Final Results

RNS Number : 0989C

Henderson TR Pacific Inv. Trust PLC

01 March 2011

 



                                    Page 1 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

This announcement contains regulated information

Henderson TR Pacific Investment Trust plc announces its results for the year ended 31 December 2010.

Henderson TR Pacific Investment Trust plc seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia.

Key Data
Per ordinary share	31 December 2010	31 December 2009	Change %
Net asset value #	221.5p	179.9p	+23.1
Share price #	201.3p	165.5p	+21.6
Discount	9.1%	8.0%
Total return	43.47p	69.77p	-37.7
Net revenue return	3.33p	2.18p	+52.8
Dividend per ordinary share in respect of the year	2.90p	1.90p	+52.6
Gearing*	14.1%	7.8%

# Excluding reinvested income.

*Defined here as borrowings, less cash balances and deposits, as a percentage of shareholders' funds.

Performance for 12 Months to 31 December 2010

	%
Net asset value total return (1)	24.0
Share price total return (1)	22.9
Peer group NAV total return (2)	25.2
MSCI All Country Asia ex-Japan Index total return (3)	23.7

(1) Source: AIC Information Services Ltd (net income reinvested).

(2) Source: AIC Information Services Ltd. The performance of a group of leading investment trust competitors (weighted average).

(3) Source: Datastream (gross income reinvested).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Commenting on the results Chairman, David Robins, said:

After the very strong performance of your Company in 2009, it is gratifying to be able to report another solid performance for 2010, despite concerns over the outlook for the Chinese economy from the middle of the year onwards.

Performance

This performance was achieved as a result of your Portfolio Manager's skill in stock picking. For, despite the underperformance of the Chinese market overall, compared with others in the region, the portfolio continued to perform extremely well.  Over the course of the year, the share price total return rose by 22.9%. Meanwhile, the Company's net asset value total return rose by 24.0%, compared with a rise in the MSCI All Country Asia ex-Japan Index (sterling adjusted) of 23.7%.

This performance, in line with the Index, was somewhat behind that of some of our peer group, and, as a result, your Company not only slipped back in the peer group rankings but also saw a widening of the discount to net asset value.  However, on a five year view, the period over which your Portfolio Manager has been responsible for investment, your Company has outperformed both the Index and the peer group in both net asset value and, particularly, share price terms.

The performance last year, can largely be explained by the fact that your Portfolio Manager, supported by the Board, maintained a very high weighting in Chinese stocks during most of the year. From the middle of the year, the Chinese market did not perform well as the authorities began to tighten monetary policy in order to dampen speculation in the property market and to head off potential inflation resulting from the significant monetary and fiscal expansion of 2009.

Some of the outperformance of South East Asian markets was therefore missed and this accounted for the underperformance compared with some companies in the peer group which have eschewed China and remained much more heavily exposed to South East Asia over the past two years.

Despite the tightening in Chinese economic policy, your Portfolio Manager and the Board remain convinced that  robust growth in China continues to provide excellent opportunities for investment in mispriced growth stocks, whilst similar opportunities were extremely difficult to identify in some of the higher flying markets in 2010.

Dividend

Although shareholders have indicated that yield is not a particularly important consideration in their ownership of shares in the Company, the Board continues to focus on total return rather than purely growth. The high rate of dividend receipts, particularly from the financial stocks in the portfolio, along with good yields in Taiwan, has allowed for a healthy pay-out again this year.

Compared with a dividend of 1.90p per share last year, the Board has declared an interim dividend, in lieu of a final dividend, of 2.90p per share this year, payable on 1 April 2011.

Share Repurchases

Given the strong performance of the net asset value over the last year, and despite some widening of the discount, I am pleased to be able to report that there were no instances when share repurchases were required in 2010.

Fees and Expenses

The usual base Management Fee of 0.6% of gross assets will be paid in respect of 2010.

Page 3 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Chairman's statement continued

Despite the strong performance of your Company over the last two years, the net asset value performance, as adjusted in accordance with the agreed formula, is some 18 basis points behind the performance of the MSCI All Country Asia ex-Japan Index over the rolling three year period.  As a result, no top-up fee or performance fee is due to be paid for 2010.

Total fees for the year have risen to £2,129,000 compared with £1,548,000 in 2009, simply due to the growth in gross assets over the period. Nevertheless, the total expense ratio of 0.9% continues to compare very favourably with the average of our peer group, which stands at 1.3%.

