The Thai Economy Is In Crisis

[endure]

Any more 'jokes' or personal insults/remarks will see this thread go the way of the AIDS drug thread i.e. it will be closed. It's up to you folks. Be civil or lose the thread.

[ThaiGoon]

Is comparison with 2005 data available ?

Yes it is. Click on 2006 data and there will be the comparison to 2005. If this is still hard to follow, please ask someone else.

[ThaiGoon]

http://www.boi.go.th/english/download/stat...t/80/FINV06.pdf

Looks like 2007 is gonna be great in terms of FDI for thailand.

[cclub75]

Looks like 2007 is gonna be great in terms of FDI for thailand.

Meanwhile, the decline of real estate market is definitely confirmed, on a national scale.

Property market goes into decline

(Agencies) - With consumers feeling gloomy over the outlook of post-coup Thailand, the kingdom's nearly six-billion-dollar housing market has shrunk for the first time since 2000, industry experts say.

"People are delaying buying property due to a lack of confidence in the economy and politics," said Atip Bijanonda, president of the Thai Condominium Association.

Sales in the residential property market, worth 200 billion baht ($5.8 billion), dropped by 10 billion baht in the four months to April this year, marking the first decline since 2000, the association said.

The figure has rattled the industry, which saw demand nosediving during the 1997 Asian financial crisis.

Atip said he expected more bad news with Thai consumer confidence stuck at a five-year low.

"The market may have negative growth this year," he said.

To shore up housing demand, the military-installed government, which came to power after a coup in September 2006, is expected to launch measures aimed at reviving the property sector, including tax cuts.

Pimonwan Mahujchariyavong, a property analyst at Kasikorn Research Center, said consumers were putting off buying property as they awaited a further cut in the key interest rate.

"Consumers are expecting gains from falling interest rates and they are waiting for the rate to go down further," Pimonwan said.

The Bank of Thailand slashed its key interest rate by a half-point to 3.5 percent last week in a bid to spur sluggish consumer spending and the slowing economy.

It was the fourth rate cut this year but business leaders called on the central bank to lower the rate more aggressively in an effort to stimulate the economy, which is seen rising 3.8-4.8 percent this year.

If growth was just 3.8 percent in 2007, it would mark the lowest increase since 2001, when Thailand's gross domestic product (GDP) expanded 2.2 percent.

With flagging finances and political uncertainty under the military government, the number of new housing projects has fallen as some 90,000 houses and condos remain unsold in the market, said Pimonwan.

"The property market has slumped significantly since the beginning of this year because of shrinking confidence in the economy among developers as well as consumers," she said.

Longlom Bunnag, chairman of real estate management firm Jones Lang LaSalle Thailand, agreed.

"The slow growth of demand that the market is experiencing now is largely due to a lack of consumer and investor confidence rather than a decline in spending power," he said in a statement.

But Longlom said anticipated elections will likely see sales pick up later this year.

"We expect demand to recover in late 2007 or early 2008, once the political uncertainty is clear following the new election scheduled for December this year," he said.

14:46 May 27, 2007

BKK post

Edited May 28, 2007 by cclub75

[backflip]

"The market may have negative growth this year," he said."

Or, it may not. Several posters in this forum have claimed that the Thai real estate market has been in free fall for years. I guess that they're wrong.

[Jai Dee]

DPM Kosit is confident Hat Yai explosions and May 30th verdicts would only have short-term effects

Deputy Prime Minister and Industry Minister Kosit Panpiemras is confident that the explosions in Hat Yai yesterday (May 27) and the Constitutional Court's ruling on the political parties' dissolution case on May 30th would only affect the economy in the short term.

Mr. Kosit says the court's verdict over this case on May 30th needs to be watched, but believes there would be too significant of effects on the overall economy. Mr. Kosit said there may be both positive and negative impacts on trading in the stock market, resulting from volatility in the economy and uncertainty of politics. He says these matters have to be watched but they will definitely not affect the economy at the fundamental level.

Mr. Kosit also believes that the seven simultaneous bombings in Hat Yai district of Songkhla province would only have short-term effects on the economy, and says the public and investors have to be meticulous over this. He also views that no significant effects will be had over the industrial sector.

Source: Thai National News Bureau Public Relations Department - 28 May 2007

[highdiver]

"The market may have negative growth this year," he said."

