On a USD basis, the SET is -5% for the year.
Frustrated that these lockdowns are going to potentially last for the whole month of August which just leads to more market share for the big boys, higher NPLs etc etc. Supply chain’s are going to be stretched further, inventories are high for some, none for others, the ramp up will be nuts. Go for a walk through the city – those outlets (coffee shops, restaurants, clothes, beauty, fitness, hotels) are gone. Like I’ve said, the world we’ll return to will look very different from the one we left.
We’re still in the midst of 2Q earnings. I wonder how much of 3Q/4Q will have to be written off by the retailers.
