TIDMIAT
LEGAL ENTITY IDENTIFIER: 549300YM9USHRKIET173
INVESCO ASIA TRUST PLC
Half-Yearly Financial Report for the Six Months to 31 October 2022
Investment Objective
The Company's objective is to provide long-term capital growth and income by
investing in a diversified portfolio of Asian and Australasian companies. The
Company aims to achieve growth in its net asset value (NAV) total return
in excess of the Benchmark Index, the MSCI AC Asia ex Japan Index
(total return, net of withholding tax, in sterling terms).
Financial Information and Performance Statistics
The benchmark index of the Company is the MSCI AC Asia ex Japan Index (total
return, net of withholding tax, in sterling terms).
Six Months Year ended
to
31 October 30 April
Total Return Statistics(1) (dividends reinvested) 2022 2022
Net asset value (NAV)((2) -13.1% -6.7%
Share price(2) -15.5% -10.0%
Benchmark index(3) -15.3% -12.9%
Capital Statistics
At At
31 October 30 April
2022 2022 change %
Net assets (£'000) 219,021 252,176 -13.1
NAV per share(2) 327.62p 377.21p -13.1
Share price(1) 281.00p 332.50p -15.5
Benchmark index (capital) 851.09 1,023.11 -16.8
Discount(2) per ordinary share (14.2)% (11.9)%
Average discount over the six months/year(1)(2) (12.4)% (9.5)%
Gearing(2):
- gross 4.2% 2.2%
- net 3.6% 1.6%
- net cash nil nil
(1) Source: Refinitiv.
(2) Alternative Performance Measures (APM), see below for the explanation
and reconciliations of APMs. Further details are provided in the Glossary of
Terms and Alternative Performance Measures in the Company's 2022 Annual
Financial Report.
(3) Index returns are shown on a total return basis, with dividends
reinvested net of withholding taxes.
Chairman's Statement
Highlights:
. NAV total return of -13.1% outperformed the benchmark index total return of
-15.3%;
. While the relative performance numbers for the last six months are good, the
absolute falls are clearly not; and
. The fact that Asian stock market valuations are so cheap compared to their
long-term averages is perhaps the most compelling factor.
Performance over the six months to 31 October 2022 was again ahead of our
benchmark: NAV per share total return was -13.1% versus the MSCI AC Asia
ex Japan Index at -15.3%. The share price total return was -15.5% with the
discount widening from 11.9% to 14.2% over the period. Performance numbers are
shown as total return net of withholding tax in sterling terms.
The three-yearly continuation vote was held at the Company's Annual General
Meeting (AGM) on 8 September 2022 and passed with votes in favour representing
99.45% of shareholders. It was pleasing to see so many shareholders attending
the AGM in person once again. We enjoyed answering all of your questions.
A half-yearly dividend of 7.20p was paid on 24 November 2022 in accordance with
our policy of paying two dividends per year each amounting to approximately 2%
of NAV. With the discount at 14.2% at 31 October 2022, this policy puts the
current annual dividend yield on the share price at 5.3%, based on the share
price of 281.00p at 31 October 2022.
In August 2020 the Board undertook to effect a tender offer for up to 25% of
the Company's issued share capital at a discount of 2% to the prevailing NAV
per share (after deduction of tender costs) in the event that the Company's NAV
cum-income total return performance over the five year period to 30 April 2025
fails to exceed the Company's comparator index, the MSCI AC Asia ex Japan Index
(net of withholding tax, total return in sterling terms) by 0.5% per annum over
the five years on a cumulative basis. Shareholders already have the opportunity
to vote on the continuation of the Company every three years, but the Board
believes that also providing shareholders with the option to tender a
proportion of their shares for a cash price close to NAV, if the Company
underperforms, constitutes a pragmatic and attractive initiative, particularly
if the shares were to be trading at a material discount at the time.
We are now halfway through this five-year period over which the performance of
the Company will be assessed: the Company's NAV is up by 26.7% over the 2.5
years while the index is down by 0.6%. On an annualised basis, NAV is up by
9.9% p.a. while the index is down by 0.2% p.a.
The Board has now settled back to its normal number of four Directors. As
planned, and reported in our previous report, Myriam Madden has taken over as
Audit Chair and Vanessa Donegan as both Senior Independent Director and Chair
of the Remuneration Committee. Sonya Rogerson joined us on 26 July 2022 as a
Non-Executive Director. Fleur Meijs retired on 1 August 2022 and Owen Jonathan
retired at the end of the AGM on 8 September 2022. Fleur and Owen leave with
the Company in good shape and we thank them again for their contributions.
Our Co-Portfolio Managers undertake company meetings as a regular part of their
job, sometimes at the companies' headquarters, sometimes elsewhere. Every
two years or so, the Board accompanies them on one of their fact finding trips.
The last trip was to South Korea and Taiwan in November 2019. In January 2023,
we visited companies in Indonesia and Singapore and were all struck by the
sharp contrast between the gloom and doom of the West and the positive outlook
held by nearly everyone we met.
Cumulative Total Return (dividends reinvested) to 31 October 2022(1)
One Three Five Ten
Year Years Years Years
Net asset value -14.2% 18.1% 14.3% 147.8%
(NAV)
Share price -20.0% 16.3% 14.6% 145.9%
Benchmark index -21.4% -3.0% -2.7% 70.9%
(2)
(1) Source: Refinitiv.
(2) The benchmark index of the Company was changed on 1 May 2015 to the MSCI AC
Asia ex Japan Index from the MSCI AC Asia Pacific ex Japan Index (both indices
total return, net of withholding tax, in sterling terms).
Shareholders will know that we believe that the discount is determined by a
combination of demand for Asian equity investment vehicles, the Investment Case
for Invesco Asia Trust and the Corporate Proposition that we offer. In order to
stimulate more demand for the Company's shares, we aim to provide a strong
investment case and a strong corporate proposition at the same time.
The Investment Case rests on accessing the attractions of Asian equity markets
through the institutional expertise of Ian Hargreaves and Fiona Yang's team at
Invesco. The Co-Portfolio Managers' investment process can be summarised as
'valuation not value' and has been very successful in attracting institutional
investors such as pension funds and sovereign wealth investors. In times like
these of great change, we would argue that this forward-looking active approach
(as opposed to a backward-looking index or passive style) is exactly what is
needed. Invesco Asia Trust is the only way for individual investors to access
Ian and Fiona's expertise.
