Friday, November 30, 2012

Bualung Securities classifies AAPICO a BUY


Bualung Securities reports after AAPICO Opportunity Day 29.11.2012:

Profit in line with estimate

AH reported a 3Q12 net profit of Bt168m, up 24% YoY but down 40% QoQ. The result was in line with our estimate but below 22% the Bloomberg consensus. 9M12 earnings jumped 98% YoY to Bt543m (boosted by insurance payouts and stronger other income than assumed), which represents 94% of our earlier FY12 projection.

Results highlights

Sales rose by 42% YoY and 9% QoQ to Bt4.3bn. The 3Q12 top-line expansion was due to capacity expansion at AH's main plant in Hitech Industrial Estate in order to supply rising demand from car makers for component parts to manufacture vehicles for both domestic and export sale. Gross margin fattened further to 6.6percent from 6.3% the previous quarter. But AH's net margin fell to 4.0percent from 7.1% in 2Q12 and 4.5% in 3Q11 because of higher OPEX, mostly related to the new capacity.

Outlook

We anticipate that the firm will deliver weaker QoQ core earnings for 3Q12 (excluding insurance payouts), as its new capacity entails higher OPEX during the commissioning stages.

What's changed?

We have revised up our FY12 earnings projection by 17% to Bt677m to factor in gains from insurance payouts of about Bt100m during 9M12. We maintain our FY13 and FY14 forecasts unchanged at Bt600m and Bt690m, respectively.

Recommendation

Our YE13 target price stands at Bt27.5, pegged to a PER of 12x. AH currently trades at an undemanding FY13 PER at 8.4x, which is significantly below its long-term mean of Bt12.3x. Given 46% upside to our YE13 target price and scope for further earnings forecast upgrades on new orders from Toyota and Isuzu in 2H13, we maintain our BUY rating.

You can follow the webcast here (in Thai language) and download their presentation here (in English language).

Golden year for auto industry


THE NATION reports:

This year can certainly be considered the golden year for Thailand's automobile industry.

Just grab a look at these figures: apart from achieving a new sales record of an expected 1.4 million vehicles, 2012 also marks the first year that the industry has broken the 2-million-vehicle production mark.

Auto exports from Thailand this year is estimated at Bt1 trillion, making the auto industry the biggest earning industry, with 1-tonne pickup trucks and eco-cars as the mainstream products, as well as auto parts and components.

Watching this growth trend, many are already eyeing the 3-million-vehicle production mark for the auto industry.

The Industry Ministry along with the Federation of Thai Industries (FTI), the Auto Industry and the Auto Parts Industry Club of the FTI, Thai Automotive Industry Association (TAIA), Thai Auto Parts Manufacturers Association (TAPMA), Board of Investment (BoI) and the Thai Automotive Institution (TAI) recently celebrated the 2-million-vehicle production success and is eyeing production of 3 million vehicles in 2017.

Read the full story here.

Wednesday, November 28, 2012

Industrial Ministry targets 3mn annual car output by 2017

More news from THE NATION:


The Industry Ministry has set a target for the country's total automobile production to reach 3 million units by 2017.

In collaboration with the Federation of Thai Industries (FTI) represented by the Automotive Industry Club and the Auto Parts Industry Club; the Thai Automotive Industry Association; the Thai Auto Parts Manufacturers' Association; the Office of the Board of Investment; and the Thailand Automotive Institute, the ministry yesterday announced that production by the the Thai automotive industry had exceeded 2 million units for the first time.

Ministry permanent secretary Vitoon Simachokdee said total production was expected to reach about 2.3 million this year, of which 1.3 million vehicles would for sale domestically and the rest for export.

About 252,165 vehicles were manufactured in October alone, up 410 per cent over the same month last year. The high growth was due to the low production at the end of last year because of the massive floods that hit Bangkok and many provinces.

About 2.5 million vehicles are expected to be manufactured next year, partly driven by the government's first-car tax-break scheme, for which some deliveries will be made in 2013.

Vitoon said the Thailand Automotive Institute would offer the ministry a development plan for the auto industry, to be in effect from this year through 2016, including a test centre for auto parts and a driving-test facility worth a total of about Bt8 billion.

"The automotive sector is one of the country's major strategic industries. The Ministry of Industry has played a vital role in establishing the policy and strategy for the integrated development of the automotive industry, leading to tremendous annual value-added benefits for Thailand," he said.

