Bangkok--27 Mar--SET
The Stock Exchange of Thailand (SET) will move property funds out of the Property Development Sector and into the new Property Fund Sector (PFUND), Property & Construction Industry Group, effective March 31. SET will publish indices and statistics reflecting the overview performance of this new sector, providing investors with more effective information for clear decision-making.
Currently, there are 21 property funds listed on SET, with a market capitalization of 48,690.66 million, [equal to 12.19% of the market capitalization of the Property & Construction Industry Group or 1.4% of SET market capitalization (as of March 25, 2009)]. SET expects that more than five new such funds will join SET this year. Due to the increasing numbers of these funds and to be in accordance with international exchanges that have a specific sector for property funds, SET has created this sector, and will also publish PFUND indices and statistics, both effective on the same date”, Ms. Sopawadee Lertmanaschai, SET Chief Marketing Officer — Markets and Post-Trade Services, noted.
“Creating PFUND will help investors clearly see the overall performance of property funds and compare it with property funds on other exchanges. It will also give investors a new alternative for their money and encourage issuers to use such funds as fundraising alternative,” said Ms. Sopawadee.
SET will calculate net asset value (NAV) and price/NAV of each securities and PFUND in the same way as with other mutual funds, using information from financial statements. SET will also cancel the calculation of price/earning ratio (P/E ratio) to be in line with international standards. The P/NAV and dividend yield of PFUND as of March 25, 2009 were 0.7 times and 9.38%, respectively.
To help investors better understand property funds and promote investment in property funds, SET is cooperating with the project “Let your money work for you through mutual funds,’ and Money &Wealth magazine to hold a seminar about property funds on Wednesday April 1, 2009, without charge, at Professor Sangvian Indaravijaya Auditorium, 3rd floor, SET building, Bangkok. For more information please contact S-E-T Call Center 0 2229 2222 or visit www.set.or.th