abrdn Asian Income Fund Limited

Targeting the income and growth potential of Asia's most compelling and sustainable companies

Morningstar sustainability rating:

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Daily prices as of 01 Jul 2022

Share Price 210.50p

Estimated NAV cum income 237.19p

Estimated NAV ex income 240.15p

Dividend Yield 4.5%

Premium / (Discount) to NAV cum income -11.5%

Premium / (Discount) to NAV ex income -12.6%

Source: Morningstar

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Latest news

An update from our investment manager, Yoojeong Oh - 26 May 2022

Volatility remains in play. The Fed has delivered a 0.5% interest rate increase as expected and is signalling more hikes to come this year, although increases beyond 0.5% appear to be off the table. While this has removed some uncertainty, other stress points persist for Asian equities. China continues to dominate interest. Market response to stimulus pledges and policy moves has been lukewarm in the face of Covid resurgences, a sluggish property market and a weak macro backdrop. However, we are seeing more supportive comments from the central government recently, which could help to support sentiment, albeit the market appears to be waiting for more substantial and concrete policy stimulus. Meanwhile, Omicron remains a key risk, although most of Asia is moving towards living with Covid. Further afield, the Russia-Ukraine war has driven oil and commodity prices upwards, hurting consumption, increasing input costs for companies and ultimately weighing on the growth of economies, including those here in Asia. We are receiving more updates from our holdings around rising input costs and the pressure on margins. Encouragingly, the earnings of many of our holdings have either met or exceeded our expectations in the latest results reporting season. However, quite a few have turned more cautious over the short-term outlook for this year, citing the impact of rising raw material costs and a rising interest rate environment. Here, we would note the impact of outsized macro and geopolitical risks rather than a significant deterioration of fundamentals across the region. As investors ourselves, we focus on quality firms with strong balance sheets and robust cash flow that we believe can provide a sustainable income stream to investors. We see market corrections as an opportunity to add to our long-term quality holdings affordably. Asian equity valuations are also trading in line with historical averages, and the significant sell-offs in certain markets in the region have actually resulted in much more palatable valuations, as opposed to prohibitively high valuations in the past. This creates opportunities for investors who are invested for the long run.

Watch our manager Yoojeong Oh's AGM presentation

Read our annual report to 31 December 2021

Read the Company's latest Regulatory News Service (RNS) announcements

Key literature

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Interim Report

Savings Plan/ISA Brochure

Latest Edison Research Note

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Key people

Yoojeong Oh

Investment Director

Yoojeong Oh is an Investment Director on the Asian Equities Team at abrdn. Yoojeong joined the company in 2005 and was initially a member of the UK and European Equities Team in London before moving to Singapore.

Yoojeong graduated with an MEng in Engineering, Economics and Management from the University of Oxford and is a CFA® charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Christina Woon

Investment Director

Christina Woon is an Investment Director on the Asian Equities Team at abrdn. Christina joined the company in January 2013 as a graduate. Christina holds a Bachelor of Accountancy from Singapore Management University. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Flavia Cheong

Head of Equities - Asia Pacific

Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Hugh Young

Chairman of Asia Pacific

Hugh Young is the Chairman for the abrdn business in Asia. He was previously the Head of Asia Pacific for Aberdeen Standard Investments, a main board director and Head of Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined the company in 1985 to manage Asian equities from London, having started his investment career in 1980. He founded the company's regional headquarters in Singapore in 1992. Hugh is a director of a number of group subsidiary companies and group-managed investment trusts and funds. Hugh graduated with a BA (Hons) in Politics from Exeter University.

Yoojeong Oh

Investment Director
Yoojeong Oh is an Investment Director on the Asian Equities Team at abrdn. Yoojeong joined the company in 2005 and was initially a member of the UK and European Equities Team in London before moving to Singapore.

Yoojeong graduated with an MEng in Engineering, Economics and Management from the University of Oxford and is a CFA® charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Christina Woon

Investment Director
Christina Woon is an Investment Director on the Asian Equities Team at abrdn. Christina joined the company in January 2013 as a graduate. Christina holds a Bachelor of Accountancy from Singapore Management University. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Flavia Cheong

Head of Equities - Asia Pacific
Flavia Cheong is the Head of Asia Pacific Equities on the Asian Equities team at abrdn, where, as well as sharing responsibility for company research, she oversees regional portfolio construction. Before joining abrdn in 1996, she was an economist with the Investment Company of the People’s Republic of China, and earlier with the Development Bank of Singapore. Flavia graduated with a BA in Economics and an MA (Hons) in Economics from the University of Auckland. She is a CFA charterholder.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Hugh Young

Chairman of Asia Pacific
Hugh Young is the Chairman for the abrdn business in Asia. He was previously the Head of Asia Pacific for Aberdeen Standard Investments, a main board director and Head of Investments for Aberdeen Asset Management (before its merger with Standard Life plc). Hugh joined the company in 1985 to manage Asian equities from London, having started his investment career in 1980. He founded the company's regional headquarters in Singapore in 1992. Hugh is a director of a number of group subsidiary companies and group-managed investment trusts and funds. Hugh graduated with a BA (Hons) in Politics from Exeter University.

Ian Cadby

Independent Non-Executive Chairman

Appointed a Director on 11 May 2016 and Chairman on 1 January 2022, he is a Jersey resident board executive and investment manager with over 33 years' experience within the asset management and wealth management industry spanning a number of jurisdictions including Asia. Ian is the former Group CEO of Ermitage Ltd with extensive experience in derivatives trading, board strategy, corporate governance and risk management. Ian is also a director of CQS New City High Yield Fund Limited.

