Page 76 - BTSGroup ONE REPORT 2021/22_EN

74 l Introduction l Nature of Business l Organisation and Shareholding Structure l Business Review l Corporate Governance l Financial Statements l Other Information l

4.1 CAPITAL MARKETS REVIEW AND IR ACTIVITIES

Historical Share Price Analysis
Market Review
2021 turned out to be a positive year for most global markets, especially in consumption which partly explained by the limited tourist arrivals despite
key developed markets – US equities returned close to 29% and ended the country’s reopening plan. However, it was a different case in the stock market.
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the year less than 1% from its record high . In general, global equity In FY 2021/22 (April 2021 to March 2022), the SET Index rose by 6.8% with
performance was supported by a strong rebound in economic growth and THB 21.1tn cumulative trading value – the highest trading value within the past
continued accommodative fiscal and monetary policies despite inflation rising to 5 years. This considerable trading value was driven by the THB 136.7bn
multi-decade highs. With the pandemic continuing to disrupt economic net buy from Foreign Investors, Local Investors and Proprietary Trading.
recovery, the significant development of vaccine for COVID-19 coupled with The SET50 index also rose 5.0%, supported by strong earnings of local large
measures implemented across the globe to contain the outbreak reinforced corporates. The SETTRANS index, on the other hand, narrowed by 5.3% due
economic activities to resume. to depressed transportation activities from tightened measures containing
the spread of COVID-19.
Furthermore, 2021 was filled with essential events, including Hawkish signal
from the Federal Reserve (FED) outlining an aggressive approach to taming BTS Share Price in Review
inflation and arising geopolitical risk from Russia’s invasion of Ukraine. Over the course of the FY 2021/22, BTS shares traded sideways with heavy
Firstly, the FED kept interest rates near zero and continued injecting billions corrections during the second and the third quarter, starting off at THB 9.65
of dollars into markets in 2021. However, the policymakers announced plans and ending at THB 9.20 per share on 31 March 2022, contracting 4.7% over
to end its monthly bond-buying programme by March 2022 and planned to the period. Whilst the Company marked several key developments during
raise the interest rate to temper inflation. Additionally, the Russian invasion the fiscal year, the share price underperformed when compared to the SET
of Ukraine in early 2022 triggered policy actions and moves across global Index possibly due to suppressed ridership from strict measures containing
markets. This caused the oil price to surge over USD 130 per barrel for the spread of COIVD-19 and uncertainties causing transportation projects delays.
the first time since 2008 and gas prices to spike to all-time highs. J.P. Morgan
Research indicated that Russia’s invasion of Ukraine will slow global growth
and raise inflation . During 1Q 2021/22 (from April to June 2021), the BTS share price moved in
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the same pattern as the SETTRANS Index, contracting in April and recovering in May.
The share price set off the quarter at THB 9.65 and reached its period
The Thai economy was critically disrupted by a surge of COVID-19 cases trough at THB 8.55 during mid-May, largely influenced by the third wave of
from local transmission. In 2021, the overall economy expanded by less the COVID-19 outbreak after Songkran festival in April 2021. In May 2021,
than 2%. The lower-than-forecast growth reflected weakness in private WHO designated ‘Delta’ as a variant of concern in which rapidly became
the dominant strain globally thereafter. To cope with the rising concerns,

1 UBS - 2021 in review: Five key observations
2 J.P. Morgan Research - The Russia-Ukraine Crisis: What Does It Mean For Markets?