Aberdeen Asian Inc - Half-year Financial Report
Aberdeen Asian Income Fund Limited
Legal Entity Identifier: 549300U76MLZF5F8MN87
UNAUDITED HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026
Performance Highlights
- Share price total return of 30.9%.
- Dividend yield of 6.3%.
- One, three and five year outperformance of the Index (NAV and share price total return).
Dividend yield AC
Earnings per Ordinary share - basic (revenue)
As at 30 June 2026
6.3%
Six months ended 30 June 2026
12.36p
As at 31 December 2025
6.2%
Year ended 31 December 2025
14.73p
Net asset value total return AB
Ordinary share price total return AB
Six months ended 30 June 2026
28.0%
Six months ended 30 June 2026
30.9%
Year ended 31 December 2025
22.2%
Year ended 31 December 2025
30.0%
MSCI AC Asia Pacific ex Japan Index total return (currency adjusted) B
Net gearing ASix months ended 30 June 2026
25.7%
As at 30 June 2026
7.6%
Year ended 31 December 2025
21.3%
As at 31 December 2025
4.7%
Discount to net asset value per Ordinary shareA
Ongoing chargesA
As at 30 June 2026
5.7%
Forecast year ending 31 December 2026
0.85%
As at 31 December 2025
7.6%
As at 31 December 2025
0.92%
A Alternative Performance Measure.
B Total return represents the capital return plus dividends reinvested.
C The Company's dividend policy is to set the dividend at 1.5625% per quarter of the Company's net asset value ("NAV"), equating to approximately 6.25% of NAV per annum. The dividend is calculated using the Company's NAV on the last business day of the preceding financial quarter (i.e. the end of March, June, September and December). The second quarterly interim dividend of 5.55p per share is based on 1.5625% of the Company's NAV of 355.08p per share as at 30 June 2026. The annualised share price dividend yield of 6.3% assumes that the remaining dividends for the year will be unchanged, although the actual rates will depend on the NAVs at the relevant quarter ends.
For further information please contact:
Ben Heatley
Head of Closed End Fund Sales
Aberdeen Group plc
07796 564 562
Chair's Statement
Another period of strong performance, with a share price total return of 30.9% and an annualised dividend yield of 6.3%.
Performance
This is my first Chair's Statement since succeeding Ian Cadby, who retired at the AGM in May. I am pleased to report another strong period for the Company.
The net asset value ("NAV") total return for the six month period to 30 June 2026 was 28.0% and the share price total return was 30.9%. Both compare well to a total return of 25.7% from the MSCI AC Asia Pacific ex Japan Index (the "Index"). Alongside this strong absolute and relative performance, the Company also delivered shareholders a dividend yield of 6.3%.
Performance was driven principally by the portfolio's exposure to information technology, particularly companies linked to artificial intelligence ("AI") demand and related supply chains. While market volatility in AI, semiconductor and related technology stocks has increased since the period end, the portfolio remains broadly diversified across Asia's many growth opportunities, helping to support resilience through different market environments.
During the period, semiconductor and hardware holdings across Taiwan and South Korea delivered especially strong gains.
- Key contributors included AI and connectivity chip designer MediaTek, AI server materials supplier Taiwan Union Technology, and South Korean memory manufacturer Samsung Electronics.
- Companies providing critical enabling technologies for AI adoption also performed well, including businesses involved in advanced packaging, testing and materials, such as Grand Process Technology and ASE Technology.
These gains were partly offset by weaker performance in areas more exposed to domestic demand. Consumer and financial holdings in China detracted, reflecting weak consumer confidence and the continued negative wealth effect from the property downturn.
Encouragingly, the Company continues to benefit from the Investment Manager's focus on high-quality businesses with strong earnings and robust balance sheets, underpinning the portfolio's resilience during periods of extreme market swings. As shown in the table opposite, this has delivered a 60.1% share price return over one year.
Portfolio Activity
The Investment Manager continues to refine the portfolio to capture Asia's growth through a total return approach combining yield and earnings growth. The focus remains on quality income, dividend sustainability and exposure to long-term structural growth themes.
During the period, the Investment Manager began increasing exposure to sectors beyond information technology, adding selectively to financials, industrials and consumer companies with strong cash generation and long-term dividend potential.
Six months
1 year
3 year
5 year
Performance (total return) to 30 June 2026
% return
% return
% return
% return
Share price (Ordinary) A
30.9
60.1
102.4
93.6
Net asset value A
28.0
53.1
84.5
77.8
MSCI AC Asia Pacific ex Japan Index (currency adjusted)
25.7
45.9
78.7
51.0
A Considered to be an Alternative Performance Measure.
