320.98 +17.01

Link - https://www.set.or.th/en/company/ipo/upcoming_ipo_set.html

Global Commodities

Metal -Link http://www.bloomberg.com/markets/commodities/futures/metals/

Energy -Link - http://www.bloomberg.com/energy/

Baltic Dry Index (BDI)-Link - http://www.bloomberg.com/quote/BDIY:IND

Global Equity Market’s Movements

Link - http://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific/

Asian Equity Markets Movement

Link - http://www.bloomberg.com/markets/stocks/world-indexes/

Information on May 25, 2020

Buying, Selling or Transfer of shares by Owners/Management

Stock Code Volume Value Action

ALT 1,528,900 2.39 Purchase

ALT 1,528,900 2.39 Purchase

AP 50,000 5.05 Sale

ASIAN 200,000 5.43 Sale

ASIAN 133,000 6.4 Sale

AS 4,348,200 1.5 Sale

BM 1,990,000 0.06 Sale

CPT 913,400 0.71 Purchase

ECL 1,740,400 0.15 Sale

ECL 7,000,000 0.15 Sale

EMC 200,000 0.12 Purchase

FTE 48,000 1.6 Purchase

MBAX 17,200 4.14 Purchase

MTI 3,100 89.42 Purchase

PR9 20,000 6.7 Sale

SPC 372,592 55.5 Purchase

SKY 120,000 15.95 Sale

SKY 20,000 16.05 Purchase

SFLEX 5,000 9.2 Purchase

SUSCO 50,000 2.16 Purchase

UAC 439,292 0.06 Sale

UAC 27,500 0.06 Sale

UV 200,000 3 Purchase

UV 200,000 2.92 Purchase

UV 200,000 3 Purchase

UV 200,000 2.92 Purchase

KUN 41,500 88.43 Purchase

KUN 50,000 0.88 Purchase

KUN 24,000 0.87 Purchase

XD, XE or XM or other notifications

For list of Companies that have dividend payment and AGM meeting schedules click on

http://www.set.or.th/set/calendarofevents.do

Trading Breakdown on the Stock Exchange of Thailand

Daily as of 25 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 6,109.22 11.35 4,703.52 8.74 1,405.70 -

Proprietary

Trading

4,842.34 9 4,497.56 8.36 344.78 -

Foreign Investors 14,984.91 27.85 15,140.94 28.14 -156.03 -

Local Individuals 27,869.64 51.8 29,464.09 54.76 -1,594.45 -

Monthly Cumulative between 1 - 25 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 91,501.64 11.18 80,970.18 9.89 10,531.47 -

Proprietary

Trading

69,859.26 8.54 69,547.67 8.5 311.59 -

Foreign Investors 259,260.19 31.68 292,508.94 35.74 -33,248.75 -

Local Individuals 397,783.91 48.6 375,378.22 45.87 22,405.69 -

Yearly Cumulative since 1 Jan - 25 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 773,687.20 12.06 713,407.66 11.12 60,279.54 -

Proprietary

Trading

661,706.22 10.31 664,232.26 10.35 -2,526.05 -

Foreign Investors 2,291,092.98 35.7 2,486,672.50 38.75 -

195,579.52

-

Local Individuals 2,690,887.39 41.93 2,553,061.37 39.78 137,826.02 -

Total Trading Value 53,806.12 Million Baht.

Background Information –  

The strength of each party in the Thai Parliament as of May 8, 2019 as per the report by the

Election Commission of Thailand. Elections took place on March 24, 2019

https://www.ect.go.th/ect_th/news_all.php?cid=24

List of MPs - https://www.ect.go.th/ect_th/download/article/article_20190508184334.pdf

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