Aberdeen New Thai Investment Trust PLC

Selecting quality companies from the dynamic Thai market

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Latest news

An update from our investment manager, Orsen Karnburisudthi – 22 October 2020

Protests, largely student-led, have increased in intensity and frequency in the past several weeks in Bangkok and across the country. Calls continued for the current government to step down, the constitution rewritten and key institutions such as the monarchy reformed. The government’s response has escalated accordingly with a ban on large gatherings and controls on media, as well as arrests. Reassuringly, the demonstrations have been largely peaceful as the government is holding a special parliamentary session to address the demands.

Economy data are as expected with August trade and current account remaining positive. The GDP contraction in 2020 is still expected to be in the -7-8% range amid signs of improvement since mid-year. A new finance minister was appointed in early October; Arkhom Termpittayapaisith, a career public servant, is expected and welcomed by businesses and investors.

Meanwhile the official number of new Covid-19 cases per day has remained consistently low since May. Including cases from returning residents the total number of cases and deaths is approximately 3,700 and 60 respectively. Businesses and social activities are practically normal apart from a lack of international flights and foreign visitors. An initial batch of tourists from China under a special tourist visa programme has just arrived into the country.

In September the Thai stock market fell 5.62% in local currency terms mainly driven by energy, utilities and petrochemicals. The weakness continued into October with the SET Index falling about 1% month-to-date on concerns over the protests. Corporate third quarter performances are likely to remain weak year-on-year albeit with a rebound from the second quarter. For the Trust we reduced exposure to stocks in the materials and consumer discretionary sectors and added to consumer staples, energy and small banks on attractive valuations. We look to add new names particularly in packaging and utilities whilst further reducing exposures to materials and property & construction.

Our 30th anniversary year

Last year we celebrated the 30th anniversary since the launch of Aberdeen New Thai Investment Trust PLC on 1st December 1989.

To celebrate this special occasion we opened the market at the London Stock Exchange on Tuesday 22nd October 2019 and were honoured to be joined by His Excellency, Mr. Pisanu Suvanajata, Ambassador of the Kingdom of Thailand to the United Kingdom.

Today we still remain the only investment trust investing exclusively in Thailand. We are long term investors seeking well-managed, resilient companies with excellent regional prospects to share in South East Asia's growth story. The portfolio is managed by Thai equities specialists bringing together quality companies of all sizes from this dynamic market.

 

About us

Quality companies: for us, a high quality company is one with a strong competitive position, robust financial characteristics and an experienced management team. We look for stocks that are attractively valued with healthy dividend yields.

Long-term resilience: we believe our portfolio of companies can demonstrate resilience in the context of the complicated Thai political situation. We are fortunate to have excellent access to company management and an experienced team based on the ground in Thailand to help with this analysis.

Excellent regional prospects: many of Thailand's companies have a wider regional exposure, trading increasingly with, and investing in, nearby fast-growing countries like Cambodia, Laos, Myanmar and Vietnam. Thailand's position as a regional hub gives sufficient diversity, but often less vulnerability to global dislocations.

Key people

Orsen Karnburisudthi

Orsen Karnburisudthi

Investment Manager

Orsen Karnburisudthi is an investment manager on the Thailand equity team. Orsen joined Aberdeen in 2006 from Kasikornbank PCL, a Thai commercial bank, where he was responsible for coverage of the bank's large corporate accounts. Previously, Orsen worked for Merrill Lynch Investment Managers as an investment analyst covering south-east Asian stocks. Prior to that, Orsen was an equity analyst at SBC Warburg (now UBS Securities) in Bangkok.

Orsen graduated with a BS in Economics from The Wharton School of the University of Pennsylvania, a MBA from Sloan School of Management, Massachusetts Institute of Technology. Orsen is a Chartered Financial Analyst charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Ana Paepipatmongkol

Ana Paepipatmongkol

Investment Analyst

Ana Paepipatmongkol is an Investment Analyst on the Thailand Equities Team at Aberdeen Standard Investments. Ana performs fundamental analysis on Thai stocks which helps investment managers to make effective decisions. Ana joined Aberdeen Asset Management in 2017 from Manulife Asset Management (Thailand) where he was an Investment Analyst providing equity strategies and investment ideas. Ana graduated with a MA in Financial Economic from Ohio University.

