Aberdeen New Thai Investment Trust PLC : Interim Management Statement

Aberdeen New Thai Investment Trust PLC

Interim Management Statement - three months ended 30 November 2011

To the members of Aberdeen New Thai Investment Trust PLC ("the Company")

This Interim Management Statement ('IMS') has been produced solely to provide additional information to the Company's shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This IMS relates to the three months from 1 September 2011 to 30 November 2011 and contains information that covers this period and the period from 1 December 2011 up to the date of publication of this IMS, unless otherwise specified.

Investment objective

To provide shareholders with a high level of long-term, above average capital growth through investment in Thailand.

Benchmark

Stock Exchange of Thailand ('SET') Index (Sterling-adjusted).

Material events

The Board is not aware of any significant events or transactions which have occurred during the three months ended 30 November 2011 or between 1 December 2011 and the date of publication of this IMS which would have had a material impact on the financial position of the Company.

Share capital

Between 1 September 2011 and 30 November 2011, 69,431 Ordinary shares were issued in relation to the exercise of the equivalent number of Subscription shares while 30,000 Ordinary shares were bought back by the Company for cancellation. As at 30 November 2011, there were 18,446,908 Ordinary shares, with voting rights, and 2,794,517 Subscription shares in issue.

On 1 December 2011 and 3 January 2012, a further 6,757 Ordinary shares and 71,751 Ordinary shares were issued, respectively, in relation to the exercise of Subscription shares while 10,000 Ordinary shares were bought back by the Company for cancellation on each of 13 and 19 December 2011.

Accordingly, as at the date of this IMS, there were 18,505,416 Ordinary shares, with voting rights, and 2,716,009 Subscription shares in issue..

Ten largest equity holdings at 30 November 2011

	%
Siam Makro	8.5
PTT Exploration and Production	7.6
Big C Supercenter	7.0
Siam Cement	6.4
BEC World	5.8
Siam Commercial Bank	4.8
Kasikornbank	4.6
Bangkok Insurance	3.8
Tisco Financial	3.6
Hana Microelectronics	3.3
Total	55.4
Total number of investments	35

Source: Aberdeen Asset Managers Limited.

Sector allocation as at 30 November 2011

	Company	Benchmark Weight
	%	%
Commerce	18.9	6.9
Banking	12.9	17.2
Energy & Utilities	12.2	25.3
Construction Materials	9.4	6.4
Media & Publishing	8.6	1.8
Insurance	8.2	1.7
Finance & Securities	5.5	0.9
Property Development	5.3	5.5
Automotive	4.2	0.5
Electronic Components	3.3	0.9
Mining	2.7	-
Information & Communications Technology	2.2	10.7
Healthcare Services	1.9	2.5
Food & Beverages	1.9	5.9
Packaging	1.4	0.4
Transportation & Logistics	0.7	2.5
Other	-	11.1
Cash	0.7	-
Total	100.0	100.0

Source: Aberdeen Asset Managers Limited and Bloomberg.

General description of Company's financial position as at 30 November 2011

Gross Assets	£64.4m
Debt - short term bank loan	£3.4m
Gearing *	5.6%
Yield	3.0%
Premium / (Discount) of Ordinary share price to net asset value	(12.4)%
* Gearing - expressed as a percentage of gross assets, which includes current year revenue, as divided by shareholders' funds.

Cumulative performance (%)

	As at 30 November 2011	1 month	3 months	6 months	1 year	3 years	5 years
Ordinary Share price	267.5p	2.8	(5.2)	1.9	2.7	171.0	80.7
Diluted NAV *	305.2p	4.7	(7.6)	1.6	1.8	179.0	104.5
Undiluted NAV *	321.1p	5.1	(8.9)	1.2	1.2	193.0	114.8
Subscription share price	66.5p	9.9	(11.9)	(11.8)	(7.6)	-	-
SET Index		3.4	(6.8)	(4.3)	(0.9)	216.2	142.5

Discrete performance (%)

Year ended 30 November	2011	2010	2009	2008	2007
Ordinary Share price	2.7	73.3	52.4	(35.3)	3.1
Diluted NAV *	1.8	63.4	67.6	(32.8)	9.1
Undiluted NAV *	1.2	72.6	67.6	(32.8)	9.1
Subscription share price	(7.6)	-	-	-	-
SET Index	(0.9)	77.3	80.0	(36.6)	21.0

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

* Excluding current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

For further information on performance, Ordinary and Subscription share prices and net asset value per Ordinary share, as well as up to date Fund Manager commentary, please refer to the Company's website (www.newthai-trust.co.uk #) from where the latest monthly factsheet may be downloaded.

# Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen New Thai Investment Trust PLC

Aberdeen Asset Management PLC, Secretaries

3 January 2012