Bangkok Business Brief - Volume 3, Issue 3 - April/May 2014

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BUSINESS BRIEF Vol. No. 3, Issue No. 3 • April/May 2014 Read new business briefs everyday at www.BBBrief.com

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2/21/14 11:49

Peter Sands, Group CEO of Standard Chartered, speaking at Sasin Graduate Institute of Chulalongkorn University

Banks positioning for 2015

By Arnie Grape

While many industries and businesses are starting to position themselves for the implementation of the ASEAN

Inside General Interest Government/Economy Finance/Investment Production Real Estate Tourism Retail/Services IT/Comms The Calendar

2 3 4 5 6 8 10 12 14

Economic Community (AEC) in 2015, none may be more significant than the moves that the banking industry is now starting to make. In the space of ten days recently, two major banks in the region announced important realignments in preparation for 2015, and there may be more coming soon.

At a press conference in Bangkok, Standard Chartered’s Group Chief Executive Peter Sands announced that the bank would realign its businesses in Southeast Asia’s Greater

Mekong region, specifically in Thailand, Cambodia, Vietnam, Laos and Myanmar. Citing increased cross border trade and forecasting better GDP growth this year, Mr. Sands said that this move fits with the bank’s strategic focus on growth markets in Asia and Africa.

also seen a boost in Foreign Direct Investment (FDI) numbers in recent years, with US$21 billion flowing into the region in 2012.

Speaking later at the Sasin Graduate Institute of Business Administration of Chulalongkorn University, Mr. Sands said In 2013, intra-Asean trade much of Asia is misunderstood. topped US$323 billion, an increase of 26% compared to “Southeast Asia is actually a 2012, and that number is ex- very big part of Standard Charpected to increase further as the tered, and we are developing launch of the AEC approaches. even more focus on it in the The 10-nation organization has Story continues on Page 13

P l a n n i n g , S u p p l y i n g a n d B u i l d i n g A s i a ’s R e c r e a t i o n a l I n f r a s t r u c t u r e

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CP Group’s Dhanin still head of Thailand rich list Dhanin Chearavanont, chairman and CEO of Charoen Pokphand Group, leads the list of Thailand’s 11 richest billionaires included in Forbes’ World’s Billionaires 2014 list, with a combined net worth of US$36.6 billion as a group. Mr Dhanin remains Thailand’s wealthiest man, with a net worth totalling $11.4 billion, $2.4 billion higher than No.2 Charoen Sirivadhanabhakdi, the whisky tycoon who has a net worth of $9 billion. His wealth is also well above that of controversial ousted prime minister Thaksin Shinawatra, who has a net worth of $1.6 billion. The former prime minister managed to recover close to $1 billion of his $2.3 billion in frozen assets. He also owns a controlling stake of SC Asset, a real estate developer that his younger sister Yingluck used to run.

The third billionaire from Thailand on the list is Vanich Chaiyawan, chairman of Thai Life Insurance, Thailand’s second-...

Full story: http://goo.gl/cAZuyG

Aon, Sasin launch Best Employers scheme Aon Hewitt, a global talent, retirement and health-solutions business of Aon Plc, in conjunction with its academic partner, the Sasin Graduate Institute of Business Administration of Chulalongkorn University, has launched the Best Employers 2015 Programme in Thailand.

“You can’t manage your human resources if you don’t measure your employees’ opinions and your HR practices. The Best Employers Thailand 2015 programme combines Sasin’s strength on the theoretical side with Aon Hewitt’s practical expertise in human-resources management and measurement. Participating in the survey will put your organisation on the path to HR success and high performance,” says Dr Siriyupa Rooongrerngsuke, head of the HR programme at Sasin.

Aon Hewitt’s 12 years of Best Employers research in Asia-Pacific provides striking evidence that a committed and productive workforce delivers stronger...

Full story: http://goo.gl/VT8KSW

Thais among ‘Forbes’ Goal alignment women to watch can help weather Two Thai entrepreneurs have been listed political storms among Asia’s 50 power businesswomen ranked by Forbes magazine, entering a list of 12 women to watch as the young generation leading business through major changes.

Tipa Nawawattanasub, 33, the chief executive at YLG Bullion & Futures, the gold futures brokerage unit of Thailand’s biggest gold trader, is being groomed to succeed her parents, the founders and heads of YLG Bullion International.

Roongchat Boonyarat, 28, director and executive vice-president of sales and marketing at Malee Sampran, is the daughter of the chairman of the SET-listed canned fruit and drinks company. She is spearheading moves to modernise the company.

China and Hong Kong dominate the list, with 16 out of 50 from 13 markets. The list has been compiled based on criteria such as company revenue, their position at the company and their involvement in the running of daily operations. Among them are Karen Agustiawan of Indonesia’s Pertamina and Rita Nguyen, co-founder and chief executive of Squar in Myanmar, who is helping to fuel an internet revolution as the country develops its...

Full story: http://goo.gl/PM3RxL

Wave after wave of political strife in Thailand is forcing companies to reassess how they will manage their operations and stay on track. What they are discovering is something successful multinationals have long known: In turbulent times, rigorous goal alignment is vital to successful execution. Goal alignment can be a cumbersome process, but big multinationals know that the benefits far exceed the costs. They have learned that systematic goal alignment at the beginning of the year is the best way to start and deal with the rocky road ahead.

“Goal alignment forces us to make choices about where we focus resources and what we should stop doing,” commented a senior executive at a Bt2.9-trillion food and beverage firm. “It clarifies the few priorities we need to achieve to be successful, regardless of changes in the market.”

Indeed, as increasing competition and market disruptions have become commonplace in Asia, companies are scrambling to bring global resources to bear on individual market challenges. With each new resource comes a new set of goals.

These new goals have to be integrated into existing operations...

Full story: http://goo.gl/643scW

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April/May 2014

Government / Economy http://goo.gl/EIbH6

Why we never learn from history ‘Populist policies do ultimately fail; and when they fail it is always at a frightening cost to the very groups who were supposed to be favoured.” Though we wish we had made such an eloquent observation, credit must go to economists Rudiger Dornbusch and Sebastian Edwards.

Their words must sound awfully familiar to anyone in Thailand.

