A short letter to our first time visitors.  Here is a general introduction and summary of membership -and a bit of who we are and what I stand for.  April 30 '10 marked our 13th year anniversary!

Dear Thaistocks.com Visitor !

Now free, but previous for member-only articles, are released on a regular basis to registered users.  It takes less then 2 minutes to register, so consider this now.

Since April 1997 we have at this leading web site regularly -and without interruption- published over a thousand different original viewpoints -along with stock research tips, various model portfolios, analysis’s and Thai nuance investor added value articles and voiced professional concerns on certain industry practices, or the lack thereof. 

For 13 years many of you have seen the sort of Thai stock market objective, intelligence and independent opinions we here regularly publish. The track record is as long as it is substantial (see link on the left called "Track Record"), most of all: our service is unbiased and objective. We are affiliated with  no one. 

For various free original articles please register as a user. Then you browse the "Article Topics" link and select directly what interest you.  Or select the “News” link and see chronologically what has been released to users to read.

"Expertise, credibility, objectivity and integrity have been the standard here. My core selections, new ideas, company visit reports and model portfolio views -all are updated in vigor for members". Paul A. Renaud. 

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As I can pick them, they often "taste great and are less filling".

Many smaller capitalized high dividend paying, so called value shares, are all too often ignored by most local traders & foreign and local institutions and this is, strictly and only due, to their smaller market capitalization.

Yet, as shown here since 1997, these investor jewls" have overall been superior performing investments for years. The high dividend yielding, mid and small firms represent the true & competitive Thailand. Most are growing faster then the SET average Thai company and yet trading at lower then the local average market P/E ratio..

Investment Professional devoted to Growth, Low Valuations and High Dividends.  

Benefits of membership to our professional service include: 

 --Long here proven track record o­n delivering often winning Thai stock investment choices, value investment choices. Stock investing always has risks, but as is here demonstrated over time, my chosen investor theme/style and picks has done rather very well.

 --Participate in our high quality member web lounge where seasoned investors post value added comments, questions, refreshing or alternative view points, disagreements, or broker/industry nuance & complaints and suggestions.

--Regular, timely and all original articles all posted myself often around Thai stock investment driven actionable & timely ideas. I inform our members instantly when a new article has been posted.

--Short questions posted at the member lounge are answered by myself within 24 hours.

--The tracking of a model portfolio with regularly posted performance updates. (See "Track Record" link on left).

--Professional & experienced feedback o­n all issues, topics or problems experienced by Thai stock investors which are members. Specific investor advise is however never offered.

--Mini course on the Thai Stock Market. 10 pages, one page per session. After taking this mini-course you quickly obtain a good general idea about Thai stock market investing and its nuances -and so will understand more then most here about the merits  to long term value investing.

--We are a Watchdog for individual investors. Looking out and reporting o­n potential broker or company biases and/or other industry abuses.

--Original & research reports & views o­n regular company visits in-person in Bangkok, shared with members.

--Unbiased, independent professional view points on location and reporting o­n all aspects around Thai stock market investing with near 20 years of experience, right here.  Data base of some original and unaltered 1000 past & searchable articles and access to SET Historical Database, 1989 to 1993, which was in retrospect a similar time in the economic cycle to now.

For an excellent summary of our investment case please make sure to read this foundation article:  Value Investing in Thailand.

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Fact is, most astute global individual investors are best off to invest directly with a local domestic broker -in the country they like. This rather then go through their own home based non-Thai broker. Among other advantages are: much reduced trading commissions and rarely any fees for dividend collecting or rights offerings etc.. And the currency conversion is done only one time, at the time of allocating the capital. Many investors from around the world have reported hitches in expense and execution of Thai stocks from brokers not based in Thailand. Thai stock trades should not result in a currency conversion every time -which mostly benefits the currency exchangers.  Paul A. Renaud, July 17 '07.

While there are ups and downs, our overall historical investment record is as long as it is impressive, take a look for yourself. Many of you have followed and monitored my views for years and so saw first-hand that there is much to be gained through memberhsip. Some of the best investments over the years have been these high dividend yielding mid and small cap's which truly represent the real Thailand. This is my forte and I provide a regular flow of ideas on this winning investor theme.

Since the global and local trend in brokerage transaction commissions are ever lower, objective individual company research by brokers is often, understably, ever more ellusive. Local brokerage research routinely ignore some of the best investment values, as we show since 1997. It is the nouveau astue investors' own responsibility, to get well beyond just the broker reports and pay for unbiassed reports by proven professionals. You should at leat re-invest on independent research on what you save with the in recent years on lower broker commissions. 

