MFC celebrates its 35th anniversary with increased focus on “Customer Centric” strategy and a goal to become consumer’s name of choice through delivery of impressive fund performance and excellent services. To reinforce its status as the trusted financial brain for all groups of investors, MFC is poised to expand its customer base to the young generation and retirees and is fully ready to support government’s projects as professional advisors, in addition to a strong commitment in corporate social responsibility. The company expects its net asset value (NAV) to grow 27.79% from 234,742 million baht in 2009 to 300,000 million baht this year.
Dr. Pichit Akrathit, President of MFC Asset Management Plc. (MFC), announced as the company entered its 35th year of operation that, MFC would continue to focus on “Customer Centric” strategy this year to enhance customer’s wealthy and happy life. A continued series of market research studies will be conducted to obtain an insightful understanding of customer’s demands, based on which new funds and first-class services will be catered to ensure customer’s desirable return on investment and maximum satisfaction. These include professional services to be delivered by MFC’s fund managers and investment consultants, “MFC Smart Services” that provide online trading convenience through MFC Smart Track, MFC Smart Tele, and MFC Smart Trade, as well as marketing and promotional campaigns for all customer groups, such as mileage program.
Dr. Pichit reported that, as of the end of 2009, MFC’s total NAV stood at 234,742.28 million baht, an increase of 18,267.91 million baht or 8.44% above 216,474.37 million baht recorded at the end of December 2008. NAV of all mutual funds managed by MFC amounted to 150,423 million baht, rising 11.17% over 135,309 million baht posted a year earlier. In 2009, the company launched 32 new funds with a combined inception NAV of 13,547.12 million baht and paid out total dividends of 423.76 million baht to unitholders from 13 new funds.
MFC managed 44 provident funds with 546 companies and a combined NAV of 60,816.49 million baht at the end of 2009, which grew 8.74% or 4,886 million baht from 55,930 million baht in 2008. Services offered by MFC to the clients included online information of the fund’s investment portfolios, provision of investment training at client’s office, and special seminars. As for private funds, which included government pension funds that MFC managed for key accounts like Thai Red Cross Society, the NAV totaled 23,502 million baht in 2009.
MFC is blessed with the capability to provide full, professional support for government’s projects as financial advisor and manager of infrastructure funds and private equity funds. In 2009, the company served as the advisor in setting up Thailand Carbon Credit Fund and was advisor of the Public Debt Management Office in portfolio planning of funds for public debt restructuring and development of domestic fixed income securities market.
As for 2010, the company targets a 27.79% growth in NAV to 300,000 million baht and an increase in revenues to 700 million baht.
Dr. Supakorn Soontornkit, Senior Executive Vice President of MFC, added about activities held over the past year, saying that an emphasis was given to customer relations under MFC Fund Family program that spawned a continued series of lifestyle activities, such as cooking, painting, ballroom dancing, spa treatment, and movie screening, etc. Having received very positive feedback from customers, the company will this year carry on with this customer relations program on top of educational seminars held by the company on a regular basis. Another focus with be given to provision of first-class services to increase customer’s satisfaction and good impression of MFC’s services.
He elaborated that the year-round activities in celebration of MFC’s 35th anniversary would, as word of thanks, revolve around customer’s benefits to bring them happiness and wealth from good return on investment and highest satisfaction with the services offered. The company’s wealth management team will be further strengthened in areas of Wealth Committee, Wealth Services, and Wealth Analyzer Program to ensure that investment planning, consultancy, and tracking are up to the latest economic sentiment and investment conditions.
According to Dr. Supakorn, MFC plans to launch 30 new funds this year, divided into 12 fixed income funds, 1 equity fund, 5 flexible portfolio funds, 7 foreign investment funds, and 5 property funds. In terms of customer base, expansion will be focused on the young generation side by side with retirees. The company hopes to boost revenue from the new markets, both domestic and overseas, to 30% of total revenue.
