August 31, 2020

Thai Enquirer Summary

Political News

 The big news today that is on the front pages of all major media outlets is  The government has decided to delay the procurement of the 2 more submarines worth 22.5 billion baht by 1-year  The deal is reportedly already struck with the Chinese authorities to delay the procurement

All major navicular Thai language media have the delayed procurement story on their front page

 Such a report is said to prompt government MPs who sit on a House committee scrutinising the budget bill for the fiscal year of 2021 to propose a cut to a budget

of more than 3 billion baht earmarked for the first down payment for the 2 subs to be cut.

 There is a report that the navy has succeeded in negotiating with China to ask it to delay the procurement of the 2 subs for 1 more year. Deputy finance minister Santi Promphat, who is chairman of the main House committee examining next fiscal year’s budget House budget committee, said he will inform the committee’s meeting about the delay of the acquisition plan today (August 31).

 The government of embattled Prime Minister Prayut Chan-o-cha seems to be twisting the facts again in order to gain acceptance and also try to wade off pressure that has been building over the weekend on how the government has already spent more than 200 million baht to fight a case of mine closure (Akara Resources that is owned by Australian firm Kingsgate Consolidated)

 Kingsgate has already filed a case that would see the government lost up to US$ 1 billion  This amount and the amount used to fight the case of about 300 million baht in total (if 2020/2021 budget was included) has been raised by the Kao Klai party as being something that the country should not take the burden because Gen. Prayut as the leader of the coup had used the absolute power under Section 44 to close the mine.

 Pheu Thai’s Sudarat Keyuraphan has come out to say that not a single Satant (cent) should be spent for the ‘stupidity’ of the coup and that the Thai people should not waste their tax money on decisions made by the coup makers.

 Amid all the rising tide against the government it seems that the government of Prayut is backing out on this issue of using Section 44 to close the mine as well as the master of the law in this government – Deputy Prime Minister Wissanu Krea-

ngam, came out to say that the mine was not closed using Section 44 but that the then Prime Minister Prayut had only ‘temporarily’ suspended the operations and that Akara Resources should have come back to negotiate the reopening

 But all data from the past indicates that the Section 44 was used for closing the mine

Copy of the new budget to fight the case

 Meanwhile the weekend saw interesting developments as many hashtags were generated some being  #ได้เวลาออกจากบ้าน (time to get out of the house)

 #ไม่ยอมให้จบในรุ่นเรา (will not let it end in our generation)

 This new hashtag of not letting it end in our generation is the opposite of what the students have been saying that it should all end in our generation.

 This hashtag was started by Army chief General Apirat Kongsompong put up on Twitter “#Will not let it end in our generation” after his trip to Prachuap Khiri Khan province to preside over a ceremony to open Seapine Recreation Centre in the province on August 28.

 The Army’s PR page which highlighted the theme “SMART solider strong Army” posted photos of Gen Apirat talking to soldiers who were based in three southern border provinces. At the end of photos, the page put up the hashtag “Will not end it in our generation”. The message is seen as a response to anti- government protesters who posted the hashtag “#let’s end it in our generation”.

 The army’s hashtag appeared to taunt anti-government protesters. It drew fierce response in Twitter with the strong message that said “#I want you to die in my generation”.

 Human rights lawyer Anon Nampa among pro-democracy activists later commented that the army chief announced his stance to stay on the opposite side of the public. His action triggered a reaction that will make things end faster than expected, Anon said.

 Anti-government protesters led by the Free People Group gathered yesterday (August 30) under the theme “Samut Prakan twiddled fingers against dictatorship” near an observation tower in the province.

 Pro-democracy activist Parit “Penguine” Chiwarak, Ammy of the Bottom Blues band, Panupong “Mike Rayong” Jadnok of the Free Youth’s Eastern chapter and

Juthathip Sirikan, chairwoman of the Student Union of Thailand (SUT), showed up at the rally and addressed to supporters of the pro-democracy movement amid tight security of more than 100 police officers.

 However, the protest was cut short at 17.00 hrs after the superintendent of the Muang Samut Prakan police station ordered protesters to disperse and the stage to be dismantled, citing that the rally is unlawful under the Public Assembly Act which requires protest organisers to seek permission from authorities concerned of planned gatherings 24 hours in advance.

