Nomura analysts reported Thai Q4 earnings disappointed due to the mourning period for the late King and a crackdown on cheap Chinese package tours. The year-long mourning period for King Bhumibol Adulyadej, who died last October, included a 30 day moratorium on “entertainment” immediately following his death. The impact weighed on domestic sectors such as retailers, restaurants, hotels, transport, and media. A campaign initiated last year to crackdown on so-called “zero dollar” Chinese tourists, who came to the country as part of inexpensive package tours also weighed on tourism numbers. Banks and utilities were as expected, while telecom results were mixed. Outperformers included contractors and, somehow, shopping malls.