The Company's Corporate Proposition was first introduced in the Half-Yearly
Financial Report to 31 October 2018. Since then the Board has continued to
review and adopt measures intended to create additional demand for the
Company's shares, both from existing and new shareholders, and to reduce the
discount. We have been careful to ensure that the measures chosen are in the
best interests of all shareholders. The intention is that these gains will
combine to make the corporate proposition as compelling as the investment case.
The multiple elements to our Corporate Proposition are detailed in the 2022
Annual Financial Report's Chairman's Statement and include a three-yearly
continuation vote (the next one being due in September 2025), an enhanced
dividend policy, a performance conditional tender, a strong integrated ESG
approach, engaging more individual shareholders, the ability for shareholders
to meet both the Co-Portfolio Managers and the Directors, close management of
ongoing charges and fees, the active use of gearing, the 'skin in the game' of
Directors' and Managers' shareholdings and the authority to buy back shares.
Update
From 31 October 2022 to 25 January 2023, the NAV total return has been 26.4%,
outperforming the index return of 20.4%. The share price total return has been
33.5%, with the discount narrowing to 9.7%.
Outlook
While the relative performance numbers for the last six months are good, the
absolute falls are clearly not. Writing six months ago, I noted surprise that
Asia had held up so well in the face of China tensions, the Russian invasion of
Ukraine and global economic turmoil. With no respite from any of these and new
concerns arising, some stock market weakness was perhaps inevitable. Ian and
Fiona go into detail in their Managers' Report.
Looking forward, I have to start by being honest that the short term outlook
remains highly uncertain. It will not be easy for anyone to perform well over
the next twelve months. However, if you are free from worrying about monthly or
quarterly performance and are able to take a long term view, then the
decision-making seems to become a lot easier. The fact that Asian stock market
valuations are cheap compared to their long-term averages is perhaps the most
compelling factor. Yet by the end of 2023, many of the current headwinds should
have calmed or could even become tailwinds: global inflation is likely to peak
early in 2023. One way or the other, Covid should become less of a problem for
China. The economic strength (and lack of inflation) in many Asian countries
should allow them to grow their economies faster than those in the West.
Remember, stock markets are usually lead indicators.
This is one of the main reasons why the Company has not undertaken any share
buybacks in the last six months even though the discount of the Company's share
price to its NAV is above the Board's target of 10%. We believe that the
Investment Case for the Company is strong and so too is the combination of
policies enshrined in our Corporate Proposition. The next period is quite
likely to be a very attractive long-term opportunity for shareholders. We
simply do not want to stand in their way.
Neil Rogan
Chairman
26 January 2023
Portfolio Managers' Report
Q How has the Company performed in the period under review?
A The Company's net asset value (NAV) decreased by 13.1% (total return, in
sterling terms) over the six months to 31 October 2022, which compares to the
benchmark MSCI AC Asia ex Japan Index return of -15.3%.
It has been a weak and volatile period for global markets. The Russia-Ukraine
conflict and resurfacing US-China tensions have added geopolitical uncertainty
to the backdrop as investors worry about the pace of US Federal Reserve
tightening and the prospect of inflation and recession - or stagflation. Asian
equity markets have generally weakened, as have currencies relative the US
dollar, prompting central banks (China being the notable exception) to tighten
policy in response. However, domestic macro conditions in Asia remained largely
stable, notwithstanding a resurfacing of concerns related to China's property
markets and Zero Covid Policy.
While it is chastening to report a double-digit percentage decline in the
Company's NAV over the period, we have continued to outperform the benchmark
index, benefitting from strong stock selection across different countries and
sectors. Having a balanced portfolio has helped in terms of relative
performance, avoiding expensive areas of the market such as profitless
technology and electric vehicle (EV) companies.
Asian markets have been more volatile than usual in 2022, but we find grounds
for cautious optimism.
Q What have been the biggest contributors?
A India's equity market has proved to be remarkably resilient so far this year,
with the portfolio's holdings in financials and other cyclicals making a strong
contribution to relative performance thanks to some positive earnings results
and the improved macro backdrop.
ICICI Bank was the biggest single contributor: its near-term outlook remains
strong with margins likely to inch up with rising rates, a pick-up in growth
across business lines and, a benign credit cycle. Engineering and construction
conglomerate Larsen & Toubro also benefitted from solid earnings results, with
a healthy orderbook providing growth visibility and, although its valuation is
less attractive after recent share price strength, there is scope for further
positive earnings surprises given the supportive macro backdrop in India.
ASEAN banks contributed positively, as did stock selection in insurers as gains
from QBE Insurance and Samsung Fire & Marine more than offset the drag from
holding Ping An Insurance. The portfolio's overweight position in Indonesia
also continued to add value.
Elsewhere, Samsonite International enjoyed a rebound in sales and raised its
full year revenue guidance given a solid recovery in travel demand in North
America and Europe. Chinese wind turbine manufacturer MingYang Smart Energy
benefitted from expectations of a second half pick-up in installation projects,
while easing commodity prices were seen helping margins recover. Finally, the
portfolio's underweight in the technology sector, particularly semiconductor
companies, benefitted relative performance, with a positive impact from stock
selection in technology hardware, with holdings such as Chroma ATE, Largan
Precision and Hon Hai Precision Industry contributing positively.
Q And detractors?
A China has been the portfolio's biggest source of weakness, with investor and
consumer confidence badly dented by the authorities' adherence to a Zero Covid
Policy. Specific concerns surrounding geopolitical and real estate risks have
compounded macroeconomic uncertainty.
Against this backdrop, the biggest detractors to relative performance were
Chinese internet companies JD.com, NetEase and Tencent, followed by
property-related stocks Suofeiya Home Collection and China Overseas Land &
Investment. While it was disconcerting to see such significant share price
falls, we remained mindful that stock markets are prone to overreaction in
times of uncertainty.
Q How has the portfolio's positioning in China changed?
A Recent market volatility gave us an opportunity to introduce three new
holdings: restaurant operator Jiumaojiu International, China Communications
Services and China Meidong, an auto dealership and maintenance group. We have
also added to the recently introduced Hansoh Pharma and aluminium auto parts
manufacturer Minth. In turn, we sold Pacific Basin Shipping and have taken some
profits from recent outperformers such as Samsonite International, MingYang
Smart Energy and Autohome.
