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The ethics of AIThe Stock Exchange of Thailand (SET) is to ask the Ministry of Finance to exempt the retrospective tax for merger and acquisition (M&A) deals of listed companies, as part of its moves to boost the sluggish domestic exchange. It also aims to push the Thai stock market as a listing hub for flagship businesses in sectors with the potential to grow, such as healthcare, data centres, and food and beverage. The Jump+ project will be launched next year to boost market capitalisation. SET president Asadej Kongsiri said during an interview with the Bangkok Post that listed companies are considering acquiring businesses outside the stock market, but they are concerned over potential negative consequences. "In the process of business expansion, there may be a merger along the way and sometimes the companies on the SET want to acquire non-listed peers," he said. Consequently, the SET is preparing to ask for support from the Ministry of Finance by avoiding retrospective tax collection for those businesses pursuing M&As. "That would help companies expand and grow to their goals faster without being afraid of having their accounting audited retrospectively," said Mr Asadej. These companies would grow, and that will allow the government to collect more tax revenue in the future. In turn, it would let more companies enter the official tax system, he added. JUMP+ PROJECT Mr Asadej revealed that the SET aims to increase the value of stocks and the market capitalisation of the Thai bourse through the Jump+ project, which is similar to a successful initiative by South Korea's stock exchange. Currently, there are more than 800 companies listed on the Thai bourse, with a market cap of roughly 17 trillion baht. Several companies have a large amount of assets and cash, with only a small portion of debt. Nonetheless, they do not have a plan to expand their business. "These companies are classified as having a lazy balance sheet, but they have growth potential," Mr Asadej noted. If a listed company has developed a business expansion plan and future investment, they will be able to increase their stock value, whether they grow in their current business or a new business. The Jump+ initiative is a growth acceleration platform designed to enhance the value creation journey of high-potential listed firms across the Thai capital market. Through this voluntary programme, the SET will empower listed companies by driving operational excellence, advancement in ESG (environmental, social and governance), and adoption of analytical tools and artificial intelligence (AI). Participants will gain access to advisory services and communication channels to enhance market visibility, along with benefits and incentives from the SET, government agencies and partners. The SET will also introduce a new index tracking the performance of successful Jump+ companies and provide analysis reports in partnership with the Investment Analysts Association to support their investment decisions. A group index, possibly called the SET Jump Plus Index, would be set up if a large number of companies participated in the programme, noted Mr Asadej, adding that this initiative would be implemented from the first half of 2025. LISTING HUB According to the president, the SET aims to be a listing hub for flagship Thai businesses, or industries that have strengths and high growth potential, and that are in investment trends. Target businesses include healthcare, wellness, data and cloud centres, and electronic parts. "We are preparing to meet with relevant agencies, including the Board of Investment, the Finance Ministry, and foreign embassies to help attract companies from all over the world to invest in Thailand," Mr Asadej said. "This is a long-term plan that may not be completed in my term. But it must be started to put the Thai stock market in the spotlight and increase the bourse's potential in the long term." Additionally, information spreads through social media and various other channels very quickly nowadays. They contain both the truth and untruths. Therefore, proper and effective communication and warnings provided to investors must be carried out more quickly. He added that the SET is considering the use of AI to help analyse small stocks to provide investors with better information for their investment decisions. One of the pain points nowadays is that investors can only see analysis of large stocks. It is not worth it for brokers to analyse smaller stocks that investors do not trade often. "Now there is technology that can do it. It is a basic analysis that can be translated into many languages for investors to choose from. It helps them access investment information more comprehensively," Mr Asadej said. RISK FACTORS Mr Asadej said that US-China trade is an external factor that could have implications for the Thai stock market in terms of both opportunities and risks. During the first Donald Trump administration from 2017 to 2021, there were US$130 trillion worth of manufacturing relocations from China to the rest of Asia, of which only 10% was captured by Thailand. Vietnam attracted a significant portion due to various factors such as its natural resources and a young workforce whose skill sets were better than that of the Thai population. When Trump returns to the White House next month, Thailand should adjust itself to be capable of seizing the opportunities, including manufacturing relations that are better than during the first Trump administration, said Mr Asadej. Another risk factor is that Trump will increase import taxes on countries that have a trade surplus with the US. Among the members of Asean, Thailand ranks second in terms of its trade surplus with the US and 12th within Asia. "We must closely monitor the US tax policies under the Trump government on countries where China has production bases, including Thailand," Mr Asadej said. As for domestic factors, Mr Asadej believes the political situation is more stable now and the economy is bouncing back thanks to the recovery in tourism to pre-pandemic levels and the government's faster budget disbursement. However, the energy and petrochemical groups, which are heavyweight stocks on the SET, are being pressured by the global economic slowdown while the high level of supply in the market has affected the profits of many companies. Those factors have resulted in a decrease in the total profits of listed firms on the SET overall. In future, it will be necessary to increase contributions from other industries on the SET to balance that of the energy sector, Mr Asadej added.
U.S. President-elect Donald Trump could potentially make modern political history as reported by The Telegraph, being invited for two state visits by the British royal family. It has been reported that both Downing Street and the Foreign Office are preparing to extend an invitation to the incoming president once he assumes office in the White House. However, such a visit is unlikely before 2026 due to King Charles's schedule. Neither Britain's Foreign Office, Downing Street, nor the Trump team offered immediate comment on the matter. Trump's 2019 UK visit aimed to reinforce the special relationship between the countries, focus on trade, and strengthen security cooperation post-Brexit. (With inputs from agencies.)
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