Custodian

During the course of the year, the Board undertook a review of the Company's custody, stock lending and borrowing arrangements with input from an external advisor.

On the basis that HSBC Bank plc is well represented in all of the markets in which we operate; would hold our securities on a segregated basis; would provide us with a competitive borrowing facility; and would also provide us with an indemnified stock lending opportunity; we changed our custodian during the year. I am pleased to report that the handover from our previous Custodian to HSBC went very smoothly.

Outlook

Perceived wisdom appears to have shifted in recent months from an extremely gloomy prognosis for Western economies and Japan, towards a much more constructive outlook for the current year. There are clearly downside risks to this scenario, not least the ongoing fear of default amongst the peripheral economies of the Eurozone, the risk that fiscal tightening will begin to be felt this year and just might tip individual economies, for example the UK, back into recession and that currency strength will dampen prospects in Japan. However, with QE2 having been instituted by the US and interest rates in the major economies likely to remain at current low levels for the foreseeable future, there appears to be better than an even chance that the Western economies will continue to move forward in 2011. Certainly this is the message being put forward by the major international forecasters.

This scenario would appear to be the most benign for economies in the Asia Pacific region. There are considerable risks arising from the quantitative easing carried out by the US, as the further boost to global liquidity may, as some commentators are suggesting, lead to an asset bubble in emerging markets. As we have suggested for the last couple of years, the macro-economic prospects for the Asia Pacific region have looked far better than those of the West both during and since the financial crisis. This has led to speculative capital flows into the region and the prospect that these may well increase.

In addition, it appears that there have also been speculative flows into commodities, which are already seeing increased demand from the region, particularly from China and India, whilst prices of foodstuffs have also recently come under upward pressure due to extreme weather conditions. Inflation had already picked up in the region, partly due to the fiscal and monetary boost post the financial crisis, and a number of countries, most notably China, have already begun to take pre-emptive tightening measures. However, the prospects for inflation in the region have, if anything, worsened of late.

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Page 4 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Chairman's statement continued

It appears therefore that tightening measures to dampen inflation may well continue and will attract further capital inflows as interest rates rise. The most obvious way to deal with these, other than capital controls, will be to allow currencies to appreciate. Also, it seems that central banks in the region may well feel that with the tightening already in place or contemplated, along with some further currency appreciation, they may well be able to "look through" the peak in inflation, but the risk for financial markets is that the tightening is overdone.

Our central scenario is that this will not be the case and that regional indicators are far away from suggesting a bubble or a financial crisis in the region. We continue to believe that any setback in markets as tightening fears rise may well be a buying opportunity, as market valuations are not stretched and the authorities are generally endeavouring to keep growth going at a good rate whilst not stoking the inflationary flames. In this scenario, stock picking skills, as abundantly demonstrated by your Portfolio Manager over the past two years, are at a premium. We expect to be able to continue to identify undervalued growth opportunities, particularly in areas such as leisure, health care and housing, which should provide further robust performance in 2011.

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Page 5 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Principal risks and uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

● Portfolio and market

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move sharply. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds.

The Board manages the overall level of market risk in the investment portfolio by ensuring full and timely reporting of relevant information from the Manager on a bi-weekly basis. The Board reviews the portfolio each month and endeavours to mitigate the risk through diversification of investments in the portfolio. The Manager manages its exposure to market price risk through its asset allocation decisions and, if necessary, by buying/selling put or call options on indices relevant to its portfolio.  Where appropriate, foreign currency borrowings are used to achieve the portfolio characteristics to minimise the exposure to foreign currency risk.  The possible effects on fair values and cash flows arising on account of changes in interest rates are considered when making investment decisions and the level of gearing.

● Investment activity and performance

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the index and the companies in its peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's objectives, and is directly responsible for investment strategy, the level of gearing and asset allocation between countries and economies. For managing the liquidity risk, the Board gives guidance to the Manager as to the maximum amount of the Company's exposure to individual investments.  Short term borrowings are used to manage short term cash requirements.

● Tax and regulatory risks

A breach of Section 1158 of the Corporation Tax Act 2010 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Acts 2006 could lead to criminal proceedings, or financial or reputational damage. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange.

The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm regulatory compliance during the year.

