AppId is over the quota
AppId is over the quota
By Ploy Ten Kate
BANGKOK | Fri Sep 23, 2011 11:37am BST
BANGKOK (Reuters) - Southeast Asian stocks remain attractive despite the problems facing the global economy, and Thai banks, retailers and property companies look good bets, a fund manager at Aberdeen Asset Management said on Friday.
"Markets are down across the board as risk appetite has dropped due to heightened fears over Europe's debt problems. Foreign money is flowing out and it's uncertain when it will return," said Adithep Vanabriksha, head of Thai equities at Aberdeen, who manages more than $2 billion.
At 0537 GMT, the MSCI Asia Pacific ex-Japan index .MIAPJ0000PUS was down 1.9 percent, hitting its lowest since mid-2010 at one point. It has lost 23 percent this year, while the MSCI emerging stock index .MSCIEF has dropped 25.5 percent.
"However, the markets in Southeast Asia remain attractive with banks, retailers and some property plays seen as a safe haven for long-term investor," Adithep said.
Investors are fearful of a repeat of the 2008 credit crunch, given banks' exposure to the euro zone's weaker economies.
But the banking sector in Thailand, including Kasikornbank Pcl KBAN.BK and Siam Commercial Bank SCB.BK, offers good value, the fund manager said.
"While people are likely to be concerned about the impact on the financial sector in Europe, the banking sector in this part of the world is growing very strongly. They're far from having exposure to the debt contagion," he said.
Other of Aberdeen's top holdings include wholesaler Siam Makro Pcl MAKR.BK, industrial conglomerate Siam Cement Pcl SCC.BK and hypermarket operator Big C Supercenter Pcl BIGC.BK.
"Besides this, we are seeing some small-to-medium-sized property firms benefiting from the government's first-time home buyers programme," Adithep said.
Thailand's cabinet has approved a deduction in taxable income of up to 500,000 baht for first-time home buyers to stimulate the economy and boost consumer spending.
Adithep's top-performing Aberdeen Small Cap Fund had gained 14.58 percent as of the end of August, compared to a 3.6 percent return for the Thai stock market .SETI, according to Morningstar data.
Adithep said economic uncertanties in the United States and the euro zone sovereign debt crisis made his company sceptical of the energy and commodity sectors, which were too volatile and had a direct correlation to the global slowdown.
"We're believers in the longer-term who look for more defensive assets with the best possible returns," he said.
Aberdeen has been trimming some of its portfolio holdings, but nothing significant, Adithep said, declining to specify which investments he was referring to.
(Editing by Alan Raybould)
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