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Pine Wealth Solutions Securities is highlighting alternative investments such as structured products as the next major investment trend, suggesting this is a strategically suitable move to help investors weather increasing volatility and stretched valuations in global markets.

The firm’s updated fourth-quarter outlook emphasises portfolio resilience through diversification beyond traditional equities.

Piyatat Pasommanatsakul, strategist and head of investment advisory, said while global equities are expected to maintain their upward momentum through late 2025, investors must prepare for turbulence ahead.

“Major stock markets, especially in the US, are trading at demanding valuations,” he said, adding that this environment calls for smarter asset allocation.

Pine Wealth’s key recommendation is to increase exposure to private assets — investment vehicles that have a low correlation to traditional markets.

These assets, he noted, can smooth portfolio volatility while maintaining consistent returns, offering investors much-needed stability amid market swings.

The firm also sees structured products as a powerful tool to balance risk and reward. These flexible instruments can be tailored to various market conditions, giving investors the ability to cap downside risks while pursuing targeted returns.

“In an era where asset prices are no longer cheap, diversification through innovative investment tools is essential,” said Mr Piyatat.

For the last three months, Pine Wealth has strategically adjusted its portfolio to balance caution with opportunity by trimming US equities and tech stocks to 25-35% from 35-45% amid stretched valuations.

Meanwhile the firm increased exposure to Asian equities to 25-30% with a focus on China, Japan and Thailand while slightly reducing allocations to India and Vietnam.

It maintains fixed income holdings at 25%, emphasising global investment-grade bonds, and doubled its gold allocation to 10% as a defensive hedge against rising geopolitical and economic uncertainty.

Pine Wealth continues to monitor macro risks, from US-China trade tensions and potential global recession triggers to pivotal Fed meetings and corporate earnings outlooks for 2026.

Despite the challenges, the firm believes the investment landscape remains favourable under a “Goldilocks Macro Backdrop”, where steady global growth and gradual interest rate cuts support both traditional and alternative assets.

“Traditional assets like stocks and bonds remain attractive,” said Mr Piyatat. “But incorporating alternative investments such as private assets and structured products is what truly builds a resilient, future-ready portfolio in an uncertain world.”

The Thai army is continuing operations to clear landmines in border areas of Sa Kaeo province as part of efforts to safeguard national sovereignty and return farmland to local residents.

The Burapha Task Force has been concentrating its efforts on Ban Nong Chan and Ban Nong Ya Kaeo – two border villages in Khok Sung district of Sa Kaeo that have been the scene of several confrontations over encroachment by Cambodian civilians.

The goal is to remove suspected explosive remnants and establish safe zones for local communities, the First Army said in a statement on Monday.

In Ban Nong Ya Kaeo, the 2nd Engineer Battalion, working with the Thailand Mine Action Centre (TMAC), has deployed mine clearance teams and machinery to survey and secure the designated ‘E’ zone.

Since operations began on Oct 25, a total of 18,905 square metres, or 9.2% of the targeted 205,405 sq m have been cleared. No mines have been found so far.

In Ban Nong Chan, safe zones already cleared in area ‘A’ total 11,219 square metres, or 35% of the 32,000 sq m target since work began on Oct 30. One POMZ-2 anti-personnel mine was found during the operation and safely removed on Oct 30.

Authorities are now preparing to return the cleared land to local residents for cultivation.

In addition to mine clearance, the 2nd Engineer Battalion has been constructing shelters and bunkers under the army’s Hathaitip Fund initiative to protect residents along the border, said the First Army.

The first phase included three shelters and 10 bunkers, with progress exceeding 40%. A second phase is under way, involving the construction of three more shelters and 62 bunkers, and is currently 6% complete.

The First Army has also reaffirmed its readiness to fully cooperate with Thai authorities in border demarcation surveys and ensure safety during joint inspections and temporary marker placements, in line with the General Border Committee (GBC) framework agreement between the two countries.

Re: “Forget the gloom”, (PostBag, Oct 31) and “Thailand now ‘the sick man of Asean'”, (Opinion, Oct 30).

I have to agree with the letter in today’s PostBag by Ioan Voicu and would like to add the following. For a couple of years already, this same economist has been predicting the Thai economy’s utter gloom surely to come, at times even given a time when it might fall into a full-blown recession, if not worse. I remember in early 2024, he firmly predicted global oil prices would surge, but just the opposite happened since.

