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Aberdeen New Thai IT (ANW)

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Monday 17 December, 2018

Aberdeen New Thai IT

Edison issues review on Aberdeen New Thai Inv T...

RNS Number : 7069K
Aberdeen New Thai Inv Trust PLC
17 December 2018
 

 

London, UK, 17 December 2018

Edison issues review on Aberdeen New Thai Investment Trust (ANW)

Aberdeen New Thai Investment Trust (ANW) was launched in 1989 and is the only Thailand-focused investment trust listed in London. It aims to deliver a high level of long-term capital growth through investing in a relatively concentrated portfolio of quality companies, following a disciplined bottom-up approach. The Thai equity market has been relatively resilient this year compared to MSCI AC Asia ex-Japan and MSCI Emerging Markets, reflecting Thailand's solid economic fundamentals. The manager believes Thai companies are particularly well-placed to benefit from the fast-growing neighbouring economies of Cambodia, Laos, Myanmar and Vietnam, and ANW offers some indirect exposure to these markets. The trust has delivered strong absolute returns over the past 10 years; an annualised NAV total return of 20.5%. Recent returns, however, have lagged the benchmark and the shares have traded at a persistently wide discount to cum-income NAV. In May 2018, the board announced a package of changes to address these issues which, if successful, should support further narrowing of the discount.

 

ANW's current 12.4% discount to cum-income NAV is slightly below its three-year average of 15.6% and at the bottom of the 12.4% to 21.3% over this period. The board recently announced a package of changes aiming to improve returns to shareholders, without affecting the investment process. Should these be successful, there is scope for the discount to tighten further over time.  


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