The biggest change over the last two years has been the reduction in the
portfolio's underweight position in China, where valuations had fallen to
deeply discounted levels (see chart in the 2022 Half-Yearly Financial Report).
At times during the recent reporting period that felt increasingly
uncomfortable, as concerns mounted to such an extent that one sell-side analyst
declared China 'uninvestable'. However, we felt comfortable leaning into
weakness for several reasons.
Firstly, we felt that we had passed the peak in regulatory tightening, be that
on 'new economy' sectors or property developers. Geopolitical risk is hard to
analyse. Tensions in China's relationship with Taiwan remain in focus, but
there has been no change in our view that the probability of military conflict
is very low on a medium-term view. The US government's new rules barring China
from accessing technology essential for producing advanced chips are more
tangible, making stock picking ever important. The biggest source of
uncertainty was China's Zero Covid Policy, which was being tightly adhered to.
However, while we could see China learning to live with the virus on a
medium-term view, there was no visibility on how/when restrictions might be
lifted in the near-term.
Events in October 2022 tested our conviction: Xi Jinping's reappointment as
leader of the Communist Party, supported by the Politburo Standing Committee of
his appointed loyalists, was interpreted by the market as offering less
likelihood of any change in direction on government policy. To foreign
investors the prevailing picture has been that President Xi was focused on
political control and stability rather than economic reform and development.
However, we had not been expecting a big change in the direction of economic
policy, rather that the focus was likely to remain on improving the quality,
rather than quantity, of growth and reducing financial risk in the system.
Q Can you update us on recent developments?
A The news flow since the Party Congress concluded has been remarkable, with
markets caught off guard by the speed of change in direction of policy. There
have been three key changes:
a. End of Zero Covid: initially a loosening or 'optimisation' of restrictions,
to help local governments and health authorities tackle the spread of Omicron.
Quarantine requirements have been reduced, with the resumption of international
flights. State media have also started to openly discuss the milder symptoms
associated with Omicron, with greater encouragement for the elderly to get
fully vaccinated.
b. Property sector support: a comprehensive 16-point plan was announced in
November 2022, with measures including an easing of funding constraints for
cash-strapped private developers, a cut in mortgage rates and a loosening of
purchase restrictions to help stimulate demand.
c. Shift to 'pro-growth': the annual Central Economic Work Conference, which
convened in mid-December 2022 shortly after Covid restrictions were abandoned,
set the target of "promoting overall economic improvement," with an emphasis on
boosting consumer confidence and supporting the private sector. There was
support for China's digital economy, with platform enterprises called on to
'fully display their capabilities', and a move to 'normalise' the regulatory
regime.
Q Is the risk-reward in China still attractive?
A The abrupt abandonment of Zero Covid has led to western media headlines about
a pending humanitarian crisis. The hard truth is that China's peak in
hospitalisations and deaths, so far avoided, is happening in a short and sharp
spike, which could be cleared by spring. With fatality rates for Omicron having
collapsed elsewhere, a manageable outcome can be hoped for.
The domestic economy can expect to see a post-pandemic recovery like that seen
in the rest of the world, buoyed by returning consumer confidence. However,
this is coinciding with a slowdown in global growth as developed market demand
rolls over, which will negatively impact China's manufacturing sector. Much
also depends on confidence returning to the residential property market, which
is not a bubble as some would have us believe. Reassuringly, the household
savings ratio in China is estimated to be around 30% of disposable income,
compared to the typical 10-15%, its highest level in a decade.
However, once China's economy reopens fully, it is likely to revert to a slower
growth glide path. While policy is currently being eased, we expect it to
remain orthodox, with the authorities likely to tighten again to avoid any
overheating in the economy. Policy uncertainty risk also lingers longer-term
with regulators remaining active, if more supportive at present. That said,
quality companies that are trading cheaply relative to their own history are
still available in China. Our focus remains on companies facing temporary
challenges that we believe have strong market positions, conservative balance
sheets and under-appreciated earnings growth potential. We are taking care not
to assume reversion to pre-pandemic levels of growth or rating, but even after
the recent rebound, the market continues to trade at deeply discounted levels.
Prospective returns still have the potential to be very strong from here.
Q How has the rest of Asia been dealing with inflation and higher interest
rates?
A Inflation remains a developed market problem. Although food and energy prices
have picked up a bit in Asia, they remain at levels central banks are
comfortable with. Interest rates have been raised in most countries (China the
main exception) to try to counter rising prices and to support currencies,
although there has been little success with the latter. While we continue to
monitor the situation, it is not a great concern. Asian countries are generally
much earlier in their economic cycles, with warning signs such as high credit
growth and deteriorating external accounts still absent, in fact there is slack
in most economies. As inflation shows signs of peaking, expectations are that
tightening will be paused in most of Asia, with room to ease next year should
global growth slow more sharply than expected.
The portfolio has also demonstrated a positive sensitivity to rising interest
rates, with banks such as United Overseas Bank and KB Financial being
beneficiaries. However, there comes a point when rising interest rates begin to
create concern about growth and thus asset quality for banks, which is why we
took the decision to sell KB Financial. Korea has seen a relatively large
expansion in credit over the last two years, making it more vulnerable. In
Singapore, however, the cycle indicators that we track are still pointing to
relatively low risk when it comes to banks. Total credit from banks has barely
increased as a percentage of GDP in the last seven years and retail credit has
declined. Property prices have been declining relative to incomes, another
indicator that the Singapore economy is not over-heating.
Q Where else are you seeing opportunities in Asia?
A We believe there is a definite opportunity in South Korea, one of the worst
performing equity, bond and FX markets in Asia in 2022. This is not overly
surprising given concerns about a global cyclical slowdown, a weakening tech
cycle, and elevated oil prices which hit Korea's external balance. However,
while the near-term outlook remains uncertain, we are very comfortable with the
stocks we hold on a three-to-five-year view.