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 The Student Union of Thailand (SUT) announced special flash mob at Srinakharinwirot University in Nakhon Nayok campus under the theme “Mor Sor Wor against Dictatorship”.

 The flash-mob rally is to reiterate 3 demands issued by the Free People Group: The dissolution of the House, the writing of a new constitution and an end to harassment of government critics, plus a demand for the proposed dusting off of a project to build a nuclear research reactor in Ongkharak district of Nakhon Nayok.

 The rally will be held at 16.30 hrs today (August 31) at Srinakharinwirot University in Nakhon Nayok campus.

 On the other side of the capital, about 1,200 royalists gathered at the Din Daeng Youth Centre on the same day to support the monarchy in parallel with student-led, anti- government protests calling for change and seeking reforms of royal institution.

 The royalist Thai Pakdee group led by former Democrat Party MP Warong Detgitvigrom announced manifesto including the protection of the monarchy, no constitutional changes and strict enforcement of the law, with action to be taken against those who offend the revered institution.

 Around 1,200 Thai Pakdee supporters, who are mostly adults, attended its first rally. Warong, also founder of group, said his group has no intention of confronting the anti-establishment groups but will resort to truth in its fight to win over the others.

 The group spelt out 3 demands that

 1) It opposes a dissolution of the House;

 2) It opposed amendments to the 2017 constitution;

 3) It demands serious legal action against all groups that offend the monarchy.

 The Thai Pakdee group called on the Education Minister and all university rectors to “close space on campus”, to prevent lecturers, who may harbour anti-Monarchy leanings, from “brainwashing” their students. The group has also set up a fund, with seed money of 100,000 baht, to provide legal support to people who allege that they have been harassed by anti-monarchists.

 On the navy’s contentious procurement of 2 submarines from China, rumour has it that the government is backing down on the navy’s procurement plan for 2 submarines following objections from the opposition.

 Rumours have swirled that the government decided to back down on the procurement scheme following reports that the Chinese government agreed to delay an agreement for the 22.5-billion-baht purchase of 2 Chinese-made subs.

 Such a report is said to prompt government MPs who sit on a House committee scrutinising the budget bill for the fiscal year of 2021 to propose a cut to a budget of more than 3 billion baht earmarked for the first down payment for the 2 subs to be cut.

 There is a report that the navy has succeeded in negotiating with China to ask it to delay the procurement of the 2 subs for 1 more year. Deputy finance minister Santi Promphat, who is chairman of the main House committee examining next fiscal year’s budget House budget committee, said he will inform the committee’s meeting about the delay of the acquisition plan today (August 31).

 On charter amendments, parties in the coalition government are ready to table a motion seeking to amend the constitution to parliament. Wirat Ratanasate, chief government whip, said the motion will be submitted to House Speaker Chuan Leekpai tomorrow (September 1).

 The thrust of the motion from the government coalition parties will be to amend Section 256 of the constitution to pave the way for formation of a constitution drafting assembly (CDA) comprising 200 members to draw up a new charter.

 Government coalition parties agreed to make no changes to the constitution’s Chapters 1 and 2, which contain general principles and sections associated with the monarchy, Wirat said.

 The Democrat Party proposed that the composition of the assembly to come from a direct election of 200 members; 150 of whom to be drawn up from all sectors of society including academics, experts from various fields, student representatives and 50 representatives of political parties.

 The CDA is given 240 days to finalise a draft for presentation to Parliament, said Democrat spokesman, Rames Ratanachaweng.

 Reports have come out that Pheu Thai Party MPs who sit on the House Budget Scrutiny Committee, are seeking a cut of 389 million baht allocated by the Department of Primary Industries and Mines as legal expenses to defend the

suspension of the goldmining operations of Akara Resources Company by the military government in 2016.

 Pheu Thai MP for Maha Sarakham province Yutthapong Charassathien, who is a member of the House budget scrutiny committee, said Pheu Thai MPs on the committee will seek to cut the budget on the grounds that Prime Minister Prayut Chan-o-cha has no right to seek the funding because he is not a “state official” as defined by the Constitution.

 Gen Prayut, as then head of the National Council for Peace and Order (NCPO), invoked Section 44 of the interim Constitution to close the Chatree gold mine in Phichit province, operated by Akara Resources, on the grounds that they were causing health and environmental problems for people living close to the mine.