"These benefits include growing exports, increased employment, technological development and many activities to boost the potential development of the automotive industry and related industries all through the supply chain."

He said the automotive and auto-parts industries played a very significant role in the generation of national income. The companies in the automotive sector are also major players in the social development of Thailand, employing more than 800,000 skilled labourers, with the subsequent transfer of high-technology production techniques and knowledge.

Thailand's entry to the Asean Economic Community, which is a large market, will present a significant opportunity for Thai auto manufacturers. The government will set a strategy to achieve the goal of producing more than 3 million vehicles by 2017.

FTI chairman Payungsak Chartsutipol said: "The Thai automotive industry has grown steadily with continual support from the government and other relevant private organisations, all of which have worked together to drive the entire industry.

"The government has set the policy and direction that have been implemented by the private sector to enhance the industry's competitiveness in the global market, making Thailand one of the world's top 10 automobile-production bases."

He added that 2012 "marks a golden year of the Thai automotive industry as we celebrate the production of more than 2 million cars with an export value of more than Bt1 trillion, topping all exports from Thailand. The product champions are pickups and eco-cars, and auto parts were also shipped globally.

"With such positive trends in mind, the automotive industry anticipates that Thai automobile production will soon reach more than 3 million units," Payungsak said.

Tuesday, November 27, 2012

First-car rebates expected to pass 600,000 by year-end


NATION MULTIMEDIA Report:

The Excise Department yesterday revealed that registrations for tax refunds under the first-car rebate scheme exceeded 581,000 valued at about Bt43 billion.

"We expect the total number of applications to the first-car scheme will exceed 600,000 by the time the project ends, so more than the 500,000 units targeted earlier by the department," said Excise Department director-general Somchai Poonsawat. The programme ends on December 31.

"Although the number of car buyers eligible for tax rebates will exceed our target, we will not limit the amount of money to be refunded to them, which is in line with the government's policy. As the first car-scheme will expire at the end of this year, I have relayed the policy to all staff of the Excise Department to facilitate anyone asking for the tax refund," he said.

It had been expected that if the 500,000-unit target were reached, the tax-refund budget would be about Bt32 billion, he said.

Sunday, November 25, 2012

Thai Automotive Industry highlights its production achievement of more than 2 million cars in 2012


Thailand FTI Press Release in full:

Bangkok – 23 November 2012:  The Ministry of Industry, in collaboration with the Federation of Thai Industries (FTI) represented by the Automotive Industry Club and  the Auto Parts Industry Club; the Thai Automotive Industry Association; the Thai Auto Parts Manufacturers’ Association; the Office of the Board of Investment; and the Thailand Automotive Institute, announced a milestone for the Thai automotive industry of reaching annual production of more than two million automobiles for the first time. They also revealed their commitment to boost investor confidence and set a goal to produce three million cars per year by 2017.
From Left to Right: Mr. Yongkiat Kitaphanich, President of the Auto-Parts Industry Club, The Federation of Thai Industries, Mr. Suparat Sirisuwannangura, President of the Automotive Industry Club, The Federation of Thai Industries, Mr. Payungsak Chartsutipol, Chairman of the Federation of Thai Industries, Mr. Vitoon Simachokdee, Permanent Secretary for the Ministry of Industry, Mr. Patima Jeerapaet, President, Thailand Automotive Institute, Mrs. Piengjai Keawsuwan, President of the Thai Automotive Industry Association, Mrs. Achana Limpaitoon, President of the Thai Auto-Parts Manufacturers Association

According to Mr. Vitoon Simachokdee, Permanent Secretary for the Ministry of Industry, “The Thai automotive sector is one of the country’s major strategic industries. The Ministry of Industry has played a vital role in establishing the policy and strategy for the integrated development of the automotive industry, leading to tremendous annual value-added benefits for Thailand. These benefits include growing exports, increased employment, technological development and many activities to boost the potential development of the automotive industry and related industries all through the supply chain.

The Ministry has defined the policy to promote and support investments, encouraging investors worldwide to build automotive and auto parts production bases in Thailand and driving for innovative developments in tandem with the globalization trend. Our ultimate goal is to strengthen the Thai automotive industry as part of the country’s economic and social development plan while forming a balanced basis for the sustainable development of the country as a whole.

