Risk Warning
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.
Read the detailed Risk WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 26-Jan-2012
Ord| Price | 280.25p |
| NAV† | 320.68p |
| Prem/-Disc | -12.61% |
| Net Dividend Yield | 2.85% |
Subscription Shares
| Price | 80.13p |
Subscription shares may be converted into Ordinary shares at a fixed price of 200 pence per share at each calendar month end until 31 January 2013.
Source: Morningstar
NAV = Net Asset Value, excluding income, on a fully diluted basis (that is, assuming all Subscription shares in issue are converted into Ordinary shares)
† Basis of calculation for Net Asset Value
Beginning in mid-January 2007, the onshore and offshore currency rates for the Thai Baht diverged following the introduction of exchange controls in Thailand on 18 December 2006. With effect from 23 March 2007, this divergence had reached a material level such that the Trust opted to calculate and publish subsequent daily net asset values using the onshore Thai Baht rate to value Baht-denominated assets. This replaces the offshore rate used historically.
Literature
Trust Details
Aberdeen New Thai Investment Trust PLC
Registered Office:
Bow Bells House,
1 Bread Street
London
EC4M 9HH
Registered in England and Wales as an Investment Company Number 02448580
Aberdeen New Thai Investment Trust PLC
Objective
The objective of Aberdeen New Thai Investment Trust PLC is to provide shareholders with a high level of long-term, above-average capital growth through investment in Thailand.
Manager's Monthly Report
January 2012
Market review
Thai equities were largely flat in sterling terms in December. Concerns about the macroeconomic effects of the floods and anxieties over the eurozone’s economic health and prospects triggered a sell-off by retail investors, which was counterbalanced by foreign buying. Despite posting slight declines for the year, the SET Index significantly outperformed the region’s broader MSCI Asia Pacific ex Japan Index. On the economic front, there was a general slowdown in November activity, reflecting the impact of the floods and softer external demand. Car sales dropped; advertising expenditure fell, while exports weakened for the first time in two years. Although inflation remained high, driven by food prices, the Bank of Thailand cut its benchmark interest rate by 25 basis points to 3.25% to stimulate the economy.
Portfolio Review
In December, we added to Hana Microelectronics. Against this, we pared Home Product Center following its outperformance.
PTT Exploration and Production will delay the start-up of the Montara field until the third quarter owing to slow approvals, though the impact on earnings is minimal; it was also granted two onshore oil concessions in Myanmar. In merger and acquisitions, Siam Cement will invest 6.2 billion baht to raise its stake in Thai Plastic and Chemicals to 69%, with another 8 billion baht earmarked for the remaining shares. Minor International bought the remaining 30% stake in Thai Express Concept for S$16.8 million. In third-quarter earnings, Amarin Printing was supported by good advertising income, whereas AEON Thana Sinsap suffered from flood-related provisions.
Outlook
The global economy is expected to weaken, with Europe headed towards recession, anaemic US consumption as it continues to deleverage, and a possible hard landing in China among the key concerns. This will have a knock-on effect on Asia, and Thailand is unlikely to escape unscathed. Nevertheless, the Bank of Thailand expects GDP to expand by 4.8% in 2012, with post-flood demand compensating for slowing export growth. Market sentiment, however, will be dominated by the external headwinds, which will keep stockmarkets volatile. As such, we are cautious, although we believe that our consumer-oriented holdings, such as Siam Cement and HomePro, will continue to benefit from post-flood reconstruction and increased infrastructure investments.
Source: Monthly Factsheet Aberdeen Asset Managers Limited