● Financial

By its nature as an investment trust, the Company's business activities are exposed to market risk (including currency risk, interest rate risk and market price risk), liquidity risk, and credit and counterparty risk.

● Operational

Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.

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Page 6 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Related party transactions

Investment management, accounting, company secretarial and administration services are provided to the Company by wholly owned subsidiary companies of Henderson Group plc ("Henderson"). This is the only related party arrangement currently in place. Other than the fees payable by the Company in the ordinary course of business there have been no material transactions with this related party which have affected the financial position or performance of the Company in the financial year.

Statement of Directors' Responsibilities

In accordance with Disclosure and Transparency Rule 4.1.12, each of the Directors confirm to the best of their knowledge:

·   the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

·   the Report of the Directors in the Annual Report and Financial Statements includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

For and behalf of the Board

David Robins

Chairman

For further information contact:

Andrew Beal Portfolio Manager Tel: [phone]

David Robins Chairman Tel: [phone]

David Masters Lansons Communications Tel: [phone]

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Page 7 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Income Statement

For the year ended 31 December 2010

	Year ended 31 December 2010			Year ended 31 December 2009
	Revenue Return	Capital Return	Total	Revenue Return	Capital Return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains from investments held at fair value through profit or loss (note 2)	-	66,723	66,723	-	110,175	110,175
Income from investments held at fair value through profit or loss (note 3)	7,694	-	7,694	5,248	-	5,248
Other interest receivable and similar income (note 4)	4	-	4	38	-	38
	-------	--------	--------	-------	--------	--------
Gross revenue and capital gains	7,698	66,723	74,421	5,286	110,175	115,461
Management fee (note 5)	(720)	(1,409)	(2,129)	(574)	(974)	(1,548)
Other administrative expenses	(688)	-	(688)	(562)	-	(562)
	-------	--------	--------	-------	--------	--------
Net return on ordinary activities before finance charges and taxation	6,290	65,314	71,604	4,150	109,201	113,351
Finance charges	(166)	(499)	(665)	(67)	(202)	(269)
	--------	--------	--------	--------	--------	--------
Net return on ordinary activities before taxation	6,124	64,815	70,939	4,083	108,999	113,082
Taxation on net return on ordinary activities	(752)	-	(752)	(566)	123	(443)
	-------	--------	--------	-------	--------	--------
Net return on ordinary activities after taxation	5,372	64,815	70,187	3,517	109,122	112,639
	=====	=====	======	=====	=====	======
Basic and diluted return per ordinary share  (note 6)	3.33p	40.14p	43.47p	2.18p	67.59p	69.77p

The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.  No operations were acquired or discontinued during the year.  The Company had no recognised gains or losses other than those disclosed in the Income Statement.

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Page 8 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Reconciliation of Movements in Shareholders' Funds

For the years ended 31 December 2010 and 31 December 2009

	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2010	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2009	8,073	7,833	51,500	212,552	10,493	290,451
Net return from ordinary activities after taxation	-	-	-	64,815	5,372	70,187
Dividend paid in respect of year ended 31 December 2009 (paid 1 April 2010)	-	-	-	-	(3,068)	(3,068)
	----------	-----------	----------	----------	----------	----------
At 31 December 2010	8,073	7,833	51,500	277,367	12,797	357,570
	======	======	======	======	======	======
	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2009	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2008	8,073	7,833	51,500	103,430	10,851	181,687
Net return from ordinary activities after taxation	-	-	-	109,122	3,517	112,639
Dividend paid in respect of  year ended 31 December 2008 (paid 30 April 2009)	-	-	-	-	(3,875)	(3,875)
	---------	----------	----------	-----------	---------	------------
At 31 December 2009	8,073	7,833	51,500	212,552	10,493	290,451
	---------	----------	----------	-----------	---------	------------

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Balance Sheet

At 31 December 2010

	2010	2009
	£'000	£'000
Fixed asset investments held at fair value through profit or loss
Quoted at market value	408,896	312,623
	----------	----------
Current assets
Debtors	45	2,084
Cash at bank	-	9,344
	------------	-----------
	45	11,428
Creditors: amounts falling due within one year	(51,371)	(33,600)
	-----------	-----------
Net current liabilities	(51,326)	(22,172)
	------------	-----------
Total net assets	357,570	290,451
	------------	------------
Capital and reserves
Called up share capital (note 7)	8,073	8,073
Capital redemption reserve	7,833	7,833
Special reserve	51,500	51,500
Other capital reserves	277,367	212,552
Revenue reserve	12,797	10,493
	-----------	-----------
Shareholders' funds	357,570	290,451
	=======	======
Net asset value per ordinary share (note 8)	221.5p	179.9p