“Thailand’s automotive and auto parts industries play a very significant role in the generation of national income and added value. The companies in the automotive sector are also major players in the social development of Thailand, employing more than 800,000 skilled laborers with the subsequent transfer of high-technology production techniques and knowledge. Thailand’s entry into the ASEAN Economic Community (AEC), which is a large market, will present a significant opportunity for Thai auto manufacturers. The government will set a strategy to achieve the goal of producing more than three million cars by 2017,” said Mr. Vitoon.

Mr. Payungsak Chartsutipol, Chairman of the Federation of Thai Industries, said, “The Thai automotive industry has grown steadily with continual support from the government and other relevant private organizations, all of which have worked together to drive the entire industry. The government has set the policy and direction that has been implemented by the private sector to enhance the industry’s competitiveness in the global market, making Thailand one of the world’s top 10 automobile production bases.

2012 marks a golden year of the Thai automotive industry as we celebrate the production of more than two million cars with an export value of more than one trillion baht, topping all exports from Thailand. The product champions are pickups and eco cars, and auto parts were also shipped globally. With such positive trends in mind, the automotive industry anticipates that Thai automobile production will soon reach more than three million units,” added Mr. Payungsak.

Thailand’s automotive industry helps to develop and strengthen Thailand
For more than 50 years, the Thai automotive industry has provided economic, technological, social and environmental benefits for the country.

Economic benefits: The value created by the Thai automotive industry accounts for 10% of Thailand’s GDP.  Thailand is the world’s 6th largest exchange earner in automobiles and auto parts and will be among the world’s top 10 automotive production bases, given its 2012 production output.  Accumulated automobile exports for 2012 are anticipated to more than one million units with total value of more than one trillion baht, comprised of automobile exports of 600 billion baht and auto part exports of 400 billion baht. The Thai automotive industry is the largest sector in terms of generating foreign income for the country and has developed a large and solid base of related local industries. Currently, Thailand has more than 2,500 manufacturing plants for vehicles, auto parts suppliers and related industries. So far during 2012, there have been applications for promotional privileges in the automotive segment, with a total value of 202,800 million baht, up 95% from last year.

Technological benefits: Technology is a key factor in the development of Thailand’s automotive sector. Automotive and auto parts manufacturers have established nine research & development centers in Thailand, which has led to the increasing transfer of production and industrial management expertise. The Thai automotive industry has successfully raised production standards for its made-in-Thailand brands to meet leading international quality certifications and levels.

Social and environmental benefits: The Thai automotive industry has played a major role in enhancing the quality of people’s lives by creating employment and improving the skills that are the heart of the production process. The industry has made a major contribution to the development of transportation in Thailand and has spread prosperity to many communities. On the environmental side, the automotive industry is taking the lead in promoting the awareness of environmental protection. Automobiles and auto parts are produced to meet international Euro and emissions standards. Other highlights include the development of environmentally-friendly technologies and social initiatives that have been implemented on a continual basis to protect communities and the environment.

To celebrate the milestone, a major celebration event called “The Thai Auto 2 Million Celebration: The New Dimension Drives The World” will take place on November 30, 2012 at the Royal Jubilee Ballroom, Challenger Building, Muang Thong Thani. Prime Minister Yingluck Shinawatra will chair the event and deliver a keynote address.  The Thai public can learn more about the Thai automotive industry’s potential at a striking exhibition featuring the 50-year history of the industry and its next step into the global arena. The exhibition will be at the 29th Thailand International Motor Expo in front of the Challenger Hall, Muang Thong Thani, between November 29 and December 10, 2012.

Saturday, November 24, 2012

Auto sector moving into high gear


THE STAR, MALAYISA: For years, Malaysia must have viewed the moves Thailand has made to its auto industry with some envy. Despite starting from scratch and well behind Malaysia's auto industry, Thailand now has arguably the most dynamic auto industry in South-East Asia, with Indonesia fast catching up.

Has the opportunity to have a meaningful and competitive auto sector bypassed Malaysia?

Not if you ask Malaysia Automotive Institute (MAI) chief executive officer Madani Sahari.

He feels the Malaysian automotive industry is set to enter an exciting decade of liberalisation and growth, where consumers get to enjoy more choices and value as the motor vehicle market would be more open and competitive.

Check out the article here.