Detractors are generally quick to point out that Korea has always been cheap,
with a 'Korea discount' due to factors such as geopolitical risk, the cyclical
nature of its economy, as well as governance concerns given low dividend
payouts and the dominance of opaque conglomerates known as chaebols. We believe
there are reasons for the discount to narrow, while also noting that we can
still make attractive absolute returns in Korea without it doing so as
companies grow their earnings.
Over the period we introduced LG Household & Healthcare, a major Korean
consumer goods company that manufacture cosmetics, household products and
beverages. Whilst Covid lockdowns in China and travel disruption have had a
negative impact on sales and earnings, these are temporary issues which we
believe have disproportionately affected the share price. Indeed, around half
of the company's revenue is from the more stable beverage and household goods
segment, which has been resilient in the current environment, while a recovery
in travel demand is likely to bolster demand for China onshore cosmetics.
We also added to existing holdings, including another LG company. LG Chemical
is the largest maker of EV batteries outside China, leaving it well positioned
to benefit from geopolitical concerns as US car companies look to source EV
batteries from outside China. LG Chemical also has a very promising business
providing some of the chemicals and materials which go into EV batteries - a
separately listed subsidiary trading at double the company's market
capitalisation.
Q Do you still favour Indonesia?
A Very much so. The market has performed well so far this year, with the
economy appearing to have scope for better growth after a weak period,
supported by the commodity cycle and current account surplus. Near-term
uncertainty is starting to lift and valuations still appear attractive. We have
sold Telkom Indonesia, which had outperformed and was appearing fully valued,
and trimmed exposure to PT Bank Negara Indonesia Persero and Astra
International, taking advantage of share price strength.
In turn, we have added Semen Indonesia, the country's largest cement company
with about 50% market share. There is no new capacity coming in Indonesia and
with no new disruptors entering the market we believe we can see an improvement
in the company's utilisation rates, margins and profitability. Free cash flow
generation looks strong, the balance sheet is relatively healthy with low debt
levels and the valuation multiples are low - price to book ratio is 0.9x. (See
ESG section in the 2022 Half-Yearly Financial Report for more perspective on
our evaluation of investment risk here).
Q Finally, you remain underweight tech, is there an opportunity to add
exposure?
A Weakness in the tech sector is bringing valuation levels down to more
reasonable levels. It is an area we are monitoring closely but have yet to take
any action, with the exception of adding to Samsung Electronics, which is
trading at close to trough valuations in terms of price/book. The memory
semiconductor market is going through a sharp downturn at present, as is normal
for the industry, but these downcycles tend to be relatively short in duration,
and we know that an upcycle is inevitable at some stage in our investment
horizon. The first signs of an end to the downcycle are capex cuts from weaker
players in the market, and the very recent news is encouraging on this front.
Expectations are for flat capex growth in 2022 after 25% growth in 2021, and
2023 will almost certainly be down on 2022.
Buying Samsung at or close to book value has always been a strategy that has
made attractive returns in the past. The company is also well positioned to win
more customers in the current geopolitical climate where Western companies are
wary of depending too much on Chinese or Taiwanese suppliers.
Recent news-flow also suggests that Samsung plans to set up a task force to
enhance shareholder returns. The recent growth in retail ownership has
coincided with a falling share price, with analysts estimating that 5.9 million
of the new entrants on its shareholder register are in loss making territory,
which is equivalent to 12% of the population of Korea. The company has plenty
of options with US$100 billion of cash on the balance sheet, so a dividend hike
seems a natural solution.
Q Final thoughts?
A Asian equity markets are not immune to global macro headwinds, but conditions
in Asia should continue to remain largely stable in 2023. Many countries in the
region are at an earlier stage in their economic cycle, with rising incomes and
consumer penetration a tailwind to structural demand.
The improved visibility on China's reopening is a significant positive and
combined with the property market support and signs that regulatory headwinds
are abating, provides us grounds to believe that the outlook for corporate
earnings and broader economic growth should be supportive after downgrades in
2022.
Although equity market valuations for Asia, as measured by traditional metrics
such as price to book ratios, have recovered in recent months from deeply
discounted to more reasonable levels, they continue to trade at a significant
discount to US and world equity market averages. Asia's underperformance has
lasted more than a decade. Although this was justifiably driven by lower
earnings growth compared to US equities when denominated in US-dollars, this
may change. US-dollar strength is being challenged by an imminent recession in
the US to root out inflation. While inflation in the US may be stickier than
expected it is declining, which may lead to an easing of financial conditions
at a time when Asia is recovering. Inflation is less of an issue in Asia which
provides some policy flexibility. We believe there is great potential for a
narrowing of Asia's valuation discount.
Ian Hargreaves & Fiona Yang
Portfolio Managers
26 January 2023
Principal Risks and Uncertainties
The Board has carried out a robust assessment of the principal and emerging
risks facing the Company. These include those that would threaten its business
model, future performance, solvency and liquidity. In carrying out this
assessment, the Board together with the Manager have considered emerging risks
such as geopolitical risks, evolving cyber threats and climate related risks.
These risks also form part of the principal risks identified and the mitigating
actions are detailed below. In the view of the Board, these principal risks and
uncertainties are as much applicable to the remaining six months of the
financial year as they were to the six months under review.
Category and Principal Risk Description Mitigating Procedures and Controls Risk trend
during the
period
Strategic Risk
Market Risk The Company has a diversified investment Increased
The Company's investments are mainly portfolio by country, sector and stock.
traded on Asian and Australasian stock Its investment trust structure means no
markets as well as the UK. The forced sales need to take place and
principal risk for investors in the investments can be held over a longer
Company is a significant fall and/or a term horizon. However, there are few
prolonged period of decline in these ways to mitigate absolute market risk
markets. This could be triggered by because it is engendered by factors
unfavourable developments within the which are outside the control of the
region or events outside it. Board and the Manager. These factors
include the general health of the world
economy, interest rates, inflation,
government policies, industry
conditions, and changing investor demand
and sentiment. Such factors may give
rise to high levels of volatility in the
prices of investments held by the
Company.
Geopolitical Risk The Manager evaluates and assesses Increased
Political developments can create risks political risk as part of the stock
to the value of the Company's assets, selection and asset allocation policy
such as political changes in the US and which is monitored at every Board
Asia regions, and the war in Ukraine. meeting. This includes political,
Political risk has always been a military and diplomatic events and
feature of investing in stock markets changes to legislation. Balancing
and it is particularly so in Asia. Asia political risk and reward is an
encompasses a variety of political essential part of the active management
systems. There are many examples of process.
diplomatic skirmishes and military
tensions and sometimes these resort to
military engagement. Moreover, the
involvement in Asian politics of the US
and European countries can reduce or
raise tensions.