This repositioning was undertaken ahead of the recent weakness in AI and semiconductor stocks and reflects a disciplined approach to portfolio construction, balancing attractive technology opportunities with a broader range of growth and income drivers across Asia.
- Consumer: additions included Australian gaming company Aristocrat Leisure and Vietnamese electronics retailer Dien May Xanh, both supported by leading market positions and earnings growth opportunities.
- Energy: Australia's Santos was added, offering attractive cash returns supported by high-quality gas assets.
- Industrials: additions included Taiwan's Contemporary Amperex Technology, a global leader in batteries and energy storage, and Ventia, a leading provider of essential infrastructure services across Australia and New Zealand.
Within the technology sector, Hon Hai Precision Industry, the world's largest electronics manufacturer, and Grand Process Technology, a supplier of advanced semiconductor packaging equipment, were added to the portfolio as beneficiaries of rising semiconductor and AI-related investment.
Portfolio exits focused on lower-conviction holdings and selected real estate positions. The Investment Manager sold the small position in Centuria Industrial REIT to manage real estate exposure, and exited Centurion Accommodation REIT following strong performance since its IPO and a substantial compression in dividend yields. Charter Hall Long Wale REIT was also sold.
The Investment Manager continues to be disciplined in capital allocation, recycling capital into higher-conviction opportunities while maintaining a diversified portfolio of high-quality companies.
Revenue and Dividends
It is pleasing to report that revenue earnings per share were 12.36p for the six month period ended 30 June 2026, which compares to 8.75p per share for the first six months of the previous year.
Shareholders will be familiar with the enhanced dividend policy introduced by the Board at the beginning of 2025. Under this policy, the Company's dividend is set at 1.5625% per quarter of NAV, equating to approximately 6.25% of NAV per annum. The dividend is calculated using the Company's NAV on the last business day of the preceding financial quarter.
- The first and second interim dividends declared for the year ending 31 December 2026 were 4.47p and 5.55p per share respectively.
- The second interim dividend is payable on 21 August 2026 to shareholders on the register on 24 July 2026.
Based on the share price of 335p on 30 June 2026, and taking into account the first and second interim dividends already declared, this equates to an annualised share price dividend yield of 6.3%.
As a result of strong NAV growth, the first and second interim dividends for the current financial year have increased in aggregate by more than 30% compared with 2025. Each quarterly dividend has increased since the policy was introduced at the beginning of 2025. Shareholders should note, however, that each quarterly dividend is determined by the quarter-end NAV and there may be periods when the NAV, and therefore the dividend, falls.
As the Board stated when introducing the policy, dividends will be subject to market and performance fluctuations and will vary from quarter to quarter, in line with underlying earnings, currency movements and changes in the portfolio value. In years when net revenue is below the level required for a fully covered dividend, dividends may be funded from a combination of revenue and capital reserves, making use of one of the key benefits of the investment company structure.
The Board is comfortable with this position which aligns with the Investment Manager's total return approach described above.
Dividend Re-Investment
Shareholders who hold their shares on the main register are reminded that the Company's Registrar, Computershare Investor Services PLC, operates a dividend re-investment plan ("DRIP"). This allows quarterly dividends to be reinvested automatically in new shares and can be an effective way to build a shareholding in the Company over time.
Shareholders who hold their shares through a stockbroker or online dealing platform should contact their provider, or select the relevant option through their online dealing account, if they wish to reinvest dividends in a similar way.
The table below illustrates the effect of reinvesting dividends in the Company over the past 10 years.
Illustrative impact of dividend reinvestment
£1,000 invested in the Company on 30 June 2016 would be worth £1,861 as at 30 June 2026. However, with dividends reinvested, the same investment would be worth £3,052 as at 30 June 2026, based on a share price total return of 205.2%. By comparison, utilising the Bank of England base rates for illustrative purposes, over the same 10 year period, £1,000 held in a bank account would be worth £1,205.
Source: Factset.
Discount and Share Capital Management
The Board is pleased to have seen increased demand for the Company's shares since the introduction of the enhanced dividend policy. This helped the discount narrow to 5.7% at 30 June 2026 compared to 7.6% at that start of the period. Reflecting this increased demand, the Company did not buy back any shares during the period.
Gearing
The Company has a £50 million evergreen loan facility. At the period end, £40.7 million was drawn, resulting in gearing, net of cash, of 7.6%, compared with 4.7% at the beginning of the period.
