Abrdn Asia Focus : Interim Report to 31 January 2023

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

1. 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.

1. 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%

1. Total assets less current liabilities (excluding prior charges such as bank loans) as per the Statement of Financial Position.
2. 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