UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
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 |
|
||||
|
|
|
|
||||
|
Date of reporting period: |
September 30, 2008 |
|
||||
Item 1. Schedule of Investments. – The schedule of investments for the three-month period ended September 30, 2008 is filed herewith.
The Thai Capital Fund, Inc.
Portfolio of Investments
September 30, 2008 (unaudited)
|
Shares |
|
|
|
Value |
|
|
COMMON STOCKS—89.69% |
|
|
|
||
|
|
|
|
|
||
|
Banks—22.70% |
|
|
|
||
|
1,135,800 |
|
Bangkok Bank Public Co., Ltd. |
|
3,408,463 |
|
|
1,105,600 |
|
Bank of Ayudhya Public Co., Ltd. |
|
526,950 |
|
|
1,691,600 |
|
Kasikornbank Public Co., Ltd. |
|
3,085,644 |
|
|
|
|
|
|
7,021,057 |
|
|
Commerce—5.68% |
|
|
|
||
|
288,400 |
|
BIG C Supercenter Public Co., Ltd. |
|
358,491 |
|
|
2,000,000 |
|
CP ALL Public Co., Ltd. |
|
635,492 |
|
|
4,884,800 |
|
Home Product Center Public Co., Ltd. |
|
629,473 |
|
|
55,400 |
|
Siam Makro Public Co., Ltd. |
|
133,654 |
|
|
|
|
1,757,110 |
|
||
|
Communication—7.26% |
|
|
|
||
|
653,000 |
|
Advanced Info Service Public Co., Ltd. |
|
1,546,556 |
|
|
251,900 |
|
Interlink Communication Public Co., Ltd. |
|
42,985 |
|
|
2,604,600 |
|
Synnex Thailand Public Co., Ltd. * |
|
118,776 |
|
|
1,000,000 |
|
Thaicom Public Co., Ltd. * |
|
125,333 |
|
|
277,300 |
|
Total Access Communication Public Co., Ltd. |
|
322,258 |
|
|
1,000,000 |
|
True Corp. Public Co., Ltd. * |
|
90,617 |
|
|
|
|
|
|
2,246,525 |
|
|
Construction—0.75% |
|
|
|
||
|
40,000 |
|
The Siam Cement Public Co., Ltd. |
|
150,635 |
|
|
1,000,000 |
|
Vanachai Group Public Co., Ltd. |
|
81,202 |
|
|
|
|
|
|
231,837 |
|
|
Energy—18.53% |
|
|
|
||
|
11,100 |
|
Banpu Public Co., Ltd. |
|
96,012 |
|
|
686,400 |
|
PTT Exploration and Production Public Co., Ltd. |
|
2,564,706 |
|
|
329,600 |
|
PTT Public Co., Ltd. |
|
2,210,948 |
|
|
265,900 |
|
Thai Oil Public Co., Ltd. |
|
324,656 |
|
|
1,000,000 |
|
Unique Mining Services Public Co., Ltd. |
|
532,519 |
|
|
|
|
|
|
5,728,841 |
|
|
Finance & Securities—1.21% |
|
|
|
||
|
559,400 |
|
Phatra Securities Public Co., Ltd. |
|
373,598 |
|
|
|
|
|
|
|
|
|
Food & Beverage—2.23% |
|
|
|
||
|
1,100,000 |
|
Minor International Public Co., Ltd. |
|
359,230 |
|
|
5,813,200 |
|
Premier Marketing Public Co., Ltd. * |
|
220,628 |
|
|
70,000 |
|
S&P Syndicate Public Co., Ltd. |
|
56,635 |
|
|
138,000 |
|
Serm Suk Public Co., Ltd. |
|
51,969 |
|
|
|
|
|
|
688,462 |
|
|
Health Care Services—4.33% |
|
|
|
||
|
6,213,400 |
|
Bangkok Chain Hospital Public Co., Ltd. |
|
1,325,329 |
|
|
16,000 |
|
Bangkok Dusit Medical Services Public Co., Ltd. |
|
14,593 |
|
|
|
|
|
|
1,339,922 |
|
|
Household Goods—0.37% |
|
|
|
||
|
102,700 |
|
Modernform Group Public Co., Ltd. |
|
113,307 |
|
|
|
|
|
|
|
|
|
Machinery—0.66% |
|
|
|
||
|
604,500 |
|
C.I. Group Public Co., Ltd. |
|
93,371 |
|
|
1,210,000 |
|
Unimit Engineering Public Co., Ltd. |
|
111,070 |
|
|
|
|
|
|
204,441 |
|
1
|
Media & Publishing—8.15% |
|
|
|
||
|
3,451,579 |
|
Amarin Printing and Publishing Public Co., Ltd. |
|
1,299,823 |
|
|
1,481,900 |
|
BEC World Public Co., Ltd. |
|
928,656 |
|
|
500,000 |
|
MCOT Public Co., Ltd. |
|
291,267 |
|
|
|
|
2,519,746 |
|
||
|
Mining—1.18% |
|
|
|
||
|
683,800 |
|
Padaeng Industry Public Co., Ltd. |
|
364,137 |
|
|
|
|
|
|
|
|
|
Packaging—0.64% |
|
|
|
||
|
651,600 |
|
A.J. Plast Public Co., Ltd. |
|
66,331 |
|
|
2,412,800 |
|
Multibax Public Co., Ltd. |
|
131,326 |
|
|
|
|
|
|
197,657 |
|
|
Personal Products—0.86% |
|
|
|
||
|
2,957,200 |
|
DSG International (Thailand) Public Co., Ltd. |
|
266,231 |
|
|
|
|
|
|
|
|
|
Petrochemicals—0.93% |
|
|
|
||
|
353,000 |
|
Thai Plastic and Chemicals Public Co., Ltd. |
|
183,825 |
|
|
585,000 |
|
