May 29, 2020

Thai Enquirer Summary

Political News

The issue of corruption for the quarantine of the returnee of Thai citizens to the country

has already reached the top level.

Reports have emerged that as much as 30-40% of the cost of housing the

returnees

The group of about a dozen people have been under investigation for

taking in up this kickback, with the society criticizing on how such

corruption could take place amid all the problems that the country is

facing.

Prime Minster Prayut Chan-o-cha came out to say that 3-4 of these people are in

the committee – Center for Covid-19 Situation Administration (CCSA).

There are up to 9 people who are involved in this move and who they are

is being investigated.

On the 2nd

day of the House debate on 3 executive loan decrees permitting 1.9 trillion-

baht in loan and stimulus measure, Prime Minister Prayut Chan-o-cha took to the floor

and reassured members of parliament that clear guidelines on how to make use of 1.9-

trillion-baht loan and stimulus measure to help all those affected by the COVID-19

pandemic, particularly small and size medium enterprises (SMEs).

To address MPs’ concern of possible misuse of such a large amount of borrowing,

Gen Prayut said that the money would be used properly and transparently,

especially to assist SMEs to avoid mass unemployment.

The highlight of the 2nd

day of the debate includes Democrat Party list MP Kiat

Sittheeamorn who said the massive loan and stimulus measure is the only way out

of the crisis but demanded that details of the disbursement must be made available

to the public online and real time.

“There’re little details and a lot of problems,” Mr Kiat said, pointing that

he is very concerned that there are no details as to whether the loan and

stimulus measure will be made from local source, foreign source or by

issuing government bonds.

He proposed that there should at least be 1 committee to oversee the

rehabilitations.

“Please adjust the ways scrutiny will be conducted. To simply say it’s

transparent won’t make it transparent. Information should be revealed

online and real time,” the Democrat MP said.

Just FYI in case you have forgotten, the Democrat party is part of

the ruling coalition

Sumrit Thaensub, Phalang Pracharat Party (PPRP) MP for Chaiyaphum province,

is another pro-government MP who expressed concerns about the loan’s

transparency.

Mr Sumrit said he hoped for the loan to go ahead with transparency and cautiously

and precisely.

Kao Klai [Move Forward] Party MP for Chiang Rai province Ekkapob Pianpises

called for the establishment of a special house committee to monitor the loan and

its use. He raised concern about the prospect that the loan had no one from the

public health sector or representatives on the people and said a special house

committee is needed to follow and scrutinize how the sum will be used.

Democrat MP for Samut Sakhon province Rangsima Rodrasamee, joined the

Opposition’s call for an independent committee to be set up to scrutinise how the

massive sum will be spent.

The debate on the 3 decrees, which started yesterday, is to continue until Sunday

(May 31).

In a related development on the House debate on the loan decrees, Pheu Thai MP for

Bangkok Jirayu Huangsap came out to deny claims of “collusion” between government

and opposition MPs.

Mr Jirayu said there was no collusion between both sides but said government and

opposition MPs were in talk on May 27 about how the House should proceed the

debate on May 28 amid the current state of emergency and curfew hours.

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

Sarakham, said he is satisfied with the performance of opposition MPs on the 2nd

day of the debate. Mr Suthin also sent a strong signal for the need to propose an

amendment to the loan decrees due to a lack of clarity of details about the 3

decrees the government failed to provide.

A video clip of a conversation between an army sergeant and his superior went viral after

the former lodged a complaint on May 20th

with the House committee on law, justice and

human rights committee about alleged irregularities in the army’s allowances for soldiers.

Link –

https://www.youtube.com/watch?v=S276vmGCuPs

The video clip depicts a conversation between Sgt Narongchai Intarakawee and

his superior with the rank of Major-General. The Major-General issued a stern

warning to Sgt Narongchai following his complaint about the alleged corruption

in the army over soldiers’ allowances to the House committee. He told Sgt

Narongchai to adjust himself to fit in the army tradition, instead of being a

whistle-blower, or his military career will be cut short.

Sgt Narongchai is a clerk at the army’s Ordnance Department.

