Jefferies initiated coverage of Thailand's stock market with a 'bullish'
rating, saying the profit cycles and dividend yields of listed companies
remained favourable.
"We expect Thailand to
outperform its emerging market peers, and switch from Indonesia to
Thailand," the broker said in a report. It rated Indonesia 'bearish'.
In contrast to other emerging
markets, Thailand appeared to be moving through the early stages of a capex and
investment boom while higher commodity prices have encouraged spending on
agricultural and energy sectors, it said.
"The equity market is not
cheap in historical terms and the currency is no longer inexpensive; however,
the profit cycle is likely to be much less volatile than many other markets.
The dividend yield of the equity markets also remains favourable," it
said.
Thailand's benchmark SET index
had risen 25.5 percent so far this year, Southeast Asia's best performer,
higher than an 11 percent gain of Indonesia's main Jakarta Composite Index.
Viparat Jantraprap
Reuters
Business & Investment Opportunities
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