Online Shareholder Presentation
Our previous online shareholder presentations have been popular and we are pleased to be holding another similar presentation on Monday 30 November 2026 at 11.00 am. The event will centre on a conversation between the lead portfolio manager, Isaac Thong, and me, followed by a live question and answer session. Full details on how to register can be found on the Company's website at: asian-income.co.uk.
If you are unable to attend the event, a recording will be made available on the Company's website shortly afterwards. Questions may be submitted in advance by email to: asian.income@aberdeenplc.com.
Outlook
The global environment remains uncertain. Geopolitical tensions persist, while interest rate and trade policy developments continue to influence investor sentiment and economic growth across major markets. Against this backdrop, the Board is encouraged by the resilience of the Company's portfolio, reflected in its continued solid performance, and by the disciplined approach of the Investment Manager particularly in continuing to find sustainable and diversified income bearing opportunities.
Importantly, the portfolio is not dependent on any single theme or market. It remains invested across a range of sectors and countries, with exposure both to companies benefiting from structural growth opportunities and to businesses providing attractive and sustainable income streams. This balance has served shareholders well over time and remains central to the Company's investment approach.
Valuations remain supportive in many parts of Asia, particularly when compared with the long-term earnings and cash generation potential of many high-quality businesses. This continues to provide fertile ground for active stock selection by the Investment Manager.
While periods of market volatility are inevitable, the Board remains confident in the quality of the portfolio and in the Investment Manager's ability to identify attractively valued companies capable of delivering a combination of income growth and capital appreciation.
Jane Routledge
Chair
18 August 2026
Investment Portfolio
As at 30 June 2026
Valuation
Total assets
Company
Country
£'000
%
Taiwan Semiconductor Manufacturing Company
Taiwan
73,620
13.5
Samsung ElectronicsB
South Korea
64,593
11.8
SK Hynix
South Korea
39,015
7.1
Tencent Holdings
Hong Kong
19,024
3.5
MediaTek
Taiwan
17,670
3.2
PICC Property and Casualty 'H'
China
15,420
2.8
HDFC BankC
India
14,644
2.7
Region Group
Australia
13,677
2.5
Rio TintoD
Australia
11,469
2.1
Sino-American Silicon Products
Taiwan
11,448
2.1
Top ten investments
280,580
51.3
Quanta Computer
Taiwan
10,827
2.0
Dien May XanhE
Vietnam
9,952
1.8
Hon Hai Precision Industry
Taiwan
9,350
1.7
DBS Group
Singapore
8,751
1.6
China Resources Mixc Lifestyle Services
China
8,622
1.6
Alibaba
China
8,328
1.5
BHP Group
Australia
8,229
1.5
NetEase
Hong Kong
8,018
1.5
Contemporary Amperex Technology 'A'
China
7,979
1.5
IndiGrid Infrastructure Trust
India
7,813
1.4
Top twenty investments
368,449
67.4
Midea GroupF
China
7,553
1.4
Power Grid Corp of India
India
7,121
1.3
Samsung Fire & Marine Insurance
South Korea
6,962
1.3
Grand Process Technology
Taiwan
6,945
1.3
NTT
Singapore
6,796
1.2
Taiwan Union Technology
Taiwan
6,675
1.2
Ping An Insurance
China
6,543
1.2
SCB X (Alien)
Thailand
6,491
1.2
Aristocrat Leisure
Australia
6,002
1.1
Yutong
China
5,903
1.1
Top thirty investments
435,440
79.7
China Merchants BankG
China
5,825
1.1
ANZ Group Holdings
Australia
5,479
1.0
China Construction Bank
China
5,356
1.0
Accton Technology
Taiwan
5,311
1.0
Amcor CDI
Australia
5,087
0.9
Hang Lung Properties
Hong Kong
4,957
0.9
Santos
Australia
4,642
0.8
HD Korea Shipbuilding & Offshore Engineering
South Korea
4,484
0.8
DB Insurance
South Korea
4,456
0.8
Fuyao Glass Industry 'A'
China
4,444
0.8
Top forty investments
485,481
88.8
Shinhan Financial
South Korea
4,203
0.8
Commonwealth Bank of Australia
Australia
4,056
0.7
Hyuandai Motor Group
South Korea
3,792
0.7
Ventia
Australia
3,742
0.7
ASE Technology
Taiwan
3,474
0.7
Bank Mandiri
Indonesia
3,443
0.6
Kweichow Moutai 'A'
China
3,408
0.6
Capitaland India Trust
Singapore
3,374
0.6
SITC International Holdings
Hong Kong
3,331
0.6
PTT Exploration & Production (Alien)
Thailand
3,264
0.6
Top fifty investments
521,568
95.4
Medibank Private
Australia
3,263
0.6
Infosys
India
3,240
0.6
ICICI Prudential Asset
India
3,029
0.6
Insurance Australia
Australia
2,786
0.5
TingyiH
Hong Kong
2,733
0.4
Shenzhou International Group
Hong Kong
2,177
0.4
Bank Rakyat Indonesia Persero
Indonesia
1,575
0.3
Total value of investments
540,371
98.8
Net current assetsI
6,314
1.2
Total assetsA
546,685
100.0
A Net assets excluding borrowings.
