I think I am misunderstood by you when I said "a dearer AUD would not be good for ARB's bottom line". This line was meant for the USD AUD relation. If ARB only sells in the US, then the proceeds in USD give ARB less AUD if the AUD gets dearer.
As for the THB, a dearer AUD vs THB is good for ARB. So, there I agree with you completely.
I would suggest the most favorable FX situation for ARB would be a stronger AUD vs THB, and a weaker AUD vs USD. So, there you have, a conundrum with the devil in the detail.
Cheers
Diesel Brothers and US growth, page-11
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