Or, it may not. Several posters in this forum have claimed that the Thai real estate market has been in free fall for years. I guess that they're wrong.

the only free fall is those that market mostly to forigners at out ragous prices. the last few years BKK has had more and more high end condoes on the market with ever increasing prices. and now they are stuck with out buyers.

the slow down of realty purchases in affected by the fact that many investors all over the world are now fearing the "Realty Bubble". that is spreading from the USA and onwards.

if you look closely at the people that are complaining about it you will see that they are:

Atip Bijanonda, president of the Thai Condominium Association. that sales mostly to forigners

Longlom Bunnag, chairman of real estate management firm Jones Lang LaSalle Thailand. that was quated in thailand property report as saying that the realty market is actually seeing some very heavy players coming in.

please notice the overuse of the following terms:

consumer and investor confidence

consumers feeling gloomy

flagging finances and political uncertainty

shrinking confidence in the economy among developers as well as consumers

those are all nice terminolgoy that try to cover up one simple fact. the ones who complain are the ones most likely the ones who are loosing profits.

The Thai intrest rates are going down and hopefully they will go down further thus allowing people to finance relaeste al ower costs. consumers are aware of that. they want to make a profit too.

[cclub75]

Looks like 2007 is gonna be great in terms of FDI for thailand.

Meanwhile, the thai industries seem to be... more cautious.

Industrial Confidence Index plunges to 77

Industrial Confidence Index sharply plunged from 86.8 in March to 77, the lowest level since the Federation of Thai Industries first conducted the survey in 2002.

"This clearly shows the evident slowdown in the manufacturing sector," said Adisak Rohitasun, vice chairman of the FTI.

The FTI started surveying the manufacturing sector and announced the index in March 2002.

The latest survey covers 432 respondents representing 35 industrial groups covered by the FTI.

The Nation

http://www.nationmultimedia.com/breakingne...newsid=30035401

Edited May 28, 2007 by cclub75

[Jai Dee]

Rice Exporters Association says Hat Yai bombings will affect economy

President of the Rice Exporters Association indicates that bombings in Hat Yai District will affect the country’s economy and image.

The president of the association, Chukiart Ophadwong (ชูเกียรติ โอภาสวงศ์), says last night's bomb incidents in Hat Yai District, Songkhla Province, will eventually create adverse impact on trade, investment, and tourism.

Regarding the election of the new government at the end of this year, Mr Chukiart says rice exporters always support the election and it hopes that the new government will work more efficiently than the interim one. According to Mr Chukiart, the exporters think that the present administration works too slowly.

Source: Thai National News Bureau Public Relations Department - 28 May 2007

[Mid]

DPM Kosit is confident Hat Yai explosions and May 30th verdicts would only have short-term effects

yep , and his boss uttered the immortal line about it all being fixed in three months too ..........................................

can't see the forest for the trees , any of them .

Rice Exporters Association says Hat Yai bombings will affect economy

guess these guys missed the official memo ...................................

Edited May 28, 2007 by Mid

[LaoPo]

Looks like 2007 is gonna be great in terms of FDI for thailand.

Meanwhile, the decline of real estate market is definitely confirmed, on a national scale.

Property market goes into decline

(Agencies) - With consumers feeling gloomy over the outlook of post-coup Thailand, the kingdom's nearly six-billion-dollar housing market has shrunk for the first time since 2000, industry experts say.

"People are delaying buying property due to a lack of confidence in the economy and politics," said Atip Bijanonda, president of the Thai Condominium Association.

Sales in the residential property market, worth 200 billion baht ($5.8 billion), dropped by 10 billion baht in the four months to April this year, marking the first decline since 2000, the association said.

That's 5% drop in 4 months -in residential property-; that's HUGE but not surprising.

I doubt (as mentioned by a previous poster) that this figure comes from mainly expat/foreigners' buying plans.

Earlier figures were published about the dramatic drop in Motorbikes and Car sales. All capital-investment products which shows the Thai are worried and/or having less access to the capital market (read: bankloans).

Given the -coming up- May 30 decision about the eventual dissolvement of 2 political parties, Thailand is holding it's breath...(read the news about HM the King's speech to the Judges, a few days ago -live on television- which was a very rare occasion...).

Lowering interest rates by a further half point (or even whole point) will not bring back consumer confidence overnight, convincing the consumers to run to the shops and buy...

IMHO the Thai are more worried than we -maybe- can see, feel or 'touch'; they want peace, democracy and a 'silent' democratically elected government, working hard for the future of Thailand, not some (other?) 'couped' government where everything is about -their own- power, status...and money.