In private equity funds, primary target areas for investment of MFC Energy Fund this year fall on biomass and solar sectors while fund will be mobilized for Thailand Creativity Fund and a study on renewable energy projects development will be conducted.
MFC was a SET Awards 2009 nominee in corporate social responsibility (CSR) category as a result of the company’s achievements in CSR last year. The company organized MFC Talent Award for sixth year in a row, implemented a project to upgrade library and donate learning equipment and materials to Ban Tha Chang School in Rayong with use of charitable allocation from fee revenue of MFC Islamic Fund and donation from the unitholders, and extended its support for academic excellence through “MFC Asset Management Professor of Finance and Banking” program. In 2010, MFC has planned a series of CSR activities throughout the year with adherence to the concept of “MFC… Building Thai Intelligence” to contribute to the betterment of education and knowledge in various disciplines and for the benefits of the Thai society at large.
Tuesday, February 16, 2010
Sunday, February 7, 2010
Momentum likely to fade in second half of 2010, making stock picking increasingly important
Asian markets rallied strongly last year, spurred by government stimulus measures and liquidity-driven buying. While this trend is likely to carry through into the first half of 2010, Aberdeen Asset Management believes that the second half of 2010 will be altogether more challenging.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
The key risks are in the timing of governments as they exit unorthodox stimulus strategies and what happens as monetary policy tightens across the region in response to rising inflation, according to Adam McCabe, Senior Portfolio Manager on the fixed income.
He believes that the consequences of any mis-step could be huge and predicts policy-makers would rather wait too long than do the opposite and risk a ‘double-dip’ recession. Easy money is leading to the risk of asset bubbles, for example in various property markets across Asia, and elsewhere across emerging markets as policy makers maintain loose monetary policy.
Although rising interest rates are outwardly negative for bonds, Aberdeen sees selective opportunities because not every development appears priced in.
“We are long Asian currencies generally, with any short term periods of USD strength providing an entry point for our preferred trades in the Korean won, Indonesian rupiah and Indian rupee. We also find relative value in Asian investment grade bonds versus US and European investment grade bonds. And Asian banks in particular look cheap versus European and US banks, leading us to take an overweight position on financials,”
Mr Adam summarised.
His theme of greater discrimination was echoed by Kwok Chern-Yeh, Investment Manager on the Asian equity team, who says stock-picking will gain in importance as buying momentum fades.
“We’re seeing investors start to pay more attention to company fundamentals. It’s really not yet clear how the recent pick-up in earnings may have been flattered by the inventory bounce and cost-cutting. Valuations suggest the markets are due for a pull-back. The trouble is the weight of money coming in, or waiting to do so, remains considerable and may lead to new highs in the near term.”
Mr Kwok Chern-Yeh affirmed Aberdeen style was to focus on defensive, cash rich names with strong franchises. BHP Billiton and Hindustan Lever, for example, were new additions to its model regional portfolio in 2009.
Mr.Chaikaseam Vadhanasiripong , Head of Funds Distribution, Aberdeen Asset Management Company Limited said “Overall Aberdeen anticipates more subdued asset market returns in 2010 versus 2009 because global recovery will be constrained by G3 delevering, ensuring that export levels won’t return to pre-crisis levels for a long time. It foresees growth in emerging market economies leading that of developed economies over the next three to five years, and Asia in turn leading emerging markets
The company aims to offer an outstanding pure asset management business that is well-diversified by territory, channel, and product. Our investment expertise is the management of client portfolios in equities and fix income from a fundamental perspective. This forms the basis of our core investment competence. Our business direction is to build long-term relationships with our clients and partners through strong performance and first-class client service”
For Thailand, Aberdeen will continue to reinforce our position as the leader in equity funds, especially FIF funds, by providing superior products, services, and direct accessibility to our fund managers from around the globe. Also, we've launched several services such as Monthly Investment Plan, Multi-redemption accounts, Internet Online Channel redesign to provide more convenient and to enhance clients' experience.
