21 May 2018 09:18
London, UK, 21 May 2018
Edison issues review on Aberdeen New Thai Investment Trust (ANW)
Aberdeen New Thai Investment Trust (ANW) is the only London-listed investment trust focused on Thailand. The manager follows a disciplined, bottom-up investment approach to find quality companies that are attractively valued. Through its investments, the trust also provides exposure to Thailand's fast-growing neighbours of Cambodia, Laos, Myanmar and Vietnam. Launched in 1989, ANW has delivered strong absolute long-term returns; since inception to end-April 2018, the trust has achieved an annualised NAV total return of 14.4%. However, in more recent years, returns have lagged the benchmark and the shares have persistently traded at a meaningful discount to cum-income NAV. On 2 May 2018, the board proposed a number of changes to address these issues.
ANW's current discount to cum-income NAV of 14.7% is below the three-year average of 15.7%. There is scope for the discount to narrow if the recently proposed changes are successful in improving the trust's performance and dividend yield, helping to retain existing shareholders and attract a broader base of new investors.
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