B Comprises Preference and Ordinary shares, split £36,118,000 and £28,475,000 respectively.
C Comprises American Depositary and Indian share holdings, split £10,036,000 and £4,608,000 respectively.
D Incorporated in and listing held in United Kingdom.
E Dien May Xanh is pending issuance, trading is expected to commence August 2026.
F Comprises A and H shares, split £4,392,000 and £3,161,000 respectively.
G Comprises H and A shares, split £4,687,000 and £1,138,000 respectively.
H Incorporated in and listing held in Cayman Islands.
I Excludes revolving credit facility of £40,657,000.
Condensed Statement of Comprehensive Income
Six months ended
Six months ended
30 June 2026
30 June 2025
(unaudited)
(unaudited)
Revenue
Capital
Total
Revenue
Capital
Total
£'000
£'000
£'000
£'000
£'000
£'000
Investment income
Dividend income
20,802
-
20,802
15,217
-
15,217
Interest Income
129
-
129
142
-
142
Stock lending income
-
-
-
3
-
3
Total revenue
20,931
-
20,931
15,362
-
15,362
Gains/(losses) on investments held at fair value through profit or loss
-
96,996
96,996
-
(7,679)
(7,679)
Net currency (losses)/gains
-
(1,510)
(1,510)
-
1,180
1,180
20,931
95,486
116,417
15,362
(6,499)
8,863
Expenses
Investment management fee
(581)
(871)
(1,452)
(481)
(622)
(1,103)
Other operating expenses
(570)
-
(570)
(572)
-
(572)
Total operating expenses
(1,151)
(871)
(2,022)
(1,053)
(622)
(1,675)
Profit/(loss) before finance costs and tax
19,780
94,615
114,395
14,309
(7,121)
7,188
Finance costs
(306)
(459)
(765)
(346)
(519)
(865)
Profit/(loss) before tax
19,474
94,156
113,630
13,963
(7,640)
6,323
Tax expense
(1,860)
21
(1,839)
(1,127)
508
(619)
Profit/(loss) for the period
17,614
94,177
111,791
12,836
(7,132)
5,704
Earnings per Ordinary share (pence) (note 3)
12.36
66.08
78.44
8.75
(4.86)
3.89
The Company does not have any income or expense that is not included in profit/(loss) for the period, and therefore the "Profit/(loss) for the period" is also the "Total comprehensive income for the period".
The total columns of this statement represent the Condensed Statement of Comprehensive Income of the Company, prepared in accordance with IFRS. The revenue and capital columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations.
All of the profit/(loss) and total comprehensive income is attributable to the equity holders of Aberdeen Asian Income Fund Limited. There are no non-controlling interests.