 Yutthapong claimed that Pheu Thai had objected to the use of the executive decree from the start.

 He said Pheu Thai MPs will propose the budget cut to the committee today (August 31).

 Australian-based Kingsgate Consolidate, which owns Akara Resources, took the case to an international arbitration tribunal, to seek compensation from the Thai Government over the closure, claiming that it had violated the Thai-Australian Free Trade Agreement.

 Former senator Ruangkrai Leekitwattana will ask the Office of the Office of the Auditor- General (OAG) at 10.00 hrs today (August 31) to scrutinise if the performance of Airports of Thailand (AOT) was costing the government billions of baht after changes in contracts with the private sector.

 Ruangkrai’s move came after the AOT reported an adjustment in contracts to the Stock Exchange of Thailand (SET) which he said is expected to hurt the AOT, including the share value and dividend.

 The Ministry of Finance is the major shareholder with 10 billion shares, making up a 70 per cent stake. AOT's shares closed at 56.75 baht per share on August 28. If AOT’s value drops by even 1 baht per share, the loss for the ministry in market valuation will be 10 billion baht.

 He said the report to the stock exchange was evidence that AOT had caused damage to the Ministry of Finance and the Social Security Office, which also held 164 million shares and was likely to face the same consequence.

 Social activist Srisuwan Janya will today submit a letter to the National Anti-Corruption Commission (NACC) asking it to investigate leaked audio in which Mongkolkit Suksintharanon, leader of Thai Civilized Party, allegedly asks for a 12-million-baht bribe from a CCTV company.

 Meanwhile some of the people who posted issues that are banned in Thailand, have been threatened in countries such as the United States and in Scotland.

 BBC News (Thai) coverage had a story on this issue and had details of how these people were threatened.

Economic News

 The Tourism Authority of Thailand (TAT) expects 2.29 million Thais who registered for the government’s tourism stimulus campaign known as “Rao Tiew Duay Kan” program (We Travel Together) to help generate more than 8.8 billion baht for the economy during a long weekend from September 4 to 7.

 TAT governor Yuthasak Supasorn said in terms of hotel bookings, registrants had paid for more than 837,353 hotel rooms per night, with 15,680 air tickets being paid on a 40% discount offered on airline tickets to Thai tourists.

 This information was scoffed upon by Siam Commercial Bank, which in a research report had suggested that the people do not have money to spend and therefore it is unlikely that the expected spending by the government will happen during the upcoming September 4- 7 holidays that are being given in lieu of Songkran in April.

 Separately, Wichit Prakobkosol, president of the Association of Thai Travel Agents (Atta), has come out to welcome the Tourism and Sports Ministry’s and the Tourism Authority of Thailand (TAT)’s plan to reopen Phuket as the first model for Thailand to welcome back foreign tourists in October in a bid to bring back jobs in the tourism and tourism-related industries and generate more income.

 Wichit warned that more than 2 million workers in the tourism and related sectors would likely to lose their jobs if Thailand fails to open the country to foreign visitors by the fourth quarter, citing that more than 99 per cent of tourism-related activities in the sector have been suspended for several months.

 Regarding a conflict between Finance Minister Predee Daochai and his deputy Santi Promphat which caused the proposed reshuffle of directors-general of several key departments to be postponed last week, reports said the cause of the conflict came from a large capital group that is connected with a military general with the initial “Por” is behind the conflict.

 It is said that the capital group in question tried to have its say in the reshuffle of the Finance Ministry’s directors-general.

 The reshuffle is expected to be resubmitted to the cabinet meeting on September 1. The original list of 3 candidates for the director-general of the Customs

Department are Patchara Anuntasilpa, head of the Excise Department, Yutthana Yimkarun, head of the Treasury Department and Fiscal Policy Office director Lavaron Saengsan.

 Latest report said Patchara is Predee’s preferred choice. Predee proposed Patchara to Prime Minister Gen Prayut Chan-o-cha and received his approval.

 The Business Development Department reported new registrations of tour operators during a 7-month period from January to July this year tallied 247, down 54.52 per cent from 513 in the previous year.

 The value of registered capital is worth 444 million baht. There were 112 tour businesses that closed down during the period, up 25.85 per cent year-on-year, Sorada Lertharpachit, the department’s deputy director-general, said.

