Stock Exchange Of Thailand

[RusT]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

Edited May 23, 2007 by RusT

[Irene]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

The following are my brokers that should meet all your need. Some may require you to be their clients. There is no one broker that could fit your bill. They are good in certain respects.

DBS Vickers- www.dbsvitrade.com

Phatra- www.phatrasecurities.com

Tisco- www.tiscoesec.com

Phillips- http://poems.in.th

They are in English and well-written especially the first three.

I think you will have a better luck with the first three and the last one may meet more on your need. I use all of them.

[No beleeeeve!]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

[RusT]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

The following are my brokers that should meet all your need. Some may require you to be their clients. There is no one broker that could fit your bill. They are good in certain respects.

DBS Vickers- www.dbsvitrade.com

Phatra- www.phatrasecurities.com

Tisco- www.tiscoesec.com

Phillips- http://poems.in.th

They are in English and well-written especially the first three.

I think you will have a better luck with the first three and the last one may meet more on your need. I use all of them.

Thanks Irene

[RusT]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

The reason I invest in Thailand is because I prefer to actively invest in countries where I am living; it just seems easier for some reason. Being an amateur investor I'm not in any position to answer your question about good buys but I'm sure they are there just like there are in every market.

[Meerkat]

I've got a small percentage in the SET, but via a fund rather than directly (I think it's JF). That's simply because I couldn't be bothered to do the homework myself!

In spite of all the problems besetting the Kingdom recently, I'm still fairly bullish. On a P/E basis it's still the cheapest market in Asia (well at least it was a few months ago). Of course that's only one way to value a market, but it's good enough for me to have a punt. Aside from Thailand, I'm also long India, HK, Japan, the US, East Europe, S. America, Energy and Metals.

How are you invested in Vietnam? That's a market I'd also like to take a flyer on, but I haven't seen many funds out there.

[Arkady]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

The following are my brokers that should meet all your need. Some may require you to be their clients. There is no one broker that could fit your bill. They are good in certain respects.

DBS Vickers- www.dbsvitrade.com

Phatra- www.phatrasecurities.com

Tisco- www.tiscoesec.com

Phillips- http://poems.in.th

They are in English and well-written especially the first three.

I think you will have a better luck with the first three and the last one may meet more on your need. I use all of them.

Thanks Irene

For most brokers you have to have an account to access research but Kim Eng http://kelive.kimeng.co.th/kelive/userview...=TL〈=en provides free access. So does KGI http://www.kgieworld.co.th/en/Research/Res...hPaper_main.asp .

The local brokers' research provides broad coverage of a lot of stocks but quality is generally poor. There are often childish errors in calculating basic things like number of shares outstanding and you can find wild differences in these numbers which should be standard between different brokers. Most the analysts are young and inexperienced and have little or no real experience of investment themselves and no market feel. It's a case of caveat emptor and using more than one broker's research. TISCO is one of the better local houses but I have notice them make some horrible mistakes in their research too. Bualuang is also not bad. ASP has the best online trading site but its research is ropey. I recommend opening accounts with several. They don't force you to do much business to maintain an Internet account. Sign the ATS form to allow them to sweep money in and out of your bank account, if you are living in Thailand.

Having said all that, the Thai market has underperformed for years and has the lowest valuation in Asia. Earnings of Thai companies are not as bad as analysts have been predicting and the market is probably set for a bullish run before the elections.

[RusT]

From what I understand the Vietnam market is still a bit immature and too many mum and dads betting on stocks like it's a day out at the races. That's just my impression but would need to hear from someone who is actively trading there. There seems to have been some sky rocketing stock price increases. Maybe due for a correction?

I agree with the poster who said the Thai market has been down so long and might be due for a rally.

[Edonista]

http://www.ssi.com.vn/stock/General.aspx?sym=CLC

Gave a look here a few months ago and saw a lot of P/E around 50. Dropped the idea of investing.

