Thailand 2015: Re-engaging engines of growth
June 2015
I. Thailand’s engines of growth
II. Thai corporates target for sustainable growth
III. Thai capital markets: connectivity to regional opportunities
Re-engaging engines of growth
Source: Office of the National Economic and Social Development Board (NESDB), Department of Tourism, Bank of Thailand, IMF’s World Economic Outlook, April 2015
(%YoY) 2013 2014 1Q2015 2015
GDP Growth 2.9 0.7 3.0 3.0-4.0 (f)
- Private consumption 0.2 0.3 2.4 2.3 (f)
- Private investment -2.8 -1.9 3.6 3.8 (f)
- Public consumption 4.9 2.8 2.5 3.8 (f)
- Public investment 1.3 -6.1 37.8 15.8 (f)
- Export value of goods -0.2 -0.3 -4.3 0.2 (f)
- Import value of goods -0.4 -8.5 -7.2 -0.8 (f)
- Number of international tourists (%YoY) 18.7 -6.7 23.5 8.0 (f)
(million) 26.7 24.8 7.9 27.0 (f)
• Thailand’s economic recovery is gaining momentum. • The economy grew by 3 percent in 1Q2015. In 2015, growth will likely expand at a healthy pace of 3-4 percent.
Thailand: Medium-term GDP growth forecast
0.1
6.4
2.9
0.7
3.0
4.4 4.3 4.3
0
1
2
3
4
5
6
7
2015f 2016f 2017f 2018f
(%)
3
I. Re-engaging engines of growth
Actual Forecast*
Note: 2015 forecast by NESDB, 2016 onward forecast by IMF
Source: Bank of Thailand, Public debt management office , Fiscal Policy Office 1/ International reserves and net forward positions 2/ Calculate base on fiscal year basis
External debt and international reserves (billion USD)
• Unlike the run-up to the Asian financial crisis of 1997, Thailand’s economic stability is currently sound. • External vulnerability appears manageable with strong foreign reserves and a current account surplus. • Strong commitment to fiscal discipline is reflected in sound fiscal positions and well-managed public debt.
4
Public debt and fiscal balance (percent of GDP)
0
50
100
150
200
250
Apr-1
5
Short-term external debt
Gross external debt
Net international reserves 1/ 180
138
55
0
10
20
30
40
50
60
-10
-5
0
5
10
15
Apr-1
5
Fiscal balance/ GDP (LHS) 2/Current account/ GDP (LHS) 2/Public debt/ GDP (RHS) 2/
(%) (%)
2.3
43.5
Public debt to stay below fiscal sustainability framework, 60%
I. Re-engaging engines of growth
-4.0
0
10
20
30
40
50
0
5
10
15
20
Mar-1
5
Tier1 (LHS) CAR (LHS) Gross NPLs to total loan (RHS)
Source: Bank of Thailand, Bloomberg
Capital adequacy and Non-performing loans (%) (%)
16.3
13.0
2.3
• Falling oil prices will likely benefit the Thai economy: boosting purchasing power while lowering production and transportation costs.
• Financial sector resilience is strengthening. Banks are well-capitalized and asset quality has been stable.
5
Inflation (%YoY) (USD per barrel)
0
20
40
60
80
100
120
-2
0
2
4
6
8
10
Apr-1
5
headline inflation (LHS) policy interest rate (LHS)
oil price (RHS)
50
1.50
I. Re-engaging engines of growth
-1.04
Source: Ministry of Tourism and Sports
6
I. Re-engaging engines of growth
• International tourist arrivals and receipts quickly rebounded as political stability returned.
Tourism receipts per head (baht) (% YoY)
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
38,000
40,000
42,000
44,000
46,000
48,000
50,000
52,000
1Q20
13
2Q20
13
3Q20
13
4Q20
13
1Q20
14
2Q20
14
3Q20
14
4Q20
14
1Q20
15
Tourism receipts (LHS) %YoY (RHS)
* 2014 tourism receipts contributed 9.5% in GDP
Number of international tourist arrivals
-20%-15%-10%-5%0%5%10%15%20%25%30%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
1Q20
13
2Q20
13
3Q20
13
4Q20
13
1Q20
14
2Q20
14
3Q20
14
4Q20
14
1Q20
15
No.of international tourists (LHS) %YoY (RHS)
(thousand) (%)
7,876 50,050
7
• Infrastructure investments in the pipeline will boost the country’s potential, support regional connectivity, and enhance logistic efficiency.
