泰國第2季GDP年增率2.5% 觀光業回溫

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泰國第 2 季 GDP 較去年同期成長 2.5%，經濟成長率出現 2021 年第 2 季以來的高水準，但遜於市場預測的 3.1%，觀光業復甦貢獻良多。另外，第 1 季 GDP 數字修正為年增 2.3%。

據《路透》報導，泰國國家經濟社會發展委員會 (NESDC) 周一 (15 日) 公布，第 2 季 GDP(國內生產毛額) 較去年同期增加 2.5%，成長率是 2021 年第 2 季以來的高水準。

理由方面，新冠肺炎 (COVID-19) 相關的防疫措施鬆綁，促使經濟活動和觀光業的復甦。不過，相隔數年的高通膨、以及中國經濟放緩，成了泰國 GDP 的嚴重負擔。

由於觀光產業回溫、以及消費 / 出口呈現增長，當局預測 2022 全年的經濟成長率將落在 2.7~3.2%，較原先預測的 2.5~3.5% 作出小幅度修正。泰國 2021 年的經濟成長率為 1.5%。

國際市場分析公司 Capital Economics 表示，泰國因為經濟重啟，該國經濟在第 2 季回溫；雖受到大宗物資價格拖累，但由於觀光業表現穩固，預料接下來幾個月的 GDP 表現仍將持續回溫。

不過，通膨也對消費支出和投資帶來不良影響，全球經濟放緩也影響到泰國的出口表現。

季節調整後的泰國 2022 年第 2 季 GDP 季增 0.7%，遜於市場預測的季增 0.9%；另外，第 1 季 GDP 修正為季增 1.2%。

泰國開泰銀行 (Kasikornbank) 指出，第 2 季 GDP 數字反映出俄烏戰爭所造成的進口成本上揚和輸入型通膨，認為金融政策當局應該會抱持慎重態度來因應相關問題，也預料泰國央行在詳細評估過往政策的影響、以及美國聯準會 (Fed) 的姿態之後，很可能在 11 月的利率會議升息 25 個基點、而非選在 9 月的利率會議實施升息。

 

Thailand is set to dominate Southeast Asia’s IPO market in 2020, says Deloitte

 https://www.cnbc.com/2020/12/01/thailand-set-to-dominate-southeast-asias-ipo-market-in-2020-deloitte.html?__source=androidappshare

Key Points

• Thailand has raised around $3.94 billion through 23 initial public offerings from the start of the year to Nov. 15 — accounting for more than 60% of total funds raised across Southeast Asia, data by Deloitte showed.
• Thailand looks set to beat Singapore for the second consecutive year to take the top spot in Southeast Asia’s IPO market, according to the data.
• Across Southeast Asia, around $6.44 billion have been raised from 100 IPOs, said Deloitte.

SINGAPORE — Thailand has dominated Southeast Asia’s initial public offering market so far this year, contributing more than 60% of total funds raised in the region, according to data by audit and consulting firm, Deloitte.

Thailand recorded 23 IPO launches from the start of the year to Nov. 15 — down from 34 for the whole of 2019, data by Deloitte showed. But funds raised so far in 2020 totaled around $3.94 billion, exceeding last year’s roughly $3 billion, according to Deloitte.

The consultancy studied IPO trends in six major Southeast Asian stock markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.  

Across Southeast Asia, there were 100 new listings that raised $6.44 billion as of Nov. 15. Both the number of offerings and amount of funds raised were lower than last year’s, when 161 IPOs raised $7.34 billion, said Deloitte.

 

Thailand’s dominance came even though its economy, which is heavily reliant on tourism, is one of the region’s hardest hit by the coronavirus pandemic. The International Monetary Fund forecast Thailand’s economy could shrink by 7.1% this year — the second-worst projected contraction in Southeast Asia after the Philippines.  

 

But the listings of several homegrown companies in Thailand this year appealed “strongly” to investors and fund managers, said Wilasinee Krishnamra, disruptive events advisory leader at Deloitte Thailand, in a webinar last week.

 

Disruptive events advisory is the team at Deloitte that oversees activities such as IPOs, mergers and acquisitions, divestments, as well as new joint ventures.

 

Among the IPOs in Thailand this year was the country’s largest retail departmental store operator, Central Retail Corporation or CRC, said Krishnamra. The offering was launched before the pandemic and raised $1.77 billion — the largest ever in Thailand, she added.

Investors were drawn to CRC’s public listing because of the company’s “strong reputation” and “rapidly expanding business” to overseas markets in Southeast Asia and Europe, she explained.

Thailand vs. Singapore

Thailand looks set to beat Singapore for the second consecutive year to take the top spot in Southeast Asia’s IPO market, according to data by Deloitte.

Singapore, a major financial center, has so far only seen eight new listings that raised $852 million this year. That’s compared with 11 IPOs that raised $2.26 billion throughout 2019, the data showed.

But the city-state in 2020 attracted its first major non-REIT IPO in years when Nanofilm Technologies International listed on the Singapore Exchange. The company provides protective coating materials for smartphones and televisions.

 

REITS, or real estate investment trusts, are publicly traded companies that own, operate or finance properties that generate income. Singapore is a global hub for REITs, which dominated IPOs in the city-state in the last few years.

 

Investors can expect more Singapore-based companies to list on the stock market — a trend not seen last year but started to emerge in 2020, said Tay Hwee Ling, disruptive events advisory leader at Deloitte Southeast Asia and Singapore.      

“Under uncertain market conditions, companies with quality and sizeable base will think of capturing the opportunity (by) raising additional funds from the capital market to expand and grow,” Tay said in a webinar last week.

Southeast Asia saw ‘massive’ foreign investment outflows during the pandemic: HSBC

But Thailand, too, could see momentum in IPO activity into the next year, said Krishnamra. One factor likely to drive more IPO activity is plans to ease rules to attract more listings by foreign companies, she explained.  

The Stock Exchange of Thailand has also said that it wants to launch a new stock market for start-ups, as well as small- and medium-sized enterprises, she added.

Around 25 companies are currently in the pipeline to go public in Thailand, the largest among them is PTT Oil and Retail Business, said Krishnamra.

The company, a spinoff from the country’s national oil and gas conglomerate PTT, runs PTT’s petrol stations and non-oil businesses that include franchise rights to several food and beverage chains, as well as convenience stories.