Mr. Chaikaseam added “For new business opportunities, we intent to develop our investment capability and distribution platforms in order to enter new markets and segments where we may have a competitive and sustainable edge. Last but not least, we will continue to educate investors on fundamental-driven long term investment approach via articles, interviews, mass media, and public seminars.”
About Aberdeen Asset Management Group
Aberdeen Asset Management manages over US$232.2 bn* of third party assets from its offices around the world. At Aberdeen, asset management is our sole business. We operate independently and only manage assets for third parties, allowing us to focus only on their needs, without conflicts of interest. Our clients access our investment expertise across the three asset classes: equities, fixed income and property. We package our skills in the form of segregated and pooled products across borders. We invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments – we do not chase market fads.
Friday, February 5, 2010
Fitch Affirms Holcim Capital (Thailand)’s Bonds; Revises Outlook to Stable
Fitch Ratings (Thailand) Limited has today affirmed the National Long-term ‘AA-(tha)’ ratings on two series of guaranteed debentures issued by Holcim Capital (Thailand) Limited (HCT) – Series II (due 2010) and Series III (due 2012), amounting to THB4.6bn. The Outlook on the ratings has been revised to Stable from Negative, due to a similar Outlook revision of its guarantor, Holcim Ltd. (Holcim) (For more information, please refer to the rating action commentary entitled “Fitch Revises Holcim’s Outlook to Stable; Affirms IDR at ‘BBB’”, dated 29 January 2010). The ratings of HCT’s debentures are based entirely on the irrevocable and unconditional guarantee provided by Holcim (‘BBB’/Stable).
Holcim’s Outlook revision reflects Fitch’s view that its credit metrics will improve gradually in the coming 24 months, which will place them more comfortably within the range of a ‘BBB’ rating. Trading conditions for the industry in mature markets will likely to remain challenged, especially in Western Europe, while growth is expected to persist in major emerging countries. Furthermore, Fitch expects positive impact on free cash flow generation from cost reduction measures, lowered capex due to the phasing out of major investment projects, and a conservative dividend policy. This will enable Holcim to progressively improve its financial metrics at a pace faster than previously anticipated by the agency.
Fitch notes that any changes in the International rating differential between Holcim and Thailand’s Sovereign rating may affect the debentures’ National ratings. In addition, a one notch change in the International rating could result in a change of more than one notch in a National Rating.
Applicable Criteria available on Fitch’s website at www.fitchratings.com: “Corporate Rating Methodology”, dated 24 November 2009.
Contacts: Obboon Thirachit, Pimrumpai Panyarachun, Vincent Milton, Bangkok, +662 655 4755; Elisabetta Zorzi, Milan, +39 02 8790 87213.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
Holcim’s Outlook revision reflects Fitch’s view that its credit metrics will improve gradually in the coming 24 months, which will place them more comfortably within the range of a ‘BBB’ rating. Trading conditions for the industry in mature markets will likely to remain challenged, especially in Western Europe, while growth is expected to persist in major emerging countries. Furthermore, Fitch expects positive impact on free cash flow generation from cost reduction measures, lowered capex due to the phasing out of major investment projects, and a conservative dividend policy. This will enable Holcim to progressively improve its financial metrics at a pace faster than previously anticipated by the agency.
Fitch notes that any changes in the International rating differential between Holcim and Thailand’s Sovereign rating may affect the debentures’ National ratings. In addition, a one notch change in the International rating could result in a change of more than one notch in a National Rating.
Applicable Criteria available on Fitch’s website at www.fitchratings.com: “Corporate Rating Methodology”, dated 24 November 2009.
Contacts: Obboon Thirachit, Pimrumpai Panyarachun, Vincent Milton, Bangkok, +662 655 4755; Elisabetta Zorzi, Milan, +39 02 8790 87213.
Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(tha)’ for National ratings in Thailand. Specific letter grades are not therefore internationally comparable.
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