28th Apr 2015 15:23
LONDON (Alliance News) - Aberdeen New Thai Investment Trust PLC Tuesday said it under performed its benchmark in the year to end-February, despite posting a strong return.
The trust posted a total return on net asset value per share of 31.9%, under-performing the Stock Exchange of Thailand Index, which saw a total return of 35.3% for the year.
It proposed a final and total dividend of 8.20 pence per share, increased from 8.00 pence for the previous year.
The trust said that Thai equities were "among the best performing markets in Asia" over the year, helped by the strength of the local currency.
"After the political turbulence of the prior year that brought the economy to a near standstill, investors welcomed the 'bloodless coup' by the military that returned some semblance of normality and kick-started investment spending. Economic growth forecasts for 2015 were gradually raised to 3% to 4% as business activity resumed," the trust said in a statement to shareholders.
"Overall, despite the political and economic uncertainty, the companies selected by your manager have capable management that have endured the baptism of past fires. Over the last twelve months, amid a weak backdrop, earnings have remained resilient, with management keeping costs on a tight leash," the trust added.
Shares in Aberdeen New Thai Investment are trading down 4.0% at 460.75 pence near the close Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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