Condensed Statement of Comprehensive Income (cont'd)
Year ended
31 December 2025
(audited)
Revenue
Capital
Total
£'000
£'000
£'000
Investment income
Dividend income
25,722
-
25,722
Interest Income
264
-
264
Stock lending income
3
-
3
Total revenue
25,989
-
25,989
Gains/(losses) on investments held at fair value through profit or loss
-
54,231
54,231
Net currency (losses)/gains
-
122
122
25,989
54,353
80,342
Expenses
Investment management fee
(1,015)
(1,324)
(2,339)
Other operating expenses
(1,124)
-
(1,124)
Total operating expenses
(2,139)
(1,324)
(3,463)
Profit/(loss) before finance costs and tax
23,850
53,029
76,879
Finance costs
(665)
(998)
(1,663)
Profit/(loss) before tax
23,185
52,031
75,216
Tax expense
(1,804)
552
(1,252)
Profit/(loss) for the period
21,381
52,583
73,964
Earnings per Ordinary share (pence) (note 3)
14.73
36.22
50.95
Condensed Statement of Financial Position
As at
As at
As at
30 June
202630 June 2025
31 December 2025
(unaudited)
(unaudited)
(audited)
Notes
£'000
£'000
£'000
Non-current assets
Investments held at fair value through profit or loss
540,371
377,718
424,667
Current assets
Cash and cash equivalents
11,970
6,667
8,531
Other receivables
7,316
3,556
13,212
19,286
10,223
21,743
Creditors: amounts falling due within one year
Bank loans
6
(40,657)
(31,091)
(31,400)
Other payables
(12,972)
(606)
(8,046)
(53,629)
(31,697)
(39,446)
Net current liabilities
(34,343)
(21,474)
(17,703)
Total assets less current liabilities
506,028
356,244
406,964
Creditors: amounts falling due after more than one year
Deferred tax liability on Indian capital gains
-
(657)
-
-
(657)
-
Net assets
506,028
355,587
406,964
Stated capital and reserves
Stated capital
7
194,933
194,933
194,933
Capital redemption reserve
1,560
1,560
1,560
Capital reserve
296,770
148,041
202,593
Revenue reserve
12,765
11,053
7,878
Equity shareholders' funds
506,028
355,587
406,964
Net asset value per Ordinary share (pence)
4
355.07
245.99
285.56
Condensed Statement of Changes in Equity
Six months ended 30 June 2026 (unaudited)
Capital
Stated
redemption
Capital
Revenue
capital
reserve
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
Opening balance
194,933
1,560
202,593
7,878
406,964
Profit for the period
-
-
94,177
17,614
111,791
Dividends paid (note 5)
-
-
-
(12,727)
(12,727)
Balance at 30 June 2026
194,933
1,560
296,770
12,765
506,028
Six months ended 30 June 2025 (unaudited)
Capital
Stated
redemption
Capital
Revenue
capital
reserve
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
Opening balance
194,933
1,560
167,722
13,680
377,895
Buyback of Ordinary shares for treasury
-
-
(12,549)
-
(12,549)
Profit for the period
-
-
(7,132)
12,836
5,704
Dividends paid (note 5)
-
-
-
(15,463)
(15,463)
Balance at 30 June 2025
194,933
1,560
148,041
11,053
355,587
Year ended 31 December 2025 (audited)
Capital
Stated
redemption
Capital
Revenue
capital
reserve
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
Opening balance
194,933
1,560
167,722
13,680
377,895
Buyback of Ordinary shares for treasury
-
-
(17,712)
-
(17,712)
Profit for the period
-
-
52,583
21,381
73,964
Dividends paid (note 5)
-
-
-
(27,183)
(27,183)
Balance at 31 December 2025
194,933
1,560
202,593
7,878
406,964
The stated capital in accordance with Companies (Jersey) Law 1991 Article 39A is £260,822,000 (30 June 2025 - £260,822,000; 31 December 2025 - £260,822,000). These amounts include proceeds arising from the issue of shares by the Company, but exclude the cost of shares purchased for cancellation or treasury by the Company.
Condensed Statement of Cash Flows
Six months
endedSix months ended
Year
ended
30 June
202630 June
202531 December 2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Cash flows from operating activities
Dividend income received
18,052
14,571
25,042
Interest income received
-
143
290
Investment management fee paid
(1,337)
(1,118)
(2,308)
Other cash expenses
(366)
(462)
(2,280)
Cash generated from operations
16,349
13,134
20,744
Interest paid
(677)
(954)
(2,638)
Overseas taxation paid
(1,831)
(1,085)
(1,755)
Net cash inflows from operating activities
13,841
11,095
16,351
Cash flows from investing activities
Purchases of investments
(537,986)
(288,908)
(667,261)
Sales of investments
532,699
303,893
694,902
Capital gains tax on sales
21
(566)
23
Net cash (outflow)/inflow from investing activities
(5,266)
14,419
27,664
Cash flows from financing activities
Purchase of own shares for treasury
-
(12,549)
(17,712)
Dividends paid
(12,727)
(15,463)
(27,183)
Drawdown of loan
9,127
-
-
Costs associated with loan
(26)
(29)
(60)
Net cash outflow from financing activities
(3,626)
(28,041)
(44,955)
Net decrease/(increase) in cash and cash equivalents
4,949
(2,527)
(940)
Cash and cash equivalents at the start of the period
8,531
9,349
9,349
Foreign exchange
(1,510)
(155)
122
Cash and cash equivalents at the end of the period
11,970
6,667
8,531
Notes to the Financial Statements
For the year ended 30 June 2026
1.
Accounting policies - basis of preparation
The Annual Report is prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). The condensed Half Yearly Report has been prepared in accordance with International Accounting Standards (IAS) 34 - 'Interim Financial Reporting' and should be read in conjunction with the Annual Report for the year ended 31 December 2025.
