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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abrdn Asian Income Fund Limited | AAIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 206.00 | 08:37:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 206.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 24/11/2023 16:51 by davebowler Fund managers’ reportMarket and portfolio review Asian markets remained weak in October, in common with global equities, as investors turned more risk averse due to a spike in bond yields, concerns about higher-for-longer interest rates and the most recent conflict in the Middle East. Sentiment on China remained cautious despite better GDP and export data, fresh policy measures including 1 trillion yuan (£112 billion) in planned government bond issuance and improving US-China dialogue with a Biden-Xi meeting now seen as possible in November. Elsewhere, the Indonesian market was among the weakest in the region as trade data fell by more than expected year-on-year, and the central bank unexpectedly raised rates by 25 basis points. Downbeat updates from Tesla, GM and Ford weighed on the Korean market because of concerns over slowing demand for electric vehicles that will also affect the supply chain. The Indian market fell by less than the wider region, and Taiwan also proved resilient as exports to all its markets rose in September, reinforcing a recovery in technology exports. In corporate news, many of our holdings reported earnings in October that were in line with our expectations despite the challenging global macroeconomic backdrop. It was good to see resilient performances across a range of different sectors. In the technology sector, both Samsung Electronics and Taiwan Semiconductor Manufacturing Company (TSMC) reported better-than-expected third-quarter results. At TSMC, the company saw some stabilisation in demand which provided some confidence that the semiconductor cycle was near the bottom and 2024 should see more healthy growth generally. Samsung’s results also gave a clear signal that earnings were steadily improving. In Taiwan, the Fair Trade Commission (FTC) approved the merger of Taiwan Mobile and Taiwan Star Telecom Corp (TStar). The FTC imposed three conditions on the new merged entity, including the protection of customer rights, the improvement of service and network quality, and the promotion of fair market competition. The deal will now go to the Taiwan Stock Exchange for approval and the merger is due to be completed by the end of the year. Third-quarter figures from Singapore’s United Overseas Bank showed growth in net interest income and a good recovery in fees. Low to mid-single digit profit growth might still be achievable in 2024 and the dividend yield should hold above 6%. In the same sector, TISCO Financial Group (TISCO) beat expectations with a 5.8% rise in third-quarter net profits and said it will maintain its dividend in 2024, even if net profits fall, by increasing the dividend payout ratio. The half-yearly dividend payment was also expected to continue. Mining giant BHP reported a stronger-than-expect third quarter despite the usual scheduled maintenance in the first quarter across most assets. Copper production, iron ore shipments and nickel production were all better than expected, but coal production was much weaker. There were no major portfolio changes in October. As part of our ongoing ESG engagement, we engaged with Rio Tinto to discuss proposed changes to its remuneration policy, which are due to be tabled at the 2024 Annual General Meeting. We had questions about several aspects of the proposals, especially those related to performance measures and vesting thresholds for the long-term incentive plan, as well as the share deferral requirements for the annual bonus. We will continue our engagement in order to seek further clarification on those matters and to reiterate our views. Outlook We still see significant potential for China’s economy and market to spring back, given that much of the bad news has been priced in, while a fundamental recovery is gathering pace. The rollout of more supportive policies in a coordinated manner sends a strong signal to the market that the government is intensifying its effort to prop up the economy. The government's decision to raise the budget deficit to around 3.8% of GDP and approve a 1 trillion yuan sovereign bond issue bodes well for the economy and stock market in the months ahead. Outside of China, the rest of Asia is benefiting from global supply chain diversification. India is in the early stages of a cyclical upswing. As AI-related apps and chips start to proliferate, rising demand will boost the region’s semiconductor and consumer electronics segments. Asian valuations remain attractive versus markets like the US, along with expectations of better earnings performance in the fourth quarter and early 2024. There is also dividend support. Dividends of companies in the regional MXAPJ benchmark have been growing steadily, with Asia having the best dividend growth across major markets compared with pre-Covid levels. In addition, Asia’s 2024 dividend growth is likely to be healthy. Consensus estimates suggest that MXAPJ dividend growth is set to accelerate from a forecast 0.3% for 2023 to an expected 6.7% for 2024, led by consumer services, insurance, and staples retail. At the portfolio level, a “higher for longer” rate environment could pressure growth stocks and we have a relatively lighter positioning here. We remain focused on ensuring our conviction is appropriately reflected in our positioning. We are finding the most attractive opportunities around these structural themes: Aspiration, Building Asia, Digital Future, Going Green, Health & Wellness and Tech Enablers. We continue to favour fundamental themes, which we believe will deliver good dividends for shareholders over the long run. |