Investment Objectives and Strategy The Board receives regular reports Unchanged
The Company's investment objectives and reviewing the Company's investment
structure are no longer meeting performance against its stated
investors' demands. objectives and peer group, and reports
from discussions with its brokers and
major shareholders. The Board also has a
separate annual strategy meeting.
Wide Discount The Board receives regular reports from Increased
Lack of liquidity and lack of both the Manager and the Company's
marketability of the Company's shares broker on the Company's share price
leading to stagnant share price and performance, level of share price
wide discount. discount to NAV and recent trading
activity in the Company's shares. The
A persistently high discount may lead Board has introduced initiatives to help
to buybacks of the Company's shares and address the Company's share rating
result in the shrinkage of the Company. including a performance conditional
tender in 2025 and the enhanced dividend
policy. It may seek to reduce the
volatility and absolute level of the
share price discount to NAV for
shareholders through buying back shares
within the stated limit. The Board also
receives regular reports on marketing
meetings with shareholders and
prospective investors and works to
ensure that the Company's investment
proposition is actively marketed through
relevant messaging across many
distribution channels.
Investment Management Risk
Performance The Board regularly compares the Unchanged
That the Portfolio Managers Company's NAV performance over both the
consistently underperform the benchmark short and long term to that of the
and/or peer group over 3-5 years. benchmark and peer group as well as
reviewing the portfolio's performance
against benchmark (attribution) and risk
adjusted performance (volatility, beta,
tracking error, Sharpe ratio) of the
Company and its peers.
ESG including climate risk ESG considerations are integrated as Unchanged
Risks associated with climate change part of the investment decision-making
and ESG considerations could affect the in constructing the portfolio. Such
valuation of the Company's holdings. investment decisions include the
transactions undertaken in the period,
the review of active portfolio positions
and consideration of the gearing
position and, if applicable, hedging.
The process around ESG is described in
the ESG Monitoring and Engagement
section in the 2022 Half-Yearly
Financial Report.
Key Person Dependency The appointment of Fiona Yang as Unchanged
Either or both of the Portfolio Co-Portfolio Manager has mitigated the
Managers (Ian Hargreaves and risk of key person dependency. Also, the
Fiona Yang) ceases to be Portfolio Portfolio Managers work within and are
Manager or are incapacitated or supported by the wider Invesco Asian and
otherwise unavailable. Emerging Markets Equities team, with Ian
Hargreaves and William Lam as Co-Heads
of this team.
Currency Fluctuation Risk With the exception of borrowings in Unchanged
Exposure to currency fluctuation risk foreign currency, the Company does not
negatively impacts the Company's NAV. normally hedge its currency positions
The movement of exchange rates may have but may do so should the Portfolio
an unfavourable or favourable impact on Managers or the Board feel this to be
returns as nearly all of the Company's appropriate. Contracts are limited to
assets are non-sterling denominated. currencies and amounts commensurate with
the asset exposure. The foreign currency
exposure of the Company is reviewed at
Board meetings.
Third-Party Service Providers Risk
Unsatisfactory Performance of Details of how the Board monitors the Unchanged
Third-Party Service Providers services provided by the Manager and
Failure by any third-party service other third-party service providers, and
provider to carry out its obligations the key elements designed to provide
to the Company in accordance with the effective internal control, are included
terms of its appointment could have a in the internal control and risk
materially detrimental impact on the management section in the 2022 Annual
operations of the Company and could Financial Report on page 23.
affect the ability of the Company to
successfully pursue its investment
policy and expose the Company to
reputational risk. Disruption to the
accounting, payment systems or custody
records could prevent the accurate
reporting and monitoring of the
Company's financial position.
Information Technology Resilience and The Board receives regular updates on Unchanged
Security the Manager's information and cyber
The Company's operational structure security. This includes updates on the
means that all cyber risk (information cyber security framework, staff resource
and physical security) arises at its and training, and the testing of its
Third Party Service Providers ('TPPs'). security systems designed to protect
This cyber risk includes fraud, against a cyber security attack.
sabotage or crime perpetrated against
the Company or any of its TPPs. As well as conducting a regular review
of TPPs audited service organisation
control reports by the Audit Committee,
the Board monitors TPPs' business
continuity plans and testing including
the TPPs' and Manager's regular 'live'
testing of workplace recovery
arrangements should a cyber event occur.
Operational Resilience The Manager's business continuity plans Unchanged
The Company's operational capability are reviewed on an ongoing basis and the
relies upon the ability of its TPPs to Directors are satisfied that the Manager
continue working throughout the has in place robust plans and
disruption caused by a major event such infrastructure to minimise the impact on
as the Covid-19 pandemic. its operations so that the Company can
continue to trade, meet regulatory
obligations, report and meet shareholder
requirements.
The Manager has arrangements and
prioritises between work deemed
necessary to be carried out on business
premises and work from home arrangements
should it be necessary, for instance due
to further restrictions. Any meetings
are held in person, virtually or via
conference calls. Similar working
arrangements are in place for the
Company's third-party service providers.
The Board receives regular update
reports from the Manager and TPPs on
business continuity processes.
Twenty-five Largest Holdings
At 31 October 2022
Ordinary shares unless stated otherwise
? The sector group is based on MSCI and Standard & Poor's Global Industry
Classification Standard.
