Aberdeen Asset Management Company Limited today announced the re-launch of its Aberdeen Global Emerging Growth Fund (ABGEM), which invests in units of a foreign fund, Aberdeen Global – Emerging Markets Equity Fund (Master Fund).
Aberdeen Global Emerging Growth Fund (ABGEM) has been launched since 2 April 2008 and the current fund size as of 28 October 2009 is 436.13 Million Baht.
Mr. Andrew Gillian, Investment Manager covering Asian Equities and Global Emerging Markets with Aberdeen Asset Management Asia Limited shared his outlook on the emerging markets opportunities that “Valuations in Asia and Emerging Markets still look reasonable relative to historic levels, albeit expectations are for a decent recovery in earnings in 2010. For this positive momentum to continue, profit growth will have to meet investor’s expectations. At Aberdeen, our focus remains on the underlying companies that we invest in rather than looking at liquidity or other investors’ expectations. We still identify good long-term investment opportunities in both Asia and Emerging Markets.”
“The areas where there is less doubt about growth are the emerging and Asian countries. A combination of buoyant commodity prices, substantial public expenditure and loose monetary policies, has boosted prospects in these regions where the impact of the financial crisis was less severe (Asian countries experienced their own banking crises in 1997 and have learnt from it).”
Mr. Chaikaseam Vadhanasiripong, Head of Fund Distribution Sales added that “Global emerging markets (GEMs) have been setting a fast pace in recent years. Since the 1970s, they have evolved from low cost locations for foreign manufacturing to centres of outsourcing expertise, driven by the forces of globalisation. More recently, GEMs have produced their own world class multinationals in industries as diverse as consumer electronics, semiconductors, aircraft manufacturing, shoes and shipbuilding. These companies do not rely upon cheap labour or easy access to commodities, but on “man-made” factors such as an emphasis on technology and design and a relentless focus on superior execution and quality. Thus the appeal of GEMs lies not only in their diversity, but as a hunting ground for the next global leaders.”
“Furthermore, we have the promotional campaign during November 1 – 30, 2009 for investment amount of every THB 1 million* in Aberdeen Global Emerging Growth Fund (ABGEM) and Aberdeen Asia Pacific Equity Fund (ABAPAC).”
Thursday, November 19, 2009
Thursday, November 12, 2009
ELECTRONICS, IT FIRMS GEAR UP FOR RISING DEMAND
Thai electronics and information-technology firms are planning to expand their businesses as the global economic recovery gathers pace, which will boost the need for higher capacity and more outlets.
Stars Microelectronics (Thailand), an electronics-maker, plans to invest Bt150 million next year to increase capacity at its two business lines, microelectronic manufacturing assembly (MMA) and integrated circuitry (IC).
CEO and co-founder Polsak Lertputipinyo yesterday said the company would increase IC capacity from 800 million units per year to around 1.4 billion by the end of 2010. Meanwhile, it will raise MMA production capacity to 90 million units per annum from 80 million units per annum from 80 million this year.
At present, IC products contribute 20 per cent of Stars' revenue, with the majority generated from MMA products. The company expects revenue from IC products to increase to around 30 per cent next and be on a par with MMA within three years.
The company aims to maintain revenue growth at around 15 per cent per annum.
Polsak said the key product driver for the company's IC business was its Tyre Pressure Monitoring System, which the company supplies to leading auto-parts customers around the world. Orders have increased by 60 per cent from last year. Stars plans to raise production capacity to more than 3 million units per month from the current 2 million.
Regarding the company's MMA business, orders of hard disks for laptop computers have increased by 70 per cent.
Western Digital, the world's second-largest manufacturer of hard disk drives, has confirmed increased orders of 60 per cent until the middle of next year.
Stars has also seen a rise in orders from smart-phone manufacturers as worldwide sales climb. The company generated revenue of Bt7.6 billion and net profit of Bt189 million in the first nine months of the year. For this year, it predicts net profit will slightly exceed the Bt210 million reported last year.
Meanwhile, Supant Mongkolsuthree, CEO of Synex (Thailand), a leading importer and distributor of computers and IT-related equipment, said the company had upped its revenue growth target for this year to 15 per cent from 5 per cent, after signing a contract to become the sole distributor of Seagate's hard disk drives.
The move was despite industry forecasts that the value of the computer hardware market this year would drop 5 per cent from last year to Bt70 billion.
Stars Microelectronics (Thailand), an electronics-maker, plans to invest Bt150 million next year to increase capacity at its two business lines, microelectronic manufacturing assembly (MMA) and integrated circuitry (IC).
CEO and co-founder Polsak Lertputipinyo yesterday said the company would increase IC capacity from 800 million units per year to around 1.4 billion by the end of 2010. Meanwhile, it will raise MMA production capacity to 90 million units per annum from 80 million units per annum from 80 million this year.