Pavarit Srinual

Pavarit Srinual

Investment Analyst

Pavarit Srinual is an Investment Analyst at Aberdeen Standard Investments. Pavarit joined Aberdeen Standard Investments in 2019 from Bangkok Capital Asset Management where he was an Assistant Fund Manager. Pavarit graduated with a MSc in Finance from Cass Business School and a BSc in Economics from the University of Nottingham. Pavarit passed Level III of the CFA Program in 2019.

  • Orsen Karnburisudthi

    Investment Manager

    Orsen Karnburisudthi is an investment manager on the Thailand equity team. Orsen joined Aberdeen in 2006 from Kasikornbank PCL, a Thai commercial bank, where he was responsible for coverage of the bank's large corporate accounts. Previously, Orsen worked for Merrill Lynch Investment Managers as an investment analyst covering south-east Asian stocks. Prior to that, Orsen was an equity analyst at SBC Warburg (now UBS Securities) in Bangkok.

    Orsen graduated with a BS in Economics from The Wharton School of the University of Pennsylvania, a MBA from Sloan School of Management, Massachusetts Institute of Technology. Orsen is a Chartered Financial Analyst charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Ana Paepipatmongkol

    Investment Analyst

    Ana Paepipatmongkol is an Investment Analyst on the Thailand Equities Team at Aberdeen Standard Investments. Ana performs fundamental analysis on Thai stocks which helps investment managers to make effective decisions. Ana joined Aberdeen Asset Management in 2017 from Manulife Asset Management (Thailand) where he was an Investment Analyst providing equity strategies and investment ideas. Ana graduated with a MA in Financial Economic from Ohio University.

  • Pavarit Srinual

    Investment Analyst

    Pavarit Srinual is an Investment Analyst at Aberdeen Standard Investments. Pavarit joined Aberdeen Standard Investments in 2019 from Bangkok Capital Asset Management where he was an Assistant Fund Manager. Pavarit graduated with a MSc in Finance from Cass Business School and a BSc in Economics from the University of Nottingham. Pavarit passed Level III of the CFA Program in 2019.

Flavia Cheong

Flavia Cheong

Head of Equities - Asia Pacific ex Japan

Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Adrian Lim

Adrian Lim

Investment Director

Adrian Lim is a senior investment manager on the Asia Pacific (ex Japan) equity team. Adrian originally joined Aberdeen in 2000 as a manager in private equity, on the acquisition of Murray Johnstone, but transferred to his current post soon afterwards. Previously, Adrian worked for Arthur Andersen LLP as an associate director advising clients on mergers & acquisitions in the region.

Adrian graduated with a BAcc from Nanyang Technological University, Singapore. He is a CFA Charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Flavia Cheong

    Head of Equities - Asia Pacific ex Japan

    Flavia Cheong is Head of Asia Pacific ex Japan Equity on the Asian Equities team, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Standard Investments (Asia) in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

  • Adrian Lim

    Investment Director

    Adrian Lim is a senior investment manager on the Asia Pacific (ex Japan) equity team. Adrian originally joined Aberdeen in 2000 as a manager in private equity, on the acquisition of Murray Johnstone, but transferred to his current post soon afterwards. Previously, Adrian worked for Arthur Andersen LLP as an associate director advising clients on mergers & acquisitions in the region.