Friday, November 23, 2012

Honda output to rise 20% next year

THE NATION reports:


Honda Automobile (Thailand) aims to boost annual car production capacity by 20 per cent next year to 240,000 units from the present 220,000, according to executive vice president Pitak Pruittisarikorn.

Of the planned 20-per-cent output hike, 10 per cent would be implemented early next year and the remaining in the second half. This will see its production capacity increase from 1,000 units per month to 1,100 and subsequently to 1,200 units per month to cater to rising demand.

Honda launched its 10th model this year after its flood-stricken plant in Ayutthaya resumed operations in April, this year.

The new model, Brio Amaze, is a four-door version of Honda's first eco-car Brio. The Brio Amaze is powered by a 90-horsepower 1.2-litre engine and is available in four variants: S manual transmission priced at Bt454,000; S automatic transmission at Bt493,000; V MT at Bt482,000; and V AT at Bt521,000.

Customers buying the Brio Amaze under the First Car Buyer scheme will receive tax rebates ranging from Bt65,000 to Bt73,000. A total of 39 Honda Click 125i motorcycles are also to be given away through daily lucky draws.

Pitak said "since returning to full strength in just eight months, Honda has set a new record in the Thai automotive industry for launching the highest number of new models. The launch of the all-new Brio Amaze is the tenth model in the Honda 2012 line-up and its second eco-car. Based on the original Brio, the new model represents a milestone as a result of collaboration between Japanese and Thai engineers at the Asia Pacific Honda Research & Development Centre here. The new Brio is designed to meet customer needs in Thailand and Asia. Honda also strove to ensure that Brio Amaze could be launched before the end of the Thai government's first-car buyer programme."

Friday, November 16, 2012

Industry roars ahead with over 2m vehicles

THE NATION REPORT:

This year, Thailand will produce more than 2 million vehicles for the first time in history. 

It has taken more than five decades for the industry to come this far, and it speaks volumes of the success of all sectors that have been involved, whether government or private. 

In 2011 two major disasters were responsible for rocking Thailand's automobile industry - the East Japan earthquake and the great Thai flood. Both the tsumani in Japan and the mega flood in Thailand caused a disruption in the supply of parts that brought production lines to a halt. It also shook Thailand's position as a regional production hub, as production in other countries was also affected. 

The earthquake and tsunami in March 2011 heavily damaged many important auto parts production facilities in Japan, causing parts shortages. 

With assembly plants coming to a halt, the whole industry teamed up to overcome the problem and resume normal production. Auto-makers started to assist parts-makers in several ways in order to bring back this important link in the production chain. 

The government also assisted parts-makers in many ways, including relief from tax measures. It waived import duty on new machinery for replacing flood-damaged factories, waived import duty on CBU vehicles for assembly plants damaged by the flood, and waived import duty on auto parts for manufacturers damaged by the flood. 

Apart from quickly resolving production issues, the private sector also launched strong marketing strategies and introduced a large number of new vehicles. The government, on the other hand, launched assistance measures and put more focus on the First Car Buyer Programme. Auto-makers responded very well to the measures and helped drive the whole industry to new heights. 

According to the First Car scheme, the excise duty for vehicles that qualify (not more than Bt100,000) will be returned to the buyer after one year of purchase. Orders must be placed and applications submitted no later than December 31, 2012. There is no deadline for vehicle delivery. 

Auto manufacturers have not been able to deliver as many as 100,000 vehicles ordered since late 2011 due to the flood, and the First Car scheme has earned carmakers even more orders, with the industry growing by more than 70 per cent compared to the previous year. 

Apart for the increased demand, the large number of new vehicles, especially in the sub-compact, small and eco-car segments, as well as production increases, have aided the industry in achieving a new production record of 2 million vehicles. This is unprecedented. 

With the strong recovery, the government and private sector had predicted that 2012 would be a golden year for the auto industry. Domestic sales had been forecasted to reach 1.2 million vehicles, with a production of 2.2 million - both figures being the highest in history. After eight months, auto-makers started to raise their annual forecast to 1.3 million vehicles, and it was later raised to 1.4 million. 

This great recovery of the auto industry requires not only high market demand. The strength of our automobile industry built up in the last 50 years will indeed help it tackle every situation that arises, and soon place Thailand in the ranks of the world's top 10 auto producers.

