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MARKETS

Thai bourse ends 2012 with spectacular performance

ACHARA DEBOONME

THE NATION

BANGKOK: -- The Thai stock exchange witnessed a spectacular performance in 2012, driven by the strong domestic economy, which concurrently strengthened Thai companies financially and drew huge foreign fund inflows.

Though failing to sustain the 1,400-point psychological high, which it briefly achieved yesterday, the Stock Exchange of Thailand composite index gained 36.06 per cent to end the year at 1,391.93 points, making it one of the best performers in the world. Market capitalisation rose 41 per cent year on year to Bt11.83 trillion.

Thanks to quantitative easing in developed economies and the strong domestic economy that attracted such "hot money", foreign investors ended the year as net buyers, with purchases outpacing sales by Bt76 billion, against net sales of Bt5 billion in 2011, according to SET data.

The net-buy position hit Bt86 billion after big-lot adjustment, the highest since 2005, according to Asia Plus Securities. The securities house foresees a modest rise in 2013, because of the hefty increase this year, despite the continued growth in listed companies' earnings. Earnings-per-share growth is estimated at 15 per cent next year.

The spectacular statistics were revealed on the same day that a Bank of Thailand official hinted at possible upward revision next month in the 2013 economic forecast. The revision may be made when the Monetary Policy Committee (MPC) convenes on January 9.

The official said there was a good chance that gross domestic product would expand beyond the recently forecast 4.6 per cent. The projection for this year is maintained at 5.7 per cent, putting Thailand among the top 10 countries with the strongest economic growth.

Rahul Bajoria, an analyst at Barclays Research, said in a research note that there was little chance that the MPC would cut the policy rate at the January 9 meeting, unless the global economy experienced a severe downturn that would affect the recovery in exports.

After single-digit growth this year, Thailand's exports, which constitute 70 per cent of GDP, are expected to grow nearly 10 per cent next year. Tourism authorities are convinced that Thailand will achieve the target of welcoming 22 million tourists this year with the aim to push tourism revenue to Bt2 trillion by 2015. The tourism industry generates about 6-8 per cent of GDP.

The strong post-flood recovery of the Thai economy has boosted investment sentiment. The floods were highlighted as the main catalyst driving the government to make enormous investments on infrastructure work, which would spark new private investment and sustain the economic growth amid declining export demand.

As foreign funds flowed to Thai shares and bonds, the SET Index hit a number of 16-year highs during 2012. On December 27, the index hit 1,397.19 points, the highest in 16 years and 10 months.

Thai companies are also boosting investment in and out of the country. And the stock market's rise offered a golden chance to raise cheap funds.

A total of 154 listed companies made public offers to raise a total of Bt262 billion, the highest in 10 years. The biggest fund-mobilisation deal was from PTT Exploration and Production, worth Bt92 billion - which is also the biggest public offer by a listed company since the stock exchange was established 38 years ago. Trailing behind was Krungthai Bank, which raised Bt35 billion.

Paveena Sriphothong, head of the SET Issuer and Listing Group, said that with the high share prices, companies could raise their targeted amount issuing fewer shares. This in effect limited the dilution effect - the negative impact on existing earnings per share.

"Listed companies' fund mobilisation strengthened them them financially and supported their business expansion," she said.

-- The Nation 2012-12-29

[tragickingdom]

So it is proven again that a non royalist government is good for everyone. Under Thaksin the bourse rose spectacular under his sister too. Let Abhisit do the explaining.

[Naam]

So it is proven again that a non royalist government is good for everyone. Under Thaksin the bourse rose spectacular under his sister too. Let Abhisit do the explaining.

perhaps you can explain why the SET (Stock Exchange of Thailand) rose under Abhisit from 387 to 1,110 = ~+287% and since Ms Yingluck took over from 1,110 to 1,392 = ~+26%

[fletchsmile]

Yes, very good year

Including divs that would be around 40% for the SET

Aberdeen Growth and Aberdeen LTF outperformed it again, up around 53% (excluding any tax benefit for the LTF).

For someone who pays tax at the top rate of 37%, that would have meant every THB 100 invested in ABLTF at the start of the year effectively would have cost THB 63 and now be worth around THB 153, more than doubling your money for a gain of over 140%

[BlackJack]

I like the top ten fund from Bualuang Securities

fantastic returns

[jaysg]

Numerous factors in play. Not only the policies of Thai govt but global demand and sentiments also plays important part.

Anyway, a new year of hope and prosperity awaits! Cheerio!

[LeeKat]

The year 2013 will be a promising year indeed!

[Rancid]

The year 2013 will be a promising year indeed!

Indeed with most of the West now in so much debt that we are almost at the stage where taxes won't even cover the interest payments anymore, how you could get more promising economic news than that? With Euro countries like Spain, Greece etc experiencing more than 50% youth unemployment on top of huge enslaving debts to the bankers, now that is something to generate optimism. Indeed even without talking about collapsing manufacturing and worldwide money printing things have never looked better, be sure to arrange your personal finances according to the upcoming boom so you can cash in. No doubt it will be an interesting year.

[samran]

Yes, very good year

Including divs that would be around 40% for the SET

Aberdeen Growth and Aberdeen LTF outperformed it again, up around 53% (excluding any tax benefit for the LTF).

For someone who pays tax at the top rate of 37%, that would have meant every THB 100 invested in ABLTF at the start of the year effectively would have cost THB 63 and now be worth around THB 153, more than doubling your money for a gain of over 140%

Indeed - my ING Good Corporate Governance Long Term Fund is up around 53% or so as well.

[fletchsmile]

Yes, very good year

Including divs that would be around 40% for the SET

Aberdeen Growth and Aberdeen LTF outperformed it again, up around 53% (excluding any tax benefit for the LTF).

For someone who pays tax at the top rate of 37%, that would have meant every THB 100 invested in ABLTF at the start of the year effectively would have cost THB 63 and now be worth around THB 153, more than doubling your money for a gain of over 140%

Indeed - my ING Good Corporate Governance Long Term Fund is up around 53% or so as well.

That's better than mine then as my ING Good Corporate Governance LTF was up just under 51% Still we mustn't grumble.

Shame that UOB have bought out ING, as I found them ING a good alternative to Aberdeen. I'll be holding on to our ING funds for now, but monitoring how things go....

[samran]

Yes, very good year

Including divs that would be around 40% for the SET

Aberdeen Growth and Aberdeen LTF outperformed it again, up around 53% (excluding any tax benefit for the LTF).

For someone who pays tax at the top rate of 37%, that would have meant every THB 100 invested in ABLTF at the start of the year effectively would have cost THB 63 and now be worth around THB 153, more than doubling your money for a gain of over 140%

Indeed - my ING Good Corporate Governance Long Term Fund is up around 53% or so as well.

That's better than mine then as my ING Good Corporate Governance LTF was up just under 51% Still we mustn't grumble.

Shame that UOB have bought out ING, as I found them ING a good alternative to Aberdeen. I'll be holding on to our ING funds for now, but monitoring how things go....

Must have been a rounding error