Vinythai Public Co., Ltd. |
|
104,989 |
|
|
|
|
|
|
288,814 |
|
|
Property Development—13.41% |
|
|
|
||
|
2,377,000 |
|
Amata Corporation Public Co., Ltd. |
|
580,449 |
|
|
37,900 |
|
Ascon Construction Public Co., Ltd. |
|
5,352 |
|
|
2,396,200 |
|
Asian Property Development Public Co., Ltd. |
|
344,032 |
|
|
700,000 |
|
Central Pattana Public Co., Ltd. |
|
339,812 |
|
|
2,000,000 |
|
Italian-Thai Development Public Co., Ltd. |
|
222,422 |
|
|
2,000,000 |
|
L.P.N. Development Public Co., Ltd. |
|
214,184 |
|
|
1,000,000 |
|
Land and House Public Co., Ltd. |
|
180,939 |
|
|
202,200 |
|
Major Development Public Co., Ltd. |
|
15,705 |
|
|
138,300 |
|
Preuksa Real Estate Public Co., Ltd. |
|
28,889 |
|
|
19,551,900 |
|
Quality Houses Public Co., Ltd. |
|
1,006,662 |
|
|
1,000,000 |
|
Rojana Industrial Park Public Co., Ltd. |
|
308,920 |
|
|
1,104,000 |
|
Sammakorn Public Co., Ltd. @ |
|
60,414 |
|
|
5,105,600 |
|
Thai Industrial & Engineering Service Public Co., Ltd. |
|
172,743 |
|
|
6,374,357 |
|
TRC Construction Public Co., Ltd. |
|
667,641 |
|
|
|
|
|
|
4,148,164 |
|
|
Transportation—0.80% |
|
|
|
||
|
486,300 |
|
Bangkok Expressway Public Co., Ltd. |
|
226,057 |
|
|
176,300 |
|
Eternity Grand Logistics Public Co., Ltd. |
|
21,266 |
|
|
|
|
|
|
247,323 |
|
|
|
|
|
|
|
|
|
Total Common Stocks (Cost—$33,427,720) |
|
27,737,172 |
|
||
|
Principal |
|
|
|
|
|
|
Amount |
|
|
|
|
|
|
(000) |
|
|
|
Value |
|
|
SHORT-TERM INVESTMENTS—10.09% |
|
|
|
||
|
|
|
|
|
||
|
THAI BAHT SAVINGS ACCOUNT—9.83% |
|
|
|
||
|
103,297 |
|
Bangkok Bank Savings Account, 0.5%, due 10/1/08 |
|
3,039,092 |
|
|
|
|
|
|
|
|
|
U.S. DOLLAR TIME DEPOSIT—0.26% |
|
|
|
||
|
82 |
|
Bank of New York, 0.05%, due 10/1/08 |
|
81,528 |
|
|
|
|
|
|
|
|
|
Total Short-Term Investments (Cost—$3,129,113) |
|
3,120,620 |
|
||
|
Total Investments—99.78% |
|
30,857,792 |
|
||
2
|
Other assets less liabilities—0.22% |
|
66,555 |
|
||||
|
|
|
|
|
||||
|
NET ASSETS |
|
(Applicable to 3,163,037 shares of capital stock outstanding; equivalent to $9.78 per share) |
100.00 |
% |
$ |
30,924,347 |
|
|
* |
Non-income producing securities. |
|
|
|
|
@ |
Fair valued security. This security has been valued in good faith in a manner as prescribed by the Board of Directors. |
|
|
|
|
|
See accompanying notes to financial statements. |
3
The Fund adopted the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of September 30, 2008 in valuing the Fund’s investments carried at value:
|
Valuation Inputs |
|
Investments in Securities |
|
Other Financial Instruments |
|
||
|
Level 1 – Quoted Prices |
|
$ |
30,857,792 |
|
$ |
— |
|
|
Level 2 – Other Significant Observable Inputs |
|
— |
|
— |
|
||
|
Level 3 – Significant Unobservable Inputs |
|
— |
|
— |
|
||
|
|
|
|
|
|
|
||
|
Total |
|
$ |
30,857,792 |
|
$ |
— |
|
For federal income tax purposes, the cost of securities owned at September 30, 2008 was $33,512,946, excluding short-term interest bearing investments. At September 30, 2008, the net unrealized depreciation on investments, excluding short-term securities, of $5,775,774 was composed of gross appreciation of $2,521,496 for those investments having an excess of value over cost, and gross depreciation of $8,297,270 for those investments having an excess of cost over value.
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 Investment Company Act of 1940 (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 30a-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 and Principal Executive Officer
Date: October 14, 2008
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 14, 2008 |
|
John J. O’Keefe, Vice President and Principal Executive Officer |
|
||
|
\s\ Masamichi Yokoi |
|
Date: October 14, 2008 |
|
Masamichi Yokoi, Chairman |
|
|