In 1990, the two economists set out to document in detail the evolution of the infamous populist regimes in Latin American countries such as Argentina, Brazil and Chile. Although the politics differed from one country to another, the populist policies all failed miserably in an economic sense. And yes, that was more than two decades ago. So history does repeat itself again and again, especially the painful parts.

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Stalled FTA talks hurting The Kingdom is falling behind its regional competitors as the absence of a permanent government now hampers negotiations on the Thailand-EU Free Trade Agreement (FTA), the president of the European Asean Business Centre (EABC) has warned.

In an exclusive interview with The Nation, Rolf-Dieter Daniel urged all sides in the political conflict to sit down and find a solution, because the drawn-out situation was affecting investors’ confidence and damaging the country’s competitiveness.

“Investors from Europe are in the waitand-see mode at the moment because of the political uncertainty and unfinalised FTA, as well as the lack of approvals [of tax privileges] from the Board of Investment,” Daniel said. If they have to wait much longer, some foreign investors might consider other countries in Asean instead of Thailand.

The populist paradigm: Dornbusch and Edwards defined the term macroeconomic populism as economic management that emphasises growth and income redistribution but de-emphasises, among other things, deficit financing...

Full story: http://goo.gl/1b413N

Daniel said the most worrisome aspect was the FTA deal, because Thailand is falling behind its main competitors in the region such as Singapore (for banking and services), Malaysia (goods manufacturing) and Vietnam...

Full story: http://goo.gl/dG7zCo

Fitch warns Thailand on risk factors

Thailand’s rating will withstand ill effects of rice scheme: S&P

Fitch Ratings has maintained Thailand’s sovereign credit rating but warns that the dysfunctional government, protracted political uncertainty and rapid, sustained rises in public debt risk a negative action at some point. The prolonged political strife could erode the country’s growth prospects and financial stability in the medium term, while the absence of a government with a full mandate could undermine economic policy-making, Chularat Suteethorn, director-general of the Public Debt Management Office, told a press briefing. She said the global ratings agency voiced concern that the country’s public debt, particularly contingent liabilities, could create a future burden.

Fitch has affirmed Thailand’s long-term foreign and local currency issuer default ratings of BBB+ and A-, respectively. The ratings of Thailand’s senior unsecured foreign and local currency bonds were also affirmed at BBB+ and A-, while the outlook for long-term IDRs is stable.

Moody’s Investors Service, another ratings agency that recently affirmed the country’s credit rating, also warned that a prolonged political stand-off in the second half could trigger a negative action.

Ms Chularat said Fitch’s forecast calls for Thai economic growth of 2.5% this year...

Full story: http://goo.gl/QlLYqM

Although Standard & Poor’s Ratings Service sees no reason to downgrade Thailand because of the problems from the rice-pledging project, it cautions that the sovereign ratings could be pressured if the country’s institutional and governance effectiveness weakens further.

“The ratings could come under pressure if policy-making weakens further, such that we believe Thailand’s institutional and governance effectiveness is no longer commensurate with the existing rating.

“We believe that Thailand’s institutional and governance effectiveness will remain a weak credit factor, with no potential for improvement over the next 12-24 months,” the rating agency said yesterday.

Thailand’s rice-pledging programme highlights a short-sighted and politically driven approach to policy-making in Thailand, the agency said.

However, the scheme on its own will not have any significant impact on the credit quality of the sovereign. “The full amount of realised losses will accrue over time as the stockpiles are sold, and the support scheme has built-in limits...

Full story: http://goo.gl/7p0Iyj

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MBMG makes ominous prediction for Thai growth

Dismal economic growth in this year’s first quarter is expected, while full-year GDP growth could contract if the domestic political turmoil is prolonged, says Paul Gambles, co-founder of MBMG Group and director of MBMG Investment Advisory.

“First-quarter economic growth could be a real shock to the system, and it is very difficult to get back on track from there,” he said.

Thailand could face a challenge in sustaining a 3% growth rate this year even if political tensions ease, since a lot of the earlier growth assumptions were based on the government’s infrastructure investments and these projects are likely...

Full story: http://goo.gl/T8CcxS

TNSC stands by forecast of 5% export growth as world GDP rises

The Thai National Shippers’ Council is standing by its prediction of 5-per-cent growth in exports this year in the belief that the world’s economy will continue to improve and the baht will stay at 33-35 per US dollar. The International Monetary Fund sees the global economy expanding by 3.7 per cent and the World Bank by 4 per cent. There are also signs of growth in gross domestic product in main export destinations such as Asean (5.1%), China (7.5%), Japan (1.7%), Europe (1%) and the United States (2.8%).

The export sector can look for an increase in demand from abroad. “Shipments and orders from the US have been fully booked since the beginning of the year,” Paiboon Ponsuwanna, adviser to the TNSC, said.

Demand from the United States and Europe is expected to continue throughout the year. Shipments to China and Japan may seem sluggish now but they will bounce back next quarter...

Full story: http://goo.gl/A1WwLI

Private sector rues lost opportunity The end of the 2-trillion-baht infrastructure plan has disappointed the private sector, with representatives saying it is a huge loss of opportunity for Thailand to cash in on economic development.

The Constitution Court ruled that the government-proposed bill to empower the Finance Ministry to seek 2 trillion baht in loans was unconstitutional following a request by the Democrat Party for the court to decide whether the bill violated Sections 160 and 170 of the constitution.

The court unanimously agreed by a vote of 8-0 that the content of the bill convened provisions stated in the first paragraph of Section 169 of the charter, while it also voted 6-2 that the bill’s legislative procedures were against Section 170 of the constitution.

Kriengkrai Thiennukul, a vice-chairman of the Federation of Thai Industries, said the private sector sees it as a lost opportunity, as Thailand has not had a large infrastructure project for 15 years even though investment in logistics is...

Full story: http://goo.gl/ylcBjg

Little joy over policy rate cut Few businesspeople are elated by the Bank of Thailand’s rate cut to its lowest point in more than three years, saying it may not boost investment and consumption in light of lingering political uncertainties and they doubt the reduction will benefit the economy. The BOT’s Monetary Policy Committee, by a vote of 4-3, resolved to cut the policy rate by 25 basis points to 2 per cent.

