1

March 2011

Refer to important disclosures at the end of this report.

Recent developments and outlook

March 2011

Supavud Saicheua

Economist

Phatra Securities

Phatra Securities does and seeks to do business with the companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

2

March 2011

Refer to important disclosures at the end of this report.

Output and wage by sector

3

March 2011

Refer to important disclosures at the end of this report.

Financials vs Construction

4

March 2011

Refer to important disclosures at the end of this report.

Manufacturing vs Healthcare

5

March 2011

Refer to important disclosures at the end of this report.

Exports

6

March 2011

Refer to important disclosures at the end of this report.

Major Thai commodities

Source: Datastream

0200400600800

1,0001,200

01/0

1/07

07/0

1/07

01/0

1/08

07/0

1/08

01/0

1/09

07/0

1/09

01/0

1/10

07/0

1/10

01/0

1/11

Rice ($US/tons

0

500

1,000

1,500

2,000

01/0

1/07

07/0

1/07

01/0

1/08

07/0

1/08

01/0

1/09

07/0

1/09

01/0

1/10

07/0

1/10

01/0

1/11

Rubber (MY cent/kg)

05

101520253035

01/0

1/07

07/0

1/07

01/0

1/08

07/0

1/08

01/0

1/09

07/0

1/09

01/0

1/10

07/0

1/10

01/0

1/11

Sugar (US cent/lb)

050

100150200250300350

01/0

1/07

07/0

1/07

01/0

1/08

07/0

1/08

01/0

1/09

07/0

1/09

01/0

1/10

07/0

1/10

01/0

1/11

Tapioca (US $/ton)

7

March 2011

Refer to important disclosures at the end of this report.

Tourism