chanpen sirithanarattanakul 66 2657 7824 chanpens th dbsvickers com 24 november 2005 industry update thailand equity research thai land w t h db svi cke rs c o m please refer to important disclosures at the end of this report shipping sector deteriorating outlook we came back from psl and tta s meetings with a more negative view on although demand remains quite strong larger than expected increase in supply will continue pressure freight rates subsequently margins these companies believe three our 38 profit growth year bt17 6bn highest its history should see earnings downward trend falling 19 2006 2007 nonetheless time are better position withstand down cycle given their improved balance sheets maintain underweight 3q05 ending sep dropping 8 q reported sharp drop net 12 17 respectively preceding quarter mainly
