The company's charm offensive appears to be working. It has managed to keep its creditors at bay and its share price is now trading at around 700 baht, up from a low of 168 baht last year. Cash flow is also picking up. Chumpol says the company has never missed an interest or principal payment. With its professional management and royal connections, Siam Cement has even been able to obtain new credit lines from local banks to pay long-term debts coming due this year.
Analysts gush over the company's new transparency and commitment to change.
About the worst anyone can say is that it has become adept at managing expectations. They avoid giving the market bad news without a solution. The company, for example, always couples discussions of debt coming due with proof of how it will make its payments. According to its restructuring blueprint, cement, petrochemicals and paper will remain Siam Cement's core businesses. Peggy Creveling, head of research at Paribas in Bangkok, likes the plan but says it may not go far enough.