In the meantime, Thailand holds ultra-high record foreign exchange reserves, along with a continued strong baht currency, which portrays the opposite of an imminent “fall off the cliff” scenario.

Agreed, things are not well with the Thai economy, and it’s growing far slower than its potential, but predicting utter gloom, on and on, and worse to come, seems exaggerated. Time will tell, but so far he has been wrong.

Paul A Renaud

Tame the riders

Re: “Delivery app rivals cut fees”, (Business, Oct 28).

Driving in Bangkok’s hustle and bustle roads is not an easy task, especially when the number of food delivery troopers is growing. And most of them are whizzing their way recklessly through the traffic.

It comes to mind that perhaps food delivery companies can give a big helping hand by educating and training their motorcyclists before handing them jackets bearing their names and batches, whether it be GrabFood, Lineman, or FoodPanda.

The training and seminar should focus on basic traffic rules that motorists should obey and respect. Riding a motorbike irresponsibly, like a butterfly, slicing between cars, swerving through narrow gaps to make U-turns to overtake other vehicles, and riding in the wrong direction in a lane are behaviours often seen and can be corrected with thorough, proper training.

By educating their riders seriously, these delivery companies can improve their company image and let the public know that they care about the safety of road users, too.

And please remind their delivery men to take their gloves off before using the toilet in the gas station, and not forget to wash their hands before putting them back.

Yingwai Suchaovanich

Begging to differ

Re: “Truth in question”, (PostBag, Oct 28).

Reading EL Wout’s letter, I beg to differ. While there is no doubt that the Palestinians are not blameless in the Gaza conflict, their suffering has been disproportionate. For massacres on Oct 7, 2023, in which a thousand or so Jewish people have been killed and many, including Thais, were held hostage, well over 60,000 Palestinians have been killed to date by the Israeli military, with thousands more maimed or brutalised.

While some videos presented by the Palestinians to the world may be biased, it would not help that people will ask whether hundreds of thousands of people in Gaza have suffered more?

One wonders why more Muslims in the world have not stood up and offered help or refuge to the people of Gaza? Various experts have noted that many Muslim regimes, such as those in Saudi Arabia or Egypt, are authoritarian ones, and are reluctant to help and bring in Palestinians into their countries, for fear that these “democratic” people may upset the established order and lead to the overthrow of such authoritarian regimes.

Paul

In an era of constant transformation, PwC Thailand convened thought leaders and professionals at its 2025 Symposium under the theme ‘From insight to action: Staying ahead of change.’ Held on 20 October as part of the Corporate Reporting Forum, the event aimed to equip businesses with the knowledge to navigate shifting accounting standards, sustainability reporting, and the integration of these elements into financial and operational disclosures.

The symposium also highlighted the use of generative artificial intelligence (GenAI) in financial accounting and other organisational functions, as well as strategies for mergers and acquisitions designed to foster sustainable growth amid a rapidly changing environment.

Pisit Thangtanagul, CEO of PwC Thailand, led a team of experts in sharing insights and practical approaches with business representatives and participants at the Siam Kempinski Hotel Bangkok

Senator Nantana Nantavaropas has urged the House Speaker to establish a committee to investigate what she calls “abuse of power” in the Senate, after claiming that a ruling against her was politically motivated and aimed at silencing dissent.

Sen Nantana submitted a formal petition to House Speaker Wan Muhamad Noor Matha on Monday, calling for an inquiry into what she described as the Senate’s “governance failure” and “misuse of authority.”

She said the case reflects a broader crisis of integrity within the legislative branch.

The controversy stems from an ethics complaint accusing Sen Nantana of insulting and belittling a pork seller during a public discussion.

The Senate’s ethics committee investigated the matter and concluded on Oct 28 that her remarks violated ethical standards outlined in the constitution. Subsequently, 130 senators found her guilty of a serious ethical breach, forwarding the case to the National Anti-Corruption Commission for further action.

Sen Nantana condemned the move, calling it a politically driven vendetta, saying it was payback for her efforts to expose alleged collusion among senators.

She had earlier called for a group of accused senators to be suspended from approving appointments to independent bodies. According to her, 15 members of the ethics committee have been named in the collusion scandal.

She argued that their participation in judging her case undermines the Senate’s credibility and adherence to the rule of law.

Sen Nantana urged the House Speaker to ensure transparency, accountability, and neutrality within the legislative system. “The Senate must not become a political tool,” she warned. “Abuse of power will only erode public trust in the parliamentary system.”

