LONDON (Alliance News) - Aberdeen New Thai Investment Trust PLC Friday said it outperformed the Stock Exchange of Thailand Index in its most recently ended financial year.
For the year ended February 28 the company saw a negative total return on net asset value of 9.5%, compared to a negative total return of 12% from the Stock Exchange of Thailand.
The trust said that Thai equities faced "considerable pressure" for the year, with falling commodity prices a key concern, compounded by uncertainty over the state of China's economy and mixed signals on interest rates from the US Federal Reserve. Thailand's faltering domestic economy did little to encourage investors, the trust said, although the new year saw a turnaround at Thailand's markets rallied.
It proposed a final dividend of 8.5 pence, down from 8.2 pence the previous year.
"Thailand has certainly faced its share of challenges over the past 12 months. Fundamentally, however, it remains in good shape, with healthy finances, a manageable level of foreign debt and robust financial institutions - which is more than can be said for many global economies. Meanwhile, its longer-term prospects remain attractive, particularly given the strategic significance of its location, bordering the rapidly-growing frontier markets of Cambodia, Laos and Myanmar," the trust said.
Shares in Aberdeen New Thai Investment Trust were down 1.2% at 390.50 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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