LPN Development MD Opas Sripayak said that although the MPC decided to cut the key interest rate by 0.25 percentage point, that would do little to boost domestic consumption while consumers are more concerned about political problems than the economy. “Most of our customers are delaying their decisions to buy a home because they want to know when the political turmoil will end and...

Full story: http://goo.gl/4IiZTJ

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The massive Dawei project has taken a new twist, as no interested bidders have applied for concessions opened in February for three jobs; a dual-lane highway linking Thailand with the site in eastern Myanmar, a small port and a 30,000-rai industrial estate.

“The terms of reference for the three projects should be revised to make them more appealing to foreign investors,” said a source from Government House who asked not to be named.

Under the original schedule, Dawei SEZ Development Co, a special-purpose vehicle, had planned to open bidding for the three construction jobs in February and announce the results in April. Thailand and Myanmar officially agreed to push the ambitious scheme forward last November, with three memoranda of understanding signed by the two....

Full story: http://goo.gl/6TdTmx

Politics still casts long shadow over Thai bourse The SET Index has barely budged in the past two weeks, gaining only 0.7 per cent to close at 1,361 points. But it still outperformed its regional peers, as represented by the MSCI Asia ex-Japan Index, which fell 4.4 per cent.

Foreign investors turned net sellers of Bt309 million. Local institutions were also net sellers of Bt1.3 billion, while local investors were net buyers of Bt2.5 billion.

The market continued to focus on politics as more negative developments panned out. News that the February 2 election was nullified by the Constitutional Court had a muted impact on the market, as this had been largely expected.

The new election date has not been announced. The ruling has led to further legal complications, meaning the political stalemate will be extended and the nation is unlikely to get a functional government

by June.

Meanwhile, the National Anti-Corruption Commission (NACC) voted unanimously to indict the caretaker Senate Speaker and acting Parliament President for his alleged improper handling of the charter amendment bill on Senate...

Full story: http://goo.gl/SX6Pai

KSAM targets 24% surge in assets under management Krungsri Asset Management, the country’s seventh-largest fund-management firm by assets size, expects to see a 24-per-cent jump in total assets under management to Bt240 billion this year in keeping with its leadership in the equitymutual-fund segment.

“This year, the company aims to increase its market shares in equity mutual funds, long-term mutual funds and retirement mutual funds to keep its leading position in these segments,” said KSAM Chief Executive Officer Chatrapee Tantixalerm.

Currently, KSAM has a 4-per-cent market share of the country’s mutual funds, seventh among the 24 asset-management firms. The largest firm accounts for AUM of Bt1 trillion.

He said the company would expand the base of its fixed-income funds through the 600 nationwide branches of its parent company Bank of Ayudhya. Besides offering fixed-term funds every week, KSAM would also provide new products in line...

Full story: http://goo.gl/xQ6fc4

Japanese won’t quit Thailand Thailand is the top Asean destination for Japanese foreign direct investment despite the political unrest and will remain so in the foreseeable future, according to a survey by Japan’s external trade agency.

Japanese FDI in Asean Members graph Bangkok Post But Thailand needs to think about the development of human resources, particularly at management level, as many Japanese firms are seeking Thai managers to run regional headquarters here, said Setsuo Iuchi, president of the Japan External Trade Organization (Jetro) Bangkok.

“From our recent survey, 60% of respondents need more managers, who are people who can run a company here,” said Mr Iuchi, who is also the agency’s chief representative for Asean and South Asia.

The survey was conducted with 412 Japanese Chamber of Commerce Bangkok members in November and December last year.

It confirmed that Japanese investors not only plan to stay even if the political turmoil drags on but also expect to use Thailand as a regional...

Full story: http://goo.gl/pjtoBD

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Solvay develops successful Thai expatriate executives Solvay, which began building and operating major industrial plants in Thailand in 1987, has quietly developed a successful cohort of expatriate Thai executives that are operating all over the world. Over the past several years, Solvay, a Belgiumheadquartered company listed on the Paris Exchange and part of the CAC 40 Index, has invested more than Bt18 billion in the Kingdom.

Most interestingly, many senior executives of Solvay Peroxythai and its local Solvay affiliate Vinythai are expatriate Thais who have spent up to 11 years working in senior positions overseas.

Siriporn Wutthilaohapan, Solvay Peroxythai’s managing director, began as an engineering graduate from a Thai university and after 17 years at Vinythai, a listed company, was posted to Solvay headquarters in Brussels. “I spent two years on assignment to the Support Group CFO on special projects and another six months in the Peroxides Strategic Business Unit, preparing to return to...

Full story: http://goo.gl/e9qnyL

April/May 2014

GM plans to join Italian cement govt eco-car scheme giant to base AEC with new Chevrolet operations in The auto industry is expected to get a big Thailand boost from GM Thailand’s decision to join Phase 2 of the government’s ambitious eco-car scheme. The Board of Investment’s deadline for applications for the new phase is the end of March.

Marcos Purty, the new managing director of General Motors Thailand, said yesterday that the company’s intent to develop a new Chevrolet car for production in Thailand was well aligned with the objective of the eco-car programme.

“By submitting this application, GM reaffirms its commitment to invest in Thailand and make Rayong a strategic hub for global exports. Additionally, this investment will bolster our long-term commitment to the excellent regional supplier network,” he said at the unveiling of the 2014 Captiva at the Bangkok International Motor Show, which opens for the general public today.

Before GM, Ford and Mazda had expressed interest in the eco-car scheme.

All five brands from the first phase – Nissan, Toyota, Honda, Suzuki and Mitsubishi – are expected to apply for...

Full story: http://goo.gl/y4XznW

Italy-based Italcementi Group says it has strong confidence in Thailand, where its regional production will be based when the AEC becomes effective next year.

Meanwhile, the cement multinational is also studying expansion into Myanmar in the next few years as demand for its products grow there, group chief executive officer Carlo Pesenti said. “We are negotiating with a local partner in Myanmar and also studying the country’s Foreign Investment [Law],” he said.

He added that the Asean region had growth potential, offering opportunities for Italcementi’s business expansion.