Senator Premsak Piayura voiced support for Ms Nantana’s call, claiming that during his visits to local communities, “99.99% of residents opposed the ruling”.

He questioned how the Senate can maintain its dignity if the majority ignore public sentiment. “If minority senators are silenced, can we still call this the Upper House?” he asked.

Prime Minister Anutin Charnvirakul has expressed full support for Thai police efforts to tackle cross-border scam operations, which could include having officers deployed to other countries including Cambodia.

He said his government is ready to provide the resources and funding necessary to ensure the crackdown’s success. He also brushed aside criticism from the opposition Pheu Thai Party, which accused the administration of acting too slowly.

Speaking at Government House on Tuesday, Mr Anutin said he welcomed the proposal by Pol Lt Gen Jirabhop Bhuridej, the assistant national police chief, to send Thai police to countries where scam networks are based.

‘That’s good, because cooperation already exists. Today, the national police chief [Pol Gen Kittharath Punpetch] is meeting Asean counterparts to discuss scams, human trafficking and the drug trade – issues that have become regional priorities,’ he said.

Asked whether Thai police could be deployed to Cambodia, he replied: ‘They must be. But you’ll have to ask the police chief.’

He emphasised that government policy is clear and that he cannot interfere in operational orders.

‘The government fully supports this effort – including budgets and resource integration. Our job is to enable; the police’s job is to act,’ he added.

Looking South for political links

In a related development, Justice Minister Rutthapon Naowarat also addressed reports linking seven politicians, including some in government, to online scam networks.

‘Our examination has not found evidence implicating these seven individuals. However, some cases under review have shown wrongdoing,’ he said.

He added that coordination was under way with the Songkhla Provincial Police commander and the Region 9 police chief in southern Thailand to verify related cases.

The minister confirmed that investigations into financial links involving the politician known only as ‘Mr Chor’ are ongoing.

The Department of Special Investigation has already seized more than 35 billion baht in crackdowns on online gambling to date, and Chinese authorities have expressed close interest in cooperation.

‘The Chinese ambassador met both the prime minister and me. We reaffirmed our commitment to suppressing scam networks,’ said Pol Lt Gen Rutthapon.

The government has greenlit a scheme to tackle small borrowers’ debt problems, enabling them to re-enter the formal financial system and ease their repayment burden.

Speaking after the economic cabinet’s meeting, chaired by the premier on Monday, Finance Minister Ekniti Nitithanprapas said the gathering approved a plan to resolve the debt problems of retail borrowers.

Under the latest debt resolution plan, these debts will be transferred to the state-owned asset management companies (AMCs) Ari AMC and Sukhumvit Asset Management (SAM).

Retail borrowers with total debt below 100,000 baht and classified as non-performing loans (NPLs) amount to 4.76 million accounts held by about 3.5 million individuals, with total outstanding debt of around 122 billion baht.

In the first phase, the transfer will cover 2.56 million NPL accounts from commercial banks, representing about 1.25 million borrowers and total debt of 43.6 billion baht. These debts will be transferred to SAM. Another portion consists of 790,000 accounts from specialised financial institutions (SFIs), representing about 700,000 borrowers and total debt of 18.8 billion baht, which will be transferred to Ari AMC.

The remaining portion, consisting of retail borrowers from non-bank institutions, will be handled in the next phase.

ARI-AMC is a joint venture between Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc.

Funding comes from the remaining 26 billion baht of the government’s “Khun Soo Rao Chuay” (You Fight, We Help) debt relief programme.

Vitai Ratanakorn, governor of the Bank of Thailand, said tackling small borrowers’ debt problems is part of addressing Thailand’s structural household debt issue, which stands as high as 87% of GDP.

He said this debt resolution initiative is intended to be a one-time solution for borrowers with debts incurred up to Sept 30 this year. The restructuring process will include waiving penalties and partially writing off the principal, while allowing borrowers to repay over an extended period.

If the AMCs generate profits from this process, there will be a profit-sharing mechanism with the original creditor financial institutions. Mr Vitai emphasised that the AMCs themselves do not aim to make a profit from this programme.

According to finance permanent secretary Lavaron Sangsnit, borrowers whose debts are transferred to AMCs and who make repayments in accordance with the agreed terms — even for just 1-3 months of consistent payments — will be eligible to apply for loans from GSB without having to wait for a full three-year record of good credit history.