The financial statements have been prepared on a going concern basis. In accordance with the Financial Reporting Council's guidance on 'Going Concern and Liquidity Risk' the Directors have undertaken a review of the Company's assets and liabilities. The Company's assets primarily consist of a diverse portfolio of listed equity shares which, in most circumstances, are realisable within a very short timescale.
The condensed interim financial statements have been prepared using the same accounting policies as the preceding annual financial statements.
During the period the following standards, amendments to standards and new interpretations became effective. The adoption of these standards and amendments did not have a material impact on the financial statements:
Annual Improvements 2023-24 - Minor amendments to IFRS 1, 7, 9, 10, and IAS 7 (effective 1 January 2026)
IFRS 7 and 9 Amendments - Classification and Measurement of Financial Instruments (effective 1 January 2026)
IFRS 7 and 9 Amendments - Contracts Referencing Nature-dependent Electricity (effective 1 January 2026)
IA SORP - 2025 Revision (effective 1 January 2026)
Future amendments to accounting standards and interpretations
Standards Issued but not yet effective
IFRS 18 - Presentation and Disclosure in Financial Statements (effective 1 January 2027)
IFRS 21 Amendments - Translation to a Hyperinflationary Presentation Currency (effective 1 January 2027)
2.
Segmental information
For management purposes, the Company is organised into one main operating segment, which invests in equity securities and debt instruments. All of the Company's activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statements of the Company as a whole.
3.
Earnings per Ordinary share
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
(unaudited)
(unaudited)
(audited)
p
p
p
Revenue return
12.36
8.75
14.73
Capital return
66.08
(4.86)
36.22
Total return
78.44
3.89
50.95
The figures above are based on the following:
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Revenue return
17,614
12,836
21,381
Capital return
94,177
(7,132)
52,583
Total return
111,791
5,704
73,964
Weighted average number of Ordinary shares in issue
142,515,862
146,695,527
145,160,512
4.
Net asset value per share
Ordinary shares. The basic net asset value per Ordinary share and the net asset values attributable to Ordinary shareholders at the period end calculated in accordance with the Articles of Association were as follows:
As at
As at
As at
30 June 2026
30 June 2025
31 December 2025
(unaudited)
(unaudited)
(audited)
Attributable net assets (£'000)
506,028
355,587
406,964
Number of Ordinary shares in issue (excluding shares in issue held in treasury)
142,515,862
144,550,952
142,515,862
Net asset value per Ordinary share (p)
355.07
245.99
285.56
5.
Dividends on equity shares
Six months ended
Six months ended
Year ended
30 June 2026
30 June 2025
31 December 2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Amounts recognised as distributions to equity holders in the period:
Second interim dividend 2025 - 3.84p per Ordinary share
-
-
5,549
Third interim dividend 2025 - 4.29p per Ordinary share
-
-
6,172
Fourth interim dividend for 2025 - 4.46p per Ordinary share (2024 - 6.78p)
6,356
10,149
10,148
First interim dividend for 2026 - 4.47p per Ordinary share (2025 - 3.65p)
6,371
5,314
5,314
12,727
15,463
27,183
A second interim dividend of 5.55p for the year to 31 December 2026 will be paid on 21 August 2026 to shareholders on the register on 24 July 2026. The ex-dividend date was 23 July 2026.
6.
Bank loans
On 26 February 2026, the Company entered into a £50 million evergreen facility with Bank of Nova Scotia, London Branch. Under the terms of the revolving credit facility, the Company has the option to increase the level of the commitment from £50 million to £70 million at any time, subject to the Lender's credit approval.
At the period end approximately GBP 17.8 million, USD 8.85 million, HKD 95.0 million and HKD 73.5 million, equivalent to £40.7 million was drawn down from the facility. The interest rates attributed to the GBP, USD, HKD and HKD loans at the period end were 4.66%, 4.55%, 3.75% and 3.76% respectively.
7.
Stated capital
The Company has issued 194,933,389 Ordinary shares of no par value, which are fully paid (30 June 2025 - 194,933,389 ; 31 December 2025 - 194,933,389).
There were no buybacks by the Company during this period (30 June 2025 - 5,755,540 shares were bought back to treasury at a cost of £12,549,000 ; 31 December 2025 - 7,790,630 shares were bought back for holding in treasury at a cost of £17,712,000). As at 30 June 2026 52,417,527 (30 June 2025 - 50,382,437; 31 December 2025 - 52,417,527) Ordinary shares were held in treasury.
8.
Related party disclosures
There have been no transactions with related parties during the period which have materially affected the financial position or the performance of the Company.