Looked again just now and there are a lot of P/E between 12 and 15. Perhaps my next visa run will be to Saigon...oopppsss...I meant to Ho Chi Minh City

[crazydiamond]

Vientnam's stock price has gone skyrocket and it is only a matter of time unitl it collapse, big time. I've been regulary visiting Vietnam recently and what I thought is that though the gap of their economy compare to Thai is getting closer, it's still pretty large. You can do your homework see how PROFESSIONAL trade. Up to now, Thailand is still top of the list in the region.

Edited May 26, 2007 by crazydiamond

[Donnyboy]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

theres a blog running here Free Advice On Thai Stock Investment

[Naam]

Having said all that, the Thai market has underperformed for years and has the lowest valuation in Asia. Earnings of Thai companies are not as bad as analysts have been predicting and the market is probably set for a bullish run before the elections.

does that mean nothing doing for a few years to come?

[RusT]

Does anyone know where I can get good stock fundamental and technical analysis for the SET? I've been trading with Seamico Securities for a few years now which has its own reports but I'm looking for something with more detailed information on stocks such as all the standard fundamental analysis ratios, technical analysis charts and explanations with broker ratings etc.

Do I have to pay to get this or is there a brokerage firm out there that has all the whistles and bells included in its service?

There's a hel_l of a lot of brokerage companies to wade through so if someone can suggest a good one it would be greatly appreciated.

p.s Is there enough interest out there to start a Stock Exchange of Thailand Thai Visa forum?

theres a blog running here Free Advice On Thai Stock Investment

Thanks, it's always good to have extra information. I had no idea the site existed.

[bander]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

Absolutely nothing here in Thailand, maybe next year with a new goverment, who knows!

[No beleeeeve!]

As for Vietnam, I found one company, based in the USA, who has the contract to register ALL Vietnam domain names (websites ending in .vn) for the world. DTVI is the ticker.

It has contracts with over 70 resellers who will pay for the marketing. Overall, what this means is anyone in the world who wants a VN website address has to go through DTVI in some way. It has been up and down lately but I'm in it for a 1-3 year hold so recent swings don't faze me. I bought more on the down swing. It's still in the spec. category of my portfolio though.

There are some funds that one can get into through the London Exchange too. Google Vietnam funds I think will get you there. Vinacapital is one with I think a minimun of 1000 shares. I have an online account with preferred status so they will buy into funds for me on most exchanges around the world. Look for IPOs this and next year of banks and mobile phone state owned companies.

The buzz on Vietnam is there may be a correction down by the end of the year. Great chance to buy in. Vietnam is the second fastest growing economy in Asia, of course behind China, which it is modeling their economy after. The best of Communism with its protectionist policies with a market economy. The "best" of both worlds!

For me, and this is just for me, I have to understand and be able to somewhat predict, the relationship and behavior of the combination of the political system and the economy of a country before I invest in it.

For Thailand, nobody knows where the political system nor economy is going so I cannot put my money there just yet when given much better opportunities in other countries. I like understanding my spec plays a little better. I don't mind speculating, but to me, spec is not gambling. Thailand is just not there yet. China, Vietnam, easy to call. Established political system (yes, they are changing, but that is trending predictably too).

Again, this is just what works for me.

[bingobongo]

here are global comparisons of stock exchanges globally for Q1 2007.....good luck

global inflation is everrywhere except thailand, thailand is going nowhere

Edited May 27, 2007 by bingobongo

[Taggart]

global inflation is everrywhere except thailand,

This from People's Daily in China:

UPDATED: 15:10, May 02, 2007

Thailand's inflation rate in April stays at lowest level in three years

Thailand's general inflation rate in April rose 1.0 percent from March and 1.8 percent from April last year, the lowest in three years, according to the Thai Commerce Ministry, according to a local media Tuesday.

Permanent Secretary of the Ministry Karun Kittisataporn was quoted by the Thai News Agency as saying that Despite a sharp increase in the prices of vegetables and fruit due to drought in Thailand, price rises of meat in April during the Songkran festival, or Thai traditional New Year, and oil prices in the country, inflation in April advanced 1.8 percent, considered the lowest in the past three years.