 However, Sorada is positive that the government’s tourism stimulus packages will have both direct and indirect impacts on operators in tourism and services sectors.

 The aggregate net profit of SET-listed companies for 2020 is projected to fall by 36 per cent year-on-year to 613 billion baht, dragging down earnings per share (EPS) for listed firms to 56.65 baht per share, the lowest in 11 years, according to an Asia Plus Securities (ASP) analysis.

 ASP’s downward projection came after SET-listed firms posted a 46 per cent YoY drop in net profit to 117 billion baht in the second quarter, the lowest in 13 years, causing the first half net profit to plunge to 198 billion baht or a 60 per cent drop YoY.

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General News

 No cases of the novel coronavirus were reported over the past 24 hours in Thailand, the government’s Centre for Covid-19 Situation Administration reported yesterday (August 30).

 The CCSA reported that no cases of Covid-19 were found in people arriving in the country, along with no locally transmitted infections, leaving total confirmed cases at 3,411.

 Thailand’s accumulated cases stand at 3,252. The death toll has remained at 58 since June 2.

Political News Headlines in Thai Media

 Pro-democracy sentiments have taken root in Thai society with young people increasingly vocal about their demands for accountability and pluralism from the government. But along with that, another phenomenon is also growing just as fast — the urge to hold others accountable, and the urge to persecute.

o Link- https://www.thaienquirer.com/17657/opinion-a-line-must-be-drawn-on-these- online-witchhunts/

 It was late in the afternoon on May 22, 2014, the tanks were rolling down the streets in front of the Victory Monument. This was the day that the junta seized power.

o Link- https://www.thaienquirer.com/17667/opinion-the-coup-makers-and-the-elites- have-had-a-wonderful-relationship-but-the-people-are-waking-up/

 Fifteen university students and political activists turned themselves in to the Samranrat Police Station on Friday to listen to outstanding charges filed against them by the government.

o Link- https://www.thaienquirer.com/17674/fifteen-student-leaders-charged-with- altercation-at-protest-government-has-now-charged-28-protesters/

 Police Lieutenant General Suwat Changyodsuk was appointed as the new national chief of police on Friday.

o Link- https://www.thaienquirer.com/17700/government-appoints-new-police-chief/

 Democrat Party member of Parliament Thepthai Senapong and his brother Manoch Senapong were sentenced to two years in jail after being found guilty of fraud in a Nakhon Si Thammarat Provincial Administrative Organisation (PAO) election seven years ago.

o Link- https://www.nationthailand.com/news/30393670?utm_source=category&utm_mediu m=internal_referral

 Army chief General Apirat Kongsompong presided over a ceremony to open Seapine Recreation Centre in Prachuap Khiri Khan province after appointing a professional management team to run the hotel on Friday (August 28).

o Link- https://www.nationthailand.com/news/30393721?utm_source=category&utm_mediu m=internal_referral

 The UN Human Rights Office said it is profoundly concerned over continuing reports of enforced disappearances in Southeast Asia and has urgently called on all countries in the region to criminalise the act and ratify the International Convention for the Protection of All Persons from Enforced Disappearance.

o Link- https://www.nationthailand.com/news/30393682?utm_source=category&utm_mediu m=internal_referral

 The government has decided to temporarily back off from the controversial purchase of two submarines worth 22.5 billion baht from China after the Chinese government allowed the purchase to be delayed for a year, a source said.

o Link- https://www.bangkokpost.com/thailand/general/1977083/govt-backs-off-subs- deal

Economic News Headlines in Thai Media

 Bangkok Governor Aswin Kwanmuang will extend the filing period for land and property tax until the end of October according to local media reports and press statements.

o Link- https://www.thaienquirer.com/17711/bangkok-extends-filing-period-for-land- and-property-tax-to-the-end-of-october/

 Gulf Energy Development PCL (GULF), one of Thailand’s largest electricity-generating firms, announced that the Board of Directors has approved its acquisition of up to 10 per cent of ordinary shares in INTUCH Holdings PCL (INTUCH) from 7.99 per cent.

o Link- https://www.thaienquirer.com/17665/gulf-to-acquire-up-to-10-per-cent-of- intuch-shares/