9.
Fair value hierarchy
IFRS 13 'Fair Value Measurement' requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making measurements. The fair value hierarchy has the following levels:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The financial assets and liabilities measured at fair value in the Condensed Balance Sheet are grouped into the fair value hierarchy as follows:
Level 1
Level 2
Level 3
Total
At 30 June 2026 (unaudited)
£'000
£'000
£'000
£'000
Financial assets at fair value through profit or loss
Quoted equities
530,419
-
-
530,419
Unquoted equities
-
-
9,952
9,952
Total assets
530,419
-
9,952
540,371
Level 1
Level 2
Level 3
Total
At 30 June 2025 (unaudited)
£'000
£'000
£'000
£'000
Financial assets at fair value through profit or loss
Quoted equities
377,718
-
-
377,718
Total assets
377,718
-
-
377,718
Level 1
Level 2
Level 3
Total
At 31 December 2025 (audited)
£'000
£'000
£'000
£'000
Financial assets at fair value through profit or loss
Quoted equities
424,667
-
-
424,667
Total assets
424,667
-
-
424,667
Six months ended
Six months ended
Year
ended
30 June
202630 June
202531 December 2025
Level 3 Financial assets at fair value through profit or loss
£'000
£'000
£'000
Opening fair value
-
-
-
Purchases
9,952
-
-
Disposals
-
-
-
Total gains or losses included in losses on investments in the Statement of Comprehensive Income:
- assets disposed of during the period
-
-
-
- assets held at the end of the period end
-
-
-
Closing balance
9,952
-
-
The Investment Manager reviews and approves fair value decisions and pricing models. Where a price is unavailable or the price provided is not thought to be a fair reflection of the current market value of the asset, the Investment Manager, at its discretion, may permit some other method of valuation to be used if it considers that it better reflects fair value and is in accordance with accounting practice. The Investment Manager is responsible for determining or approving these unquoted prices, which are regularly reported to the Board of Directors. The investment included within level 3 in the current period (30 June 2025 and 31 December 2025 - N/A), Dien May Xanh, is a manually priced security which has been valued by the Investment Manager at its best estimate of fair value. The Dien May Xanh holding has been valued using the Initial Public Offering price until it is listed on the Ho Chi Minh City Stock Exchange in August 2026.
10.
Half Yearly Financial Report
The financial information for the six months ended 30 June 2026 and 30 June 2025 has not been audited.
Alternative Performance Measures
Alternative performance measures are numerical measures of the Company's current, historical or future performance, financial position or cash flows, other than financial measures defined or specified in the applicable financial framework. The Company's applicable financial framework includes IFRS and the AIC SORP. The Directors assess the Company's performance against a range of criteria which are viewed as particularly relevant for closed-end investment companies.
Discount to net asset value per Ordinary share
The discount is the amount by which the share price is lower than the net asset value per share, expressed as a percentage of the net asset value.
30 June 2026
31 December 2025
NAV per Ordinary share (p)
a
355.07
285.56
Share price (p)
b
335.00
264.00
Discount
(a-b)/a
5.7%
7.6%
Dividend yield
The yield for 30 June 2026 is calculated based on the prospective annual dividend for 2026 per Ordinary share in accordance with the Board's stated target divided by the share price, expressed as a percentage. The yield for 31 December 2025 is calculated based on the annual dividend for 2025 per Ordinary share divided by the share price, expressed as a percentage.
30 June 2026
31 December 2025
Annual dividend per Ordinary share
a
21.12p
16.24p
Share price
b
335.00p
264.00p
Dividend yield
a/b
6.3%
6.2%
Net gearing
Net gearing measures the total borrowings less cash and cash equivalents dividend by shareholders' funds, expressed as a percentage. Under AIC reporting guidance cash and cash equivalents includes amounts due to and from brokers at the period end as well as cash and cash equivalents.
30 June 2026
31 December 2025
Borrowings (£'000)
a
40,657
31,400
Cash (£'000)
b
11,970
8,531
Amounts due to brokers (£'000)
c
12,130
7,301
Amounts due from brokers (£'000)
d
2,546
11,138
Shareholders' funds (£'000)
e
506,028
406,964
Net gearing
(a-b+c-d)/e
7.6%
4.7%
Ongoing charges ratio
The ongoing charges ratio has been calculated in accordance with guidance issued by the AIC as the total of investment management fees and administrative expenses and expressed as a percentage of the average published daily net asset values with debt at fair value throughout the year. The ratio for 30 June 2026 is based on forecast ongoing charges for the year ending 31 December 2026.