I. Re-engaging engines of growth
Bangkok public
transport39%
Railway network
26%
Regional connectivity road and motorway
27%Water freight
5%
Airport capacity
expansion3%
Transportation Infrastructure Development (Total of USD 58 Billion in 2015-2022)
Source: Office of Transport and Traffic Policy and Planning
8
• Bangkok public transport progresses as planned.
I. Re-engaging engines of growth
Source: Office of Transport and Traffic Policy and Planning
Bangkok public transport, 8 new lines (USD 23 billion)
Operating
1.Under construction (start operation in Dec 2015)
Operating
2.Under construction (start operation in 2016)
3.Under construction*
4.Under construction*
7.Bidding 2H15*
5.Bidding 2H15*
6.Bidding 2H15*
8.Bidding in 2015
Note: * construction complete in 2020
9
• Railway network has been developed in partnership with China and Japan.
I. Re-engaging engines of growth
Source: Office of Transport and Traffic Policy and Planning
4. North – South Corridor • linkage to Khunming • MOU Thai-China, Dec 2014 • construction starts Jan 2016 • operating within 2019 • double track, standard gauge • speed: 180 km/h
3. Lower East – West Corridor • linkage to Myanmar • MOC Thai-Japan within 2Q2015 • feasibility study
Railway network (USD 15 billion)
2. Bangkok-Chiang mai high speed train • MOC Thai-Japan within 2Q2015 • construction start Jan 2016 • speed: 200 km/h
1. Upper East – West Corridor • feasibility study
Source: The customs of Thailand, IMF's World Economic Database, forecast as of October 2014 *CLMV= Cambodia, Laos, Myanmar and Vietnam. Real GDP growth rate for CLMV is weighted averaged. **CLMM= Cambodia, Laos, Myanmar and Malaysia (border trade). Real GDP growth rate for CLMM is weighted averaged.
Upturning industries (%YoY)
10
I. Re-engaging engines of growth
• The US economic recovery and robust growth in CLMV will be the key drivers for Thai exports in 2015.
25.4
7.7 8.911.1 10.6 10.2 9.6
0
10
20
30
ASEAN (9) CLMV CLMM US China EU (27) Japan
4M15
-3.3
10.6
-8.4
6.3
-11.0-5.0 -7.8
-25-15-55
15
ASEAN (9) CLMV CLMM US China EU (27) Japan
4M15
Thailand’s export growth by destination (value in term of USD)
Thailand’s exports by destination to total exports
(%YoY)
(%)
4M2014 4M2015 % to total exports
1. Auto and parts 1.96 5.30 15.1
2. Electronic parts 1.54 3.28 14.8
3. Agro-industrial products
-9.04 0.34 7.6
4. Electrical appliance 1.54 5.00 4.7
5. Steel -38.86 10.78 2.6
6. Jewelry -4.36 4.51 1.7
Total -5.8 3.50 46.5
I. Thailand’s engines of growth
II. Thai corporates target for sustainable growth
III. Thai capital markets: connectivity to regional opportunities
Re-engaging engines of growth
0
100
200
300
Finance Resources* Property and construction
material
Technology Service** Agricultural industry
Industrials* Consumer products
Source: Stock Exchange of Thailand
Net profit growth by sector
• Non-oil firms grew robustly, supported by economic upturn and falling oil prices.
12
II. Thai listed companies
(billion THB)
+4.1% -51.8%
+3.5% +40.8% -23.1%
+26.1% -44.4%
-14.3%
2014 total net profit decreased 11% YoY Non-oil sectors net profit increased 5.7% YoY
* Resources and Industrials (oil sectors) ‘s 2014 profit directly effected by oil price ** Air transportation ‘s 2014 profit directly effected by tourism slow down
6.9
8.6 7.9
5.7
3.1
7.1 6.6
7.5
3.8 3.6
Thailand Singapore Malaysia Indonesia Phillippines
1Q/2014 1Q/2015
Source: Bloomberg
Net profits of listed companies on ASEAN exchanges in 1Q of 2014-2015
• Earnings of the Thai listed companies remain resilient in 1Q/2015 despite the slowdown.
