Always sell when in a bubble. Avoid Thai IPO's for now.
Lots of crying here now by many angry global investors whom failed to nail profits last year when US lead stock/bond markets were clearly exuberant. Surely its up to investors to at times demand some selling when mkts. are in a bubble. Regardless of the investor objective. Not just await the fund manager to make that call. Do realize, institutional investors and fund managers have an age-old conflict of interest: as if they move mostly into cash for a while, they have a hard timing justifying any of their fees.
Thai SET's largest IPO, year to date, BETAGRO (37.75), debuted today disappointing -dropping some 5% from its 40 Baht IPO price, as of late morning trading.
Disappointing as since it was priced & subscription time, in late September, since then the Food index is up some 4.8% and the SET index up 5% . My view is the investment bankers overpriced the deal as so often. Hence my view is now not want to subscribe anymore to any Thai IPO's until something meaningful changes.