    Adrian graduated with a BAcc from Nanyang Technological University, Singapore. He is a CFA Charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Nicholas Smith

Nicholas Smith

Chairman

Appointed a Director on 1 March 2013 and Chairman on 26 June 2013, Nic joined the Jardine Fleming Group in 1986 in Hong Kong and served from 1993 to 1997 as Chief Financial Officer and as a member of the Executive Committee. After returning to the UK, he became a director of Robert Fleming International Ltd in 1998, and the Director of Origination - Investment Banking, serving until 2000. He is currently Chairman of Schroder AsiaPacific Fund Plc and a non-executive director of JP Morgan European Smaller Companies Trust Plc.
Andy Pomfret

Andy Pomfret

Senior Independent Director and Chairman of the Audit Committee

Andy Pomfret was appointed a Director on 1 September 2014, Chairman of the Audit and Management Engagement Committee on 1 November 2014 and Senior Independent Director on 3 December 2019. He spent over 13 years with Kleinwort Benson as a corporate financier, venture capitalist and finance director of the investment management and private banking division. In 1999 he joined Rathbone Brothers Plc as finance director and served as chief executive from 2004 until February 2014. He is currently a non-executive director of ICG Enterprise Trust PLC, Sanne Group plc, Sabre Insurance Group plc and non-executive Chairman of Miton UK Micro Cap Trust plc.

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Anne Gilding

Non-Executive Director

Anne Gilding was appointed as a Director of the Company on 18 October 2019. Over the last twenty five years Anne has led the development of global communications, branding and marketing solutions for a broad range of companies including Impax Asset Management Group plc, BMO (formerly F&C), GAM, Vernalis Group plc and UBS. She is currently a senior adviser to Peregrine Communications and has served a term as a trustee of an educational charity.

Sarah Macaulay

Sarah MacAulay

Non-Executive Director

Sarah MacAulay was appointed a Director of the Company on 1 January 2017. She brings to the Board over twenty years of Asian investment experience as a fund manager in London and Hong Kong, including the management and marketing of Thai equity portfolios. More recently she has spent thirteen years on the board of an educational charitable trust, with involvement in risk management, regulation, compliance and governance. Sarah is currently a non-executive director of Fidelity Japanese Values PLC, JPMorgan Multi-Asset Trust plc and Schroder Asia Total Return Investment Company plc.
  • Nicholas Smith

    Chairman

    Appointed a Director on 1 March 2013 and Chairman on 26 June 2013, Nic joined the Jardine Fleming Group in 1986 in Hong Kong and served from 1993 to 1997 as Chief Financial Officer and as a member of the Executive Committee. After returning to the UK, he became a director of Robert Fleming International Ltd in 1998, and the Director of Origination - Investment Banking, serving until 2000. He is currently Chairman of Schroder AsiaPacific Fund Plc and a non-executive director of JP Morgan European Smaller Companies Trust Plc.
  • Andy Pomfret

    Senior Independent Director and Chairman of the Audit Committee

    Andy Pomfret was appointed a Director on 1 September 2014, Chairman of the Audit and Management Engagement Committee on 1 November 2014 and Senior Independent Director on 3 December 2019. He spent over 13 years with Kleinwort Benson as a corporate financier, venture capitalist and finance director of the investment management and private banking division. In 1999 he joined Rathbone Brothers Plc as finance director and served as chief executive from 2004 until February 2014. He is currently a non-executive director of ICG Enterprise Trust PLC, Sanne Group plc, Sabre Insurance Group plc and non-executive Chairman of Miton UK Micro Cap Trust plc.

  • Anne Gilding

    Non-Executive Director

    Anne Gilding was appointed as a Director of the Company on 18 October 2019. Over the last twenty five years Anne has led the development of global communications, branding and marketing solutions for a broad range of companies including Impax Asset Management Group plc, BMO (formerly F&C), GAM, Vernalis Group plc and UBS. She is currently a senior adviser to Peregrine Communications and has served a term as a trustee of an educational charity.

  • Sarah MacAulay

    Non-Executive Director

    Sarah MacAulay was appointed a Director of the Company on 1 January 2017. She brings to the Board over twenty years of Asian investment experience as a fund manager in London and Hong Kong, including the management and marketing of Thai equity portfolios. More recently she has spent thirteen years on the board of an educational charitable trust, with involvement in risk management, regulation, compliance and governance. Sarah is currently a non-executive director of Fidelity Japanese Values PLC, JPMorgan Multi-Asset Trust plc and Schroder Asia Total Return Investment Company plc.

Financial calendar

Year End 28 February
Accounts Published May
Annual General Meeting June
Dividend Paid June

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

Launch Date: December 1989

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.