At present, IC products contribute 20 per cent of Stars' revenue, with the majority generated from MMA products. The company expects revenue from IC products to increase to around 30 per cent next and be on a par with MMA within three years.
The company aims to maintain revenue growth at around 15 per cent per annum.
Polsak said the key product driver for the company's IC business was its Tyre Pressure Monitoring System, which the company supplies to leading auto-parts customers around the world. Orders have increased by 60 per cent from last year. Stars plans to raise production capacity to more than 3 million units per month from the current 2 million.
Regarding the company's MMA business, orders of hard disks for laptop computers have increased by 70 per cent.
Western Digital, the world's second-largest manufacturer of hard disk drives, has confirmed increased orders of 60 per cent until the middle of next year.
Stars has also seen a rise in orders from smart-phone manufacturers as worldwide sales climb. The company generated revenue of Bt7.6 billion and net profit of Bt189 million in the first nine months of the year. For this year, it predicts net profit will slightly exceed the Bt210 million reported last year.
Meanwhile, Supant Mongkolsuthree, CEO of Synex (Thailand), a leading importer and distributor of computers and IT-related equipment, said the company had upped its revenue growth target for this year to 15 per cent from 5 per cent, after signing a contract to become the sole distributor of Seagate's hard disk drives.
The move was despite industry forecasts that the value of the computer hardware market this year would drop 5 per cent from last year to Bt70 billion.
Stars aims to beat 2008 profit
Stars Microelectronics is confident that this year's profits will exceed last year's thanks to a shift to higher-margin integrated-circuit operations and improved demand with the global economic recovery.
The company reported nine-month profit of 188.13 million baht, up from 165.68 million in the same period last year.
Third-quarter profit rose to 73.68 million baht, up from 62.34 million in the same period last year.
Stars reported 2008 profits of 200.9 million baht on revenues of 12.12 billion.
While 2009 revenues are likely to fall short of last year's performance - ninemonth revenues totalled 7.5 billion baht - chief executive Polsak Lertputipinyo said profit would rise thanks to higher revenues from Stars' IC business.
Stars (SMT) is an integrated electronics manufacturing services provider with two main business lines: microelectronic manufacturing assembly (MMA), which contributes 70-80% of total revenues,and integrated circuits (IC), which accounts for the rest.
The company is investing 100 million baht to expand its IC manufacturing capacity by 50% to 1.2 million pieces per year.
The company has already committed 50 million baht for the project, with the remainder to be spent in the first quarter of 2010, said Mr Pinyo.
SMT also plans to invest another 100 million baht in 2010 to further expand its IC operations.
"We are confident in any case that the company this year will meet or exceed last year's net profit," he told investors at a briefing yesterday.
"The fourth quarter of this year will see our highest revenues ever, with 60%sales growth from our clients in the hard-disk industry. We have also received new orders from several multinational firms, including the world's fifth-largest semiconductor manufacturer and another a leading firm in the credit card market."
At the end of the third quarter, SMT's return-on-equity was 18.4%, down from 21.3% at its entry in the Stock Exchange of Thailand in September, he added.
Debt-to-equity remains a relatively low 1.1 times, down from 2.48 times prior to its initial public offering.
The listing allowed the company to reduce its debt burden and interest expenses by 20 million baht per year.
Stars' valuation is seven times earnings compared with a sector average of eight to 12 times.
SMT floated 92 million shares in its IPO at a price of 4.95 baht each. Shares of SMT closed yesterday at 6.25 baht,down five satang, in trade worth 11.35 million.
The company reported nine-month profit of 188.13 million baht, up from 165.68 million in the same period last year.
Third-quarter profit rose to 73.68 million baht, up from 62.34 million in the same period last year.
Stars reported 2008 profits of 200.9 million baht on revenues of 12.12 billion.
While 2009 revenues are likely to fall short of last year's performance - ninemonth revenues totalled 7.5 billion baht - chief executive Polsak Lertputipinyo said profit would rise thanks to higher revenues from Stars' IC business.
Stars (SMT) is an integrated electronics manufacturing services provider with two main business lines: microelectronic manufacturing assembly (MMA), which contributes 70-80% of total revenues,and integrated circuits (IC), which accounts for the rest.
The company is investing 100 million baht to expand its IC manufacturing capacity by 50% to 1.2 million pieces per year.
The company has already committed 50 million baht for the project, with the remainder to be spent in the first quarter of 2010, said Mr Pinyo.
SMT also plans to invest another 100 million baht in 2010 to further expand its IC operations.
"We are confident in any case that the company this year will meet or exceed last year's net profit," he told investors at a briefing yesterday.
"The fourth quarter of this year will see our highest revenues ever, with 60%sales growth from our clients in the hard-disk industry. We have also received new orders from several multinational firms, including the world's fifth-largest semiconductor manufacturer and another a leading firm in the credit card market."
At the end of the third quarter, SMT's return-on-equity was 18.4%, down from 21.3% at its entry in the Stock Exchange of Thailand in September, he added.