Karun said it made the average inflation rate in Thailand in the first four months of 2007 stood at 2.3 percent.

It is projected that inflation for 2007 will rise 1.5-2.5 percent on condition that the country's gross national product would grow at 4 percent this year, the baht moves between 34-35 against the U.S. dollar, average interest rates at 3.5-4 percent and that global oil prices stabilize at around 58-65 U.S. dollars per barrel, Karun said.

Source: Xinhua

[bingobongo]

speaking of China, strong resistance for the Shanghai index in the 4250 - 4321 range, it will be interesting............when China bursts it will spread throughout Asia

thailand is overbought, correction is coming.....

Edited May 28, 2007 by bingobongo

[goatfarmer]

For technical analysis, try http://www.asiachart.com. There is a page on Thailand and one on Thai stocks.

I would love to find a site with fundamental data such as valuation ratios for Thai stocks, as one finds for US stocks on Yahoo, Morningstar and MSN Money. Any suggestions?

[Taggart]

For those who want to get into market timing, probably the best stock market investor ever, Warren Buffett, and his sidekick Charlie Munger, say they can't predict what the stock market is going to do in future. I can say the same about Joe Granville, who was regarded as a great chartist. He announced in 1981, that his charts were telling him, there was going to be a huge market correction in the U.S., and to "sell everything". This call, before the longest, and greatest bull market, America has ever seen.

[Edonista]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

TRUBB: P/E 3.5 div.yeld 11.7% P/BV 0.9

MK: P/E 5.1 div.yeld 5.8% P/BV 0.4

SICCO: P/E 11 div.yeld 8.7% P/BV 0.6

JTS: P/E 4.3 div.yeld 13% P/BV 0.8

NVL: P/E 25 div yeld 1.8% P/BV 0.3

SUC: P/E 5.2 div.yeld 6% P/BV 0.4

also NSM , CHUO, GFPT , FANCY, SINGER , CFRESH, KYE could be worth a try , some troubled fundamentals but near all time price bottom.

[Arkady]

For those who want to get into market timing, probably the best stock market investor ever, Warren Buffett, and his sidekick Charlie Munger, say they can't predict what the stock market is going to do in future. I can say the same about Joe Granville, who was regarded as a great chartist. He announced in 1981, that his charts were telling him, there was going to be a huge market correction in the U.S., and to "sell everything". This call, before the longest, and greatest bull market, America has ever seen.

Yes, they stay fully invested but, if you have nothing in the Thai market, this approach is not going to do anything for you. Market timing cannot be made to work consistently over the long-term as a strategy in itself but here we a case of an undervalued market that is a no brainer to increase allocations to with a 6-12 month view.

[Taggart]

For those who want to get into market timing, probably the best stock market investor ever, Warren Buffett, and his sidekick Charlie Munger, say they can't predict what the stock market is going to do in future. I can say the same about Joe Granville, who was regarded as a great chartist. He announced in 1981, that his charts were telling him, there was going to be a huge market correction in the U.S., and to "sell everything". This call, before the longest, and greatest bull market, America has ever seen.

Yes, they stay fully invested but, if you have nothing in the Thai market, this approach is not going to do anything for you. Market timing cannot be made to work consistently over the long-term as a strategy in itself but here we a case of an undervalued market that is a no brainer to increase allocations to with a 6-12 month view.

Hi Arkady,

You're right. As I said in an earlier post, the only thing I have in Thailand is what's in an emerging market ETF I own. Here in North America, many investors are fearful because they either think their markets are too expensive, or they can't find anything cheap enough to buy. Over in Thailand, it's the exact opposite, you have one of the cheapest stock markets in the world, with a number of choices, but many don't want to buy because of future politics or other considerations. Sometimes you just can't win.

[ray23]

X sorry guys just learning so I wanted to follow this

[Taggart]

This is what Warren Buffett had to say about investing in Korea when he was interviewed in 2006. Whether it can translate into investing in Thailand, that's for each individual investor to decide.