Sira Janejakha, a Phalang Pracharat Party MP for Bangkok and deputy chairman

of the House committee on law, justice and human rights committee, said the

committee responded to Sgt Narongchai’s complaint by inviting Army Chief Gen

Apirat Kongsompong to clarity the issue. However, Gen Apirat assigned the

army’s Ordnance Department Director Lt Gen Sorachai Kanchanasutr to provide

an explanation to the committee on his behalf.

However, Lt Gen Sorachai failed to clarity the issue. Therefore, the committee

has set up a sub-panel to look into the matter, Mr Sira said.

University students, workers and the labour unions, pressured Prime Minister Prayut

Chan-o-cha to scrap a state of emergency.

Student activist Parit Chiwarak accompanied by representatives from the

Federation of Labour Union in the East, The Just Economy and Labour Institute,

The Labour Union of Rangsit and close vicinities and the Textile, Clothing and

Leather Federation of Thailand, travelled to the government’s complaint centre to

submit a petition calling on Gen Prayut to scrap the state of emergency and

provider relief aid to all Thai citizens.

The group decried the extension of the state of emergency which hindered their

ability to make a living and economic livelihood.

The Attorney-General announced decision to not appeal the acquittal by the Criminal

Court for Corruption and Misconduct Cases of former Prime Minister Thaksin

Shinawatra’s son Panthongtae Shinawatra in connection with money laundering charges

related to a Krungthai Bank Plc (KTB) loan scandal.

The case dated back to 2004, when Mr Thaksin was the Prime Minister of

Thailand. Several executives of Krisdamahanakorn Group and KTB were given

long prison sentences in 2015, after being convicted of corruption and

malfeasance by the Supreme Court’s Criminal Division for Political Office

Holders.

Mr Panthongtae was charged with alleged money laundering, by the Department

of Special Investigations (DSI) after 10 million baht was deposited into his bank

account by Vichai Krisdathanont, an executive of the Krisdamahanakorn Group,

which had been granted a 10.04 billion baht loan by KTB.

Following his acquittal, the public prosecutors decided to not appeal the verdict

clearing Mr Panthongtae but the DSI insisted on appealing to a higher court and

the case was forwarded to the Attorney General for consideration.

Economic News

There are reports that major shareholders of Noble Development Plc (NOBLE) are

planning to take over stakes in LPN Development Plc (LPN), according to a source with

the financial market.

NOBLE major shareholders, namely, Thongchai Busrapan, with a 24.93% stake,

nCrowne Pte Ltd, a company in which shares are held by the directors and

executives of Noble, with a 24.93% stake, BTS Group Holdings, with a 9.33%

stake and the Hongkong and Shanghai Banking Corporation Limited, with a

7.84% stake, plan to gradually buy the shares of LPN Development Plc.

The 8.4 billion baht market capitalized LPN has been hammered in the

stock market as investors dump property related stocks.

The group of investors are set to gradually accumulate the shares and then

eventually plan to launch a tender offer to purchase as much as a 25% stake in

LPN and other shareholders.

These investors feel that LPN has unappropriated retained earnings amounting to

10.674 billion baht, equivalent to 7-8 baht per share, and an enormous client base.

Shares of LPN has been rising since the start of this month and has risen from

3.58 baht as of end of April to 5.70 baht as of yesterday or a rise of just over 59%

just in the month of May alone.

The Centre for Covid-19 Situation Administration (CSSA) main committee chaired by

Prime Minister Prayut Chan-o-cha will meet today (May 29) to considering shortening

the night curfew hours.

CCSA officials will consider allowing more businesses to reopen on June 1st in

“the 3rd

phase” of the easing process. The duration of the curfew hours and when

and how it will be enforced will be discussed at today’s meeting, CCSA

spokesman Taweesilp Visanuyothin said. Businesses and venues which are

expected to resume operation on June 1 include massage parlours and cinemas at

shopping malls.

In-bound and out-bound air travel will, however, remain restricted until the end of

the state of emergency on June 30, said National Security Council secretary-

general General Somsak Rungsita.

The CCSA already shortened the night curfew from 10:00hrs-4:00hrs to 11:00

hrs-4:00hrs from last Sunda, allowing shopping centres and some businesses to

reopen.

The National Economic and Social Development Council (NESDC, formerly known as

National Economic and Social Development board or NESDB) warned that at least 8.4

million people could lose their job as a result of the COVID-19 pandemic.

The government economic think-tank said it expects an unemployment rate to rise

3-4%, close to 1997 financial crisis level.