LaoPo

[cclub75]

Decline of local sales. Exports are still holding and increasing, hopefully. However, total production is decreasing on the first 4 months.

Car market in decline

During the first four months of the year, total manufactured vehicles numbered 376,615 - down 3.33 per cent on the same period last year. Of that number, 194,992 are for export - a 10.3-per-cent jump from the same period last year. The number of vehicles built for the local market during the period fell 14.65 per cent.

April saw just 17,584 passenger cars assembled, a year-on-year fall of 14.06 per cent.

In the first four months, 87,253 passenger cars were made, an 8.24-per-cent fall.

http://www.nationmultimedia.com/2007/05/29...ss_30035458.php

[thedude]

From BoI's website:

http://www.boi.go.th/english/download/stat...t/86/INV073.pdf

Foreign investment from major countries during Jan-March of this year has increased in all three categories (Net Applications, Applications approved and Promotion Certificates issued) compared to last year's.

Net Applications: Jan-March 2007=74,107 million Baht, Jan-March 2006=59,492 million Baht

Applications approved: Jan-March 2007=124,506 million Baht, Jan-March 2006=80,251 million Baht

Promotion Certificates issued: Jan-March 2007=113,788 million Baht, Jan-March 2006=84,736 million Baht

Here's what I posted a while ago about FDI.

ThaiGoon, applications approved and certificates issued do not translate to actual investments being made, ie money actually being transferred in. Its a completely different thing. For example, I may have an investment license to build a power plant worth 1 billion dollars over a period of 20 years approved and issued by the BOI, but i'd probably spend 0 this year given the policy risk and unfavourable sovereign rating etc...

Furthermore, the numbers can be interpreted in different ways depending on how you choose to table it, for example, how much of the 124 billion approved this period were also from applications made in the same period? i would say not more than 74.1 billion, assuming all 74.1 billion applied for this period passed muster, which is extremely unlikely. In fact, how much of the 124 billion approved this period were previously not approved? It serves to understand how data is compiled, what it truly represents and the context of its application before quoting it to justify your own beliefs.

[bingobongo]

this guy is dreaming......they are luckly to get 2.5% growth....

Thai Finance Ministry Cuts Economic Growth Forecast

Investment this year will expand 1 percent, the ministry said, lowering its forecast from 5.3 percent in February. Consumption is forecast to grow 3.5 percent from 4.4 percent at the last revision.

http://www.bloomberg.com/apps/news?pid=206...&refer=asia

[ThaiGoon]

From BoI's website:

http://www.boi.go.th/english/download/stat...t/86/INV073.pdf

Foreign investment from major countries during Jan-March of this year has increased in all three categories (Net Applications, Applications approved and Promotion Certificates issued) compared to last year's.

Net Applications: Jan-March 2007=74,107 million Baht, Jan-March 2006=59,492 million Baht

Applications approved: Jan-March 2007=124,506 million Baht, Jan-March 2006=80,251 million Baht

Promotion Certificates issued: Jan-March 2007=113,788 million Baht, Jan-March 2006=84,736 million Baht

Here's what I posted a while ago about FDI.

ThaiGoon, applications approved and certificates issued do not translate to actual investments being made, ie money actually being transferred in. Its a completely different thing. For example, I may have an investment license to build a power plant worth 1 billion dollars over a period of 20 years approved and issued by the BOI, but i'd probably spend 0 this year given the policy risk and unfavourable sovereign rating etc...

Furthermore, the numbers can be interpreted in different ways depending on how you choose to table it, for example, how much of the 124 billion approved this period were also from applications made in the same period? i would say not more than 74.1 billion, assuming all 74.1 billion applied for this period passed muster, which is extremely unlikely. In fact, how much of the 124 billion approved this period were previously not approved? It serves to understand how data is compiled, what it truly represents and the context of its application before quoting it to justify your own beliefs.

Thedude, this kinds of the numbers are exactly the same kind of numbers that people like you keep ejaculating over the "investment boom" in places like Vietnam. I didn't see anyone try to point that they probably weren't the same amount of actual investment in Vietnam. For people like you, it seemed to be perfectly fine to ejaculate over them as long as it's somewhere else but Thailand. Besides I also posted a while ago that 37 firms that had their applications approved by the BoI did confirm with the Thai industry ministry that they would go ahead with their investments either in the 3rd of the 4th quarter of this year. If you can't find the article or my post, I'll spoonfeed it for you again and will wait to see why kind of pathetic spin you will try with it this time.

