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, 2007

 

 


 

Item 1. Schedule of Investments. – The schedule of investments for the three-month period ended March 31, 2007 is filed herewith.

 


 

The Thai Capital Fund, Inc.

Portfolio of Investments

March 31, 2007 (unaudited)

 

Shares

 

 

 

Value

 

COMMON STOCKS—89.24%

 

 

 

 

 

 

 

 

 

Banks—17.34%

 

 

 

976,900

 

Bangkok Bank Public Co., Ltd.

 

3,017,598

 

919,100

 

Bank of Ayudhya Public Co., Ltd.

 

562,554

 

929,600

 

Kasikornbank Public Co., Ltd.

 

1,728,212

 

527,100

 

TISCO Bank Public Co., Ltd.

 

319,607

 

 

 

 

 

5,627,971

 

Commerce—3.74%

 

 

 

260,400

 

BIG C Supercenter Public Co., Ltd.

 

383,562

 

5,000,000

 

Home Product Center Public Co., Ltd.

 

697,875

 

55,500

 

Siam Makro Public Co., Ltd.

 

130,959

 

 

 

 

 

1,212,396

 

Communication—3.63%

 

 

 

446,900

 

Advanced Info Service Public Co., Ltd.

 

856,392

 

322,600

 

Shin Corporations Public Co., Ltd.

 

230,670

 

587,100

 

True Corp. Public Co., Ltd. *

 

91,516

 

 

 

 

 

1,178,578

 

Construction—9.79%

 

 

 

470,600

 

The Siam Cement Public Co., Ltd.

 

3,176,519

 

 

 

 

 

 

 

Electronic Components—1.46%

 

 

 

633,200

 

Hana Microelectronic Public Co., Ltd.

 

475,399

 

 

 

 

 

 

 

Energy—22.20%

 

 

 

259,100

 

Banpu Public Co., Ltd.

 

1,482,126

 

167,100

 

Electricity Generating Public Co., Ltd.

 

468,371

 

700,000

 

PTT Exploration and Production Public Co., Ltd.

 

1,801,889

 

400,000

 

PTT Public Co., Ltd.

 

2,379,638

 

605,200

 

Ratchaburi Electricity Generating Holding Public Co., Ltd.

 

787,586

 

169,900

 

Thai Oil Public Co., Ltd.

 

284,274

 

 

 

 

 

7,203,884

 

Entertainment & Recreation—2.92%

 

 

 

549,800

 

BEC World Public Co., Ltd.

 

342,806

 

954,500

 

Workpoint Entertainment Public Co., Ltd.

 

603,331

 

 

 

 

 

946,137

 

Finance & Securities—0.31%

 

 

 

253,100

 

Thanachart Capital Public Co., Ltd.

 

102,070

 

 

 

 

 

 

 

Health Care Services—5.00%

 

 

 

6,235,400

 

Bangkok Chain Hospital Public Co., Ltd.

 

1,551,569

 

71,600

 

Bangkok Dusit Medical Services Public Co., Ltd.

 

72,187

 

 

 

 

 

1,623,756

 

Household Goods—0.35%

 

 

 

102,700

 

Modernform Group Public Co., Ltd.

 

113,823

 

 

 

 

 

 

 

Machinery—0.20%

 

 

 

155,800

 

Unimit Engineering Public Co., Ltd.

 

64,613

 

 

1


 

Mining—2.44%

 

 

 

683,800

 

Padaeng Industry Public Co., Ltd.

 

792,085

 

 

 

 

 

 

 

Packaging—0.91%

 

 

 

2,207,000

 

Multibax Public Co., Ltd.

 

296,680

 

 

 

 

 

 

 

Personal Products—1.17%

 

 

 

2,934,100

 

DSG International (Thailand) Public Co., Ltd.

 

380,994

 

 

 

 

 

 

 

Petrochemicals—2.78%

 

 

 

733,200

 

The Aromatics (Thailand) Public Co., Ltd.

 

901,734

 

 

 

 

 

 

 

Printing & Publishing—4.02%

 

 

 

3,451,579

 

Amarin Printing and Publishing Public Co., Ltd.

 

1,303,105

 

 

 

 

 

 

 

Property Development—8.42%

 

 

 

87,600

 

Ascon Construction Public Co., Ltd.

 

28,813

 

28,100

 

Asian Property Development Public Co., Ltd.

 

3,536

 

1,681,700

 

Central Pattana Public Co., Ltd.

 

1,135,137

 

15,973,600

 

Hemaraj Land and Development Public Co., Ltd.

 

402,044

 

400,000

 

Land and House Public Co., Ltd.

 

76,080

 

197,000

 

MBK Public Co., Ltd.

 

307,079

 

1,155,100

 

Rojana Industrial Park Public Co., Ltd.

 

389,842

 

1,104,000

 

Sammakorn Public Co., Ltd.

 

75,151

 

2,709,200

 

Thai Industrial & Engineering Service Public Co., Ltd.

 

209,215

 

1,387,100

 

TRC Construction Public Co., Ltd.

 

106,324

 

 

 

 

 

2,733,221

 

Retail Food—1.39%

 

 

 

1,000,000

 

Minor International Public Co., Ltd.

 

314,616

 

70,000

 

S&P Syndicate Public Co., Ltd.

 

63,567

 

138,000

 

Serm Suk Public Co., Ltd.

 

73,019

 

 

 

 

 

451,202

 

Transportation—1.17%

 

 

 

486,300

 

Bangkok Expressway Public Co., Ltd.

 

321,295

 

400,000

 

Eternity Grand Logistics Public Co., Ltd.

 

56,974

 

 

 

 

 

378,269

 

 

 

 

 

 

 

Total Common Stocks (Cost—$21,871,913) (a)

 

28,962,436

 

 

Principal
Amount
(000)

 

 

 

Value

 

SHORT-TERM INVESTMENTS—9.46%

 

 

 

 

 

 

 

THAI BAHT SAVINGS ACCOUNT—8.03%

 

 

 

91,119

 

Bangkok Bank Savings Account, 0.5%, due 4/2/07

 

2,606,124

 

 

 

 

 

 

 

U.S. DOLLAR TIME DEPOSIT—1.43%

 

 

 

464

 

Bank of New York, 0.05%, due 4/2/07

 

464,477

 

 

 

 

 

 

 

Total Short-Term Investments (Cost—$3,035,044)

 

3,070,601

 

Total Investments—98.70%
 (Cost—$24,906,958)

 

32,033,037

 

 

 

 

 

Other assets less liabilities—1.30%

 

423,487

 

NET ASSETS

 

(Applicable to 3,157,405 shares of capital stock outstanding;
equivalent to $10.28 per share)

100.00%

 

$

32,456,524

 

 

* Non-income producing securities.

 

(a)  The aggregate cost of investments at March 31, 2007 for federal income tax purposes was $21,876,793.  At March 31, 2007, net unrealized appreciation, excluding short-term securities, aggregated $7,090,523 of which $7,837,148 related to appreciated securities and $746,625 related to depreciated securities.

 

2


 

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.

 


 

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, Vice President and Treasurer

 

Date: April 18, 2007

 

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 18, 2007

John J. O’Keefe, Vice President and Treasurer

 

 

 

\s\ Masamichi Yokoi

 

Date: April 18, 2007

Masamichi Yokoi, Chairman