At
Market
Value % of
Company Sector? Country £'000 Portfolio
Samsung Electronics Technology Hardware and Equipment South 15,469 6.8
Korea
Taiwan Semiconductor Semiconductors and Semiconductor Taiwan 13,332 5.9
Manufacturing Equipment
TencentR Media and Entertainment China 10,334 4.5
Housing Development Banks India 9,912 4.4
Finance Corporation
AlibabaR Retailing China 7,947 3.5
AIA Insurance Hong Kong 7,178 3.2
ICICI Bank - ADR Banks India 6,718 2.9
Astra International Automobiles and Components Indonesia 6,703 2.9
JD.comR Retailing China 6,202 2.7
MingYang Smart EnergyA Capital Goods China 5,634 2.5
United Overseas Bank Banks Singapore 5,597 2.4
QBE Insurance Insurance Australia 5,025 2.2
PT Bank Negara Indonesia Banks Indonesia 4,984 2.2
Persero
POSCO Materials South 4,758 2.1
Korea
Gree Electrical Consumer Durables and Apparel China 4,737 2.1
AppliancesA
Aurobindo Pharma Pharmaceuticals, Biotechnology India 4,735 2.1
and Life Sciences
Shriram Transport Finance Diversified Financials India 4,515 2.0
CK Asset Real Estate Hong Kong 4,392 1.9
KasikornbankF Banks Thailand 4,381 1.9
Larsen & Toubro Capital Goods India 4,300 1.9
NetEaseR Media and Entertainment China 4,288 1.9
Uni-President Food, Beverage and Tobacco Taiwan 4,238 1.8
Ping An InsuranceH Insurance China 3,857 1.7
LG Chemical Materials South 3,823 1.7
Korea
Hyundai Motor - preference Automobiles and Components South 3,687 1.6
shares Korea
156,746 68.8
Other Investments (32) 70,950 31.2
Total Holdings (57) 227,696 100.0
ADR: American Depositary Receipts - are certificates that represent shares in
the relevant stock and are issued by a US bank. They are denominated and pay
dividends in US dollars.
H: H-Shares - shares issued by companies incorporated in the People's
Republic of China ('PRC') and listed on the Hong Kong Stock Exchange.
R: Red Chip Holdings - holdings in companies incorporated outside the
PRC, listed on the Hong Kong Stock Exchange, and controlled by PRC entities by
way of direct or indirect shareholding and/or representation on the board.
A: A-shares are shares that denominated in Renminbi and traded on the
Shanghai and Shenzhen stock exchanges.
F: F-Shares - shares issued by companies incorporated in Thailand that
are available to foreign investors only. Thai laws have imposed restrictions on
foreign ownership of Thai companies so there is a pre-determined limit of these
shares. Voting rights are retained with these shares.
Governance
Going Concern
The financial statements have been prepared on a going concern basis.
During the period, the Directors took into consideration the continuation vote
for the Company; the uncertain economic outlook following the ongoing
consequences of the Covid-19 pandemic and the conflict in Ukraine; and consider
the preparation of the financial statements on a going concern basis to be the
appropriate basis. The Directors have a reasonable expectation that the Company
has adequate resources to continue in operational existence for the foreseeable
future, being taken as at least 12 months after signing the financial
statements for the same reasons as set out in the Viability Statement in the
Company's 2022 Annual Financial Report. The Directors took into account the
diversified portfolio of readily realisable securities which can be used to
meet the net current liability position of the Company as at the balance sheet
date; and revenue forecasts for the forthcoming year. An ordinary resolution
was proposed and approved at the 2022 AGM to release the Directors from their
obligation to convene a meeting in 2023 at which a special resolution for the
wind up of the Company would have been proposed.
Related Party Transactions
Under United Kingdom Generally Accepted Accounting Practice (UK Accounting
Standards and applicable law), the Company has identified the Directors and
their dependents as related parties. No other related parties have been
identified. No transactions with related parties have taken place which have
materially affected the financial position or the performance of the Company.
Directors' Responsibility Statement
In respect of the preparation of the half-yearly financial report
The Directors are responsible for preparing the half-yearly financial report
using accounting policies consistent with applicable law and UK Accounting
Standards.
The Directors confirm that to the best of their knowledge:
- the condensed set of financial statements contained within the half-yearly
financial report have been prepared in accordance with the FRC's FRS 104
Interim Financial Reporting;
- the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FCA's Disclosure Guidance and Transparency
Rules; and
- the interim management report includes a fair review of the information
required on related party transactions.
The half-yearly financial report has not been audited nor reviewed by the
Company's auditor.
Signed on behalf of the Board of Directors.
Neil Rogan
Chairman
26 January 2023
Condensed Income Statement
For the Six Months ended 31 October
2022 2021
Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
Losses on investments held at fair - (36,228) (36,228) - (17,938) (17,938)
value
Losses on foreign exchange - (316) (316) - (27) (27)
Income - note 2 5,285 51 5,336 3,981 62 4,043
Investment management fee - note 3 (222) (666) (888) (247) (740) (987)
Other expenses (332) (2) (334) (326) (3) (329)
Net return before finance costs and 4,731 (37,161) (32,430) 3,408 (18,646) (15,238)
taxation
Finance costs - note 3 (24) (72) (96) (5) (15) (20)
Return on ordinary activities before 4,707 (37,233) (32,526) 3,403 (18,661) (15,258)
taxation
Tax on ordinary activities - note 4 (450) (179) (629) (345) - (345)
Return on ordinary activities after 4,257 (37,412) (33,155) 3,058 (18,661) (15,603)
taxation for the financial period
Return per ordinary share
Basic 6.37p (55.96)p (49.59)p 4.57p (27.91)p (23.34)p
Weighted average number of ordinary 66,853,287 66,853,287
shares in issue during the period
The total column of this statement represents the Company's profit and loss
account, prepared in accordance with UK Accounting Standards. The return on
ordinary activities after taxation is the total comprehensive income and
therefore no additional statement of other comprehensive income is presented.
The supplementary revenue and capital columns are presented for information
purposes in accordance with the Statement of Recommended Practice issued by the
Association of Investment Companies. All items in the above statement derive
from continuing operations of the Company. No operations were acquired or
discontinued in the period.
