Aberdeen New Thai Investment Trust PLC

Selecting quality companies from the dynamic Thai market

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Daily prices as of 28 Jul 2021

Share Price 404.00p

Estimated NAV cum income 454.43p

Estimated NAV ex income 447.12p

Dividend Yield 4.7%

Premium / (Discount) to NAV cum income -11.1%

Premium / (Discount) to NAV ex income -9.6%

Annual General Meeting (AGM) and Online Shareholder Presentation

Due to restrictions in place at the time of the Company's AGM on 17 June 2021, the Board decided to hold an interactive Online Shareholder Presentation in advance. During the presentation, attendees received updates from the Chairman and Manager and a recording is available to watch below.

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Latest news

An update from our investment manager, Orsen Karnburisudthi – 22 June 2021

We are cautiously optimistic about the near-term outlook for Thai equities. Despite the recent surge of Covid-19 infections, we remain hopeful that the swift rollout of vaccines should enable the country’s tourism and export-driven economy to recover over the course of this year. Local authorities hope the country should reopen fully by mid-October. We are also encouraged as investors have been returning to riskier assets despite the virus not yet being fully under control. Additionally, we expect further support for the domestic stock market, having observed a rotation from growth stocks into more cyclical ones that suffered during the selloffs at the peak of the pandemic.

At the corporate level, we believe that Thai-listed companies are resilient and we expect that when the turnaround occurs, the Trust’s fundamentally robust holdings will recover, and sustainably so. As long-term investors, we remain confident that the portfolio’s high-quality underlying holdings, with steady credit lines, robust balance sheets, good cash flow and prudent management will stand the Trust in good stead beyond the current crisis.

Read our manager Orsen's latest article

Read the Company's latest Regulatory News Service (RNS) announcements

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 literature

Latest Factsheet

Annual Report

Interim Report

Savings Plan/ISA Brochure

Latest Edison Research Note

Read all literature

Key people

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

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
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

Head of Equities - Asia Pacific

Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at Aberdeen Standard Investments, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Asset Management 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 registered 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

Flavia Cheong

Head of Equities - Asia Pacific
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at Aberdeen Standard Investments, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining Aberdeen Asset Management 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 registered 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

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 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 2014. He is currently non-executive chairman of 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 on 18 October 2019. Over the last twenty five years she 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 non-executive director of Momentum Multi-Asset Value Trust plc, 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 on 1 January 2017. Formerly a director of Baring Asset Management (Asia) Limited in Hong Kong and an Asian Investment Manager at Eagle Star and Kleinwort Benson in London, she has twenty years of Asian investment experience including the management and marketing of Thai equity portfolios. She is currently chairman of JPMorgan Multi-Asset Growth and Income plc, chairman of Schroder Asia Total Return Investment Company plc and a non-executive director of Fidelity Japan Trust plc, as well as serving on the board of an educational charitable trust.

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 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 2014. He is currently non-executive chairman of 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 on 18 October 2019. Over the last twenty five years she 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 non-executive director of Momentum Multi-Asset Value Trust plc, 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 on 1 January 2017. Formerly a director of Baring Asset Management (Asia) Limited in Hong Kong and an Asian Investment Manager at Eagle Star and Kleinwort Benson in London, she has twenty years of Asian investment experience including the management and marketing of Thai equity portfolios. She is currently chairman of JPMorgan Multi-Asset Growth and Income plc, chairman of Schroder Asia Total Return Investment Company plc and a non-executive director of Fidelity Japan Trust plc, as well as serving on the board of an educational charitable trust.

Financial calendar

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

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.