13
II. Thai listed companies
(billion USD)
+2.9%
-23.3% -5.1%
-33.3%
+16.1%
6.3 7.4 14.3 20.9 23.5 36.5 37.2 56.7
107.0 144.6
-3.4
7.4 13.2 13.8 16.2 38.8 84.4 106.2 103.9
136.9
China Hong Kong Taiwan Korea Singapore Malaysia Japan Indonesia Thailand Philippines
USD Local currency
5-year (2010-2014) index performance (%); as of Dec 30, 2014
-6.3 -4.9 -2.5 -1.0
5.3 6.9 8.7 16.2 14.5
37.3
-0.2 -0.8 -0.1
0.8 4.8 4.2 10.4
16.2 18.9
37.0
Indonesia Malaysia Thailand Singapore Philippines Taiwan Korea Hong Kong Japan China
USD Local currency
YTD index performance and movement (%); as of May 2015
• SET ranks among the best performers in Asia over the past 5 years.
Source : Bloomberg, The Stock Exchange of Thailand
14
II. Thai listed companies
1.10
3.00
1.94 2.18 2.002.66
3.26 3.37 3.143.21
1.23 1.44 1.59 1.82 1.97
2.99 3.00 3.08 3.223.33
Korea China Japan Philippines Indonesia Taiwan Thailand Hong Kong Malaysia Singapore
May 2014 May 2015
10.86 10.7914.91 14.55 13.76 13.50 16.75 15.52
7.91
18.53
11.46 13.00 13.56 14.09 15.01 16.20 16.30 16.3418.36 19.61
Korea Hong Kong Taiwan Singapore Thailand Japan Malaysia Indonesia China Philippines
May 2014 May 2015
II. Thai listed companies
(%)
Market Dividend Yield
Forward P/E ratio
Source : Bloomberg, The Stock Exchange of Thailand
15
(times)
• SET’s valuation and dividend yield are comparable with those of regional peers.
9 9 10 13 20 9 9 9 10 16 7 7 8 10 13
16 17 20 21 24
9 11 12 21
27
10 11 13 14
19
14 17 20
27
40
11 11 11
13
14
Technology
Services
Resources
Property & Construction Industrial
Financials
Consumer product Agro & Food Industry
16
II. Thai listed companies
• Thai corporates gear toward sustainable growth strategies and international expansion.
Number of Thai listed companies invested abroad
Source : The Stock Exchange of Thailand
78%
59%
43%
22% 19% 13% 11% 9% 8%
Proportion of investment target region (data as of 2014)
Source : MSCI, DJSI Note: DJSI Emerging Market Index has been calculated since 2013
• Thai stocks continued to expand their presence on the leading global indices - MSCI and DJSI, reflecting the strong potential and world-class quality of Thai listed companies.
Number of Thai stocks in MSCI Standard index
17
II. Thai listed companies
Number of Thai stocks in DJSI Index
1620
2529
0
5
10
15
20
25
30
35
12
344
10
0
2
4
6
8
10
12
DJSI World Index
DJSI Emerging Market Index
I. Thailand’s engines of growth
II. Thai corporates target for sustainable growth
III. Thai capital markets: connectivity to regional opportunities
Re-engaging engines of growth
Source : The Stock Exchange of Thailand
19
III. Thai capital market landscape
• Various schemes to facilitate foreign listing are available to suit different capital requirements and business structures.
Holding Company
1 Primary Listing
2 Secondary
Listing
3 Infrastructure
Trust
4 Real Estate
Investment Trust (REIT)
5
Foreign Company
Listed company in Home Exchange
(e.g. JPX)
Listed company on SET
Infrastructure Asset (or)
Infrastructure company
Infrastructure trust
Real estate property
Real estate Investment trust
(REIT)
Ordinary Share Unit Trust
Holding Company (Thai incorporated)
Core Company (Foreign subsidiary)
Hold > 50%
Listing of the Thai holding company with core companies operating overseas
Listing of a company incorporated abroad on the SET as a primary exchange
Allow a foreign listed company to list on SET as the Secondary Listing
Listing of Foreign Infrastructure Projects
Listing of Foreign Real Estate
20
III. Thai capital market landscape
• Fund raising for IPO on SET has been the most active in ASEAN since 2013.
