Market Roundup 28 August 2023

1) Thai stock market overview,

Thailand’s SET Index closed at 1,562.97 points, increased 2.77 points or 0.18% with a trading value of 50 billion baht. The analyst stated that the Thai stock market moved narrowly after pricing in positive domestic factors in the past few days. The market was anticipating new stimulus packages from the government. Meanwhile, the Fed announced that it would continue to raise rates to control inflation.


2) Thailand’s ‘Siam Cement’ puts listing of chemical unit on hold over unfavourable circumstances

The Siam Cement Public Company Limited (SET: SCC) has announced that it will temporarily put the listing of SCG Chemicals Public Company Limited (SCGC) on hold due to economic situations and energy crisis.

SCC stated that it had considered the suitability of the IPO and the listing of SCGC shares on the Stock Exchange of Thailand by taking into account relevant factors the readiness of both Thai and foreign capital market investors to take on a sizeable IPO of a Thai company at this time as well as external circumstances such as the economic situation and energy crisis; hence, the company has decided that it may not be appropriate to proceed with the IPO at this time.


3) Listed Thai companies in SET Index reported 2.8% decline in sales in 1H23

In the first half of 2023, SET-listed companies’ combined sales fell by 2.8 percent from the same period last year to THB 8.34 trillion (approx. USD 238.90 billion). Listed companies’ core and net profits fell due to an increase in their production costs, albeit at a marginal rate, and a 7.8 percent-rise in selling and administrative expenses. Regarding their financial position as of June 30, 2023, however, Thai listed companies’ debt-to-equity ratio (D/E ratio) (excluding those in the Financials industry group) reduced to 1.53 times from 1.59 times recorded in the first half of 2022.