As for the amount that has been approved by the BoI last quarter, of course it must have been from the applications in the previours quarter or two ago. It's a no brainer. Everyone knows this. And you think the situation in Thailand was a lot better during those times? The bottom line is that, in all three categories, FDI in Thailand has increased significantly from the last three years (see one of my posts for the reference.) You can try to pathetically spin it as much as you want, but the the truth of the matter is that Thailand is not in as bad a shape as sorry and pathetic people like you want everyone to believe. In fact, in terms of FDI, the numbers have really been better. If the political situation improves (which I believe it will shortly after the May30 verdict), it looks like there will be even more investment coming to Thailand.

[ThaiGoon]

Thedude, this is the article that I posted a while ago.

http://etna.mcot.net/query.php?nid=29449

BoI-promoted firms reiterate stand to maintain investment in Thailand

BANGKOK, May 18 (TNA) – Local and foreign companies receiving the Board of Investment’s investment promotions for projects worth 130 billion baht have reiterated its stand to maintain investment in Thailand, according to Deputy Prime Minister and Industry Minister Kosit Panpiemras.

Speaking after chairing a meeting held by BoI to discuss ways to accelerate investment, he said top executives of 37 leading local and foreign firms granted the BoI’s privileges, who attended the meeting, gave an assurance that they would not change any investment in Thailand.

Some companies even stated they prepared to seek additional investment promotions if some obstacles to investment were eliminated.

Have fun trying to pathetically spin this one.

[Jai Dee]

Federation of Thai Capital Market Organizations believes elections will assist economic recovery

The Federation of Thai Capital Market Organizations believes that general elections will assist the recovery of Thailand's economy.

The Chairman of the Federation of Thai Capital Market Organizations, Mr. Kongkiet Ogaswongkarn (ก้องเกียรติ โอกาสวงการ), indicate his belief that all investors are awaiting the Constitutional Court's verdict on political party dissolution which will pave the way for future general elections. Mr. Kongkiet said that violence resulted due to the court's decision, investment will suffer due to the negative effect on investor's confidence.

The Chairman of the Federation of Thai Capital Market Organizations said that the business sector is ready to reduce unnecessary expenditure should the nation's situation deteriorate. Mr. Kongkiet asks that the government expedite elections with all due haste.

Source: Thai National News Bureau Public Relations Department - 30 May 2007

[backflip]

"you keep ejaculating... perfectly fine to ejaculate over them...everyone knows this"

What exactly is on your mind, thaigoon?

[ThaiGoon]

I hope some people could see the difference between an economic slowdown and a crisis. No one in the right mind is arguing that the economy is not slowing down. It's just not in crisis like some have been trying to make it out to be. All the numbers and news have all confirmed this. A GDP growth of 3 or 4% for Thailand (or anywhere else in the world) is not a crisis, period.

Yawn.

[mumbu]

I hope some people could see the difference between an economic slowdown and a crisis. No one in the right mind is arguing that the economy is not slowing down. It's just not in crisis like some have been trying to make it out to be. All the numbers and news have all confirmed this. A GDP growth of 3 or 4% for Thailand (or anywhere else in the world) is not a crisis, period.

Yawn.

Except for the fact that Thailand more and more lagging behind their neighbours and numbers kept revising down with disturbing speed. The problem is that you are not interested (and most probably not capable) in objective economic discussion. Your sole goal is to produce rosy picture which is nowhere close to real economic situation.

[ThaiGoon]

Except for the fact that Thailand more and more lagging behind their neighbours and numbers kept revising down with disturbing speed.

Thanks for the new definition of economic crisis: you don't grow as fast as your neighbours, you are in crisis. Are you planning on getting the Nobel prize in econ on this new theory? Besides, the revised down GDP growth figure was old news. The BoT or the finance ministry did that a while ago. Ask Bingobongo. He can confirm this. I'm sure he already posted that piece of news several weeks ago.

The problem is that you are not interested (and most probably not capable) in objective economic discussion. Your sole goal is to produce rosy picture which is nowhere close to real economic situation.

Change the word rosy to gloomy or doom, then go get a mirror.

Edited May 30, 2007 by ThaiGoon

[cclub75]

No one in the right mind is arguing that the economy is not slowing down. It's just not in crisis like some have been trying to make it out to be. All the numbers and news have all confirmed this. A GDP growth of 3 or 4% for Thailand (or anywhere else in the world) is not a crisis, period.

First, a GDP growth, constantly downgraded, of 3 or 4 % in a region of the world where other countries display 6 to 11 %, is a clear sign. A bad one.