Debt-to-equity remains a relatively low 1.1 times, down from 2.48 times prior to its initial public offering.
The listing allowed the company to reduce its debt burden and interest expenses by 20 million baht per year.
Stars' valuation is seven times earnings compared with a sector average of eight to 12 times.
SMT floated 92 million shares in its IPO at a price of 4.95 baht each. Shares of SMT closed yesterday at 6.25 baht,down five satang, in trade worth 11.35 million.
Sunday, November 8, 2009
Delta may miss $1bn revenue goal
SET-listed Delta Electronics (Thailand)Plc expects its revenue to miss the target of US$1 billion this year despite improving sales in the third quarter and the high growth of its Indian business.
Although the global electronics industry has generally recovered, the telecom segment and the European market have yet to pick up, said executive director Anusorn Muttaraid.
Corporate spending on electronic equipment has remained low in the face of global economic crisis while banks are still reluctant to extend loans to the corporate sector, he added.
"The third-quarter results are better than those of the previous one. Business in India reported a relatively high growth but it should be better than that," he said.
He declined to elaborate further,pending the formal release of results to the Stock Exchange of Thailand.
"Purchasing power is still low and we might have to wait until the end of this year and early 2010 for corporate investment to pick up. Consequently,I don't think our revenue will reach $1 billion as projected," he said.
Delta posted total revenue of 6.06 billion baht in the second quarter, down 27.3% from the same period of 2008,as the global recession caused a significant drop in sales of IT and consumer electronic products. Net profit fell 50% year-on-year to 301 million baht. In the first six months, sales were 12.56 billion baht with net profit of 812 million, down from 1.42 billion a year earlier.
Analysts are upbeat about Delta's third-quarter results, expected to be released late next week, projecting earnings to more than double from three months earlier.
KGI Securities forecasts Delta's net profit will reach 700 million baht in the quarter to September, up 133%quarter-on-quarter, but down 20.7%from the same period of last year.
The brokerage raised Delta's 2009 earnings estimate by 3.8% to 2.3 billion baht with a target price of 21.10 baht per share.
Kim Eng Securities, meanwhile, is more conservative about this year's outlook, seeing a recovery of power supply systems in the European and Indian markets in the fourth quarter.
But Kim Eng expects an improvement in the world's financial sector and recovery in the electronics industry will help lift Delta's earning by 28% to 3 billion baht next year.
Mr Anusorn added that the company plans to set up a subsidiary in Singapore next year when the Asean Free Trade Area (Afta) integrates Southeast Asian nations into a single production base.
The Singapore unit will help facilitate Delta's further expansion to the Middle East and to African countries, given the island state's more favourable tax system than Thailand's for making investment abroad.
DELTA shares closed yesterday on the SET at 17.30 baht, up 10 satang, in trade worth 18.37 million baht.
Although the global electronics industry has generally recovered, the telecom segment and the European market have yet to pick up, said executive director Anusorn Muttaraid.
Corporate spending on electronic equipment has remained low in the face of global economic crisis while banks are still reluctant to extend loans to the corporate sector, he added.
"The third-quarter results are better than those of the previous one. Business in India reported a relatively high growth but it should be better than that," he said.
He declined to elaborate further,pending the formal release of results to the Stock Exchange of Thailand.
"Purchasing power is still low and we might have to wait until the end of this year and early 2010 for corporate investment to pick up. Consequently,I don't think our revenue will reach $1 billion as projected," he said.
Delta posted total revenue of 6.06 billion baht in the second quarter, down 27.3% from the same period of 2008,as the global recession caused a significant drop in sales of IT and consumer electronic products. Net profit fell 50% year-on-year to 301 million baht. In the first six months, sales were 12.56 billion baht with net profit of 812 million, down from 1.42 billion a year earlier.
Analysts are upbeat about Delta's third-quarter results, expected to be released late next week, projecting earnings to more than double from three months earlier.
KGI Securities forecasts Delta's net profit will reach 700 million baht in the quarter to September, up 133%quarter-on-quarter, but down 20.7%from the same period of last year.
The brokerage raised Delta's 2009 earnings estimate by 3.8% to 2.3 billion baht with a target price of 21.10 baht per share.
Kim Eng Securities, meanwhile, is more conservative about this year's outlook, seeing a recovery of power supply systems in the European and Indian markets in the fourth quarter.
But Kim Eng expects an improvement in the world's financial sector and recovery in the electronics industry will help lift Delta's earning by 28% to 3 billion baht next year.
Mr Anusorn added that the company plans to set up a subsidiary in Singapore next year when the Asean Free Trade Area (Afta) integrates Southeast Asian nations into a single production base.
The Singapore unit will help facilitate Delta's further expansion to the Middle East and to African countries, given the island state's more favourable tax system than Thailand's for making investment abroad.
DELTA shares closed yesterday on the SET at 17.30 baht, up 10 satang, in trade worth 18.37 million baht.
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