It said the fall in foreign and domestic tourists could wipe out 2.5 million

jobs, or 64% of a total of 3.9 million workers employed in the tourism

industry. The jobs of at least 1.5 million people are at risk in the

manufacturing sector, 25% of the total of 5.9 million people as the

pandemic is compounding the effects of ongoing trade wars, especially

between China and the United States.

Outside of tourism, 4.4 million jobs, or 43 per cent of 10.3 million, could

also disappear in the services sector.

“The impact of the Covid-19 outbreak and the drought on unemployment

will be apparent in the second quarter and more clearly in the 2nd

quarter

and more clearly in the 2nd half of the year.” the NESDB said in its report.

In a positive light, the NESDC said the number of jobless will not surpass 2

million as the epidemic situation seem be in controlled and the government began

to ease lockdown restrictions since mid-May, allowing some economic activities

to reopen.

Globally the unemployment has reached new highs

United States saw unemployment claims rise to more than 40 million, the highest

seen in decades

In France, the unemployment has risen by 23% in April or by 843,000 to reach

4.57 million

Thai Airways International (THAI) has admitted that debt rehabilitation has kept it from

refunding customers for unused tickets.

THAI’s Corporate Image and Communications Department said it is unable to

offer refunds at this time as the Central Bankruptcy Court admitted the airline's

request for rehab under the bankruptcy law on May 27.

The airline is restricted by obligations under the law which prevents it from

disbursing refunds at this point in time. But it promises to return the money within

6 months without any fees.

THAI advised customers to exchange the tickets for travel voucher, instead of

ticket refunds.

In a related development, Phichet Wiriyapaha, director-general of the

Cooperatives Promotion Department, said he plans to call a meeting with

representatives of 82 cooperatives 82 cooperatives that have bought THAI

debentures worth 42.229 billion baht to talk about payment process on June 4.

Still with the ailing national carrier, there are reports that PTT Plc (PTT) has not supplied

fuel for Thai Airways International Plc (THAI) aircraft since May 26, resulting in

vehicles of maintenance and repair technicians running short of fuel at Suvarnabhumi and

Don Mueang airports. PTT’s move came after the Central Bankruptcy Court decided to

accept the national carrier’s bankruptcy protection petition for consideration.

THAI union president Nares Peung-yaem said THAI has fuel supply that will last

no more than 3 days. He said THAI would face new problems in providing its

services to clients if the airline cannot secure credit with PTT to supply it with

fuel as usual.

On the regional front, the United States is set to announce details of what measures it

would undertake against China after China announced its measures to implement security

law that could stifle the democratic movement in Hong Kong.

This move by the United States could possibly put in question Hong Kong’s

status as the financial hub of Asia.

---------------------------------------------------------------------------------------------------------------------

General News

A second wave of Covid-19 remains a real threat after Prasit Watanapa, dean of the

Faculty of Medicine at Siriraj Hospital of Mahidol University, warned that a 2nd

wave of

Covid-19 is possible for Thailand.

Prof. Dr. Prasit said he believed the number of deaths from the infections in a 2nd

round will be higher than the first round.

“Whether the second wave will be severe depends on the decision-makers

in the government. They should not ease restrictions too early but do it

gradually,” said Prof. Dr. Prasit.

The Centre for Covid-19 Situation Administration (CCSA) reported 11 new Covid-19

positive cases and no new deaths over the last 24 hours, raising the total number of cases

to 3,065, with the death tally at 57.

All 11 new cases were Thai nationals aged between 27 and 52 who returned from

overseas, 4 from Kuwait, 6 from Qatar and 1 from India, and they are undergoing

the 14-day mandatory quarantine at a state facility, according to CCSA

spokesman Taweesilp Wissanuyothin.