Question: You have invested in [south] Korea. What was your investment, and are there any plans for future investments?

Warren Buffett: Korea, for the past six years, offered extraordinary values, but in most of them we couldn't [invest] hundreds and hundreds of millions of dollars. We found 20 companies at good values, with good balance sheets, at three times earnings. I don't understand why they were so cheap. People knew about the larger companies, like Samsung, but not the smaller ones. Plus, the won [south Korea's unit of currency] was at 950 [to the dollar], and we knew that it would rise. I use this as an example that the markets were not efficient. You can go to the KSE [Korea Stock Exchange], which is just as good as the SEC, yet you would see prices where you can double or triple your money.

[Irene]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

TRUBB: P/E 3.5 div.yeld 11.7% P/BV 0.9

MK: P/E 5.1 div.yeld 5.8% P/BV 0.4

SICCO: P/E 11 div.yeld 8.7% P/BV 0.6

JTS: P/E 4.3 div.yeld 13% P/BV 0.8

NVL: P/E 25 div yeld 1.8% P/BV 0.3

SUC: P/E 5.2 div.yeld 6% P/BV 0.4

also NSM , CHUO, GFPT , FANCY, SINGER , CFRESH, KYE could be worth a try , some troubled fundamentals but near all time price bottom.

Well, just bear in mind that they are at bottom with reasons as well. I invested in the Thai exchange in 2002 using this basis of unbelievable fundamentals and I hit the jackpot with only one stock and the others were dud. I now learn that the prospect of each company counts a lot.

[RusT]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

TRUBB: P/E 3.5 div.yeld 11.7% P/BV 0.9

MK: P/E 5.1 div.yeld 5.8% P/BV 0.4

SICCO: P/E 11 div.yeld 8.7% P/BV 0.6

JTS: P/E 4.3 div.yeld 13% P/BV 0.8

NVL: P/E 25 div yeld 1.8% P/BV 0.3

SUC: P/E 5.2 div.yeld 6% P/BV 0.4

also NSM , CHUO, GFPT , FANCY, SINGER , CFRESH, KYE could be worth a try , some troubled fundamentals but near all time price bottom.

The above stocks look fairly small cap. My concern is that they have low trading volumes and that many of the buyers are local investors so prices can either fluctuate wildly or at other times volumes can just die off to a trickle. For that reason I tend to stick to larger caps. Maybe I am missing something here and should take a look at smaller caps again?

[Arkady]

This is what Warren Buffett had to say about investing in Korea when he was interviewed in 2006. Whether it can translate into investing in Thailand, that's for each individual investor to decide.

Question: You have invested in [south] Korea. What was your investment, and are there any plans for future investments?

Warren Buffett: Korea, for the past six years, offered extraordinary values, but in most of them we couldn't [invest] hundreds and hundreds of millions of dollars. We found 20 companies at good values, with good balance sheets, at three times earnings. I don't understand why they were so cheap. People knew about the larger companies, like Samsung, but not the smaller ones. Plus, the won [south Korea's unit of currency] was at 950 [to the dollar], and we knew that it would rise. I use this as an example that the markets were not efficient. You can go to the KSE [Korea Stock Exchange], which is just as good as the SEC, yet you would see prices where you can double or triple your money.

I think the difference is that Korea had and still has the potential for stronger sustainable GDP growth than Thailand. This has been facilitated by economic and political reform. Unfortunately Thailand is going in reserve on these two issues as fast as the elite can pedal. Nevertheless, it is undervalued with earnings growth probably better than forecast, even if not terribly exciting. This combined with lower interest rates, the prospect of increased public sector spending and optimism that things can only improve politically points towards a rally. In these circumstances higher beta stocks will outperform, including securities companies, property developers, contractors etc. Beyond that it is probably a stock picker's market and a Warren Buffet approach of identifying smaller companies on low valuations that have a competitive advantage with strong management so as to generate sustainable growth (i.e. high alpha companies) will likely do best.