Eye on the 3-million figure 

Thailand's next target is to produce 3 million vehicles in 2017, says Suparat Sirisuwannangkura, chairman of the Automotive Industry Group of the Federation of Thai Industries. 

Click here to read more...

Thursday, November 15, 2012

Honda makes record sales


THE NATION:

Since resuming full production at its Ayutthaya manufacturing plant in April 2012, Japanese auto-maker Honda has made a dashing come-back to achieve record sales in Thailand. Honda, which launched nine new models in the past seven months, sold 21,265 vehicles in October.

This represents an increase of 14 per cent over the 18,614 vehicles sold in September, setting the highest-ever monthly sales record in the company's history. Accumulated sales from January to October this year were 127,709 vehicles, exceeding Honda's previous annual sales record of 114,056 in 2010.

Click here to read more.

Wednesday, November 14, 2012

What the Steps to Consider in looking for the best Arkansas Auto Repairs Shop?

In the midst of the busy schedule of the people in Arkansas, having an own car is really a great relief since you need not wait for cabs, or any other public transportation just to bring you to places as soon as possible, especially, when work is concern. But cars also get tired and broken, especially when used regularly.

This is a great problem, particularly to those car-independent. When this happens, their cars need to be fixed right away. So where to go in times like this?

It is indeed not an easy task to look for a credible and efficient auto repairs shop. When there are wrong moves done while fixing your car, bigger problems might arise, resulting to a much longer period of time that you and your car will be away from one another. So for this not to happen, think first of the best auto repairs shop where you can entrust your car, let it get fixed, and have it back in just a couple of time.

In Arkansas, a lot of auto repairs shops exist, but how will you know if that is the best for you?

1. Check for their certificates- the presence of certificates will add to the credibility of the company. Also, check for the legal matters on their side, like business permits and the like. This will also heighten the credibility mark.

2. Look for them on the net- search for the auto repairs shop that you have been eyeing before doing a business with them. With their website, you can check first how this shop has been doing to its previous clients. It would be better if the website of the shop has the testimonial part where you can check the personal thoughts of their previous clients, so that from there you can have a basis on whether you will deal with them or not.

3. If in case you are already on the auto repairs shop proper, what you have to do is to first verify from them the steps that they will be doing on fixing your car for you to check their knowledge and confidence on the problem.

4. Ask referrals from friends and relatives- among all people, friends and relatives are the most credible people to ask about this. You may ask them on their experiences on different auto repairs shop and from there, try considering some.

5. Repairing experience of the employee- learn the basic information of the employees of the shop. This will be a background check on them for you to have a hold on them if in any case worst things happen. Also, know their length of service and how they work throughout that length of time. This will give you an idea on how they will be performing towards the repair of your car.

These are just few things to consider in terms of looking for the best auto repairs Rogers Ar shop. This might appear so tedious, but this will help. Remember, cars are expensive. You might not want to lose one just because of improper service.

Monday, November 12, 2012

Feud-weary Japanese auto part firms fleeing China


THE STAR reports:

After anti-Japan protesters in China smashed cars and torched dealerships, Koito Manufacturing Co. suspended a plan to triple output in the country.

With a new factory half-built, Koito — a Toyota Motor Corp. supplier — reasoned that it may no longer need it.

“Demand from automakers is unclear, so we don’t know how long we will have to freeze the project,” said Shinji Karasawa, spokesman for the Tokyo-based headlight maker.

Along with Koito, Japanese parts-makers including Sumitomo Electric Industries Ltd. and Toyo Tire & Rubber Co. are rethinking plans to expand in China, where Toyota’s sales plunged 41 per cent in September as demonstrations over disputed East China Sea islands flared. The manufacturers are focusing expansion plans on Thailand, Vietnam, Myanmar, Indonesia and Cambodia, a sign that this year’s drop in Japanese investment in China may deepen next year, crimping bilateral trade that has tripled to $340 billion in the last decade.

“Our board members had been vaguely wondering if we should move future production out of China; then the protests prodded us to decide to accelerate planning toward moving out,” said Masayoshi Matsumoto, president of Sumitomo Electric, the world’s second-biggest maker of wiring harnesses.

Click here to read more.

Friday, November 9, 2012

Toyota targets 1m vehicles annually

Bangkok Post reports:


Toyota plans to build as many as 1 million vehicles a year in Thailand in the near future.

