Quick news

The luxury Ritz-Carlton Residence Bangkok has recorded the highest per-unit price for a Bangkok condominium at Bt222 million, according to a survey by the Agency for Real Estate Affairs.

The units comprised 734 square metres, for an average price of Bt302,452 per square metre.

The next-highest per-unit price was fetched at the River condominium, at Bt183.7 million, where 590 square metres of property were sold for Bt311,356 per square metre.

In third place is 185 Ratchadumri, worth Bt164 million per unit, with 469 square metres fetching an average Bt349,680 per square metre. 

However, in terms of sales per square metre, Galerie Rue de 39 recorded the highest price of Bt350,000 per square metre, followed by 185 Ratchadumri at Bt349,680 and Bayan Tree Residences at Bt318,487. 

 

UN sees1.5% rise in Asian rice crop on early monsoon 

Early and abundant monsoon rains are expected to boost Asia’s rice crop to 452 million tonnes this year, up 1.5 per cent from last year’s level, the United Nations predicted on Thursday.

“If weather conditions hold, India together with mainland China are forecast to lead the region’s growth, but virtually all countries in the region are heading towards larger crops,” said the Food and Agriculture Organisation in its latest “Rice Market Monitor”.

The FAO predicted that global trade in rice this year would decline by 2.5 per cent to 37.5 million tonnes, with prices on a downward trend.

“The tendency for prices to fall has been particularly pronounced in Thailand, where uncertainties over the paddy-pledging program compounded the downward pressure exerted by weak external demand and a depreciating baht,” the FAO said.

Thailand has been offering farmers fixed prices for their paddy, or unhusked rice, since October 2011, as part of the government’s populist platform. The scheme resulted in accumulated losses worth an estimated Bt137 billion in the 2011/12 season, and a huge stockpile this year of about 17 million tonnes of rice in government-financed warehouses. – Deutsche Presse-Agentur 

 

Fitch revises Maybank Kim Eng (Thailand) outlook

Fitch Ratings (Thailand) has revised Maybank Kim Eng Securities (Thailand)’s outlook to “negative” from “stable”, while affirming its national long- and short-term ratings at “AA(tha)” and “F1+(tha)”, respectively.

The rating actions follow the revision of parent Malayan Banking Berhad’s (Maybank) outlook to “negative” from “stable” and the affirmation of its “A-” long-term issuer-default ratings.  Maybank Kim Eng Securities (Thailand)’s ratings reflect Fitch’s belief of a high probability of support from the parent bank. 

The Thai unit has a strategically important role within Maybank’s universal banking model, particularly as the parent has an intention to broaden its presence in Thailand into commercial banking.   

 

Sukhumvit Asset restructures debts worth Bt82 bn in Q1

Sukhumvit Asset Management Co restructured debt worth Bt82 billion from 4,370 debtors in the first half of this year, Bt60 billion of which was from non-performing-loans transferred from Thai Asset Management Corporation.

Meanwhile, the company sold non-performing assets worth Bt1.6 billion in the same period.

From these activities, the company generated Bt6.7 billion.

“We believe that we will pay Bt15.07 billion back to the Financial Institutions Development Fund this year,” managing director Chookiat Jittimaitriskul said.

 

Bangchak reports surge in Q2 profit to Bt406.84 million

Bangchak Petroleum announced net profit of Bt406.84 million in the second quarter, up 205 per cent from the net loss of Bt384.63 million in the same period of last year.

Meanwhile, the company showed net profit of Bt2.6 billion in the first half, up 26.85 per cent from a net of Bt2.05 billion in the first six months of last year.

Net profit rose after the company increase its production capacity by 35.06 per cent from the same period of last year.

 

Total value drops despite

more firms making IPOs in H1

Fifteen companies made initial public offerings in the first half of this year compared with just eight in the same period of 2012, the Securities and Exchange Commission reported.

However, in terms of value, the new IPOs were worth only Bt23.62 billion, down 40.39 per cent from Bt39.99 billion in the first half of last year, the SEC reported.

As of May 31, the SEC had allocated overseas investment worth US$29.23 billion (Bt918.2 billion). Actual investments marked $25.985 billion, or 89 per cent of the SEC’s allocation.

Overseas investments were made in various countries, the top five of which accounted for 60 per cent, namely Brazil, the United Arab Emirates, China, Luxembourg and the United States.

Overseas investments were diversified into an array of financial instruments including deposits, bonds, subordinated bonds and convertible bonds.

 

Ex-Finance minister kosit

worries about dfeficit

Former finance minister Kosit Panpiemras has expressed concern about how the government’s mega-projects worth a total of Bt2.35 trillion will be paid for.

Kosit said the government already faced a budget deficit but was forging ahead with its plan to borrow the funds needed for the infrastructure and water-management projects. This will create financial problems for the country in the long term, he said.

“Before making the decision to invest this amount the government has to make sure it can control the projects and also monitor corruption.”

 

CSC targets 50% annual

growth to Bt20 bn in 2015

Computer System Connection International Co (CSC) targets revenue of Bt20 billion within three years, CEO Pichai Niranatkomol said.

The company reported revenue of Bt2.2 billion in the first half of this year towards its full-year target of Bt5 billion.

Up to 63 per cent or Bt1.4 billion of that Bt2.2 billion was from mobile-phone products, Bt720 million from information technology, as Bt80 million from business-to-business deals.

“We target average growth of 50 per cent a year from 2013 through 2015, which will boost our total revenue to the target of Bt20 billion by that time,” he said.

To increase sales, CSC will raise the number of its branches from 130 now to 250 nationwide by 2015, he said.