Political News Headlines in Thai Media

The total amount of emergency loans that will be used to counter the impact of COVID-

19 is at 1 trillion baht, not 1.9 trillion baht, as the opposition has quoted in parliament,

said the Thai government on Thursday.

o Link- https://www.thaienquirer.com/13678/emergency-loan-is-worth-1-trillion-baht-

not-1-9-trillion-government-says/

Amnesty International issued a statement on Thursday requesting the Thai government’s

guarantee that the extension of the State of Emergency (SOE) will not violate human

rights or freedom of speech, and only restrict them when necessary.

o Link- https://www.thaienquirer.com/13695/amnesty-international-urges-thai-

government-to-guarantee-extension-of-soe-will-not-violate-human-rights/

The Move Forward party is ready to take the lead among opposition party against the

ruling government as other opposition partners fall to infighting, multiple sources said on

Thursday.

o Link- https://www.thaienquirer.com/13672/move-forward-party-ready-to-take-

opposition-lead-against-government/

Led by student activist Parit Chaiwarak, student and labour unions join forces at the

Government House on Thursday to demand an end to the State of Emergency (SOE) and

call for a blanket aid program accessible to everyone.

o Link- https://www.thaienquirer.com/13682/student-and-labour-unions-push-for-an-

accessible-aid-program-and-the-end-to-the-soe/

The Attorney-General (AG) has reportedly decided not to appeal last year's ruling in a

money-laundering case linked with the Krungthai Bank (KTB) loan scandal, in which

Panthongtae "Oak" Shinawatra, son of former prime minister Thaksin Shinawatra, was

acquitted.

o Link- https://www.bangkokpost.com/thailand/politics/1925900/ag-rejects-appeal-in-

ktb-loans-case

The Thai government said on Thursday that it had discovered 11 more cases of

coronavirus, the first time in two weeks that the number of cases hit double digits.

o Link- https://www.thaienquirer.com/13673/11-more-cases-of-coronavirus-discovered-

in-thailand/

Almost 700,000 young people have been left out of the education system, mainly due to

poverty, according to the National Economic and Social Development Council (NESDC).

o Link- https://www.bangkokpost.com/thailand/general/1926024/nearly-700k-left-out-

of-educational-loop

The Democrat Party, a key member of the coalition government, on Thursday joined calls

from the opposition for an independent body to scrutinise how the 1.9-trillion-baht Covid-

19 rehabilitation scheme is spent.

o Link- https://www.bangkokpost.com/thailand/politics/1925880/dems-join-calls-for-

loan-scrutiny-body

Anyone who sought "commission fees" from hotels serving as state quarantine venues

must be exposed and face legal action, Defence Ministry spokesman Kongcheep

Tantravanich said.

o Link- https://www.bangkokpost.com/thailand/general/1925908/government-vows-

hotel-graft-justice

Economic News Headlines in Thai Media

The National Economic and Social Development Council (NESDC) said on Thursday

that 8.4 million people are at risk of losing their job in 2020 because of COVID-19’s

impact on the economy.

o Link- https://www.thaienquirer.com/13689/about-8-4-million-people-are-at-risk-of-

losing-their-job-in-2020-household-debt-at-79-8-per-cent-in-the-fourth-quarter-said-

the-nesdc/

The government plans to completely lift the lockdown of all businesses and activities on

July 1 across the country with preparations made in advance next month, the National

Security Council (NSC) chief says.

o Link- https://www.bangkokpost.com/thailand/general/1925868/govt-eyes-july-1-

lockdown-end

Thai Airways International (THAI) has admitted that debt rehabilitation has kept it from

refunding customers for unused tickets.

o Link- https://www.bangkokpost.com/thailand/general/1925960/thai-ticket-refunds-at-

risk-under-rehab

The government on Thursday said they are deliberating on an aid package for hundreds

of thousands of monks affected by the coronavirus pandemic.

o Link- https://www.khaosodenglish.com/news/2020/05/28/govt-floats-cash-relief-for-

monks-in-pandemic/

The Bank for Agriculture and Agricultural Cooperatives (BAAC) has announced that it is

not able to provide assistance funds to 256,802 farmers because they have failed to

provide their account number when registering for aid via the https://www.เยียวยาเกษตรกร.com website.

o Link-

https://www.nationthailand.com/news/30388682?utm_source=category&utm_mediu

m=internal_referral

The Bangkok Mass Transit System (BTS) announced on Thursday (May 28) that leaving

a window open in its trains is not feasible, because it will only let the hot air in and

overwork the air-conditioning system.

o Link-

https://www.nationthailand.com/news/30388669?utm_source=category&utm_mediu

m=internal_referral

Travel agents are urging the government to open the country to international tourists in