6,447
2,669
1,536
5,183
947
3,447
1,685
274
2,614
328
2,484
796 415 12 5
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Thailand Malaysia Indonesia Singapore Philipphines
2015 (YTD)
IPO fund raising in ASEAN (million USD, data as of May 2015)
Source: Bloomberg
Source: Stock Exchange of Thailand
• The Thai capital market has grown significantly during the past 10 years.
21
III. Thai capital market landscape
Market capitalization composition
0
1
2
3
Agricultural industry
Consumer products
Finance
Industrials
Property and construction
material
Resources
Service
Technology
2005 1Q2015
(trillion THB)
III. Thai capital market landscape
15 1624
38
45
12500
550
600
650
700
0
10
20
30
40
50
2015(YTD)
Newly listed securities (LHS)Total listed securities (RHS)
Breakdown of number of listed companies No. of newly listed securities Total outstanding Companies under listing
application consideration 2014 2015 (YTD) 2015 (YTD) Stocks: SET 16 7 508 13 Stocks: mai 3 114 8 Property funds & REIT 1 55 5 Infrastructure funds 1 4 1
Total 45 12 681 27
Source: The Stock Exchange of Thailand * Listed companies in SET and mai and property funds & REIT and Infrastructure funds
• The number of listed companies and securities has consistently increased due to new IPOs.
22
Number of newly listed securities* data as of May 2015
Property funds & REIT2%
mai5%
Infrastructure funds37%
SET56%
Market capitalization of newly IPOs (YTD) data as of May 2015
YTD market capitalization of new IPOs THB 147,532 million 681
570 580 599
633
671
Source : World Federation of Exchanges (WFE), The Stock Exchange of Thailand *Share turnover velocity is calculated by {Monthly EOB Domestic Share Turnover / Month-end Domestic Market Capitalization) *12
III. Thai capital market landscape
23
• The Thai stock market has been the most liquid market in ASEAN for three consecutive years.
Daily average turnover (million USD, data as of April 2015)
0200400600800
1,0001,2001,4001,6001,800
2015 (YTD)
Thailand Singapore MalaysiaIndonesia Philippines
1,459
884
564
206 393
Transactions by investor type (Daily average trading value: million THB) data as of May 2015
(3,495) (3,886) (4,198) (6,347) (4,283)
23% 24% 22% 20% 21%
9% 8% 9% 9% 9%
13% 13% 13% 9% 9%
55% 55% 57% 63% 61%
2015 YTD
Foreign investors Local institutes
Proprietary trading Local retail investors
(18,018) (16,287) (17,765) (28,742) (29,904)
(3,495) (3,886) (4,198) (6,347) (4,283)
(2,205) (2,586) (2,512) (4,294) (4,598)
(5,347) (6,713) (7,830) (10,940) (10,440)
Source : The Stock Exchange of Thailand
24
(billion THB) Foreign holding value, proportion and SET Index
III. Thai capital market landscape
• Foreign investors holding in Thai stocks have been quite stable despite international and domestic uncertainties.
1,8802,669
3,066
4,6654,159 4,453
35.3
34.0
36.335.9
34.5
32.7
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
30
31
32
33
34
35
36
37
38
2010( Apr)
2011(May)
2012(Apr)
2013(Apr)
2014(Apr)
2015(May)
Foreign Holding Value % Foreign Holding
(% of Thai stock market capitalization)
Holding value proportion by investor types
SET Index 763.51 1,073.83 1,228.49 1,597.86 1,414.94 1,496.05
36.8% 35.9% 34.5% 32.7%
14.8% 24.6% 24.8% 23.5%
48.4% 39.5% 40.6% 43.8%
Foreign investors Local institutes
Local retail investors
(% of Thai stock market capitalization)
Number of listed companies having market capitalization >= $1 billion and daily average trading value** >= $10 million data as of May 2015
Source : World Federation of Exchanges (WFE), Bloomberg * GDP 2014 **Average daily trading value during Nov 2014 - May 2015
24 23
97
Thailand Singapore Malaysia Indonesia
25
• SET has a relatively larger number of liquid large-cap listed companies, compared to peers.
III. Thai capital market landscape
Market capitalization data as of April 2015 792
476 445397
258
141 11746
Singapore Malaysia Thailand Indonesia
Market cap. Size (billion USD) % Market cap. to GDP*
Source: Asian Corporate Governance Association * Remark on Thailand: ACGA sees Thailand is moving ahead with pre-existing national CG policies and plans. Enforcement is also better. However, political / regulatory falls in Thailand remain a drag, though this could be improved as political blockage is solved and institutional framework is enhanced.