Posted at 27/2/2023 12:22 by davebowler 31 Jan Monthly Report -Fund managers’ report Market and portfolio review The recovery in Asian markets, which began in November after China made its surprise reopening announcements, continued to gather pace into the new year, with the Chinese stock market rising 9% in UK sterling terms in January. Expectations that China’s reopening would boost demand for everything from consumer electronics to travel and commodities pulled a number of other Asian markets up with it, most notably the export-oriented markets of Taiwan and South Korea and the commodity-heavy market of Australia. These markets saw double-digit gains over the month, and underpinned the benchmark MSCI AC Asia Pacific Ex Japan Index’s 6% rise in sterling terms. The Indian market was among the weaker ones in the region in January, partly due to investors switching to China to take advantage of the reopening of its economy. Australian equities made a strong start to 2023 as investor sentiment improved on encouraging inflation data and better-than-expected GDP growth in the US. In corporate news, Taiwan Semiconductor Manufacturing Company (TSMC) published good fourth-quarter results during the month which showed betterthan-expected profit margins due mainly to favourable foreign exchange rates as well as cost reductions. TSMC guided for first-half revenues in 2023 to fall, followed by some recovery in the second half. Profit margins should be maintained, and the long-term growth target remains unchanged. Third quarter results from Indian IT group Infosys showed sales growth which was more resilient than expected. The company’s order book continued to grow and management raised its forecast for revenue growth in 2023. A US$1.1 billion share buyback, begun in December, was more than half way to completion. In the mining sector, BHP published an operational review covering the second half of 2022 in which it revealed that its dividend in the first half of 2023 would C Expressed as a percentage of average daily net assets for the year ended 31 December 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. D With effect from 1 January 2020 the management fee was moved to a tiered basis: 0.85% of the average value of net assets up to £350 million and 0.65% of the average value of net assets in excess of £350 million. E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. be lowered to 86 cents. This was due to an increase in working capital, and cash needed to fund the takeover of OZ Minerals. It also said that the cost of mining coal and iron ore had increased, albeit offset partly by higher market prices for iron ore. Third quarter results from Rio Tinto were good with volumes up 20% year-on-year, although the absence of further price increases disappointed the market. Investors remain concerned about increasing supply-side capacity. In the real estate sector, CapitaLand India Trust (CLINT) agreed to buy an IT park in Bangalore through a forward purchase arrangement. It will provide funding towards the development of the project, which includes two buildings with a net leasable area of 1.5 million square feet. To give an idea of the potential boost to dividends the company said that if it had completed the acquisition on 1 January 2021 and held the interest in building through to 31 December 2021, that would have yielded expected dividends of 7.84 cents after the acquisition. In key portfolio activity, we introduced two new stocks. Telstra is the leading telecommunications carrier in Australia, providing a full suite of voice, mobile, data and internet products as well as pay-TV services. The company also has an attractive dividend yield. Autohome is the main online destination for automobile consumers in China. It delivers comprehensive, independent and interactive content to automobile buyers and owners. The core business benefits from the powerful network effect of a classifieds business. Outlook China remains pivotal to Asia’s economic recovery, and, with China’s fasterthan-expected reopening, we think this bodes well for the region’s prospects in 2023. China seems to be achieving herd immunity fast, and we are seeing economic activity gain traction. The recovery is being led by greater demand for services, but we also hope to see a recovery in durable goods consumption, which will support China’s economy. The central government remains focused on supporting economic growth. The property market remains weak, but policy support is growing, and, without ‘zero-Covid to see sales recover gradually this year. Meanwhile, China’s reopening could boost tourism revenues in ASEAN particularly, given the significant contribution of Chinese tourists’ dollars to these economies. Many economies, particularly those in South-East Asia, are still bouncing back after their post-Covid-19 reopening, which should support earnings growth. In Singapore, we see resilient conditions and a sustained re-opening underpinning domestic demand and corporate earnings, albeit accompanied by rising price pressures and interest rates. Meanwhile, valuations remain attractive. Against this backdrop, we have positioned the portfolio to weather near-term risks, while keeping in mind longterm secular trends across Asia. Our focus remains on quality companies with sustainable business models, strong cash flows and access to structural growth drivers across Asia, as these support growth in both capital and shareholder return. We continue to favour fundamental themes like consumption, technology and green energy, which we believe will deliver good dividends for shareholders over the long run. |
Posted at 04/5/2022 10:32 by petewy yes Dave quoteThe focus on dividends, quality (in terms of balance sheet strength) and valuation lends this strategy an element of balance, which should level out some of the more pronounced peaks and troughs that can affect more polarised income strategies. Within the peer group, AAIF remains a core option for investors seeking to globally diversify their sources of income via exposure to a range of fast- |
