Thailand Message Board - Msg: 4698559

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Strategies & Market Trends : Thailand

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To: Tom who wrote (426)	6/3/1998 2:22:00 AM
From: tom	Read Replies (1) of 457

Although Dairy Farm's purchase of Hero Supermarket in Indonesia at 10x the current market price may look like classic Dairy Farm "deworsification" I really think that the new management are trying to turn this pile of crap around. Incidentally, Hero supermarket now trades at a valuation of US$250,000 per store - not bad really! I do think that Asia is ripe for a bounce and the Philippines has probably the best economy out of the "Asia 5" but I find it difficult to find value there. It also worries me that the managements haven't reached the stage that the Thai and Koreans have ie when you meet them they say "oh everything will be fine next year" and "non performing loans are only 5% of our loan book (Metrobank)". They may be in for a shock.

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