The group has operated in Thailand since 1998 through Jalaprathan Cement, holding stakes of no less than 20 per cent. JCC was established in 1956 by the Royal Irrigation Department for the construction of Bhumibol Dam, the first multipurpose concrete dam in Thailand. JCC has two grinding centres in Takhli, Nakhon Sawan province, and Cha-am, Phetchaburi province. In 1999 Italcementi Group increased its presence in Thailand by becoming a shareholder of Asia Cement...

Full story: http://goo.gl/q7S6Ku

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Niche focus keeps Thai Rung Union Car rolling ahead of its competitors

Thai Rung Union Car Plc, a Thai-owned company established in 1967 and listed on the SET in 1994, is a leading automotive industry operator that offers fully integrated services from product design and development to production of various kinds of vehicles, including its own niche specialty vehicles, and after-sales service. Its customers are leading US and Japanese automotive, industrial machinery and motorcycle manufacturers. MD Sompong Phaoenchoke discusses the company’s strategy and outlook.

What is your business model?

TRU has always focused on product design and development through the production of dies and jigs and the manufacturing of metal and plastic automotive parts, seats, and modification of multipurpose and specialty vehicles. In recent years we have adapted our strategy to focus more on OEM parts making, contract assembly and painting, which now represent 80% of our total business.

However, we are now looking to use our capabilities because of our uniqueness, integrated systems and R&D in vehicle...

Full story: http://goo.gl/90kylm

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Pace Development to raise funds for new projects

Turmoil hits Pattaya condos Although launches of condo units increased in Pattaya last year, demand dropped significantly in the fourth quarter due mainly to political turmoil.

Pace Development Corporation Plc plans to raise funds through the issuance of a debenture and property fund worth Bt4.5 billion over the next two years as it looks to develop luxury residential projects in Hua Hin and Bangkok. The company’s CEO Sorapoj Techakraisri said that the company would issue a property fund, or real estate investment trust, worth Bt1.5 billion by selling its retail business, MahaNakhon CUBE. He said MahaNakhon CUBE was already completed and would open in the second half of the year.

Surachet Konghcheep, associate research director at the property consultant Colliers International Thailand, said the protests in Bangkok since last year’s fourth quarter had affected the resort’s property market. “Many foreign tourists cancelled their hotel reservations for the Christmas and New Year period,” he said. ”If political issues are not resolved within a few months, Thailand’s property market including Pattaya will probably be more affected.”

The company will issue debentures worth Bt1.5 billion in the second quarter, with the next Bt1.5 billion worth of debentures issued in 2015. “We plan to raise funds to develop our two new residential projects, which will be launched in the second half of this year,” Sorapoj said. “MahaSamutr, worth Bt3.2 billion, and our new project on Lang Suan Road worth...

Full story: http://goo.gl/c5puUH

In the second half last year, the average take-up rate in Pattaya’s condo market was 71% compared with 76% in the first half. There were 9,575 condo units launched in Pattaya in the second half, about 30% more than in the first half. At the end of 2013, condo supply in Pattaya totalled 54,650 units. Only about 800 units were added to the market in the...

Full story: http://goo.gl/ywuyCp

Bangkok office rents Projects relaunched could rise further in bid to boost due to limited supply Q1 presales Despite the growing political uncertainty at the end of last year, demand for Bangkok office space remained strong during a period of limited new supply, with vacancy rates falling below 10 per cent for the first time in 20 years, according to CBRE Thailand, an international real-estate advisory company.

“To date, we have seen no companies closing and no delays in ongoing leasing transactions, but we have seen a drop in enquiries,” said Nithipat Tongpun, executive director – head of office services at CBRE Thailand.

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“Even if in 2014 office demand is weak, rents are unlikely to fall because of the high occupancy levels and limited new supply,” he added.

The total office stock in Bangkok was 8.1 million square metres at the end of last year, and the occupancy rate was 90.4 per cent. Occupancy improved in all locations and all grades.

Rents rose between 5 per cent and 9 per cent from end-2012 levels, depending on the quality and location of the building, said James Pitchon, executive director...

Full story: http://goo.gl/PjKU5z

Leading property firms are launching residential projects worth more than Bt10 billion combined this month, after delaying putting new projects on the market since the beginning of December.

“We have had to launch new projects in order to boost our sales in the first quarter, during which the market has dropped due to the country’s political problems,” said Pruksa Real Estate managing director Prasert Taedullayasatit.

The company has decided to launch six condominium projects with a combined value of over Bt5 billion this month and next, he said.

The company waited since the beginning of December for the political impasse to be sorted out, but the situation seems to be showing no signs of resolution, leaving Pruksa with no alternative other than to go ahead with new business, he said. As a result, the company decided to launch the six condo projects in a bid to boost first-quarter presales.

Pruksa recorded condominium presales worth Bt2.3 billion in the first two months of the year, which was about 20 per...

Full story: http://goo.gl/qUFGRy

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April/May 2014

Chinese investors up demand in Chiang Mai Demand for both condominiums and detached housing in Chiang Mai is strong, especially from investors from China, many of whom snapped up residences after visiting the northern province following the popularity of the Chineselanguage movie “Lost in Thailand”, which was released two years ago.

Foreign residential demand in Chiang Mai is for luxury homes priced more than Bt10 million, he said, adding that some male foreign investors buying detached housing in Chiang Mai will bypass purchasing a home in a joint venture with a Thai and instead marry a local woman, as Thai women can buy property.

“Up to 80 per cent of our foreign customers are Chinese people who have a business in Chiang Mai, either a trading firm or a manufacturing plant,” said Quality Houses CEO Rutt Phanijphand. Given the strong demand in Chiang Mai, Quality Houses has developed five residential projects in the provincial capital.

Meanwhile, others listed developers such as Sansiri, Pruksa Real Estate, Property Perfect and Land & Houses are also...

Full story: http://goo.gl/QYBWBN

Pace jacks up MahaNakhon prices after freehold switch The SET-listed Pace Development Corporation has raised the sale prices of its MahaNakhon development, expected to be the country’s tallest building, after changing property ownership of the plot from leasehold to freehold.