Posted at 17/11/2020 13:25 by goldpiguk Hi pj fozzie,I have held HFEL for a few years. At the moment I am not buying more. In part this is because I really don't want to pay above NAV. (Some investors would argue the company deserves a premium rating because of the very high dividend.) In part it is also because the HFEL dividend seems so out of kilter with the rest of the sector. Although this is not a red flag, it sends me a strong message - approach with caution. I would not read too much into the rise in dividend reserves in the HFEL accounts. Their year end is 31st August so the latest accounts do not reflect twelve months of the pandemic. Off topic, I have been wondering if you are peterjohn from the old and much missed Motley Fool boards? They were much more civilised, although the IT boards here have very positive discussions. Goldpig |
Posted at 03/5/2019 10:31 by davebowler Shares mag mention last week -Despite a narrowing of the discount to net asset value (NAV) from 11% to 7.7% at Aberdeen Asian Income (AAIF) there is still a value opportunity here.The positive re-rating should continue as investors pick up on the fund's improving performance, attractive income credentials a 4.2% yield andcontinuing cheap valuation.Aberdeen Asian Income seeks to provide investors with a total return primarily by investing in Asia Pacific shares, including those with an above-average yield, and aims to grow dividends (paid quarterly) over time.Investment bank Stifel argues the recent narrowing of the NAV discount has further to go as performance has improved 'substantially' since the manager modified the investment process.Although its five-year investment performance is the weakest within its peer group, Aberdeen Asian Income is the second best performing Asian income trust over three years on an NAV total return basis.There's scope for the re-rating of the investment trust to continueBuy Aberdeen Asian Income Fund at a discount balance sheets to support plump dividend payouts.Despite a strong rally in Asian markets since the start of 2019, the trust has managed to keep pace.Prospective investors are buying exposure to such locations as Singapore, a gateway to the emerging Asian economies and a good source of well governed, cash generative, dividend-paying companies such as tech firm Venture Corporation and conglomerate Jardine Cycle & Carriage.Underweight China, the manager nevertheless maintains its positive view on the Asian powerhouse's long-term consumer demand potential.Other portfolio positions include TSMC and Samsung Electronics, a tech pair with consistently growing dividends, Indian IT services firm Infosys and Korea-listed LG Chem, which has a platform for growth in the electric vehicle battery market.Analysts at Stifel say: 'Aberdeen Asian Income Fund remains our preferred choice in the Asian Income trust space. It is the cheapest trust in the sector by some margin, its investment style could be viewed as appropriate for a weakening economic backdrop and its performance has improved markedly since the manager reviewed their investment approach.'Aberdeen Asian Income Fund outperformed on a relative basis during 2018 as volatility returned to the markets. While its NAV total return fell 5.5%, this was ahead of the 8.3% decline for the MSCI All Country Asia Pacific ex-Japan index thanks to a focus on quality companies with strong franchises exposed to longer term growth trends and with the ABERDEEN ASIAN INCOME FUND ? BUY(AAIF) 216.5pStop loss: 173.2pMarket value: £64.6m |
Posted at 17/8/2017 10:52 by davebowler Excellent research from Kepler;extract............. In fact, thanks to recent election chaos, the average discount across the AIC UK Equity Income sector has deepened to 6% (as of the 15th June), compared to a three-year average of 3.3%. Discounts across Aberdeen Asian Income, Henderson Far East Income and Schroder Oriental Income have also wide relative to their histories, though the average still stands at 2.4% at the time of writing. Aberdeen Asian Income is the “cheapest&rdqu A conclusion (of sorts) Obviously, the current price, low level of revenue reserve cover, a penchant for volatility and general macroeconomic headwinds are risks investors need to bear in mind, but the Asian income trusts can certainly be viewed as worthy rivals for the popular UK equity income trusts. Certainly, in a world that is fraught with potential risks, spreading your investments in order to generate diversification seems a prudent strategy. As such, for those who want to make sure their income stream isn’t too dependent on a handful of UK stocks, Asian income trusts may be worth closer inspection. |
Posted at 22/6/2017 10:47 by davebowler Kepler report;''Aberdeen Asian Income is the “cheapest&rdqu |
Posted at 07/10/2015 12:14 by kiwi2007 Todays FT..........But what should private investors, who may not have large amounts of money for high-risk investments in uncertain Asian economies, do with all this information? For those that already hold Asian funds, it could strengthen confidence to hold on, instead of joining the panic selling. And for investors with enough risk appetite, Asian-focused investment trusts that either offer a high dividend yield or trade at a discount to their net asset value, may be worth exploring. John Newlands, an investment trusts expert at Brewin Dolphin, is currently recommending Aberdeen Asset Management’s Asian Income trust. As the chart below shows, the trust is trading at a slight discount to the market value of the stocks that it holds, with a dividend yield of around 5 per cent. “The presence of a decent dividend yield tends to underpin the [stock’s] rating,” Mr Newlands says, explaining that this — combined with Aberdeen’s “experienced&r |
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