Nicholas Smith

The company also posted a share price total return of -18.7%.

In total, the revenue earnings per Ordinary share were 19.8p for the year ended 28 February 2020 (2019 - 18.5p), an increase of 7.0%. An interim dividend of 8.0p per share (2019 - 7.0p) was paid to shareholders on 22 November 2019.

The board has also declared a second interim dividend per odinary share of 11.0p (2019 final dividend - 11.0p), taking the total dividends per share for the year to 19.0p (2020 - 18.0p), which represents a yield of 4.4% using the 28 February 2020 share price of 434.0p and a yield of 4.4% based on the share price of 429.0p on 4 May 2020.

The second interim dividend will be paid on 26 June 2020 to shareholders on the register as at 29 May 2020, with an ex-dividend date of 28 May 2020.

In the longer term, the Aberdeen New Thai Investment Trust has performed well. Over 20 years between 29 February 2000 to 28 February 2020, the share price total return is 1399% (14.5% per annum) versus a total from the SET, the benchmark, of 1069% (13.1% per annum).

Commenting on the results, Nicholas Smith, chairman of Aberdeen New Thai Investment Trust, said: “COVID 19 has dealt a major blow to Thailand’s, the region’s and the world’s economies and markets. How quickly the world recovers from this unprecedented shock depends on how quickly the virus is contained.

“Asia and Thailand may unwind lockdown measures earlier than elsewhere but it seems clear that there will be a global economic recession in 2020 which will affect Thailand. However, Thailand and its neighbouring countries, Cambodia, Laos, Myanmar and Vietnam, will be well placed to benefit when the recovery commences and the speed of supply chain movement away from China increases. Importantly, though, the timeframe for a recovery of inbound tourism to Thailand, a critical element of the success of the Thai economy, is unclear. 

“As a long term investor, your manager sees periods of instability as opportunities to either add to favoured holdings or introduce new positions at attractive valuations. The manager’s keen focus on selecting high-quality companies with resilient financial performance, recognised ESG credentials as well as strong management and conservative investment strategies should continue to benefit your company.

“Ultimately, I remain convinced that the portfolio’s quality, in terms of its solid fundamentals and intact growth drivers, will continue delivering returns for shareholders, even in these uncertain times.”