Returns at a glance

While total shareholder returns (TSR) of SET-listed companies were healthy in 2002, with only five sectors in negative territory, a different picture emerges over the longer term, as the charts below illustrate.

The five-year TSR, for example, appears relatively good in several sectors, but it should be borne in mind that the base year is 1997, when the market plunged in the aftermath of the floating of the baht at mid-year.

Investors with a longer time horizon might do better to examine the 10-year TSR for sectors and individual companies to determine which ones have been able to create value. Eight sectors, led by Pulp and Paper, have delivered positive 10-year TSR. Significantly, the Communication sector, which has been battered over the past two years, has produced good 10-year growth.

For a comprehensive listing of TSR performance by all listed companies on the SET, and an explanation of the way TSR is calculated, see pages 8 and 9.

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