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Baht/$ 33.39/42
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GOLD |
14,950
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IN Brief
COMMODITIES : The price of Thai 100% B grade white rice rose 2.7% yesterday from last week, and could rise further after Vietnam announced plans to impose an export tax on rice, Thai exporters said.
At its weekly price-setting meeting, the Thai Rice Exporters Association quoted a median price of $750 per tonne, up from $730 last week but still well below the record of $1,080 set in April. It was the third straight week that prices rose.
Vietnam's government said on Tuesday it planned to impose export duties on rice of up to $176 per tonne, which would push its rice export prices up to a range of $800 to $1,300 depending on the grade.
"Thai rice prices could rise another 10% next week if the Vietnam tax measure takes effect," another Thai trader said.REUTERS
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B2bn Aeon issue
FINANCE :The consumer finance company Aeon Thana Sinsap Plc (AEONTS) said yesterday that it would sell bonds worth two billion baht in August to expand its loan book and refinance debt.
The bonds, divided into two tranches of two and four years in maturity, would be offered to institutional investors and cash-rich investors, said Ikuo Nakamachi, one of the company's finance executives.
The two-year tranche, worth one billion baht, would be guaranteed by Japan's Mizuho Corporate Bank, and another one billion baht in four-year bonds would be guaranteed by Mizuho and Japan Bank for International Cooperation (JBIC). The bonds are underwritten by the Tisco Securities.
AEONTS shares closed yesterday at 32 baht, unchanged, in trade worth 1.24 million baht. REUTERS
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QH upgraded
FINANCE : Tris Rating has upgraded the company rating of Quality Houses Plc and the ratings of its existing debentures to A- from BBB+. Tris has also assigned an A- rating to QH's proposed issue of up to 2.5 billion baht in senior debentures due in 2013. The outlook remains stable.
Tris said the upgrades were based on QH's stronger position in middle-income residential property, improving profitability, and ability to take advantage of the recent government tax incentives from its large stock of prebuilt housing units. The ratings also take into consideration recurring income from commercial properties. Strengths are partially offset by the cyclicality of the property development industry and inflationary pressure that may affect developers' profitability.
QH shares closed yesterday on the Stock Exchange of Thailand at 1.76 baht, up two satang, in trade worth 192.1 million baht.
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TUF affirmed at A+
FINANCE :Tris Rating has affirmed the company and issue ratings of Thai Union Frozen Products Plc (TUF) at A+ with a stable outlook.
Tris said the ratings reflected TUF's strong market position as one of the world's leading tuna processors, product and geographic diversity, and the valuable "Chicken of the Sea" canned tuna brand.
Strengths are partially offset by the maturity of the canned tuna industry in the US, high exposure to tuna price fluctuations, and threats from manufacturers in low-cost countries, as well as import trade barriers by major trading countries, baht fluctuations, and exposure to changes in consumer dietary habits.
TUF shares closed yesterday on the SET at 16.70 baht, up 20 satang, in trade worth 2.9 million baht.
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10-year yield 5.4%
DEBT MARKET : The Bank of Thailand yesterday auctioned five billion baht worth of 10-year government bonds for an average yield of 5.404% with bid coverage of 2.48 times.
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