Seeking Alpha

Thai Capital Fund (TF)

TF is defunct.
  • Jun. 16, 2014, 12:04 PM
    • Thailand gained 1.1% overnight, putting the SET Index in bull market territory (20% above this year's low) amid hope the military takeover will stabilize things enough for the economy to get motoring again. An index of consumer confidence rose to 70.7 in May from 67.8 in April, the first gain in 14 months.
    • Last week, the military lifted the curfew in Bangkok after earlier easing restrictions on Thailand's main tourist cities.
    • ETFs: THD
    • CEF: TTF, TF
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  • Jan. 7, 2014, 8:49 AM
    • Thai stocks (THD, TF, TTF) surge 2.6% in Bangkok.
    • "Higher oil prices bolstered buying in energy stocks," Reuters notes.
    • While the SET may be seeing some bargaining hunting at present, investors will be watching the political situation closely, as protestors have pledged to literally shutdown the capital on January 13; a show of defiance ahead of new elections planned for February.
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  • Jan. 5, 2014, 10:48 AM
    • There are now very real questions as to "how long Thailand's vast tourism industry can withstand the political pressure ahead of what could be some of the largest protests the country has seen thus far," the WSJ says.
    • Demonstrators loyal to opposition leader Suthep Thaugsuban took to the streets in Bangkok Sunday and are reportedly planning their most ostentatious rally yet later this month.
    • Although tourism in the country has proven resilient, the Journal notes that this time may indeed be different: "Singapore Airlines ... said it would cancel 19 flights to [Bangkok] between Jan. 14 and Feb. 25 as demand dwindles [and] hotel occupancy [is expected] to fall to 70-75% in Q1 compared with a more usual 80%."
    • Meanwhile, Thai stocks (THD, TF, TTF) are off to their worst start for a year since 1988.
  • Jan. 3, 2014, 9:34 AM
    • The SET Index (THD, TF, TTF) falls 0.5%, adding to Thursday's 5.2% decline — Thursday marked the worst start to a year for the country's equity market in at least two and a half decades.
    • Thai shares are now trading at around 10.5X forward earnings, which is the cheapest they've been since the summer of 2012.
    • "Market sentiment is very weak with no foreseeable solution on the current political deadlock in the near future,” the CIO of the country's largest private money manager tells Bloomberg.
    • In other regional action, Indonesian shares (IDX, IDXJ, EIDO) are lower by 1.6% and stocks in Malaysia (EWM) fall nearly 1%.
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  • Dec. 27, 2013, 11:32 AM
    • Thai shares (THD, TF, TTF) slip again, falling 0.75% in Bangkok.
    • The country's army chief today indicated that contrary to earlier reports, a military coup is not out of the question. "I won’t say open or closed. Everything depends on the situation," Prayuth Chan-ocha said.
    • Meanwhile, the baht hit its lowest level since 2010 on capital outflow worries.
    • For more on the political situation in Thailand, see here.
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  • Dec. 26, 2013, 8:33 AM
    • Thai shares (THD, TF, TTF) fall under pressure as the country's Election Commission suggests the country should postpone elections scheduled for February, as political turmoil persists.
    • Not helping matters is a downward revision to the Finance Ministry's 2013 and 2014 GDP growth forecasts.
    • The office now sees 2.8% growth this year and a 4% expansion next year, versus previous estimates of 3.7% and 5.1%, respectively.
    • SET index -1.8%.
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  • Dec. 25, 2013, 5:44 PM
    • Thailand's Internal Security Act will be in effect for at least two more months, a government official says. The measure gives the police expanded powers as they attempt to manage the country's increasingly fragile political situation.
    • Meanwhile, Prime Minister Yingluck Shinawatra has suggested that a 499-member National Reform Council be appointed to address possible changes to the country's constitution and electoral process.
    • The opposition — who would generally prefer that no party linked to Yingluck's brother Thaksin Shinawatra be allowed to rule — claims the council would be beholden to Yingluck. "It is certain that she will interfere with the proposed council," an opposition spokesperson says.
    • Thai stocks (THD, TF, TTF) are on watch as it remains to be seen whether protesters will make good on their promise to disrupt new elections set for February. The SET edged up 0.4% Wednesday.
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  • Dec. 23, 2013, 10:03 AM
    • Thai shares (THD, TF, TTF) slide 1.2% in Bangkok as political turmoil intensifies.
    • Protestors have taken recently to surrounding Prime Minister Yingluck Shinawatra’s home and are now attempting to disrupt new elections.
    • Amid the strife, the baht hit its lowest level in nearly four years — Thai shares have seen foreign outflows "for nearly every session since November," Reuters notes.