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Thai retail property industry must take into account changing preferences

Since consumers nowadays convenience their top priority, Thailand’s retail property industry still has a long way, a shopping mall consultant said. Despite the mushrooming of community malls and other retail outlets over the past few years, consumers still choose convenience over prices owing to traffic congestion and other such problems, Veena Arunyakasem, MD and founder of One Click, a shopping mall and property development consulting company, said. This presents a vast opportunity for developers of commercial property such as condominiums and office buildings to incorporate retail shops and service facilities into their projects to serve their occupants and tenants.

“They should ride on this new trend that will help them reap more revenue, especially with projects that are located far away from existing shops,” she said.

Many office building owners still have not made full use of their available space on the ground level to accommodate retail shops, food courts and service facilities, or have not done so in a professional manner that will help improve the...

Full story: http://goo.gl/IJyDQl

Developers rejig plans, seek quicker income generation in tough times Leading property companies have had to revise their business plans and income structure in order to maintain growth by developing residential projects that can generate revenue this year.

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Office tower takes shape

The property management firm Bhiraj Buri Co will launch a prime office building worth 8 billion baht in the fourth quarter, aiming at giant international firms setting up regional offices in Bangkok.

The 45-storey Bhiraj Tower at EmQuartier on Sukhumvit Soi 35, just opposite The Emporium shopping centre, is 72% complete.

The building’s 15th-44th floors, covering 47,500 square metres, are for office rentals, while the 45th floor (450 sq m) is for rented meeting rooms.

EmQuartier Department Store, run by The Mall Group, will occupy eight floors including the basement (30,000 sq m).

The building offers parking capacity for 1,900 cars.

“Bhiraj Tower at EmQuartier has a location advantage, as it is housed in central Bangkok and directly connected to mass transport,” said executive director...

Full story: http://goo.gl/N2V4at

It’s a buyers’ market in Hua Hin

With a large number of condominium units available in Hua Hin and Cha-am, property consultant Colliers International Thailand suggests buyers take their time to compare before choosing a suitable one.

Surachet Kongcheep, associate director of research, said there were 6,180 condo units still available in the market at the end of last year from a total of more than 23,000 units at nearly 80 projects. The highest number was in Cha-am from some large projects launched in the past two years. In Hua Hin’s coastal area, most projects were of a smaller scale due to limited land plots.

In 2013, 2,740 condo units were launched in Hua Hin and Cha-am. About 1,300 were in Hua Hin’s coastal area. The number of newly launched units decreased from the previous year as there were many units still available in the market.

The political problems in Bangkok in the fourth quarter were a major concern for...

Full story: http://goo.gl/fBco8S

“The change in land ownership rights will increase the project’s attractiveness to ultra-rich foreign buyers,” said chief executive Sorapoj Techakraisri, adding that prices would increase by at least 12% from the original price of 250,000 a square metre.

They are also expanding their rentalincome business both domestically and overseas, as the residential sales market is showing signs of dropping by between 2 per cent and 5 per cent this year – the first contraction since the aftermath of the economic crisis in 1997.

Good time to buy due to stable prices

AP taps Japanese know-how, designs

Now is a good time to buy a home, with construction costs virtually the same as last year amid the economic slowdown, property developers and contractors said.

Pace expects a four-percentage-point increase in gross margin to 36%.

This is largely due to the country’s political turmoil, according to a survey carried out by The Nation early this week, with the prolonged political crisis now carrying over until at least the second quarter.

This year, Supalai will focus on detached housing and townhouse projects rather than developing condominiums, due to slower overall market growth, especially for condos, said president and CEO Prateep Tangmatitham.

“Our construction-material costs this year have been maintained at just about the same as last year’s level,” said Plew Trivisvavet, CEO of top-three construction company Ch Karnchang. He said that last year, contractors had been faced with two major issues. The first was a construction labour shortage, due to the rising property market and the government’s infrastructure-expansion programme, which had taken labour away from the residential sector.

Mitsubishi Estate Group, Japan’s biggest property developer, is looking to expand its property investment in Thailand after injecting 2.5 billion baht this year through three joint-venture condo projects with SET-listed developer AP. Takashi Utagawa, MD of Mitsubishi Estate Asia Pte Ltd, an MEC subsidiary based in Singapore, said the group is interested in property investment in Thailand because the Thai economy is positioned for growth.

Transport systems are improving, he said.

Many residents are relocating to Greater Bangkok as Thai family sizes diminish.

The company plans to launch 26 residential projects worth Bt32 billion in total, 18 of which will be detached housing...

Full story: http://goo.gl/0btKYd

The second was rising construction-material prices, due to increased demand in what was then a rapidly expanding...

Full story: http://goo.gl/7UUmq6

Mr Sorapoj said it plans to introduce the project in London and Moscow early next year after holding roadshows in Dubai, Hong Kong and Singapore in recent years.

Located near Chong Nonsi skytrain station, the 314-metre-high MahaNakhon will comprise 200 luxury condo units branded under The Ritz-Carlton Residences Bangkok, the Bangkok Edition Hotel, with 159 rooms and the lifestyle mall Cube...

Full story: http://goo.gl/UnMPel

“We are looking for an investment not only in the residential sector, but also other categories like office buildings, commercial and retail,” Mr Utagawa said.

“The investment depends on location.”

He said the group aims to continue...

Full story: http://goo.gl/kErl6z

8

BANGKOK BUSINESS BRIEF

Briefs

April/May 2014

To read the full article of a story brief, enter the short code at the end of the story into your browser.

Tourism

http://goo.gl/fxE4d

Ambitious goal for Udon Thani tourism The Udon Thani Tourism Business Association will try hard to put the province on the world’s tourism map over the next few years and promote it as one of the major destinations in Northeastern region. Tanakorn Weerachatyanukul, the association’s president, said it was time Udon Thani made a name for itself as one of the major destinations in Isaan, not only among Thais but also foreigners, thanks to the readiness of its infrastructure. Tanakorn said he would promote his province internationally by attending tourism fairs in cooperation with the TAT during his two-year term.

He said the competitive edge of his province included its unspoiled nature, culture and lifestyle. Udon Thani has strong fundamentals to support greater tourism, including hotel and airport facilities. Its strategic location is a key to connecting with neighbouring Laos and Vietnam, creating more tourist...

Full story: http://goo.gl/kFVTh8

Thailand pushes for Mekong tourism routes The Tourism Authority of Thailand (TAT) is aiming to encourage more tourists to take multi-country tours in the Mekong region.

