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Page 2 of 2 from Another
Look
Alexandra Kirkman, Elizabeth Corcoran and Justin Doebele, 06.10.02
What's next? Vera thinks that AmBev has its eye on Chile and
Peru.
--Alexandra Kirkman
Good Thai tips
In our last investment guide (June 11, 2001), we recommended
buying overlooked small-cap Thai stocks on the Bangkok exchange.
Thailand's stock market is up 30% in dollar terms this year. The
four stocks that we highlighted doubled, on average, in dollar terms in the year to May
10. The best performance was from SE-Education, which more than tripled in price; at the
bottom was KCE, up 32%. The portfolios of two companies that cover this sector, the hedge
fund Quest and the website Thaistocks.com, also did well. Quest's fund had a 50% return in
dollar terms before fees and other costs (the net return was 37%). The "top 30"
basket of stocks recommended by the website was up 43% in dollar terms (before fees and
other costs).
The two fund managers of Quest and Paul Renaud, the operator of
Thaistocks.com, remain bullish on small Thai stocks. "It's amazing, the wealth
building in front of my eyes," says Renaud. "We look favorably on the Thai
market," says Quest's Lance Depew, although he adds that recent gains mean that
"there isn't as much low-hanging fruit."
--Justin Doebele
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