ACGA ’s CG Watch market scores: 2007 to 2014*
67.7%62.3%
55.7%48.9%
43.3%
28.4%
75.4%71.7% 71.7%
58.0%54.6%
33.9%
0%
20%
40%
60%
80%
Thailand Malaysia Singapore Philippines Indonesia Vietnam
ASEAN corporate governance scorecard 2012 - 2013 **
Source : Joint Initiative of the ASEAN Capital Markets Forum and the Asian Development Bank ** average total corporate governance score of the country’s 100 largest listed companies based on market capitalization
2007 2010 2012 2014
1.Hong Kong (67) 1.Singapore (67) 1.Singapore (69) 1.Hong Kong (65)
2.Singapore (65) 2.Hong Kong (65) 2.Hong Kong (66) 1.Singapore (64)
3.India (56) 3.Japan (57) 3.Thailand (58) 3.Japan (60)
4.Taiwan (54) 4.Thailand (55) 4.Japan (55) 4.Thailand (58) *
5.Japan (52) 4.Taiwan (55) 4.Malaysia (55) 4.Malaysia (58)
6. Korea (49) 6.Malaysia (52) 6.Taiwan (53) 6.Taiwan (56)
6. Malaysia (49) 7.India (49) 7.India (51) 7.India (54)
8.Thailand (47) 7.China (49) 8.Korea (49) 8.Korea (49)
9.China (45) 9.Korea (45) 9.China (45) 9.China (45)
10.Philippines (41) 10.Indonesia (40) 10.Philippines(41) 10.Philippines(40)
11.Indonesia (37) 11.Philippines(37) 11.Indonesia (37) 10.Indonesia (39)
26
III. Thai capital market landscape
• Thailand is internationally recognized as a leader in capital market corporate governance.
10,381 10,212 17,690 16,467 23,218 58,790
93,868
6,468 8,849 34,351
80,100
89,177
16,479 14,927
9,009
6,293
5,623
2009 2010 2011 2012 2013 2014 2015 (YTD)
Others*
Currency futures
Gold futures
Single stock futures
SET50 index futures
Source: The Stock Exchange of Thailand * Others comprise of Oil futures, SET50 Index options, Silver futures, Interest rate futures and Sector futures Note: TFEX has modified its SET50 futures contract to have a smaller contract size on May 6, 2014. The new SET50 futures, or mini-SET50 futures, have a contract size that is one-fifth that of the previous one. The contract multiplier was reduced from THB 1,000 per index point to THB 200 per index point, resulting in a drop in size to about THB 200,000. 27
• Thai derivatives market is growing rapidly, expanding multi-asset-class investment capability
Daily average trading volume in TFEX (number of contracts per day)
CAGR 2008-2014 60%
Total 12,771 18,676 41,145 147,025
III. Thai capital market landscape
43,823 68,017 191,076
data as of May 2015
Disclaimer
This document was prepared by The Stock Exchange of Thailand in good faith upon sources believed to
be reliable but no representation or warranty expressed or implied is made to their accuracy or correctness.
The Stock Exchange of Thailand accepts no liability for any direct or consequential loss or damage arising
from any use of this document or its contents. All information and opinion expressed here is subject to
change without notice. The copyright belongs to The Stock Exchange of Thailand. No part of this document
may be published or copied in any form or by any means without the written permission of The Stock
Exchange of Thailand.
28
Post-Trade Services Clearing & settlement Central Depository Securities registration
Derivatives SET50 index futures Single stock futures Gold futures Interest rate futures Oil futures Currency futures Sector Index Futures
Equities Domestic common shares Dual listings State enterprise listings SME listings Warrants Property funds / REITs / Infrastructure Fund Domestic mutual funds / ETFs Domestic indices / FTSE indices Shariah index Derivative warrants
Fixed Income Corporate bonds Government and state
enterprises bonds
SET Information Services SET listed companies &
product information database
Exchange and
Trading
Post-Trade Services
Data, System and Other Services
Integrated
Model
Appendix: Trading at SET
29
REIT: first listing in October 2014
Source : The Stock Exchange of Thailand
30
Appendix: Trading at SET
Impact Growth Real Estate Investment Trust (IMPACT) • Investing in freehold right of Building Exhibition and Conference of Project IMPACT, Muang Thong Thani, on 4 buildings including utilities and equipment.