 Seven locally operated airline businesses will receive soft loans worth 24 billion baht from the government to help them counter the impacts of the coronavirus pandemic, Prime Minister Prayut Chan-ocha said on Friday.

o Link- https://www.thaienquirer.com/17704/pm-promises-soft-loans-worth-24-billion- baht-for-seven-airlines/

 B.GRIMM POWER PCL (BGRIM) revealed that the company has increased its power generation target from 5,000 MW in 2022 to 7,200 MW in 2025 with an investment of 180,000 million baht.

o Link- https://www.thaienquirer.com/17691/bgrim-aims-for-7200-mw-capacity-in- 2025-and-assures-no-capital-raising-required/

 The Ministry of Public Health has asked entrepreneurs to delay hiring immigrant workers from areas where Covid-19 is spreading until the situation improves.

o Link- https://www.nationthailand.com/news/30393724?utm_source=category&utm_mediu m=internal_referral

o Suvarnabhumi Airport has announced that it will reopen the zone 3 parking lot to serve more passengers. The zone was closed on April 3 to control the spread of Covid-19.

Link- https://www.nationthailand.com/news/30393718?utm_source=category&utm_mediu m=internal_referral

 The National Fisheries Association of Thailand has urged the government to solve the problem of IUU (Illegal Unreported and Unregulated Fishing) that has been going on for more than six years, and has forced fishermen in 22 provinces to sell more than 2,500 fishing boats.

o Link- https://www.nationthailand.com/news/30393708?utm_source=category&utm_mediu m=internal_referral

 The high-speed rail project to link Suvarnabhumi, Don Mueang and U-Tapao airports faces a delay due to a budget problem, the State Railway of Thailand (SRT) said

o Link- https://www.nationthailand.com/news/30393691?utm_source=category&utm_mediu m=internal_referral

 CP All Laos Co Ltd, which is 99.99 per cent held by Albuera International Limited, CP All Plc's 100 per cent owned subsidiary, has entered into a master franchise agreement with 7-Eleven, Inc to establish and operate 7-Eleven convenience stores in Laos for 30 years.

o Link- https://www.nationthailand.com/business/30393728?utm_source=category&utm_me dium=internal_referral

 Mismanagement linked to dozens of executives and corruption have led to the downfall of Thai Airways International Plc, according to the deputy transport minister.

o Link- https://www.bangkokpost.com/thailand/general/1976655/mismanagement- graft-sank-thai-says-panel

Issues to be watched out for

 September, 2020 - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is planning to hire a consultancy to conduct an in-depth analysis on pros and cons of the highly controversial Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) in a bid to renew its call for the government to join the pact next year.  September 2020 – Recruitment of new board members of the National Broadcasting and Telecommunication Commission (NBTC) is set to kick off.

 September 8, 2020 - The Central Criminal Court for Corruption and Misconduct Cases set for a hearing to decide whether to accept a lawsuit filed against national police chief Pol Gen Chakthip Chaijinda brought by his deputy Pol Gen Wirachai Songmetta.

 September 9-10, 2020 – A general debate without a vote under Section 152 is expected to be held in the parliament.

 September 16-18, 2020 – The 3.3-trillion-baht budget for Fiscal Year 2021 proposed by the government is expected to be tabled in parliament.  September 21, 2020 – The National Economic and Social Development Council (NESDC, formerly known as the National Economic and Social Development Board or NESDB) is to revise the 20-year national strategy at an annual meeting to respond to the COVID-19 crisis.

 September 30, 2020 – The Stock Exchange of Thailand (SET) is set to extend the revised equity short-selling regulations from June 30 to September 30 as stock market volatility remains high in the wake of the Covid-19 pandemic.

 October, 2020 – The bidding for construction and operation for the 140-billion-baht Orange Line western extension linking the Thailand Cultural Centre with Bang Khun Non.

 October, 2020 – The Thailand Grand Prix was rescheduled after being postponed due to the coronavirus outbreak.

 October 27, 2020 – The Central Bankruptcy Court is set for first hearings for Nok Airlines regarding the rehabilitation process.

