DDM Analysis: AAIF.L

Valuation Snapshot

Stable Growth	$3.49 - $5.25	$4.32
Multi-Stage	$4.80 - $5.26	$5.03
Blended Fair Value	$4.68
Current Price	$2.23
Upside	109.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.34%	2.29%	0.12	0.11	0.10	0.10	0.10	0.10	0.10	0.11	0.10	0.11
YoY Growth	-	-	7.28%	8.80%	0.82%	-0.18%	0.32%	-0.19%	-7.09%	9.02%	-3.67%	9.26%
Dividend Yield	-	-	5.56%	5.48%	4.87%	4.50%	4.55%	4.85%	5.30%	5.16%	5.29%	6.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.56
(-) Cash Dividends Paid (M)	23.42
(=) Cash Retained (M)	40.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.71	7.95	4.77
Cash Retained (M)	40.14	40.14	40.14
(-) Cash Required (M)	-12.71	-7.95	-4.77
(=) Excess Retained (M)	27.43	32.20	35.37
(/) Shares Outstanding (M)	157.10	157.10	157.10
(=) Excess Retained per Share	0.17	0.20	0.23
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.17	0.20	0.23
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	0.29%	1.29%	2.29%
Fair Value	$3.49	$4.32	$5.25
Upside / Downside	56.60%	93.85%	135.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.56	64.38	65.21	66.05	66.91	67.77	69.80
Payout Ratio	36.85%	47.48%	58.11%	68.74%	79.37%	90.00%	92.50%
Projected Dividends (M)	23.42	30.57	37.89	45.40	53.10	60.99	64.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	0.29%	1.29%	2.29%
Year 1 PV (M)	27.62	27.89	28.17
Year 2 PV (M)	30.94	31.56	32.18
Year 3 PV (M)	33.49	34.50	35.53
Year 4 PV (M)	35.39	36.82	38.30
Year 5 PV (M)	36.73	38.59	40.54
PV of Terminal Value (M)	590.44	620.47	651.71
Equity Value (M)	754.60	789.84	826.43
Shares Outstanding (M)	157.10	157.10	157.10
Fair Value	$4.80	$5.03	$5.26
Upside / Downside	115.39%	125.45%	135.89%

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abrdn Asian Income Fund Limited (AAIF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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