Bangkok, Dec. 8 – Wan Asset Management views that the Thai stock market has limited downside after being sold off and is ready to join in supporting sustainability by selling the Wan Thai Stocks for Sustainability open fund. (ONE-THAIESG) December 8-13, announced the exemption of fund management fees.
Mr. Poj Harinsut, Chief Executive Officer Wan Asset Management Co., Ltd. revealed that from today (8 Dec.) until 13 Dec., the company is offering for the first time the Wan Thai Stocks for Sustainability open fund. (ONE-THAIESG) ONE-THAIESG fund policy focuses on investing in Thai stocks that have been selected by the Stock Exchange of Thailand or other organizations or institutions that the SEC recognizes as being outstanding according to ESG standards, including: Environmental, social and governance aspects, the ONE-THAIESG fund has no policy to pay dividends. The fund’s performance will use SETESG TRI as a benchmark reflecting the price movements of this group of securities.
“Wan Asset Management, as a member of the asset management company, is pleased to join in offering the ONE-THAIESG fund to support companies listed on the Thai stock market that have achieved ESG standards by organizing promotional activities to waive the collection of annual management fees. From 14 Dec. 2023 – 13 Dec. 2024, Wan Asset Management will open for sale only 3 business days between 8-13 Dec. because it sees the opportunity to invest at a good price. The ONE-THAIESG fund is suitable for investors who can hold investments for the long term (8 years counting from the last day) to receive the right to reduce personal income tax through investing in Thai stocks for sustainability (Thailand ESG),” Mr. Poj said.
As for the fund’s strategy, ONE-THAIESG can invest in more than 100 companies, which are companies that have passed the SET ESG Ratings score of A or higher and have been selected by Wan Asset Management, indicating that these companies have good fundamentals. Reliability and growth opportunities which has the main purpose To give investors the opportunity to invest in companies that support environmental, social, and good governance in the same group.
However, with the overall picture of the Thai stock market going forward, Wan Asset Management views that the downside of the Thai stock market is beginning to be limited. After being sold off quite a lot in the past. from the Thai economy continuously recovering from the tourism and service sectors which in the past The cumulative number of foreign tourists from 1 Jan. – 4 Dec. 2023 reached 25 million, with Malaysian and Chinese tourists showing a notable increase. Meanwhile, Thai export figures continue to show signs of recovery, which will be another support in the period ahead. from the recovery of trading partner countries. In addition, the process of gradually issuing economic stimulus measures from the current government. And the clarity of the digital wallet project helps create a positive sentiment towards investment. However, Wan Asset Management expects that the pressure from the monetary policy of the Bank of Thailand (BoT) is already quite limited. After the last meeting of the Monetary Policy Committee (MPC) of 2023 on 29 Nov. It was decided to maintain the policy interest rate at 2.50% per year, consistent with the economic context that is gradually recovering and inflationary pressures continuing to decrease. As for the implementation of the interest rate policy of the US Federal Reserve (Fed), Wan Asset Management views that the current interest rate level is considered to be at its highest point. In addition, the Fed has the opportunity to consider lowering interest rates in the second half of the year (2024), which will have a positive effect on the overall picture of the world economy.
Mr. Poj added that The trend of profit reduction for listed companies (SET EPS) in 2023 is quite limited. After being reduced quite a lot in the past It has already reflected considerable negative factors from within and abroad, while the valuation of Thai stocks has begun to reach an interesting level. (Lower than the 10-year average) Therefore, next year, Wan Asset Management has a more positive view of the investment atmosphere in the Thai stock market, especially ESG stocks. The ONE-THAIESG fund is another option in Thai stock funds. interesting Ready to receive additional tax deductions of up to 100,000 baht or not more than 30% of income according to the conditions of the Revenue Department.-511
Source: Thai News Agency