United States
Securities and Exchange Commission
Washington, DC 20549
Investment Company Act file number 811-06062
THE THAI CAPITAL FUND, INC.
(Exact name of registrant as specified in charter)
c/o Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, New Jersey 07302
(Address of principal executive offices) (Zip code)
John J. O’Keefe
The Thai Capital Fund, Inc.
c/o Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 915-3054
Date of fiscal year end: December 31, 2004
Date of reporting period: September 30, 2004
Item 1. Schedule of Investments. – The schedule of investments for the three-month period ended September 30, 2004 is filed herewith.
The Thai Capital Fund, Inc.
Portfolio of Investments
September 30, 2004 (unaudited)
THAI COMMON, WARRANTS AND PREFERRED STOCKS—93.18%
COMMON STOCKS—92.00%
|
Shares |
|
|
|
|
|
Value |
|
|
Banks—16.06% |
|
|
|
|
|
||
|
1,097,100 |
|
Bangkok Bank Public Co., Ltd. |
* |
|
|
2,496,958 |
|
|
776,800 |
|
Bank of Ayudhya Public Co., Ltd. |
* |
|
|
196,441 |
|
|
1,115,000 |
|
Kasikornbank Public Co., Ltd. |
* |
|
|
1,208,428 |
|
|
1,881,239 |
|
Thai Military Bank Public Co., Ltd. |
|
|
|
168,547 |
|
|
|
|
|
|
|
|
4,070,374 |
|
|
Building Materials—9.43% |
|
|
|
|
|
||
|
414,000 |
|
The Siam Cement Public Co., Ltd. |
|
|
|
2,373,070 |
|
|
54,000 |
|
Tycoons Worldwide Group Public Co., Ltd. |
|
|
|
16,257 |
|
|
|
|
|
|
|
|
2,389,327 |
|
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Chemicals—1.37% |
|
|
|
|
|
||
|
90,000 |
|
National Petrochemical Public Co., Ltd. |
|
|
|
218,926 |
|
|
82,000 |
|
Thai Olefins Public Co., Ltd. |
|
|
|
124,419 |
|
|
11,130 |
|
Vinythai Public Co., Ltd. |
* |
|
|
2,627 |
|
|
|
|
|
|
|
|
345,972 |
|
|
Commerce—1.08% |
|
|
|
|
|
||
|
304,600 |
|
BIG C Supercenter Public Co., Ltd. |
|
|
|
134,984 |
|
|
56,700 |
|
C.P. 7-Eleven Public Co., Ltd. |
|
|
|
79,203 |
|
|
55,500 |
|
Siam Makro Public Co., Ltd. |
|
|
|
60,819 |
|
|
|
|
|
|
|
|
275,006 |
|
|
Communication—17.17% |
|
|
|
|
|
||
|
851,500 |
|
Advanced Info Service Public Co., Ltd. |
|
|
|
2,050,774 |
|
|
1,909,000 |
|
Samart Corp. Public Co., Ltd. |
* |
|
|
335,631 |
|
|
1,302,600 |
|
Shin Corporations Public Co., Ltd. |
|
|
|
1,184,299 |
|
|
687,900 |
|
Shin Satellite Public Co., Ltd. |
|
|
|
228,632 |
|
|
100 |
|
True Corp. Public Co., Ltd. |
|
|
|
13 |
|
|
394,400 |
|
United Communication Industry Public Co., Ltd. |
* |
|
|
550,932 |
|
|
|
|
|
|
|
|
4,350,281 |
|
|
Electrical—0.27% |
|
|
|
|
|
||
|
259,200 |
|
Mida Assets Public Co., Ltd. |
|
|
|
68,669 |
|
|
|
|
|
|
|
|
|
|
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Electronic Components—1.99% |
|
|
|
|
|
||
|
738,100 |
|
Hana Microelectronic Public Co., Ltd. |
|
|
|
360,865 |
|
|
700,000 |
|
KCE Electronics Public Co., Ltd. |
|
|
|
144,144 |
|
|
|
|
|
|
|
|
505,009 |
|
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Energy—20.68% |
|
|
|
|
|
||
|
100,000 |
|
Electricity Generating Public Co., Ltd. |
|
|
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160,160 |
|
|
342,100 |
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PTT Exploration and Production Public Co., Ltd. |
|
|
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2,455,289 |
|
|
645,000 |
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PTT Public Co., Ltd. |
|
|
|
2,625,304 |
|
|
|
|
|
|
|
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5,240,753 |
|
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Entertainment & Recreation—4.77% |
|
|
|
|
|
||
|
1,131,000 |
|
BEC World Public Co., Ltd. |
|
|
|
490,307 |
|
|
135,700 |
|
GMM Media Public Co., Ltd. |
|
|
|
77,784 |
|
|
1,200,000 |
|
ITV Public Co., Ltd. |
* |
|
|
427,736 |
|
|
268,254 |
|
Major Cineplex Group Public Co., Ltd. |
|
|
|
83,343 |
|
|
272,777 |
|
United Broadcasting Corp. Public Co., Ltd. |
* |
|
|
129,422 |
|
|
|
|
|
|
|
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1,208,592 |
|
1
|
Finance & Securities—1.44% |
|
|
|
|
|
||
|
64,600 |
|
Asia Plus Securities Public Co., Ltd. |
|
|
|
118,244 |
|
|
270,000 |
|
Siam General Factoring Public Co., Ltd. |
* |
|
|
37,391 |
|
|
348,600 |
|
Thitikorn Public Co., Ltd. |
|
|
|
57,091 |
|
|
267,600 |
|
TISCO Finance Public Co., Ltd. |
|
|
|
153,390 |
|
|
|
|
|
|
|
|
366,116 |
|
|