July by first allowing coronavirus-free nations to visit without the compulsory 14-day

quarantine, along with requiring a health certificate and providing a free rapid test on

arrival.

o Link- https://www.bangkokpost.com/business/1925980/travel-agents-want-tourists-

in-july

SET-listed PTG Energy Plc (PTG), the owner of the PT petrol station brand, has halved

the amount of capital spending (investment budget) this year to 2.5 billion baht from a

previous blueprint set at 5 billion baht at the end of last year.

o Link- https://www.bangkokpost.com/business/1925928/ptg-halves-investment-

budget-to-b2-5bn-for-2020

The Excise Department has turned down car makers' proposed 50% tax cut, fearing

prices of all vehicles in the market will decline further if the reduction is implemented,

the department's chief says.

o Link- https://www.bangkokpost.com/business/1925940/excise-chief-flip-flops-as-

department-rejects-50-tax-cut

SET-listed developer Sansiri may again revise its presales target upwards for low-rise

houses, as it expects aggressive sales promotions and hygienic home features to

encourage new bookings.

o Link- https://www.bangkokpost.com/business/1925972/sansiri-may-raise-low-rise-

presales-target

The economy could take at least two years to return to pre-coronavirus growth levels and

this year's nadir could be delayed in the event that a second-wave outbreak occurs, says

Standard Chartered Bank Thai.

o Link- https://www.bangkokpost.com/business/1926000/two-year-path-to-prior-

growth-seen

Issues to be watched out for

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

Thailand (BoT).

May 27-31, 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.

Mid-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 20, 2020 – A by-election on the Constituency 4 of Lampang is expected to be held.

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

on incoming flights.

June 30, 2020 – The government is expected to lift lockdown restrictions imposed under

the emergency decree.

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.

August, 17, 2020 – The first day of hearings for Thai Airways International Plc (THAI)’s

bankruptcy case.

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 1,337.51 -7.60

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 28, 2020

Buying, Selling or Transfer of shares by Owners/Management

Stock Code Volume Value Action

CBG 22,500,000 95 Sale

CMAN 28,500 1.29 Purchase

DELTA 5,000 58.75 Purchase

EP 131,200 3.76 Purchase

EP 100,000 3.73 Purchase

ICC 100,000 34 Purchase

KUMWEL 100,000 0.8 Sale

KUMWEL 69,990 0.93 Sale

NER 1,000,000 2.56 Purchase

RJH 5,000 22.2 Sale

S & J 100,000 26.5 Purchase

SPC 225,182 57.02 Purchase

SPC 20,000 57.25 Purchase

SKY 10,000 16.3 Sale

SMT 5,000,000 1.17 Purchase

TFG 1,000,000 4.17 Sale

TFG 1,000,000 4.26 Sale

TSTE 2,800 7.05 Purchase

TTI 200 20.8 Purchase

TTI 100 20.9 Purchase

TU 200,000 13.45 Sale

TPBI 128,700 3.39 Purchase

TPBI 7,700 3.38 Purchase

UAC 11,700 3.49 Purchase

UVAN 2,300 4.08 Purchase

KUN 10,000 0.88 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 28 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 10,901.81 12.7 9,438.12 11 1,463.69 -

Proprietary 7,018.53 8.18 7,284.67 8.49 -266.14 -

Trading

Foreign Investors 27,407.53 31.94 28,170.66 32.82 -763.13 -

Local Individuals 40,494.82 47.18 40,929.24 47.69 -434.42 -

Monthly Cumulative between 1 - 28 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 121,087.72 11.46 102,489.69 9.7 18,598.04 -

Proprietary

Trading

90,750.16 8.59 89,949.38 8.51 800.77 -

Foreign Investors 333,242.13 31.53 370,344.76 35.04 -37,102.63 -

Local Individuals 511,775.36 48.42 494,071.54 46.75 17,703.82 -

Yearly Cumulative since 1 Jan - 28 May 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 803,273.28 12.07 734,927.17 11.04 68,346.12 -

Proprietary

Trading

682,597.11 10.26 684,633.97 10.29 -2,036.86 -

Foreign Investors 2,365,074.92 35.53 2,564,508.32 38.53 -

199,433.40

-

Local Individuals 2,804,878.84 42.14 2,671,754.69 40.14 133,124.15 -

Total Trading Value 85,822.70 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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