In partnership with the Mekong Tourism Coordinating Office (MCTO), the tourist board has started promoting a series of new tour routes connecting Thailand’s border provinces to Cambodia, Laos and Myanmar. The TAT said recent improvements in regional infrastructure and border checkpoints are making even more itineraries possible.

Koh Chang aims for climate-friendly tag Koh Chang in Trat province will be promoted as the first climate-friendly tourism destination in Asean when the Asean Economic Community takes effect at the end of 2015, says the Designated Areas for Sustainable Tourism Administration.

Dasta in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) hopes to change the image of Koh Chang and its vicinity from a general tourism site to a low-carbon destination, said director-general Nalikatibhag Sangsnit.

Many tourists, especially Europeans, prefer to travel to climate-friendly tourism sites. Both Dasta and GIZ saw the potential of the Koh Chang cluster, including Koh Mak and Koh Kood, to be a lowcarbon tourism destination.

The cluster comprises 10% mainland area while the marine area covers the three main islands and 49 smaller ones. The total area is 4,280 square metres, divided into 15 local administration units under six districts. It is located in...

Full story: http://goo.gl/yxQ5c6

‘Seeing is believing’ Myanmar is undergoing a period of dramatic change on every front, and the tourism and hospitality sector has no exception. The industry is now considered one of the most important engines to create a new image for the country, with its people acting as ambassadors to promote and market invaluable and unexplored destinations.

“Tourism is one of the most important industries for our country in terms of revenue generators. Since the economic reforms in 2011, the country has continued to receive more and more recognition and attentions from around the world,” says U Htay Aung, Minister for Hotels and Tourism.

“TAT has been playing a key role in building, promoting and facilitating the tourism industry of the GMS for nearly three decades, and this long-term effort is now starting to bear fruit,” said TAT governor, Thawatchai Arunyik.

“I think that for the hospitality sector, public-private partnership (PPP) is going to be an integral part of development in the next stage,” he told Asia Focus in an interview in Yangon.

“There is still a lot of work ahead to tap the region’s full potential, but we are confident that the spirit of cooperation will prevail in the interests of creating jobs, income and contributing to the alleviation of poverty. There is no doubt that travel and tourism will remain a major pillar of sub-regional economic, social and cultural development...

Full story: http://goo.gl/reKbhF

Closed to the outside world for decades, Myanmar today is seeing skyrocketing tourist arrivals that are already putting its existing tourism infrastructure under enormous strain. To ensure benefits are sustainable and extended to more people, including millions of local citizens, the government needs to step up and play a crucial role. Mr Htay Aung said the...

Full story: http://goo.gl/79yLo5

10

BANGKOK BUSINESS BRIEF

Briefs

To read the full article of a story brief, enter the short code at the end of the story into your browser.

Retail/Services

http://goo.gl/QyrTE

Asiatique eyes world status Home is where the heart is Being in a foreign country can leave you feeling homesick.

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April/May 2014

Asiatique the Riverfront is collaborating with TripAdvisor to upgrade its shopping and lifestyle complex to be one of the world’s preferred shopping destinations.

Asiatique is the biggest night market in Thailand for both Thai and foreign travellers. In partnership with TripAdvisor, the world’s largest travel site, the riverside project hopes to be known not only as a major shopping venue but also a mustvisit destination on the tourism map.

There will be a customised page for Asiatique attractions on TripAdvisor China (known as Daodao), featuring traveller reviews and a list of shops and restaurants. TripAdvisor is well-known among travellers worldwide. Each year, more than 2 billion visitors worldwide visit the website to research, plan and book their trips with more than 3.7 million hotels, hostels, restaurants and attractions. Visitors will be encouraged to write reviews on the website about Asiatique which...

Full story: http://goo.gl/FzVhZL

Thailand Post broadens range After solid revenue growth from previous creative offerings, Thailand Post is broadening its parcel delivery service at 7-Eleven convenience stores to lift revenue further. The state enterprise will provide consumers with an alternative channel to buy delivery packages and drop them at one of the country’s largest store chain networks, without visiting a Thailand Post branch.

President Anusra Chittmittrapap said up to 49 7-Eleven stores will offer what it calls the Easy Pack service across Greater Bangkok initially. Three delivery packages will be offered for services priced 109, 139 and 199 baht a box.

Ms Anusra said Thailand Post is also jumping into logistics, aiming to provide an integrated, innovative service focusing on serving cross-border trade. The company has set up a subsidiary, Thailand Post Distribution, with 350 million baht registered capital and 100 employees.

“We aim our logistic service to see profit in the first year of operation,” she said.

“Given our strong distribution network nationwide and lower operating costs plus the adoption of technologies to increase operational efficiency, we’re confident of achieving our revenue...

Full story: http://goo.gl/tUnWrk

Benz NK invests Bt300m to open new showroom, offers special deals Benz NK, a major ‘grey market’ importer, has invested Bt300 million in a new showroom and service center, as well as offering a five-year unlimited mileage warranty, plus five years of 24-hour emergency assistance in a bid to convince customers its vehicles will be problem-free.

While distributors of major luxury brands such as BMW and Mercedes-Benz presently do not service new vehicles imported independently, importers like NK need to ensure customers that servicing can still be carried out with high standards.

The company also introduced three Mercedes-Benz supercars – the 631-hp SLS AMG Black Series, A45 AMG and CLA45 AMG. Pitinant Krisdathanont, managing director of NK Auto Import, said the complex is made up of 5 zones – “Interactive Showroom”, NK Service Centre, NK Auto Avenue, NK Quality Used Car and...

Full story: http://goo.gl/MEH5pc

Major CineAd seeks new clients via film sponsorship Major CineAd, a cinema advertising unit of Major Cineplex Group, is targeting new clients through sponsorship in films produced by its affiliates.

In line with the film industry’s growth, the country’s largest cinema-chain operator expects its cinema ad unit will see an increase of between 10 per cent and 20 per cent in advertising revenue from the Bt1.07 billion generated last year.