3 REITs listed on SET in 2014 Important Codes Regarding REIT
LH Shopping Centers Leasehold Real Estate Investment Trust (LHSC) • Investing in the leasehold right in immovable properties and the ownership in movable properties in Terminal 21 Shopping Center.
1 REITs listed on SET in 2015
TICON Freehold and Leasehold Real Estate Investment Trust (TREIT) • Investing in freehold and leasehold rights of land together with factories and warehouses of TICON Industrial Connection PCL. and TICON Logistics Park Co.,Ltd.
• The paid-up capital after units offering must be ≥ THB 500 million; • Main Investment: - All kinds of real estates, with the objective of seeking benefits in the form of rental income; - Investment in real estates abroad; - Real estates already generating income must be ≥ 75% of the total value of units offered plus loans (if any); • Leverage limit: ≤ 35% of the total assets; in the case of assets with an investment grade, ≤ 60% of the total assets. • Foreign investment limited 49% of units holding.
WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART) • Investing in the freehold and leasehold rights of properties in distribution and logistic center in Ladkrabang and Bangna zone.
Infrastructure fund listing: first listing in April 2013
BTS rail mass transit growth infrastructure fund (BTSGIF) • 60 billion baht IPO size : the largest IPO in Thailand • Revenue from the operation of the original BTS sky train system.
4 infrastructure funds listed on SET
Amata B.Grimm power plant infrastructure fund (ABPIF) • 6 billion baht IPO size • Revenue from the operation of power plants for industrial sectors in Thailand and Vietnam
Source : The Stock Exchange of Thailand
True Telecommunications Growth Infrastructure Fund (TRUEIF) • 58 billion baht IPO size: the first telecom infrastructure fund • Revenue from the rental of 5,845 telecommunication towers, core fiber-optic cable grids and related transmission equipment.
31
Jasmine Broadband Internet Infrastructure Fund (JASIF) • 55 billion baht IPO size • Revenue from the rental of fiber-optic network for broadband internet.
Appendix: Trading at SET
1 infrastructure fund to listed on SET in 2015
North Bangkok Power Plant Block 1 Infrastructure Fund , Electricity Generating Authority of Thailand (EGATIF) • 20 billion baht IPO size • The Right to availability payments (AP1) of EGAT's North Bangkok Power Plant Block 1 for 20 years period, with a contracted power generation capacity of 670 megawatts.
NVDR
43.83%Local
Shares46.60%
Foreign
Shares9.59%
Proportion of trading value by type of stocks by foreign investors
Trade stock-F
Most SET-listed Thai companies have foreign ownership restriction. Check out foreign ownership restriction of each stock via www.set.or.th >> company/securities info >> equity >> then select your preferred company.
2 options to get all benefits from investing in Thai stocks.
Option 1: Mostly for strategic shareholders
Trade NVDR stock or stock-R
•Another option is to trade NVDRs. (Non-Voting Depository Receipts) •Obtain all financial benefits with the exception of voting rights. •Gain greater efficiency, flexibility and convenience as if you are local investors.
Option 2: General option
Appendix: Trading at SET
Remarks: Trading stocks on local board is applicable. However, to get all benefits, stocks should be transferred to stock-F or stock-R. NVDRs traded on local board, no price different from local stocks.
Source: SET, May2013 - Apr2014
32
Appendix: Foreign investor information center
• Follow the updates on the Thai economy and capital market developments on SET website.
33
http://www.set.or.th/en/news/econ_mkt_dev/overview_p1.html
Appendix: GMS Exchanges information center
• SET and GMS exchanges agree to exchange market information to be shown on GMS Exchanges’ information. The website will be an integrated single-window view into the GMS capital market.
34
http://www.set.or.th/en/gms_exchanges
35
Save the date
By Invitation Only
Opportunity Growth and Reform
26 – 28 August 2015 Bangkok, Thailand
By Invitation Only
The largest forum ever in Thailand where investors can learn about Thailand’s economic, investment and policy environment from a range of experts, including senior government officials and business leaders.
Upgrading the international profile of the Stock Exchange of Thailand (SET) and regional capital markets by bringing together the lesson learned from the key stakeholders around the world.
For more information, please visit us at www.set.or.th