My basic investment philosophy and promise to you:

I believe investing in stocks is like owning a percent in that business. We pride our self on experienced and professional honest, objective regular viewpoints -which are not biased nor altered in any way by anybody.

Here there are no inherent conflicts of interests.  I am not afraid to share what I believe while never giving specific investment advice. The long experience here shared adds significant value & fresh ideas to o­nes' own chosen investment strategy and decisions. Selection of companies reviewed are solely based o­n investment merit -and I then track its performance and update for members, as time goes on.

I answer all member questions and have and will report on industry/broker abuses or any such behavior. If a member has a problem I will investigate and here report and publicize his/her experience, if so warranted. We have no affiliation of any kind and so are only member committed! 

Our search engine and article categorization allow for very easy navigation of our vast past and present material. Comments can directly be inserted at the end of any article. Screened and pre-approved outside objective analysts can make postings directly -and many other state of the art tools are readily at hand.

All past material is remains here posted in its original version, with no alterations,  changes ,censorship or omissions!  You can see this site as archived at http://www.archive.org/web/web.php for some evidence of this.

I regularly visit in person Thai listed companies and their factories. I take a "gloves off" approach and then make my own proprietary intelligent reports, for members. While all of us can draw wrong conclusions at times and this year 2008 is especially challenging, the long record since 1997, shows continued overall winning selections.

I strive to deliver excellence with timely ideas, long local experience and Thai market savvy, well the beyond broker or news reports. I do not here circulate nor post broker research, all material is my own.   Members can follow first hand my very own investment strategy, model porfolio and selections, as seen from my point of view and often based on interviews from in person company visits.     

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To consider a TS.com membership click  here

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What are we:

Thaistocks.com is a top quality state of the art on-line publishing web site updated several times a week. We have a caliber member forum "lounge" where sophisticated investors and others regularly share their own viewpoints, concerns, industry knowledge and valued insights –all adding to the member knowledge bank.

Some recent Member comments:

"I haven't calculated my return on the thaistocks.com subscription fees, but it must surely be obscene....  Well, you are building up extra karma", a member recently wrote.  To view recent and older company visit reports, model portfolios and other free articles and to contact us, please register by clicking here

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Disclaimer:

Thaistocks.com never engages in specific investment advice or private portfolio reviews. Thaistocks.com only expresses Paul Renaud's own timely and regular opinions -straight as he see them.  At this site he has demonstrated again and again, that often if you get beyond the fancy broker research, much higher investor value besides high cash dividends can be found o­n the Thai stock exchange!  Thaistocks.com sharing this through publishing here since April 1997, is the accumulation of that achievement.

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"Firms with higher growth, lower risk and higher payout ratios, other things remaining equal, should trade at much higher multiples of earnings than other firms". Investment Valuation, by Aswath Damodaran Published in 2002 by Wiley Finance. Yet o­n the SET this is precisly not so. Most smaller & mid cap stocks have considerably lower then market volatility, higher dividend pay-out ratios and higher growth rates. And yes, lower p/e ratios.

 Mr. Montree, Kim Eng’s chief executive further said recently: "The SET index is highly influenced by a number of volatile large cap stocks. Unlike in developed countries the large cap stocks are among the most volatile". Kim Eng is Thailand's largest broker by market share.

On regular factory visits.

I remain dividend and value obsessed and view stock market investing performance from a medium time point of view, say 1-2 years. Long term investing is an active process demanding regular but not over attention, surely it is not a "buy and hold" forever passive endeavor.

The goal and demonstrated achievement since our inception here is creating sustained long term new wealth.  Frequent trading for added profits along with unclear investment objectives & tools is not wise and too often the commissioned broker is the one most rewarded. Trading is a on-off proposition as so called stop loss orders are not available on the SET.

While many years have been difficult on the SET index to make progress, I was able to show, yet again, how to beat stock markets averages with some superior individual stock ideas and the regularly posted 6 month model portfolio's.

This year has been far more challenging with many core selections price correcting. This now has been overdone in my view and so many of our selections are investment “bargains which go begging.  

Best Regards and welcoming you personally to join as a member to my 20 year on location full time, experienced professional insights with integrity. 

Paul A. Renaud

www.thaistock.com 

Renaud & Associates Ltd.

From Morgan Stanley USA to 20 years on location analysing the Thai stock market.