Nithi Pattanabhakdi, chief media officer at Major Cineplex Group and also head of Major CineAd, said yesterday that his company had teamed up with M Pictures, M39 and Talent 1 to offer synergy packages for businesses that want to be part of film production through sponsoring, product tie-ins and creating branded content. Under this package, clients will have a chance to advertise their products via screen ads, video walls, tri-vision screens, plasma screens, menu boards and billboards at Major Cineplex’s branches, as well as to support marketing activities during a promotional campaign.

This year, M Pictures, M39 and Talet 1 are earmarking about Bt1 billion combined to make 15 Thai movies...

Full story: http://goo.gl/NNCyFI

Uretek AMATA Thai FP ad_Layout 1 30/09/13 5:06 PM Page 1

WE RAISE, RE-LEVEL AND RE-SUPPORT CONCRETE FLOORS AND DRIVEWAYS

We raise and re-level sunken floor slabs by injecting structural resins which expand as they enter the ground. This creates huge pressure. Voids and crevices are tightly filled, weak ground is compacted and strengthened and the floor is raised back to level.

If there are very weak soil strata below the floor, we insert PowerPiles to compress the soil and provide proper floor support .

Bumps & trip hazards disappear FAST! No excavation; no waiting for concrete to set. Minimal interruption for you.

At left is a prime example. Recently we re-levelled the canteen floor at a major, AMATA factory.

PROBLEM

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Here we used Uretek patented PowerPiles as shown above, because there was a significant stratum of weak soil below much of the canteen floor. Dangerous trip hazards had developed and tiles and walls were cracked. The floor was raised back to level and completely re-supported.

✔ SOLVED

Uretek Ground Engineering 02 152 0900 www.uretek.co.th info@uretek.co.th

12

BANGKOK BUSINESS BRIEF

Briefs

April/May 2014

To read the full article of a story brief, enter the short code at the end of the story into your browser.

IT / Comms

http://goo.gl/VwYn9

Facebook works to get more Thai SMEs to advertise Facebook is promoting itself as the primary online marketing tool for Thai small and medium-sized enterprises. Arrow Guo, Facebook’s head of SME business for Greater China and Southeast Asia, said this was a very important sector for Facebook as SMEs make up the majority of Thai businesses. Currently, 25 million SMEs worldwide have Facebook pages, and about a million of these are benefiting from Facebook adverts, he said.

He said Facebook adverts were a powerful online marketing platform that allowed SMEs not only to reach their targets but also to facilitate campaigns for their products and services across platforms, from desktop to mobile. “In Thailand, 24 million people are now on Facebook. Of these, around 21 million people are on Facebook on the mobile platform. And of the 16 million people using Facebook every day, around 13 million are [doing so]...

Full story: http://goo.gl/R7DW0C

Live traffic reports from JS100 added to Nostra Map app Nostra Map Thailand has joined with JS100 Radio to add live traffic reports to its mobile application, including accidents and other events that might affect traffic, in Bangkok and surrounding provinces.

Since Nostra Map Thailand itself was launched in August 2012, the app has had 700,000 downloads. The collaboration with JS100 Radio is expected to take that figure to 1 million downloads by the end of this year. Nostra Map Thailand has around a million points of interests with an accuracy rate within 4 metres.

Vichai Saenghirunwattana, general manager of GlobeTech, which developed the Nostra Map Thailand application, said the link-up with JS100 Radio would integrate traffic and related information on to the map layer.

The app is supported by both iOS and Android platforms. “It will be available on Windows Phone this year,” he said. Traffic and related information fed from JS100 Radio will be added to the app’s existing information layers included current location, Nostra Traffic, PTT stations, hotels and accommodations, Wongnai restaurants, and TAT locations, he said. This app is provided for free of charge, with...

Full story: http://goo.gl/fY9mc2

Google caters to more SMEs Google (Thailand) launched a “Think Big with Google” programme to help Thai small and medium-sized enterprises benefit from its online marketing platforms, including Google Search, Google AdWords, Google Maps and Google+.

Pornthip Kongchun, head of marketing at Google (Thailand), said only 10 per cent of the 2.9 million SMEs in the country were benefiting from an online presence.

Google aims to help encourage the rest of them to go online, especially if they use its marketing services, both the free and the paid ones.

Google AdWords is the key paid service, but Google says it has integrated all of its products and services to offer SMEs optimisation for their businesses. Most recently, it launched Google+ for Business or Google+ Page and Google Global Market Finder to help SMEs expand their business throughout the world through Google’s networks. “Google AdWords is to help SMEs that already have their own websites, while Google+ for Business is to help SMEs that do not have websites...

Full story: http://goo.gl/AyW6GE

Line adds local voice service Japan’s Line is introducing a flat-rate lowcost voice service that allows users to make phone calls from the Line mobile app to home or mobile numbers directly.

For the first phase, Line will target Android users in seven markets: Colombia, Japan, Mexico, Peru, Spain, the US and Thailand.

The launch of Line Call is the company’s first step to becoming a complete communication platform. This feature also positions Line in direct competition with other internet calling service providers, namely Skype, Viber and Google Hangout.

Competition will intensify as newly acquired WhatsApp announced in February it will offer a voice calling service in the near future. “If we take a close look at Line’s growth strategy, we should not be surprised to see the launch of Line Call as the internet calling market has high potential,” said Teera Kanokkanjanarat, a senior ICT analyst at Frost & Sullivan Thailand. “The revenue of Skype, the leader in this market, was more than US$700 million in 2012. Also, it was not surprising to see Thailand was among the first few countries where it wanted to launch this service, as Thailand has the second-largest number of Line users after Japan”...

Full story: http://goo.gl/cjFNYW

BANGKOK BUSINESS BRIEF

April/May 2014

13

Banks positioning for 2015 Story continued from Page 1.

future. The Greater Mekong is definitely misunderstood by the West, and just the sheer scale of the population and the scale of the opportunity across Vietnam, Laos, Cambodia, Thailand, Myanmar, I don’t think is fully understood. And we see that as being a very significant opportunity to the bank.”

Standard Chartered, which has been operating in Thailand for 120 years, has 1600 branches, offices and outlets in 70 countries around the world, with most of the bank’s business coming from Asia.