Thailand is incapable of doing anything to address problems in education and the all pervasive corruption that both hold back development more than anything else. The double evils of Thaksin and the coup and lame duck Saruyud administration serve only to entrench corruption and the lack of will for reform and concern about loss of competitiveness even deeper. Thailand's demographics are now looking less good - decline of population entering the labour force. A shift of the workforce away from manufacturing and services back to agriculture due to higher commodity prices allows exports to continue looking goods while masking the lack of sustainability of this type of contribution to growth. At any rate a slow down in investment now indicates a loss of export competitiveness in the not too distant future, although this is masked by the marked contraction in capital goods imports which flatters the current account and accumulation of international reserves. The hopeless education system which nobody seems to care much about is a real barrier to Thailand's ability to move up the value added ladder to compensate for loss of market share in labour intensive export manufacturing. Korea and Taiwan were busy planning for this shift over 30 years ago but nothing has changed in Thailand's educational system since this future trend became obvious in the late 80s. Politically the effect of the coup means there will no longer be any backstop in future, since we now know that a coup is likely to bring in an ineffectual government dedicated to doing nothing about corruption and other national problems. The public is unlikely to welcome future coups, so the military will be less likely to stage them and politicians will have nothing to fear leading possibly to unbridled power and corruption by politicians, including most likely Thaksin. That is why I am not too optimistic about the long term and think the economy and market will underperform once the market has got back to a more realistic valuation. I am putting more in this basket but not all my eggs.

[Taggart]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

TRUBB: P/E 3.5 div.yeld 11.7% P/BV 0.9

MK: P/E 5.1 div.yeld 5.8% P/BV 0.4

SICCO: P/E 11 div.yeld 8.7% P/BV 0.6

JTS: P/E 4.3 div.yeld 13% P/BV 0.8

NVL: P/E 25 div yeld 1.8% P/BV 0.3

SUC: P/E 5.2 div.yeld 6% P/BV 0.4

also NSM , CHUO, GFPT , FANCY, SINGER , CFRESH, KYE could be worth a try , some troubled fundamentals but near all time price bottom.

Well, just bear in mind that they are at bottom with reasons as well. I invested in the Thai exchange in 2002 using this basis of unbelievable fundamentals and I hit the jackpot with only one stock and the others were dud. I now learn that the prospect of each company counts a lot.

This post shows what all investors try to avoid as much as possible (though we don't always succeed) "the value trap". I remember John Templeton once said, words to the effect, that if he made the right call on 60-70% of the stocks he was buying, then he was doing well.

[Irene]

Hey guys...serious question. What kind of returns are you getting from the SET? WIth all the emerging and frontier markets to choose from, what drew you to invest in Thailand? I haven't been able to find any supportive information for investing in the Thailand SET.

I have money in Vietnam, China, South Korea, Russia, Brazil, and few of the Eastern European countries in addition to Western countries and have been investing since the 80s so I'm not afraid of spec plays.

Still, I can't find anything decent here. What are you guys finding?

TRUBB: P/E 3.5 div.yeld 11.7% P/BV 0.9

MK: P/E 5.1 div.yeld 5.8% P/BV 0.4

SICCO: P/E 11 div.yeld 8.7% P/BV 0.6

JTS: P/E 4.3 div.yeld 13% P/BV 0.8

NVL: P/E 25 div yeld 1.8% P/BV 0.3

SUC: P/E 5.2 div.yeld 6% P/BV 0.4

also NSM , CHUO, GFPT , FANCY, SINGER , CFRESH, KYE could be worth a try , some troubled fundamentals but near all time price bottom.

The above stocks look fairly small cap. My concern is that they have low trading volumes and that many of the buyers are local investors so prices can either fluctuate wildly or at other times volumes can just die off to a trickle. For that reason I tend to stick to larger caps. Maybe I am missing something here and should take a look at smaller caps again?

No, you are not missing anything. In the long run, you are better off sticking to the big cap since you won't be one of the victims of manipulation on the small cap.