Condensed Statement of Changes in Equity
For the Six Months ended 31 October
Capital
Share Redemption Special Capital Revenue
Capital Reserve Reserve Reserve Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 31
October 2022
At 30 April 2022 7,500 5,624 34,827 202,814 1,411 252,176
Return on ordinary - - - (37,412) 4,257 (33,155)
activities
At 31 October 2022 7,500 5,624 34,827 165,402 5,668 219,021
For the six months ended 31
October 2021
At 30 April 2021 7,500 5,624 34,827 229,438 3,863 281,252
Return on ordinary - - - (18,661) 3,058 (15,603)
activities
At 31 October 2021 7,500 5,624 34,827 210,777 6,921 265,649
Condensed Balance Sheet
Registered Number 3011768
At 31 October At 30 April
2022 2022
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss - 227,696 256,686
note 7
Current assets
Amounts due from brokers - 1,746
Overseas withholding tax recoverable 120 163
VAT recoverable 23 16
Prepayments and accrued income 163 567
Cash and cash equivalents 1,303 738
1,609 3,230
Creditors: amounts falling due within one year
Bank facility (8,400) (5,610)
Amounts due to brokers - (780)
Bank overdraft (694) -
Accruals (578) (657)
(9,672) (7,047)
Net current liabilities (8,063) (3,817)
Total assets less current liabilities 219,633 252,869
Creditors: amounts falling due after more than one year
Provision for deferred Indian capital gains tax (612) (693)
Net assets 219,021 252,176
Capital and reserves
Share capital 7,500 7,500
Other reserves:
Capital redemption reserve 5,624 5,624
Special reserve 34,827 34,827
Capital reserve 165,402 202,814
Revenue reserve 5,668 1,411
Total shareholders' funds 219,021 252,176
Net asset value per ordinary share
Basic 327.62p 377.21p
Number of 10p ordinary shares in issue at the period end - 66,853,287 66,853,287
note 6
Notes to the Condensed Financial Statements
1. Accounting Policies
The condensed financial statements have been prepared in accordance with
applicable United Kingdom Accounting Standards and applicable law (UK Generally
Accepted Accounting Practice), including FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland, FRS 104 Interim
Financial Reporting and the Statement of Recommended Practice Financial
Statements of Investment Trust Companies and Venture Capital Trusts, issued by
the Association of Investment Companies in April 2021. The financial statements
are issued on a going concern basis.
The accounting policies applied to these condensed financial statements are
consistent with those applied in the Company's 2022 Annual Financial Report.
2. Income
Six months to Six months to
31 October 31 October
2022 2021
£'000 £'000
Income from investments:
Overseas dividends - ordinary 4,956 3,689
Overseas dividends - special 327 292
Deposit interest 2 -
Total income 5,285 3,981
Special dividends of £51,000 were recognised in capital during the period (31
October 2021: £62,000).
3. Management Fee, Performance Fees and Finance Costs
Investment management fee and finance costs on any borrowings are charged 75%
to capital and 25% to revenue. A management fee is payable quarterly in arrears
and is equal to 0.75% per annum of the value of the Company's total assets less
current liabilities (including any short term borrowings) under management at
the end of the relevant quarter and 0.65% per annum for any net assets over £
250 million.
4. Taxation and Investment Trust Status
It is the intention of the Directors to conduct the affairs of the Company so
that it satisfies the conditions for approval as an investment trust company.
As such, the Company has not provided any UK corporation tax on any realised or
unrealised capital gains or losses arising on investments. The Company's tax
charge represents withholding tax suffered on overseas income and Indian
capital gains tax paid and provided for due to the holding of Indian equity
investments which are subject to Indian Capital Gains Tax Regulations. Further
details can be found in Note 6(d) of the Company's 2022 Annual Financial Report
on page 62.
5. Dividends paid on Ordinary Shares
As noted in the Chairman's Statement, an interim dividend of 7.20p per share
was paid on 24 November 2022 to shareholders on the register on 4 November
2022. Shares were marked ex-dividend on 3 November 2022.
In accordance with accounting standards, dividends payable after the period end
have not been recognised as a liability.
6. Share Capital, including Movements
Share capital represents the total number of shares in issue, including
treasury shares.
(a) Ordinary Shares of 10p each
Six months to Year to
31 October 30 April
2022 2022
Number of ordinary shares in issue:
Brought forward 66,853,287 66,853,287
Shares bought back into treasury - -
Carried forward 66,853,287 66,853,287
(b) Treasury Shares
Six months to Year to
31 October 30 April
2022 2022
Number of treasury shares held:
Brought forward 8,146,594 8,146,594
Shares bought back into treasury - -
Carried forward 8,146,594 8,146,594
Total ordinary shares 74,999,881 74,999,881
During the period the Company has not bought back or re-issued any shares into
or from treasury (30 April 2022: nil).
Subsequent to the period end 31 October 2022 no ordinary shares were issued,
bought back into treasury or cancelled.
7. Classification Under Fair Value Hierarchy
FRS 102 sets out three fair value levels. These are:
Level 1 - The unadjusted quoted price in an active market for identical assets
that the entity can access at the measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly.
Level 3 - Inputs are unobservable (i.e. for which market data is unavailable)
for the asset or liability.
The fair value hierarchy analysis for investments and related forward currency
contracts held at fair value at the period end is as follows:
31 October 30 April
2022 2022
£'000 £'000
Financial assets designated at fair value through
profit or loss:
Level 1 223,218 250,748
Level 2 4,381 5,837
Level 3 97 101
Total for financial assets 227,696 256,686
The Level 2 investment consists of one holding in Kasikornbank (30 April 2022:
Two holdings in the Invesco Liquidity Funds - US Dollar money market fund and
Kasikornbank).
The Level 3 investment consists of one holding in Lime Co. (30 April 2022: Lime
Co.).
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The financial information for the half years ended 31 October 2022 and 31
October 2021 has not been audited. The figures and financial information for
the year ended 30 April 2022 are extracted and abridged from the latest audited
accounts and do not constitute the statutory accounts for that year. Those
accounts have been delivered to the Registrar of Companies and included the
Report of the Independent Auditor, which was unqualified and did not include a
statement under section 498 of the Companies Act 2006.
The Half-Yearly Financial Report for the Six Months to 31 October 2022 will be
available to shareholders, and copies may be obtained during normal business
hours from the Company's Registered Office, from its correspondence address,
43-45 Portman Square, London W1H 6LY, and via www.invesco.co.uk/invescoasia.
A copy of the Half-Yearly Financial Report will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated at https://data.fca.org.uk/#/nsm/
nationalstoragemechanism.
By order of the Board
Invesco Asset Management Limited
Company Secretary
26 January 2023
Glossary of Terms and Alternative Performance Measures
Alternative Performance Measure (APM)
An APM is a measure of performance or financial position that is not defined in
applicable accounting standards and cannot be directly derived from the
financial statements. The calculations shown in the corresponding tables are
for the six months ended 31 October 2022 and the year ended 30 April 2022. The
APMs listed here are widely used in reporting within the investment company
sector and consequently aid comparability.
