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AAIF Abrdn Asian Income Fund Limited

1.50 (0.77%)
30 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Abrdn Asian Income Fund Limited LSE:AAIF London Ordinary Share GB00B0P6J834 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 0.77% 195.50 137,842 16:29:55
Bid Price Offer Price High Price Low Price Open Price
195.00 196.00 195.50 193.50 194.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end -7.19M -17.07M -0.1018 -19.20 327.81M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:02:59 O 3 196.50 GBX

Abrdn Asian Income (AAIF) Latest News (1)

Abrdn Asian Income (AAIF) Discussions and Chat

Abrdn Asian Income Forums and Chat

Date Time Title Posts
28/11/202313:01Aberdeen Asian Income Fund302

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Abrdn Asian Income (AAIF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-11-30 16:02:59196.5035.90O
2023-11-30 15:54:42195.501427.37AT
2023-11-30 15:54:38195.50286559.13AT
2023-11-30 15:54:38195.50164320.62AT
2023-11-30 15:49:36195.205861,143.88O

Abrdn Asian Income (AAIF) Top Chat Posts

Top Posts
Posted at 30/11/2023 08:20 by Abrdn Asian Income Daily Update
Abrdn Asian Income Fund Limited is listed in the Mgmt Invt Offices, Open-end sector of the London Stock Exchange with ticker AAIF. The last closing price for Abrdn Asian Income was 194p.
Abrdn Asian Income currently has 167,679,841 shares in issue. The market capitalisation of Abrdn Asian Income is £327,814,089.
Abrdn Asian Income has a price to earnings ratio (PE ratio) of -19.20.
This morning AAIF shares opened at 194p
Posted at 24/11/2023 16:51 by davebowler
Fund managers’ report
Market 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-expected operating result in the
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.
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.
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.
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-Covid217; restrictions, we would hope
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 12/1/2023 22:17 by spoole5
Declaration of Fourth Interim DividendThe Directors of the Company have today declared an increased fourth interim dividend in respect of the year ended 31 December 2022 of 3.10p per Ordinary share of No Par Value (fourth interim for 2021: 2.75p). The fourth interim dividend will be payable on 17 February 2023 to Ordinary shareholders on the register on 20 January 2023, with an ex-dividend date of 19 January 2023.
Posted at 04/5/2022 09:32 by petewy
yes Dave quote
The 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 31/1/2022 20:05 by essentialinvestor
May be back over £2.30 a share this week.
Posted at 13/1/2022 10:48 by gateside
Declaration of Fourth Interim Dividend

The Directors of the Company have today declared an increased fourth interim dividend in respect of the year ended 31 December 2021 of 2.75p per Ordinary share of No Par Value (fourth interim for 2020: 2.55p). The fourth interim dividend will be payable on 17 February 2022 to Ordinary shareholders on the register on 21 January 2022, ex-dividend date 20 January 2022.

The total dividend for 2021 amounts to 9.5p (2020: 9.30p) and the Board is pleased to note that this represents the thirteenth consecutive year of annual dividend increases. In the absence of unforeseen circumstances, it is the Board's intention to declare three interim dividends of 2.25p per Ordinary share in respect of the year to 31 December 2022. A decision on the level of the fourth interim dividend will, as this year, be made post the period end, in January 2023.
Posted at 04/1/2022 10:09 by biggest bill
Does the change of tax residency mean that stamp duty is now payable on share buys?
Posted at 14/9/2021 10:21 by speedsgh
AAIF investment manager, Yoojeong Oh, is presenting at the forthcoming Kepler Trust Intelligence webinar titled "Now that's what I call a discount!" which will include presentations from six investment trusts, all of which have the potential to benefit from narrowing discounts, and each with a compelling argument to support the case for that to happen.
Posted at 19/2/2021 13:04 by goldpiguk
Hi davebowler,

Today I reached my target ISA holding of 10,000 shares in AAIF, with the purchase of 1,050 shares. The shares are currently trading at 224-228, a little below the 233 shown on the advfn graph at time of purchase.

In recent years AAIF has put in a rather lacklustre performance compared to its peers. Having said that my total AAIF holding is up about 20% on my average purchase price. All my AAIF shares were purchased over the last year.

As your posts show, the income including and excluding NAV are currently the same,(this is the case when income does not fully cover payout when xd) but there is good reason to think that over the next year or two dividend income growth should trend higher.

The two largest (heavily weighted) holdings in the AAIF portfolio have excellent dividend growth prospects. I would expect the significant discount to NAV to reduce over time, especially since Asia should benefit from portfolio rebalancing as we come out of the global pandemic. This geographic area also looks undervalued compared to other geographic regions.

In the Asian sector I also hold HFEL. I still remain cautious on dividend sustainabilty/growth at HFEL, which trades at or near NAV with an already very high dividend payout.

I am now starting to finalise which IT I will start to build a new position in.
I hold EDIN, DIG, MRCH, AAIF and HFEL in my ISA portfolio.

Posted at 16/11/2020 02:42 by goldpiguk
Hi EssentialInvestor,

I have been quietly adding to these over the last few months. I am becoming increasingly convinced that Asia will emerge from the coronavirus pandemic, in rather better shape than many western economies. Asia still offers enormous growth prospects over the next decade, but of course is not without risk. My intention is to build holdings in several Asian orientated IT's. I currently hold HFEL and AAIF.

I decided not to add to HFEL: the dividend seems almost too good to be true!
AAIF has a couple of very large holdings in the portfolio, which could hold performance back if Taiwan Semiconductor, for instance, does not live up to expectations. However if the projections I have seen for Taiwan Semiconductor turn out to be accurate those shares have a long way to go; so there is the potential for AAIF to outperform its peers.

Although I feel a little uncertain about AAIF maintaining its current dividend payments in 2021, I have my eye more on 2030 and the potential overall return. AAIF should do well, taking a ten year view.

Abrdn Asian Income share price data is direct from the London Stock Exchange

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