N-Q 1 a12-9282_1nq.htm N-Q

 

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:

March 31, 2012

 

 


 

Item 1. Schedule of Investments. — The schedule of investments for the three-month period ended March 31, 2012 is filed herewith.

 


 

The Thai Capital Fund, Inc.

Consolidated Portfolio of Investments

March 31, 2012 (unaudited)

 

COMMON STOCKS—96.23%

 

Shares

 

 

 

Value

 

Banks—16.02%

 

 

 

280,300

 

Bangkok Bank Public Co., Ltd.

 

1,683,959

 

510,400

 

Bank of Ayudhya Public Co., Ltd.

 

447,519

 

348,800

 

Kasikornbank Public Co., Ltd.

 

1,744,351

 

2,948,800

 

Krung Thai Bank Public Co., Ltd.

 

1,675,792

 

1,012,800

 

Tisco Financial Group Public Co., Ltd.

 

1,364,924

 

 

 

 

 

6,916,545

 

Commerce—10.25%

 

 

 

357,000

 

Berli Jucker Public Co., Ltd.

 

478,221

 

1,187,500

 

CP ALL Public Co., Ltd.

 

2,525,874

 

1,094,400

 

Home Product Center Public Co., Ltd.

 

494,001

 

216,200

 

Robinson Department Store Public Co., Ltd.

 

359,821

 

48,600

 

Siam Makro Public Co., Ltd.

 

565,010

 

 

 

 

 

4,422,927

 

Communication—11.93%

 

 

 

613,900

 

Advanced Info Service Public Co., Ltd.

 

3,668,193

 

954,400

 

Thaicom Public Co., Ltd. *

 

483,495

 

374,000

 

Total Access Communication Public Co., Ltd.

 

995,915

 

 

 

 

 

5,147,603

 

Construction—6.77%

 

 

 

195,600

 

Dynasty Ceramic Public Co., Ltd.

 

414,463

 

217,500

 

The Siam Cement Public Co., Ltd.

 

2,507,404

 

 

 

 

 

2,921,867

 

Energy—23.85%

 

 

 

75,500

 

Banpu Public Co., Ltd.

 

1,490,690

 

455,800

 

PTT Exploration and Production Public Co., Ltd.

 

2,582,893

 

406,700

 

PTT Public Co., Ltd.

 

4,675,350

 

656,400

 

Thai Oil Public Co., Ltd.

 

1,545,408

 

 

 

 

 

10,294,341

 

Food & Beverage—7.56%

 

 

 

2,124,400

 

Charoen Pokphand Foods Public Co., Ltd.

 

2,569,800

 

526,500

 

Minor International Public Co., Ltd.

 

244,496

 

196,200

 

Thai Union Frozen Products Public Co., Ltd.

 

450,777

 

 

 

 

 

3,265,073

 

Health Care Services—1.90%

 

 

 

148,300

 

Bangkok Dusit Medical Services Public Co., Ltd.

 

417,780

 

231,000

 

Bumrungrad Hospital Public Co., Ltd.

 

401,331

 

 

 

 

 

819,111

 

Media & Publishing—2.24%

 

 

 

585,300

 

BEC World Public Co., Ltd.

 

969,361

 

 

 

 

 

 

 

Petrochemicals—6.00%

 

 

 

856,700

 

Indorama Ventures Public Co., Ltd.

 

1,050,225

 

667,762

 

PTT Global Chemical Public Co., Ltd.

 

1,539,631

 

 

 

 

 

2,589,856

 

Property Development—7.68%

 

 

 

820,000

 

Amata Corp. Public Co., Ltd.

 

444,700

 

1,103,000

 

Asian Property Development Public Co., Ltd.

 

218,495

 

 

See accompanying notes to consolidated financial statements.

 

1


 

586,400

 

Central Pattana Public Co., Ltd.

 

875,969

 

4,854,000

 

Hemaraj Land & Development Public Co., Ltd.

 

444,514

 

435,000

 

L.P.N. Development Public Co., Ltd.

 

218,956

 

921,400

 

Land and Houses Public Co., Ltd.

 

206,459

 

1,504,800

 

SinoThai Engineering & Construction Public Co., Ltd.

 

689,024

 

426,700

 

Supalai Public Co., Ltd.

 

216,164

 

 

 

 

 

3,314,281

 

Transportation—2.03%

 

 

 

463,000

 

Airports of Thailand Public Co., Ltd.

 

875,818

 

 

 

 

 

 

 

Total Common Stocks (Cost—$37,830,916)

 

41,536,783

 

 

SHORT-TERM INVESTMENTS—4.78%

 

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000)

 

 

 

Value

 

THAI BAHT SAVINGS ACCOUNT—3.65%

 

 

 

48,486

 

Bangkok Bank Savings Account, 0.625%, due 4/2/12

 

1,574,535

 

 

 

 

 

 

 

U.S. DOLLAR TIME DEPOSIT—1.13%

 

 

 

486

 

JPMorgan Chase Bank, 0.05%, due 4/2/12

 

485,872

 

 

 

 

 

 

 

Total Short-Term Investments (Cost—$2,060,402)

 

2,060,407

 

Total Investments—101.01%
(Cost—$39,891,319)

 

43,597,190

 

 

 

 

 

Liabilities in excess of other assets—(1.01%)

 

(434,583

)

 

 

 

 

 

 

NET ASSETS

(Applicable to 3,564,814 shares of capital stock outstanding; equivalent to $12.11 per share)

 

100.00

%

$

43,162,607

 

 

*  Non-income producing securities.

 

See accompanying notes to consolidated financial statements.

 

2


 

Fair Value Measurements - In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.  The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements).  The guidance establishes three levels of fair value hierarchy as follows:

 

Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 — Inputs that are unobservable.

 

A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.  However, the determination of what constitutes “observable” requires significant judgment by the Fund’s manager.  The Fund’s manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

 

The following is a summary of the inputs used as of March 31, 2012 in valuing the Fund’s investments carried at value:

 

Valuation Inputs

 

Investments in Securities

 

Level 1 — Quoted Prices

 

$

43,597,190

 

Level 2 — Other Significant Observable Inputs

 

—

 

Level 3 — Significant Unobservable Inputs

 

—

 

 

 

 

 

Total

 

$

43,597,190

 

 

As all assets of the Fund are classified as Level 1, no reconciliation of Level 3 assets as of March 31, 2012 is presented.

 

All portfolio holdings designated as Level 1 are disclosed individually in the Portfolio of Investments (POI).  Please refer to the POI for industry specifics of the portfolio holdings.

 

For federal income tax purposes, the cost of securities owned at March 31, 2012 was $37,841,133, excluding short-term interest-bearing investments.  At March 31, 2012, the net unrealized appreciation on investments, excluding short-term securities, of $3,695,650 was composed of gross appreciation of $4,450,057 for those investments having an excess of value over cost, and gross depreciation of $754,407 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 (17 CFR 270.30a-3(c))) 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 required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)), 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.

 


 

SIGNATURES

 

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, Principal Financial Officer

 

 

 

Date: April 11, 2012

 

 

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: April 11, 2012

John J. O’Keefe, Principal Financial Officer

 

 

 

 

 

 

By

\s\ Anthony Cambria

 

Date: April 11, 2012

Anthony Cambria, Principal Executive Officer