But Standard Chartered is not the only bank to notice the opportunities in the region and to make moves ahead of the AEC. Australian-based ANZ Bank has announced that it wants out of its partnership with Cambodia’s Royal Group in order to concentrate on wholly owned businesses. The announcement follows a similar move in 2012, when ANZ sold its stake in Vietnam’s Sacombank.

ANZ is the fourth major player in the region behind HSBC, Citibank and Standard Chartered.

Despite these sell-offs, ANZ Bank’s CEO Michael Smith is widely reported as saying that the bank is looking to buy assets in the region - and for good reason. According to a report cited in the South China Morning Post, “the Asian financial system could be larger than the US and Europe combined by 2030 based on continuing reform and deregulation in the region.”

In Southeast Asia, the Asean Banking Integration Framework (ABIF) will be implemented in 2020. This will mean that Aseanbased banks will be classified as local banks, instead of their current status as foreign banks, which involves offshore banking rules and regulations. Once the ABIF is implemented, these banks will be better able to compete with the banks from China and Japan that continue to establish a strong foothold in the region.

In December 2013, Japanese bank Mitsubishi UFJ Financial Group (MUFG) bought a 72% stake worth US$5 billion in Bank of Ayudhya. And China’s ICBC, the world’s most profitable bank, just announced that the National Bank of Cambodia approved the bank as a clearing bank for Chinese yuan currency in the country.

Singapore’s MayBank and other regional banks may be the next group of players to make moves into the other Asean nations, as they try to compete with global and regional players like Standard Chartered, ANZ and ICBC. It appears that more mergers and acquisitions are in the immediate future of the banking industry in Southeast Asia, as global and regional banks look to capitalize not just on the organic growth opportunities in the region, but also on the more favorable structural frameworks that will be implemented in the coming years.

Clearly, these players are positioning themselves for the longterm prospects that new agreements such as the AEC and ABIF will give them as “local banks” in a region of the world that has seen significant economic growth in the past decades.

As Mr. Sands said about Thailand during his interview at Sasin, “…the longer-term prospects for this country, we think, are very positive. It’s got a fantastic geographic location. It’s got a proven ability to build some pretty high-tech and very globally-successful businesses, and we think that is a strength that will come through.”

The same can certainly be said about Southeast Asia as a whole.

Read today’s business news briefs about Bangkok, Thailand & Asean every weekday at www.BBBrief.com

Bangkok Business Brief www.BBBrief.com

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Tel. 02 712 4052

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Volume 3, Issue 3 • April/May 2014 Copyright 2011-2014. All rights reserved.

14

BANGKOK BUSINESS BRIEF

www.BBBrief.com

April/May 2014

The Calendar

May

Apr.

Sunday

For event details, enter the short code below the event into your browser:

Mango Metro Networking Party http://goo.gl/6ngBg

goo.gl/6ngBg

Tuesday

Monday

6

7

8

13

14

15

21

AMCHAM: Bus. Economics Cmte http://goo.gl/5eiiPX AMCHAM: Community http://goo.gl/WQ9cRK AMCHAM: Prof. Women http://goo.gl/XJR79m Bangkok Entrepreneurs http://goo.gl/JihG3

20

AMCHAM: 3rd Annual Thailand Tourism Forum http://goo.gl/eGJspV

27

28

4

5

22

29

AMCHAM: Health & Travel/Tourism http://goo.gl/nmDOYX AMCHAM: Marketing Cmte http://goo.gl/HhUDNx WebMob Thailand http://goo.gl/dEu8F

6 AMCHAM: Board of Governors Meeting http://goo.gl/xy6h59 Mango Metro Night http://goo.gl/EnNbR

11

12

AMCHAM: Legal Cmte – Planning Meeting http://goo.gl/BazOQf AMCHAM: Marketing Cmte http://goo.gl/MO5mPh

13 AMCHAM: BOT Directors Meeting http://goo.gl/3W8KFL

www.BBBrief.com

April/May 2014

BANGKOK BUSINESS BRIEF

15

Send us your event details for the May issue

by May 5th to reid@bbbrief.com Wednesday

Thursday

9

AMCHAM: SME Cmte – Key To Effective Entrepreneurship http://goo.gl/HkIEZB CMBG/AMCHAM/BCCT: Business Networking Eve. in Chiang Mai http://goo.gl/ifCzqQ

16

23

BCCT: Half-Day Workshop (Smart Marketing & Competitive Strategies) http://goo.gl/icgBCo BCCT: Events Group Meeting http://goo.gl/np6LXR

30

Friday

10

Saturday

11

12

18

19

25

26

Joint: Songkran Party http://goo.gl/S7o6rP http://goo.gl/SjcIMq http://goo.gl/pdE35j

17

24

AustCham: ANZAC Day http://goo.gl/0MK7Dj BCCT: Third Thursday http://goo.gl/WGgxY5 AMCHAM: YPC Networking Night http://goo.gl/E11B4U

AustCham: ANZAC Day http://goo.gl/0MK7Dj AMCHAM: Ind. Day http://goo.gl/P4Eime Movers & Shakers http://goo.gl/xOfWr Joint: ESB Networking http://goo.gl/sb7N5y

AMCHAM: 2014 Gala Installation Ball http://goo.gl/T7B1YC

1

2

3

8

9

10

AMCHAM: Monthly Luncheon with Guest Speaker Darren Buckley http://goo.gl/gfI1Ae

7

AMCHAM: DePauw University Briefing http://goo.gl/tVDPBH AMCHAM: Transpo. & Logistic Cmte http://goo.gl/UsyShw AustCham: Sundowners http://goo.gl/R6VhPg

14

AMCHAM: My’mar Projects & Invest. http://goo.gl/I3NPNe AMCHAM: 101 – New Member Orientation http://goo.gl/u5NN91 AMCHAM: Social Networking http://goo.gl/hTkvTJ

AustCham: Voluntary English Teaching http://goo.gl/6BUEZD

15

AMCHAM: Customs & Excise http://goo.gl/eAgWBk AMCHAM: Food & Agri Business Cmte http://goo.gl/59nL7d AMCHAM: Myanmar Chapter http://goo.gl/8ysAsj

16

Joint: Eastern Seaboard Stammtisch (hosted by GTCC) http://goo.gl/6t9WwK http://goo.gl/wVIHjM http://goo.gl/OYEir9

17

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