Everyone has a favourite way of telling when bubbles are forming. Tried-and-tested examples include when Japanese groups buy golf courses, when new media buy old and when banks rush to lend to the uncreditworthy. Now Thailand is adding its own: when the country’s largest convenience store owner undertakes the biggest domestic deal to date buying the country’s largest cash and carry operator. Betting on Thailand’s rising income levels is one thing. But paying $6.6bn – an aisle-busting 53 times last year’s earnings, or 44 times expected 2013 profits – is just too much.
每個人都有自己最喜歡的方式來判斷泡沫正在形成。久經驗證的例子包括：日本集團收購高爾夫球場、新媒體收購老牌媒體，以及銀行爭先向信用不佳者放貸。現在泰國也貢獻了自己的方式：該國最大的便利商店所有者發起迄今最大一筆國內交易，擬收購該國最大的現購自運經營商。押注泰國日益成長的收入水準是一回事。但支付66億美元（相當於去年利潤的53倍、2013年預期利潤44倍的驚人價格）實在是太多了。