(Discount)/Premium (APM)
Discount is a measure of the amount by which the mid-market price of an
investment company share is lower than the underlying net asset value (NAV) of
that share. Conversely, Premium is a measure of the amount by which the
mid-market price of an investment company share is higher than the underlying
net asset value of that share. In this interim financial report the discount is
expressed as a percentage of the net asset value per share and is calculated
according to the formula set out below. If the shares are trading at a premium
the result of the below calculation will be positive and if they are trading at
a discount it will be negative.
At 31 At 30 April
October
2022 2022
Share price a 281.00p 332.50p
Net asset value per share b 327.62p 377.21p
Discount c = (a-b)/b (14.2)% (11.9)%
The average discount for the period/year is the arithmetic average, over a
period/year, of the daily discount calculated on the same basis as shown above.
Gearing
The gearing percentage reflects the amount of borrowings that a company has
invested. This figure indicates the extra amount by which net assets, or
shareholders' funds, may move if the value of a company's investments were to
rise or fall. A positive percentage indicates the extent to which net assets
are geared; a nil gearing percentage, or 'nil', shows a company is ungeared. A
negative percentage indicates that a company is not fully invested and is
holding net cash as described below.
There are several methods of calculating gearing and the following has been
used in this report:
Gross Gearing (APM)
This reflects the amount of gross borrowings in use by a company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of net assets. As at 31 October 2022 the Company had £9,094,000 gross
borrowings (30 April 2022: £5,610,000).
At 31 At 30 April
October
2022 2022
£'000 £'000
Bank facility 8,400 5,610
Overdraft 694 -
Gross borrowings a 9,094 5,610
Net assets b 219,021 252,176
Gross gearing c = a/b 4.2% 2.2%
Net Gearing or Net Cash (APM)
Net gearing reflects the amount of net borrowings invested, i.e. borrowings
less cash and cash equivalents (incl. investments in money market funds). It is
based on net borrowings as a percentage of net assets. Net cash reflects the
net exposure to cash and cash equivalents, as a percentage of net assets, after
any offset against total borrowings.
At 31 At 30 April
October
2022 2022
£'000 £'000
Bank facility 8,400 5,610
Overdraft 694 -
Less: cash and cash equivalents (1,303) (738)
including margin
Less: Invesco Liquidity Fund - US - (846)
Dollar (money market fund)
Net borrowings a 7,791 4,026
Net assets b 219,021 252,176
Net gearing c = a/b 3.6% 1.6%
Leverage
Leverage, for the purposes of the Alternative Investment Fund Managers
Directive ('AIFMD'), is not synonymous with gearing as defined above. In
addition to borrowings, it encompasses anything that increases the Company's
exposure, including foreign currency and exposure gained through derivatives.
Leverage expresses the Company's exposure as a ratio of the Company's net asset
value. Accordingly, if a Company's exposure was equal to its net assets it
would have leverage of 100%. Two methods of calculating such exposure are set
out in the AIFMD, gross and commitment. Under the gross method, exposure
represents the aggregate of all the Company's exposures other than cash
balances held in base currency and without any offsetting. The commitment
method takes into account hedging and other netting arrangements designed to
limit risk, offsetting them against the underlying exposure.
Net Asset Value (NAV)
Also described as shareholders' funds, the NAV is the value of total assets
less liabilities. The NAV per share is calculated by dividing the net asset
value by the number of ordinary shares in issue. The number of ordinary shares
for this purpose excludes those ordinary shares held in treasury.
Portfolio Beta
The portfolio beta is a measure of the portfolio's sensitivity to market
movements. The beta of the market is 1.00 by definition. A beta of 1.10 shows
that the portfolio is predicted to perform 10% better than its benchmark index
in rising markets and 10% worse in falling markets, assuming all other factors
remain constant. Conversely, a beta of 0.90 indicates that the portfolio is
expected to perform 10% worse than the benchmark index during rising markets
and 10% better during falling markets. The beta of the Company's portfolio was
1.11 as at 31 October 2022.
Return
The return generated in a period from the investments including the increase
and decrease in the value of investments over time and the income received.
Capital Return
Reflects the return on NAV, from the increase and decrease in the value of
investments, but excluding any dividends reinvested.
Total Return
Total return is the theoretical return to shareholders that measures the
combined effect of any dividends paid, together with the rise or fall in the
share price or net asset value per share. In this half-yearly financial report
these return figures have been sourced from Refinitiv who calculate returns on
an industry comparative basis.
Net Asset Value Total Return (APM)
Total return on net asset value per share, assuming dividends paid by the
Company were reinvested into the shares of the Company at the NAV per share at
the time the shares were quoted ex-dividend.
Share Price Total Return (APM)
Total return to shareholders, on a mid-market price basis, assuming all
dividends received were reinvested, without transaction costs, into the shares
of the Company at the time the shares were quoted ex-dividend.
Net Asset Share
Six Months Ended 31 October 2022 Value Price
As at 31 October 2022 327.62p 281.00p
As at 30 April 2022 377.21p 332.50p
Change in period a -13.1% -15.5%
Impact of dividend reinvestments(1) b 0.0% 0.0%
Total return for the period c = a+b -13.1% -15.5%
Net Asset Share
Year Ended at 30 April 2022 Value Price
As at 30 April 2022 377.21p 332.50p
As at 30 April 2021 420.70p 386.00p
Change in year a -10.3% -13.9%
Impact of dividend reinvestments(1) b 3.6% 3.9%
Total return for the year c = a+b -6.7% -10.0%
(1) No dividends have been paid during six months to 31 October 2022 (year
to 30 April 2022: 15.30p). NAV or share price movements subsequent to the
reinvestment date further impact the returns, rising if the NAV or share price
rises and falling if the NAV or share price falls.
Benchmark
The benchmark of the Company is the MSCI AC Asia ex Japan Index (total return,
net of withholding tax, in sterling terms). Total return on the benchmark is on
a mid-market value basis, assuming all dividends received were reinvested,
without transaction costs, into the shares of the underlying companies at the
time the shares were quoted ex-dividend.
END
(END) Dow Jones Newswires
January 27, 2023 02:00 ET (07:00 GMT)
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