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A security guard looks on as a Skytrain arrives at a station platform in Bangkok.
A security guard looks on as a Skytrain arrives at a station platform in Bangkok.
(EMMANUEL DUNAND/AFP)

Financial Times

Bangkok’s Skytrain IPO may be smooth ride for yield seekers

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Been to Bangkok, done that, now buy the train (fares). Any visitor to the city will have seen the Skytrain snaking above their heads. Its operator is now bundling the future fares from the city train into a trust that it will list to become Thailand’s biggest-ever initial public offering. It comes after a rally in the country’s benchmark SET index which has trebled in value since the end of 2008. Is BTS Group taking advantage at the peak of the market or is this a genuine opportunity for investors?