Enjoy Rendering!: Сборник текстов для перевода и реферирования. Батурина С.А. - 12 стр.

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23
Why Thailand's Star is Rising
Southeast Asia is back. After several years of watching investors
flee, Southeast Asian stock markets soared in the first quarter: In-
donesia, Malaysia, Singapore, the Philippines, and Thailand all posted
double-digit percentage gains. The best-performing fund of the 500 off-
shore funds tracked by BusinessWeek was Fidelity Investments' Thai-
land Fund, with a 29,26 % gain. Fidelity's Asean and South East Asia
funds also finished in the top 10.
Keith Ferguson, Fidelity's chief investment officer for the Asia-
Pacific region, says Southeast Asia reforms are finally paying off with
more efficient companies, stronger financial institutions, and greater
corporate transparency. Growth prospects were already solid thanks to
strong domestic demand, and the U.S. recovery will be a boon for ex-
ports.
Why did Thailand top the rankings? In the past few years, key
sectors such as banking and cement have seen consolidation and staff
cutbacks, producing higher margins. And many companies have
brought in foreign management expertise. At the same time, Thai con-
sumers are shelling out for everything from designer jeans to new cars
– auto sales might grow 30 % this year – and the residential-property
sector is finally showing signs of recovery. The result: In the first quar-
ter, foreigners were net buyers of $550 million worth of Thai stocks,
after selling $348 million over 2000 and 2001.
Ferguson saw the Southeast Asia recovery coming late last year
and sent his analysts on a search for good companies. "We looked
where foreigners were underweight and where earnings looked attrac-
tive again, and we spent time and focused on it," he says. In Thailand,
he picked up property developer Land & Houses, Siam Cement, Siam
City Cement, and bank stocks.
Can this winning streak continue? With Thailand's banks and
blue chips having already enjoyed a good run, Ferguson says smart in-
vestors should start looking at mid-cap stocks such as Delta Electronics
Inc., poised to benefit from stronger export demand. Across Southeast
Asia, Ferguson sees plenty of value: Indonesian stocks are trading as
low as seven times 2002 earnings, Malaysia's 17, and Thailand's 14.
But a word of caution. Although the region's markets have
shown resilience, its economies are still tethered to the U. S. If the
24
American recovery stalls, the promising start to Southeast Asia's year
will quickly lose steam.
By Frederik Balfour in Kuala Lumpur
1. Vocabulary notes:
1) flee – бежать, убегать, сторониться
2) soar – стремительно повышаться, взлетать
3) transparency – прозрачность
4) boon – благо, удобство, преимущество
5) cutback – сокращение, понижение
6) margins – прибыли, денежные запасы
7) bring in – вводить, вносить, импортировать
8) shell out – раскошеливаться
9) streak – период, промежуток, полоса
10) poise – удерживать (-ся), уравновешивать
11) resilience – упругость, эластичность
12) tether – ограничивать, связывать
13) stall – останавливать (-ся), стопорить
2. Answer the following questions.
1) What is the main idea of the article? And who is the main
hero of it?
2) What do Southeast Asia reforms do finally result in?
3) What is the cause of Southeast Asian stock markets soaring?
4) What can you say about the purchasing power of Thai con-
sumers?
5) What point should investors beware of looking at mid-cap
stocks? Such as Delta Electronics Inc.?
3. Give a summary of the text. 
                   Why Thailand's Star is Rising                              American recovery stalls, the promising start to Southeast Asia's year
                                                                              will quickly lose steam.
       Southeast Asia is back. After several years of watching investors                                       By Frederik Balfour in Kuala Lumpur
flee, Southeast Asian stock markets soared in the first quarter: In-
donesia, Malaysia, Singapore, the Philippines, and Thailand all posted              1. Vocabulary notes:
double-digit percentage gains. The best-performing fund of the 500 off-             1) flee – бежать, убегать, сторониться
shore funds tracked by BusinessWeek was Fidelity Investments' Thai-                 2) soar – стремительно повышаться, взлетать
land Fund, with a 29,26 % gain. Fidelity's Asean and South East Asia                3) transparency – прозрачность
funds also finished in the top 10.                                                  4) boon – благо, удобство, преимущество
       Keith Ferguson, Fidelity's chief investment officer for the Asia-            5) cutback – сокращение, понижение
Pacific region, says Southeast Asia reforms are finally paying off with             6) margins – прибыли, денежные запасы
more efficient companies, stronger financial institutions, and greater              7) bring in – вводить, вносить, импортировать
corporate transparency. Growth prospects were already solid thanks to               8) shell out – раскошеливаться
strong domestic demand, and the U.S. recovery will be a boon for ex-                9) streak – период, промежуток, полоса
ports.                                                                              10) poise – удерживать (-ся), уравновешивать
       Why did Thailand top the rankings? In the past few years, key                11) resilience – упругость, эластичность
sectors such as banking and cement have seen consolidation and staff                12) tether – ограничивать, связывать
cutbacks, producing higher margins. And many companies have                         13) stall – останавливать (-ся), стопорить
brought in foreign management expertise. At the same time, Thai con-
sumers are shelling out for everything from designer jeans to new cars              2. Answer the following questions.
– auto sales might grow 30 % this year – and the residential-property               1) What is the main idea of the article? And who is the main
sector is finally showing signs of recovery. The result: In the first quar-   hero of it?
ter, foreigners were net buyers of $550 million worth of Thai stocks,               2) What do Southeast Asia reforms do finally result in?
after selling $348 million over 2000 and 2001.                                      3) What is the cause of Southeast Asian stock markets soaring?
       Ferguson saw the Southeast Asia recovery coming late last year               4) What can you say about the purchasing power of Thai con-
and sent his analysts on a search for good companies. "We looked              sumers?
where foreigners were underweight and where earnings looked attrac-                 5) What point should investors beware of looking at mid-cap
tive again, and we spent time and focused on it," he says. In Thailand,       stocks? Such as Delta Electronics Inc.?
he picked up property developer Land & Houses, Siam Cement, Siam
City Cement, and bank stocks.                                                       3. Give a summary of the text.
       Can this winning streak continue? With Thailand's banks and
blue chips having already enjoyed a good run, Ferguson says smart in-
vestors should start looking at mid-cap stocks such as Delta Electronics
Inc., poised to benefit from stronger export demand. Across Southeast
Asia, Ferguson sees plenty of value: Indonesian stocks are trading as
low as seven times 2002 earnings, Malaysia's 17, and Thailand's 14.
       But a word of caution. Although the region's markets have
shown resilience, its economies are still tethered to the U. S. If the
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