Just a handful of finance and securities companies in Thailand remain independent after a year in which foreign players have virtually taken over. "It still takes some time for acquirers to get their feet under the table, but change it will," says Philip Adkins, research head at Seamico Securities, one of the few remaining independent brokers.
Some Thai sensibilities have been shaken but there is a general acceptance that the industry needs fresh capital, and it is in short supply domestically. "These foreigners are not coming in to play passive partners, but coming in to take over the companies," adds Adkins.
Strict foreign ownership rules, which limited shareholdings to 25% of finance companies, and 49% of most other Thai companies, including securities companies, have been relaxed on a case-by-case basis, making Thailand much more attractive than its neighbours.
Inevitably there have been some bad deals along the way, but equally some investors have got good bargains, argues Adkins. "The potential is there to get eaten for breakfast, and certainly the ones that may have jumped the gun 12 months ago might have paid over the odds, but others have been more cautious," he says.