Household Goods—0.31% |
|
|
|
|
|
||
|
102,700 |
|
Modernform Group Public Co., Ltd. |
|
|
|
78,532 |
|
|
|
|
|
|
|
|
|
|
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Mining—0.74% |
|
|
|
|
|
||
|
683,800 |
|
Padaeng Industry Public Co., Ltd. |
* |
|
|
187,744 |
|
|
|
|
|
|
|
|
|
|
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Printing & Publishing—3.38% |
|
|
|
|
|
||
|
3,451,579 |
|
Amarin Printing Group Public Co., Ltd. |
|
|
|
856,226 |
|
|
|
|
|
|
|
|
|
|
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Property Development—8.34% |
|
|
|
|
|
||
|
1,361,000 |
|
Italian-Thai Development Public Co., Ltd. |
|
|
|
301,564 |
|
|
415,500 |
|
Lalin Property Public Co., Ltd. |
|
|
|
67,047 |
|
|
6,478,200 |
|
Land and House Public Co., Ltd. |
|
|
|
1,419,806 |
|
|
540,700 |
|
Noble Development Public Co., Ltd. |
|
|
|
57,819 |
|
|
1,104,000 |
|
Sammakorn Public Co., Ltd. |
|
|
|
56,369 |
|
|
995,100 |
|
SinoThai Engineering & Constructuon Public Co., Ltd. |
|
|
|
212,101 |
|
|
|
|
|
|
|
|
2,114,706 |
|
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Retail Food—1.11% |
|
|
|
|
|
||
|
70,000 |
|
S&P Syndicate Public Co., Ltd. |
|
|
|
41,473 |
|
|
138,000 |
|
Serm Suk Public Co., Ltd. |
|
|
|
73,120 |
|
|
290,900 |
|
Thai Union Frozen Products Public Co., Ltd. |
|
|
|
166,045 |
|
|
|
|
|
|
|
|
280,638 |
|
|
Utilities—1.05% |
|
|
|
|
|
||
|
291,720 |
|
Eastern Water Resources Development & Management Public Co., Ltd. |
|
|
|
265,226 |
|
|
|
|
|
|
|
|
|
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Vehicles & Parts—2.81% |
|
|
|
|
|
||
|
482,750 |
|
Aapico Hitech Public Co., Ltd. |
|
|
|
363,334 |
|
|
100,000 |
|
Thai Rung Union Car Co., Ltd. |
|
|
|
29,142 |
|
|
93,800 |
|
Thai Stanley Electric Public Co., Ltd. |
|
|
|
320,793 |
|
|
|
|
|
|
|
|
713,269 |
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost—$13,138,365) |
|
|
|
23,316,440 |
|
||
PREFERRED STOCKS—0.25%
|
Shares |
|
|
|
Value |
|
|
Finance & Securities—0.25% |
|
|
|
||
|
109,900 |
|
TISCO Finance Public Co., Ltd. |
|
|
|
|
|
|
(Cost—$48,168) |
|
63,525 |
|
WARRANTS—0.93%
|
Shares |
|
|
|
|
|
Value |
|
|
Property Development—0.93% |
|
|
|
|
|
||
|
1,331,400 |
|
Land & House Public Co., Ltd., expires 9/2/08 |
* |
|
|
|
|
|
|
|
(Cost—$0) |
|
|
|
235,683 |
|
|
Total Thai Common, Warrants and Preferred Stocks (Cost—$13,186,533) |
|
|
|
23,615,648 |
|
||
2
SHORT-TERM INVESTMENTS—5.26%
|
Principal |
|
|
|
Value |
|
|||
|
THAI BAHT CERTIFICATES OF DEPOSIT—1.90% |
|
|
|
|||||
|
20,000 |
|
Thanachart Bank Public Co., Ltd., 1.00%, due 10/9/04 |
|
481,685 |
|
|||
|
THAI BAHT PROMISSORY NOTES—2.38% |
|
|
|
|||||
|
10,000 |
|
The Book Club Finance Public Co., Ltd., 1.00% (Payable on Demand) |
|
240,842 |
|
|||
|
15,000 |
|
UOB Radanasin Bank Public Co., Ltd.,1.25% (Payable on Demand) |
|
361,264 |
|
|||
|
Total Thai Baht Promissory Notes |
|
602,106 |
|
|||||
|
U.S. DOLLAR TIME DEPOSIT—0.98% |
|
|
|
|||||
|
248 |
|
Bank of New York, 0.05%, due 10/1/04 |
|
248,446 |
|
|||
|
|
|
|
|
|
|
|||
|
Total Short-Term Investments (Cost—$1,342,313) |
|
1,332,237 |
|
|||||
|
Total Investments—98.44% |
|
|
|
|||||
|
(Cost—$14,528,847) |
|
24,947,885 |
|
|||||
|
|
|
|
|
|
|
|||
|
Other assets less liabilities—1.56% |
|
394,581 |
|
|||||
|
|
|
|
|
|
|
|||
|
NET ASSETS |
|
(Applicable to 3,139,428 shares of capital stock outstanding; equivalent to $8.07 per share) |
|
100.00 |
% |
$ |
25,342,466 |
|
* Non-income producing securities.
See accompanying notes to financial statements.
3
Item 2. Controls and Procedures
a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.
b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30-a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Thai Capital Fund, Inc.
|
By |
\s\John J. O’Keefe |
|
|
John J. O’Keefe, Vice President & Treasurer |
||
Date: October 15, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By |
\s\John J. O’Keefe |
|
Date: October 15, 2004 |
|
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John J. O’Keefe, Vice President & Treasurer |
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\s\ Ikuo Mori |
|
Date: October 15, 2004 |
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Ikuo Mori, Chairman |
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