Bangkok--7 Oct--Manulife Asset Management Thailand
Manulife Asset Management (Thailand) Company Limited (MAMT) today announces a dividend payment for the Manulife Strength-Equity Dividend Fund.
Mr. Sukkawat Prasurtying, CFA, Chief Investment Officer, Acting Chief Executive Officer said: “We are delighted to announce the Manulife Strength-Equity Dividend Fund’s dividend payment of THB 0.70 per unit. The book closing date is September 29, 2010 and the payment date is October 7, 2010.”
The dividend payment is the fifth since the fund was launched in August 2009. The Fund invests in stocks listed on the Stock Exchange of Thailand and is available for both retail and institutional investors. The fund offers institutional investors tax privileges on dividends as any dividends received from the fund are tax-exempt for listed companies. For non-listed companies, only 50% of dividends from the fund are subjected to corporate tax1.
Sukkawat continued: “As we expected, the Thai stock market has been rallying since the end of 2009 due to the greater-than-expected expansion of Thai economy. Moreover, consumer confidence in Thailand has recovered rapidly as local politics stabilized. Resolution of the Map Ta Phut Industrial Estate issue has also been one of the positive factors contributing to stock market confidence along with better-than-expected earnings announced by listed companies. As a result, analysts and economists have adjusted upwards their GDP estimates, after the reported 10.6% GDP growth for the first half of 2010. The Ministry of Finance has also revised up 2010 GDP from 5.5% to 7.5%.”
He continued: “Manulife has a positive view for Thai stock market due to the expansion of the domestic economy, driven by exports, domestic consumption, and government spending. Moreover, the attractive valuations and fundamentals of the Thai stock market, which has lower Price-to-Book (P/BV) and Price-to-Earnings (P/E)s than many of its neighbors in Asian region, has also brought substantial foreign fund flows into the market. However, there are potential risks on the horizon and in particular, we are keeping an eye on the political situation, any changes in which would impact on market sentiment. Overall, we are still bullish for the long term outlook for Thai equities.”
Investors who are interested in MAMT funds can contact MAMT directly at Tel. (66) 0-2354-1001, (66) 0-2246-7650 (press ‘2’ for asset management) or via selling agents e.g. Standard Chartered Bank (Thai) PCL., Phatra Securities PCL, KGI (Thailand) Securities PCL, Merchant Partner Securities Co., Ltd. and Phillip Securities (Thailand) Co., Ltd, Ayudhya Securities PCL, Siam City Securities Co., Ltd. and Asia Plus Securities PCL.
Manulife Asset Management Thailand is part of MFC Global Investment Management, the asset management division of Manulife Financial Corporation. Representing over 100 years of Asia asset management experience, MFC Global Investment Management (MFC GIM) has developed a strong presence across the region. Locally-based investment professionals in 10 locations in Asia — including Thailand — offer extensive knowledge of local markets and exceptional investment expertise.