Then, your misjudgement lies in your static view. Perfectly summarized by your use of the expression "Period".

A crisis is a dynamic process. It starts with a slowdown. We are seeing the events unfolding.

The trend is there. And it will continue until next year, because as everybody know or feel, due to the political situation, an improvement on the short term is almost impossible.

Here is a graph (homemade) of change in % (quarterly) of GDP.

Datas from BOT, here :

http://www.bot.or.th/bothomepage/databank/...a/Graph/G1e.htm

And for historical datas, here :

http://www.bot.or.th/bothomepage/databank/...nload/Tab86.xls

[ThaiGoon]

First, a GDP growth, constantly downgraded, of 3 or 4 % in a region of the world where other countries display 6 to 11 %, is a clear sign. A bad one.

Then, your misjudgement lies in your static view. Perfectly summarized by your use of the expression "Period".

A crisis is a dynamic process. It starts with a slowdown. We are seeing the events unfolding.

The trend is there. And it will continue until next year, because as everybody know or feel, due to the political situation, an improvement on the short term is almost impossible.

Here is a graph (homemade) of change in % (quarterly) of GDP.

Datas from BOT, here :

http://www.bot.or.th/bothomepage/databank/...a/Graph/G1e.htm

And for historical datas, here :

http://www.bot.or.th/bothomepage/databank/...nload/Tab86.xls

Yeah, everyone I know feels that it will soon get better as well, if the new constitution is passed and the election takes place at the end of this year. The only major problem right now is the investors' and consumers' confidence due to the political uncertainty. Like I've said so many times, other major economic indicators (public debt per GDP, inflation rate,unemployment rate) are all still pretty healthy. And that's not a sign of a crisis.

[mumbu]

First, a GDP growth, constantly downgraded, of 3 or 4 % in a region of the world where other countries display 6 to 11 %, is a clear sign. A bad one.

Then, your misjudgement lies in your static view. Perfectly summarized by your use of the expression "Period".

A crisis is a dynamic process. It starts with a slowdown. We are seeing the events unfolding.

The trend is there. And it will continue until next year, because as everybody know or feel, due to the political situation, an improvement on the short term is almost impossible.

Here is a graph (homemade) of change in % (quarterly) of GDP.

Datas from BOT, here :

http://www.bot.or.th/bothomepage/databank/...a/Graph/G1e.htm

And for historical datas, here :

http://www.bot.or.th/bothomepage/databank/...nload/Tab86.xls

Yeah, everyone I know feels that it will soon get better as well, if the new constitution is passed and the election takes place at the end of this year. The only major problem right now is the investors' and consumers' confidence due to the political uncertainty. Like I've said so many times, other major economic indicators (public debt per GDP, inflation rate,unemployment rate) are all still pretty healthy. And that's not a sign of a crisis.

Oh, no, from economical standpoint the major problem is slowdown in

growth. It is clear that you have no clue about economics.

[ThaiGoon]

Reading Khun highdiver's post reminds me that this slowdown and sthrengthening Baht might actually be good for the Thai exporters in the long run in the way that they are now forced to be more productive and efficient in their operations (and logistics). They are now forced to add more values to their products as well. If the struggling companies survive this and succeed in revamping their businesses, Thailand will be better off I think.

[Maxi101]

stating all this economical datas make me wonder what someone has to say to an unemployment rate stated with 1.5 per cent.

The lowest in the world !

Thailand must be booming.

[LaoPo]

stating all this economical datas make me wonder what someone has to say to an unemployment rate stated with 1.5 per cent.The lowest in the world !

Thailand must be booming.

Actually it's 2.1% (2006 est.) but still low:

http://indexmundi.com/thailand/unemployment_rate.html

But if 10% of the population is below the poverty line it's shocking, if the unemployment rate is so low....

http://indexmundi.com/g/g.aspx?c=th&v=69

Apart from that it's worrying that some 50% of the total Thai Labor Force is still in Agriculture and that's not the most promising one for the future if the signs (complaints of the farmers) are true.

http://indexmundi.com/thailand/labor_force...occupation.html

LaoPo

[bingobongo]

reality is delicious, have a taste.......how are the noodles thaigoon?

Merrill Lynch sees it differently from BOT

Despite the Bank of Thailand's optimistic view on the economic outlook based on April indicators, securities firm Merrill Lynch is of a different opinion.

