Proof in the pudding
Re: "Thai IPOs sag amid regional boom", (Business, Nov 19) & "Foreigners continue exodus from Thai SET", (Business, Nov 6). I agree with everything Christian Kallaehne wrote in his published PostBag letter early this month. Thai IPOs are overpriced to begin with and they count on punters/speculators on their first trading day(s) to "save the day".
Nobody seems to care nor follow up. On this SEC website (https://web-fundraising.sec.or.th/ipo), one indeed can follow Thai IPO price performances at shown past intervals and since their debut. It does show beyond any doubt that Thai IPO shares almost always dwindle in market price later.
And yes, many long-listed "zombie" companies trade at just a few satangs, whereas other stock exchanges would require de-listing if trading below a certain such ultra-low threshold.
Paul A Renaud
Prioritise justice
Re: "Legal twists for Thaksin", (Editorial, Nov 19).
Vying for understatement is the Post's opening sentence in its editorial on Thaksin Shinawatra's latest lawsuit. "The sudden shift in law enforcement against Thaksin Shinawatra raises pressing questions about whether the justice system is being wielded for political purposes."
The concluding paragraph of the editorial is not much better. It implies that the Post thinks that strictly and transparently following the law must result in justice being done. That is wrong. When the law is vague or provide disproportionate sentences, such as disbanding political parties or imprisoning citizens for practicing peaceful free speech -- despite leading to healthy debates -- the law itself can counteract justice.
Felix Qui
Know the difference
Re: "Naval innovation", (PostBag, Nov 20).
Clearly, Yingwai Suchaovanich is not a military strategist.
The writer praises China's mastery of technology and would have us believe that electromagnetic catapults on their latest aircraft carrier are superior to steam driven catapults on American carriers.
The Chinese carriers are diesel powered. The kinetic energy produced must be converted to electricity, possibly by steam. So to function, the catapult requires the engine itself, condensers, turbines, generators, transformers, as well as transmission and control equipment -- all multiple failure points and highly susceptible to damage in combat situations, or even possible electronic counter measures.
The US carriers are nuclear powered. What does a nuclear reactor have an endless supply of? Steam! It is relatively simple to physically get steam from the nuclear reactor to the catapult, with no energy conversion required, no complicated or vulnerable technology. It is tried and tested. Provided the reactor is still generating steam the catapults can still function or are relatively easy to repair.
Just because you can apply technology to something does not always mean you should.
Sibeymai