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Cash Flow Statement

For the year ended 31 December 2010

	2010	2010	2009	2009
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities		3,854		3,593
Servicing of finance
Interest paid	(576)		(277)
	------------		------------
Net cash outflow from servicing of finance		(576)		(277)
Taxation
Corporation tax paid	(1,030)		-
	------------		------------
Net tax paid		(1,030)		-
Financial investment
Purchases of investments	(124,836)		(116,979)
Sales of investments	98,124		110,214
	------------		------------
Net cash outflow from financial investment		(26,712)		(6,765)
Equity dividends paid		(3,068)		(3,875)
		----------		----------
Net cash outflow before financing		(27,532)		(7,324)
Financing
(Repayment)/drawdown of multi-currency loan facility	(35,134)		11,981
	------------		------------
Net cash (outflow)/inflow from financing		(35,134)		11,981
		----------		----------
(Decrease)/increase in cash		(62,666)		4,657
		======		======
Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash as above		(62,666)		4,657
Net outflow/(inflow) from financing		35,134		(11,981)
		-----------		-----------
Change in net debt resulting from cash flows		(27,532)		(7,324)
Exchange movements		(385)		76
		-----------		-----------
		(27,917)		(7,248)
Net debt at 1 January		(22,601)		(15,353)
		-----------		-----------
Net debt at 31 December		(50,518)		(22,601)
		=======		=======

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Page 11 of 14

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Notes:

1.	Accounting policies
	Basis of preparation The financial statements are prepared on a going concern basis and under the historical cost basis of accounting, as modified to include the revaluation of investments at fair value.  The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009.  All of the Company's operations are of a continuing nature. The Company's accounting policies are consistent with the prior year.
2.	Gains from investments held at fair value through profit or loss	2010 £'000	2009 £'000
	Gains/(losses) on sale of investments based on historical cost	16,532	(3,741)
	Less: revaluation gains recognised in previous years	(17,475)	(16,378)
		----------	----------
	Losses on investments sold in the year based on carrying value at previous balance sheet date	(943)	(20,119)
	Revaluation of investments held at 31 December	68,051	130,218
	Exchange (losses)/gains	(385)	76
		-----------	-----------
		66,723	110,175
		======	======
		2010	2009
3.	Income from investments held at fair value through profit or loss	£'000	£'000
	Dividends from listed overseas equities	7,289	5,043
	Dividends from listed UK equities	-	83
	Taiwanese stock dividends	405	9
	Special dividends from listed overseas equities	-	113
		-------	--------
		7,694	5,248
		====	====
		2010	2009
4.	Other interest receivable and similar income	£'000	£'000
	Bank interest	4	3
	Interest on VAT refunds	-	35
		-----	------
		4	38
		===	===

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Notes continued:

5.	Management fee
		Year ended 31 December 2010			Year ended 31 December 2009
		Revenue return	Capital return	Total	Revenue return	Capital return		Total
		£'000	£'000	£'000	£'000	£'000		£'000
	Investment management fee	470	1,409	1,879	333	1,001		1,334
	Accounting, secretarial and administration costs	250	-	250	250	-		250
	VAT recovered	-	-	-	(9)	(27)		(36)
		-------	-------	-------	--------	-------		-------
		720	1,409	2,129	574	974		1,548
		====	====	====	====	====		====
	There is no performance fee in respect of the year ended 31 December 2010 (2009: £nil)
6.	Return per ordinary share
	The total return per ordinary share is based on the net return attributable to the ordinary shares of £70,187,000 (2009: £112,639,000) and on 161,451,407 ordinary shares (2009: 161,451,407) being the weighted average number of shares in issue during the year. The total return can be further analysed as follows:
				2010			2009
				£'000			£'000
	Revenue return			5,372			3,517
	Capital return			64,815			109,122
				---------------			----------------
	Total			70,187			112,639
				=========			=========
	Weighted average number of ordinary shares			161,451,407			161,451,407
	Revenue return per ordinary share			3.33p			2.18p
	Capital return per ordinary share			40.14p			67.59p
				----------			----------
	Total return per ordinary share			43.47p			69.77p
				======			======
	The Company does not have any dilutive securities. Therefore, the basic and diluted returns per share are the same.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Notes continued:

		2010		2009
7.	Called up share capital	£'000		£'000
	Allotted, issued and fully paid:
	161,451,407 (2009:161,451,407) ordinary shares of 5p each	8,073		8,073
		======		======
	During the year the Company made no repurchases for cancellation of its own issued shares (2009: nil)
8.	Net asset value per ordinary share
	The net asset value per ordinary share is based on net assets attributable to the ordinary shares of £357,570,000 (2009: £290,451,000) and on 161,451,407 (2009: 161,451,407) ordinary shares in issue at 31 December 2010. The movements during the year of the assets attributable to the ordinary shares were as follows:
			£'000
	Total net assets at 1 January 2010		290,451
	Total net return on ordinary activities after taxation		70,187
	Dividend paid in the year (paid 1 April 2010)		(3,068)
			-----------
	Total net assets at 31 December 2010		357,570
			======
9.	2009 Financial Information
	The figures and financial information for the year ended 31 December 2009 are compiled from an extract of the published accounts for that year and do not constitute statutory accounts.  Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.
10.	2010 Financial Information
	The figures and financial information for 2010 are extracted from the Annual Report and Financial Statements for the year ended 31 December 2010 and do not constitute statutory accounts.  The Annual Report and Financial statements for the year to 31 December 2010 have been audited but have not yet been delivered to the Registrar of Companies.  The auditors' report on the 2010 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under section 498 of the Companies Act 2006.
11.	Annual Report and Financial Statements
	Copies of the Annual Report and Financial Statements will be posted to shareholders by the end of March 2011 and will be available on the Company's website www.hendersontrpacific.com or in hard copy format from the Registered Office, 201 Bishopsgate, London EC2M 3AE. The Annual General Meeting will be held at that address at 12.30 pm on Monday 11 April 2011.
12.	Dividend
	An interim dividend, in lieu of a final dividend, of 2.90p per ordinary share will be paid on 1 April 2011 to shareholders recorded on the Register of Members on 18 March 2011. The Company's shares will be quoted ex-dividend on 16 March 2011.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2010

Notes continued:

Geographical Distribution of the Investment Portfolio			Sector Analysis of Investment Portfolio
	As at 31 December 2010 %			As at 31 December 2010 %
China	32.7		Financials and Property	39.9
Taiwan	15.6		Information Technology	25.4
India	12.3		Industrials	12.4
Korea	10.3		Consumer Discretionary	9.4
Singapore	8.0		Energy	9.2
Hong Kong	7.9		Materials	3.7
Indonesia	4.8		Telecommunication Services	0.0
Thailand	4.5		Health Care	0.0
Malaysia	2.8		Consumer Staples	0.0
Vietnam	1.1		Utilities	0.0
The Philippines	0.0
	-------			-------
	100.0			100.0
	====			====

Top Twenty Investments as at 31 December 2010

Company	Country	Sector	Value of Investment %
Samsung Electronics	Korea	Information Technology	3.8
ICICI Bank	India	Financials & Property	3.3
Industrial & Commercial Bank of China	China	Financials & Property	3.1
Sun Hung Kai Properties	Hong Kong	Financials & Property	3.1
Tencent Holdings	China	Information Technology	3.0
Sands China	China	Consumer Discretionary	2.9
Advanced Semiconductor	Taiwan	Information Technology	2.9
Agile Property	China	Financials & Property	2.8
CNOOC	China	Energy	2.8
Bank Mandiri	Indonesia	Financials & Property	2.7
HTC Corporation	Taiwan	Information  Technology	2.6
PTT Public Company	Thailand	Energy	2.6
Ctrip.Com	China	Consumer Discretionary	2.5
Foxconn Technology	Taiwan	Industrials	2.5
Mediatek	Taiwan	Information Technology	2.5
SINA Corporation	China	Information Technology	2.4
Keppel Corporation	Singapore	Energy	2.4
Yuanta Financial Holdings	Taiwan	Financials & Property	2.4
Bank of China	China	Financials & Property	2.2
Shinhan Financial Group	Korea	Financials & Property	2.2
			------------
			54.7%
			------------

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Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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