    • Other Southeast Asian markets are quiet. Shares in Singapore (EWS, EWSS) are up 0.7%.
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  • Dec. 17, 2013, 10:15 AM
    • Thai (THD, TF, TTF) and Indonesian (IDX, EIDO, IDXJ) shares rebound from multi-month lows, rising 0.7% and 1.4%, respectively.
    • Also rallying today are Philippine shares (EPHE), up 2% in Manila.
    • Southeast Asian investors will be watching the Fed closely for hints about the taper, as many commentators still believe emerging markets will suffer once the FOMC begins to pare its asset purchases.
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  • Dec. 9, 2013, 10:43 AM
    • Thai stocks (THD, TF, TTF) hold up well in the face of Prime Minister Yingluck Shinawatra's move to dissolve parliament and hold snap elections.
    • The SET is up 0.4% in Bangkok.
    • Elsewhere in the region, Malaysian (EWM) and Indonesian (IDX, EIDO, IDXJ) shares rally 0.8%.
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  • Dec. 8, 2013, 10:07 PM
    • On watch this week are Thai stocks (THD, TF, TTF) as Prime Minister Yingluck Shinawatra has dissolved Parliament amid escalating political tensions.
    • Yingluck says there will now be "new elections according to the democratic system."
    • The move comes as protesters are set to march on the prime minister's office Monday.
    • Last week ended quietly as protesters and administration supporters paused to observe the king's birthday.
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  • Dec. 6, 2013, 9:18 AM
    • Thai stocks (THD, TTF, TF) fall 1.1% in Bangkok after a seventh consecutive session of net foreign outflows ($115M according to Reuters).
    • Politically the country enjoyed a relatively calm day as protesters and administration supporters pause in observance of the king's birthday.
    • In other regional action, Indonesian shares (IDX, IDXJ, EIDO) slide 0.9% in Jakarta to a three-month low.
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  • Dec. 4, 2013, 8:41 AM
    • Nothing to see here. "There will be no coup as we believe the tension is easing and everything will be back to normal soon," Thailand's navy chief says, allaying fears that the country may see its 19th attempted military coup in the past 80 years.
    • Although Prime Minster Yingluck Shinawatra's government continues to trade harsh words with opposition leader Suthep Thaugsuban, the administration's willingness to allow protesters to enter government ministries is seen as a sign that violent upheaval is likely off the table.
    • Thai shares (THD, TTF, TF) are relatively calm, slipping 0.5% in Bangkok.
    • Elsewhere in the region, markets in Indonesian (IDX, EIDO, IDXJ) and the Philippines (EPHE) slide more than 1% each.
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  • Dec. 3, 2013, 9:36 AM
    • Thai shares (THD, TTF, TF) rise 0.7% in Bangkok. Investors are hopeful that a move by Yingluck Shinawatra to allow demonstrators to reach government buildings will ease tensions.
    • Elsewhere in the region, Indonesian (IDX, IDXJ, EIDO) and Philippine (EPHE) shares fall 0.8% and 0.7% respectively.
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  • Dec. 1, 2013, 11:40 AM
    • Thai shares (THD, TF, TTF) will be on watch in the coming week as anti-government protests have intensified over the past several days, leaving at least four dead.
    • Supporters of former deputy prime minister and opposition leader Suthep Thaugsuban stormed the Department of Special Investigation and Thailand's PBS channel on Saturday.
    • The protesters want Prime Minister Yingluck Shinawatra out — the defeat of a bill that would have given her brother Thaksin Shinawatra amnesty wasn't enough to assuage the administration's opponents, who reportedly want to "get rid of the Thaksin system" altogether.
    • "Parties linked to Thaksin have won the past five elections [while] Democrats haven’t won a national poll in more than 20 years," Bloomberg notes.
    • For more on the situation, see here.
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  • Nov. 27, 2013, 9:23 AM
    • Thai shares (THD, TF, TTF) rally 1.1% in Bangkok as the Thai central bank surprises with a 25 bps rate cut.
    • The vote was 6-1, with committee members citing "weaker than expected" Q3 growth and a lackluster recovery in exports.
    • Also mentioned was the fractious political environment: "There are downside risks to growth stemming from delay in government investment and fragile private confidence, which could be compounded by [the] ongoing political situation." (Full statement)
    • The central bank's move comes as Thai protestors "stormed" the finance ministry and surrounded the interior ministry earlier this week. BBC describes the bizarre scene: "A protest movement armed with little more than whistles and plastic hand-clappers has been able to mount what comes close to an insurrection against the government, in a middle-income country and economic hub for the South East Asian region."
    • For more, see here.
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Company Description
Currently, there's no company description for TF.
Sector: Financial
Country: Thailand