abrdn Asia Focus plc
Half Yearly Report 31 January 2023
A fundamental, high conviction portfolio of well-researched Asian small caps
asia-focus.co.uk
Contents
Overview | |
Performance Highlights | 1 |
Financial Calendar & Geographical Breakdown | 2 |
Chairman's Statement | 4 |
Investment Manager's Review | 6 |
Disclosures | 8 |
Portfolio | |
Ten Largest Investments | 10 |
Investment Portfolio | 11 |
Investment Case Studies | 14 |
Financial Statements | |
Condensed Statement of Comprehensive Income (unaudited) | 16 |
Condensed Statement of Financial Position (unaudited) | 17 |
Condensed Statement of Changes in Equity (unaudited) | 18 |
Condensed Statement of Cash Flows (unaudited) | 19 |
Notes to the Financial Statements | 20 |
Alternative Performance Measures ("APMs") | 28 |
General Information | |
How to Invest in abrdn Asia Focus plc | 31 |
Contact Addresses | 37 |
"The Ordinary dividend has been maintained or raised every year since 1998, and your Board is firmly committed to the new enhanced and progressive dividend policy approved by shareholders in 2022"
Krishna Shanmuganathan, Chairman
Performance Highlights
Net asset value total return (diluted)AB
Six months ended 31 January 2023
+3.0%
Year ended 31 July 2022 | -0.02 |
Share price total returnA
Six months ended 31 January 2023
+5.5%
Year ended 31 July 2022 | -1.7% |
MSCI AC Asia ex Japan Small Cap
Index total returnC
'Six months ended 31 January 2023
+3.8%
'Year ended 31 July 2022 | -5.1% |
Net asset value total return since inception (diluted)ABD
To 31 January 2023
+2195.7%
To 31 July 2022 | +2115.6% |
Net Asset Value per share (diluted)
As at 31 January 2023
299.2p
As at 31 July 2022 | 295.3p |
Share price
As at 31 January 2023
263.0p
As at 31 July 2022 | 254.0p |
Total assets
As at 31 January 2023
£540.1m
As at 31 July 2022 | £532.9m |
Discount to net asset valueAB
As at 31 January 2023
12.1%
As at 31 July 2022 | 14.0% |
Overview
Portfolio
General Information Financial Statements
- Considered to be an Alternative Performance Measure (see pages 28 to 30).
'B Presented on a diluted basis as the Convertible Unsecured Loan Stock (CULS) is "in the money". 'C Currency adjusted, capital gains basis.
- Inception being 19 October 1995.
Financial Highlights
Capital values | 31 January 2023 | 31 July 2022 | % change | ||
Total assets less current liabilitiesA | £540,052,000 | £532,912,000 | +1.3 | ||
Net asset value per share (basic) | 300.00p | 295.88p | +1.4 | ||
Net asset value per share (diluted) | 299.15p | 295.25p | +1.3 | ||
Share price (mid market) | 263.00p | 254.00p | +3.5 | ||
Discount to net asset value (basic)B | 12.3% | 14.2% | |||
Discount to net asset value (diluted)B | 12.1% | 14.0% | |||
Net gearingB | 13.7% | 12.1% | |||
Ongoing charges ratioB | 0.90% | 0.88% | |||
- Total assets less current liabilities (excluding prior charges such as bank loans) as per the Statement of Financial Position.
- Considered to be an Alternative Performance Measure (see pages 28 and 29).
abrdn Asia Focus plc | 1 |
Financial Calendar & Geographical Breakdown
CULS Conversion Date | 31 May 2023 |
Financial year end | 31 July 2023 |
Announcement of unaudited half yearly results for the six months ended 31 January 2023
30 March 2023
CULS Conversion Date | 30 November 2023 |
Annual General Meeting (London) | December 2023 |
Payment of interim dividends | 1st Interim 20 December 2022 |
2nd Interim 21 March 2023 | |
3rd Interim 23 June 2023 | |
4th Interim 20 September 2023 |
Geographical Breakdown of Portfolio
1.4% | 1.1% | Country allocation |
2.1%1.9% | 15.6% | |
2.5% | India - 15.6% | |
2.7% | ||
4.0% | Taiwan - 10.3% | |
Indonesia - 9.6% | ||
4.9% | China - 8.2% | |
Thailand - 7.9% | ||
10.3% | Malaysia - 7.8% | |
6.0% | South Korea - 7.3% | |
Hong Kong - 6.7% | ||
Singapore - 6% | ||
6.7% | Vietnam - 4.9% | |
Philippines - 4% | ||
9.6% | ||
New Zealand - 2.7% | ||
United Kingdom - 2.5% | ||
7.3% | Denmark - 2.1% | |
8.2% | Sri Lanka - 1.9% | |
7.8% | Australia - 1.4% | |
7.9% | Myanmar - 1.1% | |
2 | abrdn Asia Focus plc |
"Against a volatile market background, your Company's share price gained 5.5% on a total return basis with the discount to the net asset value ("NAV") narrowing to 12.1%"
abrdn Asia Focus plc | 3 |
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Aberdeen Standard Asia Focus plc published this content on 03 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2023 12:33:06 UTC.