Management Discussion and Analysis

Total Income

The Fund’s performance in Q3/2009 showed total income of 82.1 Million Baht, increasing 7.8 percent, when compared with its total income in the corresponding period of last year. Its income mainly derived from rental and service income of Baht 81.2 Million, and other income of Baht 0.5 Million, equaled to 99.0 and 0.7 percent of total income, respectively.

Expenses

In Q3/2009, the Fund recorded total expenses of Baht 26.6 Million, decreasing 2.5 percent, when compared with its total expenses in the corresponding period of last year. Major entries in the total expenses item of the Fund were cost of rental and service of Baht 11.3 Million, property management fees of Baht 6.9 Million, and amortization of deferred expenses of Baht 4.8 Million, equaled to 42.4, 25.8 and 18.1 percent of total expenses, respectively.

Distributable Income

In Q3/2009, the Fund recorded net investment income of Baht 55.4 Million. Dividend payment for this quarter equaled Baht 54.5 Million, or Baht 0.237 per unit, equivalent to the annual dividend yield of 9.4 percent (compared with IPO price), higher than the dividend payment at Baht 0.230 per unit in Q2/2009, or equaled to the annual dividend yield of 9.2 percent (compared with IPO price).

Balance Sheet

Total assets of the Fund stood at Baht 2,814.6 Million, and total liabilities of Baht 50.5 Million. Most liabilities were deposits received from customers of Baht 39.9 Million, or 79.0 percent of total liabilities. Net assets were Baht 2,764.1 Million, equaled to net asset value per unit of Baht 12.0178, increasing from the Fund establishment date by 20.2 percent.

Profitability

Fund recorded net income margin of 67.6 percent of total income.

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Disclaimers

An investment in investment units shall not be deemed a deposit of money. There are risks involved in making investments. Investors may receive return which is greater or less in value than that of their initial investment funds. Furthermore, since the Fund’s major gain depends upon property rental, investors are advised to study the property’s information, performance of the property’s management, the nature and conditions of property rental business, as well as all risk factors mentioned in the prospectus.
A fund is a juristic person separate from its management company.Therefore, ING Funds (Thailand) Co., Ltd. is not bound to compensate for a loss sustained by the fund. The performance of the fund does not depened on the financial position or the performance of ING Funds (Thailand) Co., Ltd.
The Fund invests in a leasehold right. The value of a leasehold right may decrease in relation to the remaining lease term which shortens as time passes. Consequently, the value of investment units of the Fund may decrease proportionally and could reach zero value at the end of the term of the leasehold right invested in by the Fund. In addition, the Fund does not reserve capital for repayment of investment funds to unitholders upon the termination of the Fund. Nonetheless, unitholders shall receive return on their investment by means of the Management Company repaying part or all of the investment funds to unitholders in the forms of dividend payment or a decrease in the Fund’s registered capital prior to the termination of the Fund.
Past performance of the fund does not insist future performance.
Investment in funds is subject to investment risks. Any potential investors should diligently study and peruse all information contained in the prospectus prior to their purchase of investment units and should also keep such information as future reference. Should the potential investors require any additional information, they may request the prospectus from the Management Company.
The Company reserves the right to amend, modify or change any information on this website without advance notice.