Toyota Motor Corporation president Akio Toyoda gives a presentation at Thursday’s ceremony in Bangkok marking the 50th anniversary of the Japanese carmaker’s Thai operations.

Akio Toyoda, the president of Toyota Motor Corporation, revealed the plan at a ceremony in Bangkok on Thursday celebrating the 50th anniversary of the Japanese carmaker's Thai operations.

Click here for more information…


Sunday, November 4, 2012

Isuzu sales seen hitting new high of 210,000 this year


THE NATION: Tripetch Isuzu Sales Co expects to see its sales reach a new high of 210,000 units this year due mainly to the launch of the redesigned Isuzu D-Max pickup in October 2011, last year's floods and the government's first-time-car-buyer tax break.

Tripetch president Hiroshi Nakagawa said the overall Thai automotive industry had expanded to record highs, and Isuzu's sales volume had also grown to its highest point this year.

At the end of September, Isuzu sales already totalled 200,000 units, compared with 130,00 for all of last year. Its previous sales record was 160,000 units in 2005.

Because of high demand for its pickups and a delivery delay of three to four months after last year's floods, Isuzu recently raised its production capacity through a new Bt6.5-billion plant at Gateway City Industrial Estate. The new plant commenced production last month.

Isuzu also has a plant in Samut Prakan. When production at the two plants is fully merged in February, annual production capacity will reach 400,000 units.

Read more here.

Thursday, November 1, 2012

GM to introduce Chevrolet Spin in Thailand mid 2013


The US carmaker will introduce a new-generation MPV, the Chevrolet Spin, in Thailand in the second half of next year, a multipurpose seven-seater that will be assembled in Indonesia.

GM Thailand has enjoyed strong local sales growth this year after boosting its presence in the rapidly growing Thai automobile market with three new models designed to appeal to a large cross-section of buyers.

In the first nine months of this year, GM had sold 52,945 vehicles in Thailand for a 5.36% market share compared with 32,000 sold for all of last year.

By comparison, Chevrolet sold only 3,739 vehicles in Indonesia for a 0.49% market share and 1,533 cars in the Philippines for a 1.17% share.

"GM Thailand expects to record 130% sales growth this year, the highest performance among our group's operating units globally, followed by Poland with 53% and South Korea with 20.3%," said Laurent Berthet, the communications director for Southeast Asia.

"Thailand ranks 11th for us in terms of market share."


http://www.bangkokpost.com/business/marketing/319188/gm-moving-towards-a-larger-local-presence


Next target: 3 Million cars per year…..

From a BANGKOK POST Interview with Thavorn Chalasthien, assistant secretary of the Human Capacity Building Institute, Federation of Thai Industries (FTI):


It took half a century for the Thai automobile industry and tremendous efforts from both government and private sectors to achieve annual production of 2 million vehicles.

Thavorn Chalasthien
Today, this industry has grown into one of the country's strategic industries that generates billions of baht for Thailand.

Indeed, the auto parts sector is the heart of the Thai automobile industry. But what's important is creating stability for Thailand as a sustainable auto production and export hub, and this will depend on a number of key factors.

Hundreds of billion baht have been invested in the Thai auto industry, with over Bt100 billion going for research and development.

The next target for the industry is to produce 3 million vehicles per year for supplying the Asia-Pacific and global markets. There is also a good possibility that Thailand will replace other countries as the manufacturing hub for many brands, due to its strong foundation that includes the auto parts industry.


Read more here.


Nissan's plan for expansion

NISSAN Thailand plans to significantly increase capacity...said Friday it would spend about 358 million to build its second auto assembly plant in Thailand, as it ramps up production away from its costly home base of Japan.


The new plant in Samut Prakan province will be constructed close to  Nissan’s existing factory near Bangkok, which employs about 6,000 people.  

Takayuki Kimura, President Nissan Thailand
Nissan’s plant emerged largely unscathed from record flooding last year  that dented Japanese firms operating in the country, although it temporarily  stopped production due to a parts shortage  
Japan’s second-biggest automaker said it would initially build 75,000  vehicles at the new plant, scheduled to open in August 2014, before expanding  annual output to 150,000 units

Read more:

Nissan plans to double Thai Output - Bangkok Post

Nissan to build new auto plant in Thailand - Latest - New Straits Times