Key Data

SET Index 1,323.31 -3.50

 Link - https://www.set.or.th/en/company/ipo/upcoming_ipo_set.html

Global Commodities

 Metal -Link http://www.bloomberg.com/markets/commodities/futures/metals/

 Energy -Link - http://www.bloomberg.com/energy/

 Baltic Dry Index (BDI)-Link - http://www.bloomberg.com/quote/BDIY:IND

Global Equity Market’s Movements

 Link - http://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific/

Asian Equity Markets Movement

 Link - http://www.bloomberg.com/markets/stocks/world-indexes/

Information on August 28, 2020

Buying, Selling or Transfer of shares by Owners/Management

Stock Code Volume Value Action

AGE 27,370,495 1.23 Sale APP 50,000 2.2 Sale AS 6,300,000 4.94 Sale AS 4,000,000 4.81 Sale BM 2,000 2.14 Purchase DDD 10,000 17.8 Purchase ECL 20,000,000 - Transfer EP 50,000 3.84 Purchase EP 10,000,000 - Transfer SUTHA 10,000 3.34 Purchase GULF 50,000 31.59 Purchase IIG 38,100 14.9 Sale KWM 500,000 0.9 Purchase LPH 10,000 4.37 Purchase LPH 10,000 4.29 Purchase

MINT 50,000 23.3 Sale MINT 31,000 10.3 Sale MTC 5,000 52.5 Sale OSP 400,000 39 Purchase SORKON 650,000 4.7 Purchase SQ 47,000 1.59 Sale SQ 53,000 1.6 Sale SICT 5,000 4.4 Sale STGT 3,600 68.88 Purchase STGT 1,600 71.75 Sale STGT 5,000 68.75 Purchase STGT 40,000 69.75 Purchase T 18,600 0.03 Sale T 6,581,400 0.03 Sale TTI 2,100 18.5 Purchase TU 116,900 14.99 Sale AUCT 8,000 10.7 Sale UTP 100,000 15.7 Sale KUN 10,000 0.87 Purchase KUN 15,000 0.9 Purchase KUN 60,000 0.9 Purchase

KUN 15,000 0.89 Purchase

Revoked by

Reporter KUN 15,000 0.89 Purchase KUN 100,000 0.91 Purchase KUN 11,000 0.9 Purchase KUN 100,000 0.9 Purchase KUN 120,000 0.89 Purchase

XD, XE or XM or other notifications

For list of Companies that have dividend payment and AGM meeting schedules click on http://www.set.or.th/set/calendarofevents.do

Trading Breakdown on the Stock Exchange of Thailand

Daily as of 28 Aug 2020 Unit: M.Baht

Investor Type Buy Sell Net Value % Value % Value % Local Institutions 6,358.60 11.63 3,325.71 6.08 3,032.90 - Proprietary 6,116.94 11.19 6,454.68 11.81 -337.74 - Trading Foreign Investors 18,993.77 34.74 22,810.54 41.72 -3,816.77 - Local Individuals 23,203.79 42.44 22,082.18 40.39 1,121.62 - Monthly Cumulative between 1 - 28 Aug 2020 Unit: M.Baht Investor Type Buy Sell Net Value % Value % Value % Local Institutions 110,375.68 10.7 100,112.65 9.71 10,263.03 - Proprietary 117,692.73 11.41 118,915.03 11.53 -1,222.29 - Trading Foreign Investors 359,873.54 34.9 381,126.89 36.96 -21,253.34 - Local Individuals 443,224.19 42.98 431,011.58 41.8 12,212.61 - Yearly Cumulative since 1 Jan - 28 Aug 2020 Unit: M.Baht Investor Type Buy Sell Net Value % Value % Value % Local Institutions 1,179,255.74 11.1 1,099,520.33 10.35 79,735.41 - Proprietary 1,085,875.54 10.22 1,086,078.26 10.22 -202.72 - Trading Foreign Investors 3,718,999.84 34.99 3,967,076.73 37.33 - - 248,076.89 Local Individuals 4,644,323.76 43.7 4,475,779.57 42.11 168,544.19 -

Total Trading Value 54,673.10 Million Baht

Background Information –

The strength of each party in the Thai Parliament as of May 8, 2019 as per the report by the Election Commission of Thailand. Elections took place on March 24, 2019

 https://www.ect.go.th/ect_th/news_all.php?cid=24

 List of MPs - https://www.ect.go.th/ect_th/download/article/article_20190508184334.pdf

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