Mark Florance

Independent Non-Executive Director and Audit Committee Chairman

Appointed a Director on 10 May 2017, he is a Singapore Permanent Resident with over 30 years' experience in corporate finance advisory, mergers and acquisitions, equity capital markets, debt capital markets and debt restructuring in Asia primarily at NM Rothschild & Sons where he was the vice-chairman for S.E. Asia and co-head of Asia. Mark is the chairman of Butterfield Trust (Asia) Limited and is an independent member of the investment committee of renewable energy fund, Climate Investor One and water fund, Climate Investor Two. He has a Bachelor of Commerce (accounting) and a Bachelor of Laws from the University of New South Wales. He also has a Diploma from the Securities Institute of Australia.

Robert Kirkby

Independent Non-Executive Director

Appointed a Director on 1 November 2021, he is s a former advisory partner at KPMG Channel Islands and a fellow of the Institute of Chartered Accountants with a background as a business leader. He is a Jersey resident but has particular experience of, and a continued interest in, China and Hong Kong. Robert has a number of non-executive appointments including being Chair of Trustees of the Durrell Wildlife Conservation Trust, chairman of the audit committees of Digital Jersey Limited and Stonehage Fleming Family & Partners Limited and he is a director of VenCap Channel Islands Limited.

Nicky McCabe

Independent Non-Executive Director

Appointed a Director on 16 May 2018, she was formerly head of product and investment trusts at Fidelity International with experience across the full spectrum of asset management in back office operations, the investment team, proprietary investment, distribution and product management. Nicky is currently a non-executive director of BMO Capital and Income Investment Trust PLC, Artemis Investment Management Limited and Vitality Life Insurance.

Krystyna Nowak

Senior Independent Non-Executive Director

Appointed a Director on 7 May 2015, she is a partner at Ridgeway Partners and former Managing Director of the Board Practice at Norman Broadbent. Krystyna studied at Oxford University, before joining Citibank, originally in London followed by nine years in Hong Kong and Singapore. Krystyna is also a director of Record PLC.

Hugh Young

Non-Executive Director

Appointed a Director on 11 November 2005, he is a resident of Singapore and is Chairman Asia for abrdn. Hugh is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., Aberdeen Asia-Pacific Income Investment Company Limited and The India Fund Inc.

Ian Cadby

Independent Non-Executive Chairman
Appointed a Director on 11 May 2016 and Chairman on 1 January 2022, he is a Jersey resident board executive and investment manager with over 33 years' experience within the asset management and wealth management industry spanning a number of jurisdictions including Asia. Ian is the former Group CEO of Ermitage Ltd with extensive experience in derivatives trading, board strategy, corporate governance and risk management. Ian is also a director of CQS New City High Yield Fund Limited.
Mark Florance

Independent Non-Executive Director and Audit Committee Chairman
Appointed a Director on 10 May 2017, he is a Singapore Permanent Resident with over 30 years' experience in corporate finance advisory, mergers and acquisitions, equity capital markets, debt capital markets and debt restructuring in Asia primarily at NM Rothschild & Sons where he was the vice-chairman for S.E. Asia and co-head of Asia. Mark is the chairman of Butterfield Trust (Asia) Limited and is an independent member of the investment committee of renewable energy fund, Climate Investor One and water fund, Climate Investor Two. He has a Bachelor of Commerce (accounting) and a Bachelor of Laws from the University of New South Wales. He also has a Diploma from the Securities Institute of Australia.
Robert Kirkby

Independent Non-Executive Director
Appointed a Director on 1 November 2021, he is s a former advisory partner at KPMG Channel Islands and a fellow of the Institute of Chartered Accountants with a background as a business leader. He is a Jersey resident but has particular experience of, and a continued interest in, China and Hong Kong. Robert has a number of non-executive appointments including being Chair of Trustees of the Durrell Wildlife Conservation Trust, chairman of the audit committees of Digital Jersey Limited and Stonehage Fleming Family & Partners Limited and he is a director of VenCap Channel Islands Limited.
Nicky McCabe

Independent Non-Executive Director
Appointed a Director on 16 May 2018, she was formerly head of product and investment trusts at Fidelity International with experience across the full spectrum of asset management in back office operations, the investment team, proprietary investment, distribution and product management. Nicky is currently a non-executive director of BMO Capital and Income Investment Trust PLC, Artemis Investment Management Limited and Vitality Life Insurance.
Krystyna Nowak

Senior Independent Non-Executive Director
Appointed a Director on 7 May 2015, she is a partner at Ridgeway Partners and former Managing Director of the Board Practice at Norman Broadbent. Krystyna studied at Oxford University, before joining Citibank, originally in London followed by nine years in Hong Kong and Singapore. Krystyna is also a director of Record PLC.
Hugh Young

Non-Executive Director
Appointed a Director on 11 November 2005, he is a resident of Singapore and is Chairman Asia for abrdn. Hugh is also a director of Aberdeen New Dawn Investment Trust PLC, Aberdeen Australia Equity Fund Inc., Aberdeen Asia-Pacific Income Investment Company Limited and The India Fund Inc.

Financial calendar

Year End	31 December
Accounts Published	April
Annual General Meeting	May
Dividend Paid	February, May, August, November

Trust details

abrdn Asian Income Fund Limited

Registered Office:
1st Floor,
Sir Walter Raleigh House
48 – 50 Esplanade
St Helier,
Jersey
JE2 3QB

Incorporated in Jersey with registered number 91671

Launch Date: December 2005

Risk Warning

Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.