It said the April indicators hinted at a continued decline in economic activity in the second quarter and that a significant rise in imports is partly explained by the effect of a low base.

http://www.nationmultimedia.com/2007/06/01...ss_30035703.php

[mumbu]

reality is delicious, have a taste.......how are the noodles thaigoon?

Merrill Lynch sees it differently from BOT

Despite the Bank of Thailand's optimistic view on the economic outlook based on April indicators, securities firm Merrill Lynch is of a different opinion.

It said the April indicators hinted at a continued decline in economic activity in the second quarter and that a significant rise in imports is partly explained by the effect of a low base.

http://www.nationmultimedia.com/2007/06/01...ss_30035703.php

Thai GDP May Expand at Slowest Pace in 2 Years on Spending Drop

By Anuchit Nguyen and Michael Munoz

June 1 (Bloomberg) -- Thailand's economy probably grew at the slowest pace in two years as consumers and companies curbed spending amid worsening protests against the military-installed government.

Southeast Asia's second-biggest economy expanded 3.7 percent in the three months ended March 31 from a year earlier, according to the median estimate of 11 economists surveyed by Bloomberg News. The economy grew 4.2 percent the previous period. The report is due June 4 at 9:30 a.m. in Bangkok.

More than 10,000 troops and police were deployed in Bangkok this week to avert protests by supporters of Thai Rak Thai, the political party headed by Thaksin Shinawatra, who was ousted by the military in September. A junta-appointed court disbanded the party May 30, ruling its members broke election laws, and banned Thaksin and 111 executives from politics for five years.

The dissolution of Thai Rak Thai ``opens up potential unrest and civil disobedience,'' said James McCormack, head of Asian sovereign ratings at Fitch Ratings in Hong Kong. ``There's very little in terms of domestic demand, consumption and investment spending and sentiment is very poor.''

Fitch may scale back its forecast that Thailand's economy would grow by 3.8 percent this year, McCormack said.

Bank of Thailand

The Bank of Thailand has already cut its key interest rate four times this year to revive spending by consumers and businesses, whose confidence is near five-year lows.

The government is increasing spending to foster growth, which it forecasts may ease this year to as little as 3.8 percent, the slowest pace in six years. The economy grew 5 percent in 2006.

New vehicle sales in Thailand, Southeast Asia's biggest automobile market, fell 19 percent in the first quarter, according to Toyota Motor Corp.'s Thai unit. Domestic cement sales between January and March fell 3 percent to 7.6 million tons, according to central bank data.

Profit at Land & Houses, Thailand's largest homebuilder, dropped 26 percent to 530 million baht in the first quarter as falling confidence cut demand for new houses. Siam Cement, the country's biggest cement maker, reported first-quarter net income fell 14 percent.

Business sentiment fell to the lowest level in at least eight years in April, and consumer confidence was at a five-year low the same month.

The following table shows economists' estimates for the percentage change in Thailand's gross domestic product for the first quarter from the previous quarter and from a year earlier. It also shows full-year growth forecasts for 2007 and 2008.

Thailand GDP Estimates------------------------------------------------------ GDP GDP GDP GDPFirm YoY QoQ sa 2007 2008------------------------------------------------------Median 3.7% 0.6% 3.9% 4.5%Average 3.6% 0.5% 3.9% 4.6%High 4.5% 1.0% 4.5% 5.7%Low 2.4% -0.2% 2.8% 3.5%Number of Estimates 11 7 11 11------------------------------------------------------Action Economics 4.5% 1.0% 4.0% 4.5%ATR-Kim Eng Capital Partners 3.5% -- 3.8% 4.0%Bank of America 3.8% 0.6% 4.2% 5.7%Capital Economics Ltd. 3.7% 0.5% -- --Capital Nomura Securities 4.0% 0.7% 4.2% 4.5%DBS Group 4.0% -- -- --Economist Intelligence Unit -- -- 4.5% --HSBC 2.4% -- 3.8% 4.6%Kasikorn Research 3.0% -0.2% 4.0% 5.0%Lehman Brothers -- -- 2.8% 3.5%Phatra Securities 3.7% 0.6% 3.7% 4.6%Thomson IFR 3.7% 0.5% -- 4.5%UBS -- -- 3.5% 4.5%UOB Kay Hian 3.2% -- 3.9% 5.0%------------------------------------------------------To contact the reporter on this story: Anuchit Nguyen in Bangkok at [email protected]

Last Updated: May 31, 2007 13:01 EDT

[bingobongo]

good post mumbu, you beat me to it.......

Edited May 31, 2007 by bingobongo