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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 Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 06-Dec-2013Ord
|Net Dividend Yield||1.88%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
† 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.
Bow Bells House,
1 Bread Street
Registered in England and Wales as an Investment Company Number 02448580
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.
In this webcast, Adithep Vanabriksha gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.
With the Thai economy booming, global investors have taken a shine to the country. But could the risks facing investors rise again?
Find out more about Thailand by reading a specialist country report by The Economist Intelligence Unit.Thailand Country Report
(The information in this report is accurate as of April 2013)
Following the final Subscription Date (31 January 2013) for the exercise of outstanding Subscription Shares, a Trustee was appointed by the Company. The Trustee determined that there would be sufficient net proceeds from the sale of Ordinary Shares arising on the exercise of all outstanding Subscription Shares and 406,493 outstanding Subscription Shares were duly exercised. The net proceeds from the sale of the resultant Ordinary Shares after deduction of the Subscription price of 200p together with all associated fees, costs and expenses (including brokerage charges) should be received by Subscription Shareholders no later than 28 March 2013. Aggregate entitlements per holder of under £5.00 shall be retained for the benefit of the Company.
The SET Index rose in October as the temporarily fading threat of US Federal Reserve tapering buoyed sentiment. However, simmering political tensions over the controversial amnesty bill agitated investors at month-end. Exports fell unexpectedly; however, imports were down by a larger extent on the back of sluggish consumption, resulting in a trade surplus. Factory output fell for the sixth consecutive month, while consumer confidence reached its lowest in a year. The lacklustre economic backdrop prompted the central bank to lower its 2013 growth forecast again. Against this, tourist arrivals escalated, providing a mainstay to the otherwise soft economy. Moreover, inflation remains benign and unemployment low.
There were no significant changes to the portfolio in October. Our bank holdings Siam Commercial Bank, Kasikornbank and Tisco Financial boasted healthy third-quarter profits, with decent loan growth and solid fee income supported by good non-performing loan coverage and capitalisation ratios. Meanwhile, AEON Thana Sinsap’s second-quarter profit surged on the back of robust loan growth and wellmanaged costs.
Siam Cement performed well on recovering chemical margins and resilient volumes and pricing in the cement segment. Despite a maintenance shutdown, higher prices combined with lower taxes and costs, boosted Dynasty Ceramic’s earnings. Home Product Center reported decent profit growth, driven by higher revenue and solid margins. This was prior to the grand opening of its 500 million baht building materials ‘Mega Home’ store in Rangsit. Despite flat third-quarter sales, Big C Supercenter’s profits were boosted by the addition of new stores. The company also plans to enter the retail insurance market in a joint venture with four insurers.
Buoyant investor sentiment has helped lift Thailand’s equity market; however, a degree of caution remains prudent. A sizeable share of current inflows remains at the mercy of the US Federal Reserve’s monetary policy plans. Meanwhile, any turmoil wrought by the divisive amnesty bill will be closely watched by jittery investors. And, while a softening economy has not deterred tourists, political instability or the threat of violent protests would likely give would-be visitors pause. Tourism is currently the brightest spot in an otherwise hazy economy, but the government’s insistence on pursuing its agenda could well jeopardise this. That said, we will continue to do what we do best: closely monitor our holdings and seek out other well-run, fundamentally-sound companies. Over the long-term, such a portfolio should withstand the unavoidable short-term vagaries of financial markets.
Source: Monthly Factsheet Aberdeen Asset Managers Limited