The Transport Ministry has ordered plans for the 40-baht flat fare across all city metro lines to be finalised by Thursday for implementation under the current government.

Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn has instructed the Mass Rapid Transit Authority of Thailand (MRTA) to accelerate its study on consolidating all urban rail systems to operate under a single management model and introducing a one-day flat fare of 40 baht covering all lines.

The move aims to expand the unified fare policy beyond the existing Red and Purple lines, where the 40-baht day pass is scheduled to launch on Dec 1 and continue until Nov 30 next year.

Mr Phiphat said the MRTA must provide a detailed report, including financial assessments on compensation and potential buybacks of private rail concessions to bring them back under state ownership. “This will require discussions with the Finance Ministry,” he noted.

He directed the MRTA to submit its findings to the Transport Ministry by Nov 6, after which the proposal will be presented to the Committee on Rail Fare Policy Reform on Nov 11.

The final plan is expected to go before the cabinet on Nov 25, with the goal of implementing the policy within the tenure of the current government.

Regarding the buyback of private rail concessions, Mr Phiphat said the government would later contract private firms to manage and operate the lines. However, he stressed that any funding arrangement for the buyback must avoid increasing the national debt burden.

One option under review is the introduction of a congestion charge to generate revenue for the buyback, but Mr Phiphat acknowledged that this approach could take considerable time to implement.

A 28-year-old Thai woman has been found dead in a hotel room in Poipet, only a week after another Thai woman fell to her death in the Cambodian border scam hub.

The IMF Centre Coordinating Assistance to Thais Abroad confirmed the second woman’s death on Monday morning.

She was identified through social media as Suthatip, nicknamed ‘Mint’, and was found hanged in her hotel room in Poipet. It was believed she died on Sunday.

She was found with a cord around her neck and the other end tied to the window frame. Investigators have yet to determine whether her death was self-inflicted or a homicide.

Five days before her death, the woman posted a selfie from her hotel room, along with the message, “Because, in the end, our hearts want to feel safe more than endure.”

The victim’s relatives travelled from Bang Nam Priao district in Chachoengsao province to coordinate with IMF officials for the repatriation of her body through the border checkpoint in Aranyaprathet district, Sa Kaeo province.

She was the second Thai woman to die in Poipet in a week. On Oct 29, Kanokwan Chaluaysaeng, 27, was found dead after reportedly falling from the third floor of a building in Poipet. Her aunt questioned the circumstances, noting that her body was swollen with no blood found at the scene.

Poipet is known for its casinos and call-centre complexes, many believed linked to transnational scam operations. Several suspicious deaths of Thai nationals in the border town have raised concerns about worker safety in the area.

Postal voting could render the planned referendum on the constitution invalid, as it could be interpreted as early voting, which is not permitted under current regulations, according to the Election Commission (EC).

According to EC secretary-general Sawaeng Boonmee, the government must seek a court’s clarification on whether conducting a referendum by mail-in ballots would violate existing rules that prohibit advance voting.

Mr Sawaeng was responding to a proposal by Parit Watcharasindhu, an MP from the People’s Party, who suggested allowing citizens to vote in the referendum in advance via mail.

He noted that the EC’s primary responsibility is to ensure that both the election and the referendum are completed properly and lawfully.

“If both the general election and a national referendum are to be held simultaneously, it will inevitably be complicated,” he said.

“The EC must find ways to make the process as convenient as possible for voters, while staying within legal limits. We are not afraid of challenges, but we must ensure that both the election and its results are legitimate and orderly.”

He emphasised that while certain administrative conveniences can be implemented beyond what is explicitly written in the law, any action that exceeds legal boundaries could jeopardise the results of the vote.

“We will not take even the slightest risk that could compromise the electoral process or its results,” he said. “Now that such a proposal has been raised, we will revisit the legal framework to see what can and cannot be done.”

Mr Sawaeng clarified that administrative management is not the main issue — legality is.

“The question is whether the law allows it,” he explained. “If postal registration is interpreted as advance voting, then it is not permitted by law.

“We must distinguish between ‘postal voting in advance’ and ‘postal voting on the official referendum day’ — these are two different things,” he added.

He further explained that postal referenda are legally permissible only if conducted on the officially designated day of the referendum, not in advance.

“Counting postal ballots won’t be a problem,” he said. “What matters is whether the law authorises such action. We must examine whether advance postal voting is legally allowed, as it is not the same as casting a ballot on the referendum day.”