Ann: Quarterly Activities and Cashflow Reports, page-25

Yes you could well be right, the past two days might have been selling by one of the minority investors with a large position especially with the drop in other stock markets to lows at the same time.

There was also a media article yesterday on Thailand’s potential integrated resorts-casinos, the recent weeks’ media coverage and speculation by both news outlets and a banking analyst seems to indicate Thailand’s legislation process for IRs may pick up this year https://www.straitstimes.com/asia/east-asia/japan-s-casino-star-has-dimmed-despite-early-fanfare-and-seeming-threat-to-singapore

Going back to past reports on potential integrated resorts in Thailand, there would be potentially up to five licenses-locations, and cities mentioned that they could be Bangkok, Pattaya, Rayong, Phuket, Krabi, and Phang Nga

https://www.gamesbras.com/english-version/2023/1/16/thailand-approves-report-proposing-five-integrated-resort-casinos-34927.html

One can assume that a potential Bangkok IR would attract the top international casino operators to bid with a local JV partner, eg similar to Japan’s Osaka IR. The five other cities mentioned are seaside resort cities, of varying sizes including relatively small seaside cities..would be suited for smaller operators outside of the largest international casino groups, either on their own or in JV...eg similar to the IRs in Korea. Three of them Krabi, Phuket, Phang-nga are in Thailand’s south far from Bangkok. Rayong and Phang Nga are relatively close to Bangkok in terms of being able to do a day trip there and back from Bangkok, as one could for Bangkok to Poipet and back as a longer day trip, potentially similar customer base

Also, unlike Korea’s IRs which are foreigner only, and Japan and Singapore’s IRs which impose a meaningful entry fee for locals to enter e.g varying degrees of restrictiveness for locals to enter, it seems from reports that potential IRs in Thailand would require locals to show a certain financial means in order to enter. It would make sense that Thailand IRs would cater to both the foreign market and the local market which is going outside Thailand… “Thailand has casinos at all its borders and the government can capture this money leakage and tax it by having legalised and regulated casinos in Thailand.” -https://igamingbusiness.com/legal-compliance/regulation/thailand-casino-landscape-forming-as-details-remain-fuzzy/

Now any future developer-operator in one of Thailand’s potential IRs locations is going to tap funding from banks and/or capital markets whether debt, equity for the IR project, perhaps partner with institutional investors.

I agree that Thailand IRs will still be a number of years away till the first opens, they won’t impact DNA in the immediate coming few years. Now if sentiment of Thailand IRs headlines weighs on DNA’s stock price..what would not be recognized and is overlooked I think is that the DNA controlling shareholder would be a potential contender for a Thailand IR, maybe JV with a foreign operator, maybe as the operator for a smaller IR in a seaside city close to Bangkok

I think its fair to imagine that in the controlling shareholder’s long-term vision of things, it may be that they would bid for an IR in Thailand. They have a long expertise in casinos in Poipet, the expertise needed of the Thailand market, CEO is young and can drive an expansion in their businesses and in DNA are also operating another casino in Vietnam. Also the impact that IRs in Thailand would have on border region casinos.

The upside case and downside risks of DNA stock have been covered well by other posters, besides the deep value on stock price vs its two assets. Several positives both in the financial and operating performance, financial support for the company and outreach to institutional investors since the controlling shareholder has come in. A significant question appears to be on what may be the long-term plans and direction of the controlling shareholder. I am inclined to think there might be a broader long-term vision on where controlling shareholder sees their businesses and their future expansion. And this may help to address the above question.