Postcard from Thailand

ON ASIA EX JAPAN

I arrived in Bangkok on my latest trip rather more nervous than usual.

Not because of the heat, which was extreme even for this season, but due to concerns surrounding the market in general and the property sector in particular. The Thai market has been one of the best performing in the world, the benchmark SET Index up 31% in the 12 months to the end of March. Property stocks have led the way – Quality Houses is up 169% over the period – with bank shares also performing impressively, such as Krung Thai Bank which gained 52%. I met management from both sectors, and other companies benefiting from domestic consumption growth. My conclusions were that, alt...