TVO, a no show.

PaulRen's picture
Company Visit

Members know that I regularly visit companies considered interesting and/or undervalued and then write-up my conclusions & reviews, in a totally objective and impartial way -while never asking/requiring these to become a member. Companies I visit are often neglected by the local brokerage community, whom for the most part focus on larger market capitalize stocks, or firms where there is investment banking business pending.

TVO (9.85) was a company I wrote-up with some positive enthusiasm in March when this stock was around 8.50 Baht. TVO since reported solid 1 Q earnings results -and has been a leading performer in the food sector.

Last Friday June 8th, I planned to visit TVO on a confirmed appointment with K. Sethasan Sethakarun, Executive Director at TVO in Thonburi, Bangkok.

I did not feel like it as I caught a tiring cold that night -due to the very busy week in Bangkok.

Still, I got up at 6 AM, took a taxi with all my luggage to a brokerage firm on Silom Road at 8 AM, then changed cars so to take the broker’s company car to the company visit.

Since as usual the traffic congestion time was over-estimated I was there 30 minutes ahead of schedule. To be polite and not stress the meeting ahead of schedule, I awaited in the parking lot until 2 minutes before our scheduled 9:30 AM meeting. During this time I reviewed some research on TVO and prepared some questions.

A casually dressed receptionist noted my arrival and had me sit for a few minutes in the large space wasted lobby. I then was shown to a room on the 2 nd floor and asked to wait in an over chilled conference room. I there awaiting some 25 minutes -with no further contact at all.A few minutes before 10, I decided this was time enough and proceeded back down to the entrance, to inform the receptionist that I must have been forgotten? At nearly 10 AM last Friday there was no receptionist to be found at the main entrance desk at TVO!? I aimlessly drifted around for a few moments.

Not feeling so well and thinking this was rather rude (i.e. for not being informed why the delay?), I decided to get back to the car and call K. Sethasan Sethakarun. He told me in a mildly apologetic way that "well something came up this morning". Why was I not given an annual report or some numbers to study? Why was I not informed that I was waiting for a good cause? "...It is not so easy to tell Thai staff to go to talk to a foreigner", he answered me.

These are the facts as they happened with no judgment, except for my own judgment after this occurrence that I will not visit this company again, nor write about TVO The problem was not so much that they left me waiting but the appearance of inconsideration in not letting me know what is going on.

In over 10 years of regular such visits this is the first time an event like this happened -and as ever at I always report accurately & fairly from the field.

Best Regards to all Viewers,

Paul A. Renaud.