30 June 2026
31 December 2025
Investment management fees (£'000)
3,045
2,339
Administrative expenses (£'000)
1,092
1,124
Less: non-recurring charges A (£'000)
(49)
(54)
Ongoing charges (£'000)
4,088
3,409
Average net assets (£'000)
481,422
372,177
Ongoing charges ratio
0.85%
0.92%
A Professional services comprising advisory and legal fees considered unlikely to recur.
Total return
NAV and share price total returns show how the NAV and share price have performed over a period of time in percentage terms, taking into account both capital returns and dividends paid to shareholders. Share price and NAV total returns are monitored against open-ended and closed-ended competitors, and the Reference Index, respectively.
Share
Six months ended 30 June 2026
NAV
Price
Opening at 1 January 2026
a
285.56p
264.00p
Closing at 30 June 2026
b
355.07p
335.00p
Price movements
c=(b/a)-1
24.3%
26.9%
Dividend reinvestment A
d
3.7%
4.0%
Total return
c+d
28.0%
30.9%
Share
Year ended 31 December 2025
NAV
Price
Opening at 1 January 2025
a
251.42p
220.00p
Closing at 31 December 2025
b
285.56p
264.00p
Price movements
c=(b/a)-1
13.6%
20.0%
Dividend reinvestment A
d
8.6%
10.0%
Total return
c+d
22.2%
30.0%
A NAV total return involves investing the net dividend in the NAV of the Company with debt at fair value on the date on which that dividend goes ex-dividend. Share price total return involves reinvesting the net dividend in the share price of the Company on the date on which that dividend goes ex-dividend.
Interim Board Report - Disclosures
Principal Risk Factors
The principal risks and uncertainties affecting the Company are set out below and in detail on pages 21 to 24 of the Annual Report for the year ended 31 December 2025 and are not expected to change materially for the remaining six months of the Company's financial year.
The risks outlined below are those risks that the Directors considered at the date of this Half Yearly Report to be material but are not the only risks relating to the Company or its shares. If any of the adverse events described below actually occur, the Company's financial condition, performance and prospects and the price of its shares could be materially adversely affected and shareholders may lose all or part of their investment. Additional risks which were not known to the Directors at the date of this Half Yearly Report, or that the Directors considered at the date of this Report to be immaterial, may also have an effect on the Company's financial condition, performance and prospects and the price of the shares.
If shareholders are in any doubt as to the consequences of their acquiring, holding or disposing of shares in the Company or whether an investment in the Company is suitable for them, they should consult their stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Securities and Markets Act 2000 (as amended by the Financial Services Act 2012) or, in the case of prospective investors outside the United Kingdom, another appropriately authorised independent financial adviser.
The risks can be summarised under the following headings:
- Investment strategy & objectives
- Investment portfolio & investment management
- Income & dividend
- Marketing & shareholder communication
- Discount management
- Regulatory
- Operational
- Cyber
- Geopolitical
The Board considers that there are a number of other risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. These include various geopolitical tensions.
An explanation of other risks relating to the Company's investment activities, specifically market, liquidity and credit risk, and a note of how these risks are managed, are contained in note 18 on pages 76 to 84 of the Annual Report for the year ended 31 December 2025.
Going Concern
The Directors have undertaken a robust review of the Company's ability to continue as a going concern. The Company's assets consist primarily of a diverse portfolio of listed equity shares which in most circumstances are realisable within a very short timescale.
The Directors have reviewed forecasts detailing revenue and liabilities, have set limits for borrowing and reviewed compliance with banking covenants, including the headroom available.
Having taken these factors into account, the Directors believe that the Company has adequate financial resources to continue in operational existence for the foreseeable future and at least 12 months from the date of this Half Yearly Report. Accordingly, the Directors continue to adopt the going concern basis in preparing these financial statements.
Directors' Responsibility Statement
The Directors are responsible for preparing this Half Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
- the condensed set of interim financial statements contained within the Half Yearly Financial Report which have been prepared in accordance with IAS 34 "Interim Financial Reporting", give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
- the Half-Yearly Board Report includes a fair review of the information required by rule 4.2.7R of the Disclosure Guidance and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
- the Half-Yearly Board Report includes a fair review of the information required by 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
On behalf of the Board
Jane Routledge
Chair
18 August 2026
A summary Half Year Report will be posted to shareholders in August 2026 and copies of this and the full Half Yearly Report will be available on the Company's website (www.asian-income.co.uk*).
*Neither the Company's website nor the content of any website accessible from hyperlinks on that website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement
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