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.
Investors prefer to see management concentrating on one that they do well.
While Siam Cement will remain a conglomerate, it's likely to become a much leaner machine. It has sold four of its 200-odd subsidiaries already and hopes to sell scores more in the coming years. The company also has divided its businesses among nine newly incorporated holding companies and released financial data for each. The company plans to sell its stakes in nearly 60 joint ventures in industries ranging from steel to glass. If everyone gets out, you're fine.