VALUE

ABERDEEN AUS. EQ. ASE-IAF RECENT

4.42 DISCOUNT -12.5% DIV’D 417
(–)
PRICE PREMIUM (+) YLD 10.9% LINE
TIMELINESS – Suspended 10/8/10 High:
Low:
12.0
8.4
9.2
6.6
7.5
5.1
6.1
4.6
6.5
5.4
6.8
4.6
5.6
4.6
5.6
3.0
6.7
5.2
6.4
3.7
5.2
3.6
4.8
3.9
Target Price Range
2027 2028 2029
SAFETY 3 New 7/27/90 LEGENDS
1.0 x Asset Value p sh
TECHNICAL – Suspended 8/31/18 . . . . Relative Price Strength
Options: No
20
16
BETA 1.20 (1.00 = Market) Shaded area indicates recession
12
18-Month Target Price Range
Low-High Midpoint (% to Mid) 8
$N/A-$N/A $N/A (N/A%) 6
5
2027-29 PROJECTIONS 4
Ann’l Total 3
Price Gain Return
High 8 (+80%) 16%A 2
Low 5 (+15%) 4%A
% TOT. RETURN 10/24
Institutional Decisions THIS VL ARITH.*
4Q2023 1Q2024 2Q2024 STOCK INDEX
Percent 12 1 yr. 35.7 28.7
to Buy 14 27 16 shares 8
to Sell 15 7 18 3 yr. 0.1 10.7
traded 4
Hld’s(000) 5020 6329 6298 5 yr. 47.1 73.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 © VALUE LINE PUB. LLC 27-29
8.37 10.96 11.58 10.17 9.98 9.44 8.27 6.21 6.09 6.39 5.51 5.77 5.16 6.44 4.67 4.22 5.02 5.60 Asset Val p sh (yr-end) B 6.00
.51 .29 .32 .39 .34 .27 .23 .21 .15 .15 .17 .17 .08 .11 .21 .11 .15 .15 Earnings per sh B .30
1.60 .73 .51 .62 .37 .67 .60 .55 .51 .51 .50 .43 .37 .42 .37 .37 .40 .40 Cap’l Gains Decl’d per sh .60
.24 .31 .50 .52 .71 .34 .32 .27 .16 .13 .14 .15 .15 .17 .22 .13 .10 .10 Inc Div’ds Decl’d per sh C■ .20
d8.83 3.34 1.31 .22 .49 1.80 1.08 .39 .54 1.00 .43 .67 -.16 1.77 3.29 3.63 Unrealized Apprec./Sh
19.23 19.23 19.28 22.57 22.57 22.57 22.94 22.87 22.74 22.74 22.74 22.74 23.12 23.15 24.93 26.07 25.00 25.00 Common Shs Outst’g D 25.00
+2.7% +.1% +1.1% +3.2% +5.4% +8.8% -.8% -8.3% -8.7% -2.2% -6.4% -6.4% -11.1% -5.6% -13.7% -14.4% Bold figures are Discount from NAV 5%
Value Line
1.6% 3.5% 4.5% 6.0% 6.9% 5.6% 3.8% 4.0% 2.3% 2.2% 3.5% 3.5% .8% .9% 2.5% 3.6% estimates Avg Ann’l Div’d Yield 2.2%
CAPITAL STRUCTURE as of 4/30/24 -2.7% -14.9% 9.0% 15.4% -3.7% -3.7% -2.0% 25.0% -18.7% 1.0% 35.0% 17.0% Total Return A 15.0%
11.4% 1.7% 1.7% 30.2% 12.6% 12.6% 14.9% 10.1% 10.1% 8.6% -15,+15% -15,+15% Annual Change D-J Ind 8-16%
Common Stock 26,617,132 shs. 753 641 700 810 780 880 860 900 650 657 885 1035 $100 NA Grew To E 1895
MARKET CAP: $100 million (Small Cap) 860 875 890 1160 1290 1450 1665 1450 1290 1400 1540 1650 $100 D-J Ind Grew To 2155
9.1% 11.7% 11.0% 10.0% 11.6% 7.8% 8.3% 7.5% 12.6% 10.6% 10.0% 10.0% Distrib’s as % of Assets 7.5%
CURRENT FINANCIAL DATA ($mill) 35% 33% 24% 20% 22% 33% 8% 30% 37% 26% 25% 25% Div’ds as % of Distrib’s 40.0%
6 months ending April 30th
1.5% 5.1% 5.0% 3.9% 2.5% 2.4% 2.8% 3.0% 2.7% 4.4% 4.0% 4.0% Gross Portfolio Yield 2.5%
2022 2023 2024 1.6% 1.7% 1.5% 1.4% 1.7% 1.5% 1.4% 1.5% 2.0% 1.7% 2.0% 2.0% Expenses to Assets 1.5%
Realized gain/loss 5.2 d1.1 d.7 5.3 4.9 3.4 3.9 3.6 3.9 1.7 2.0 5.2 2.7 4.0 4.0 Net Income ($mill) 4.5
Unrealized apprec./depr.28.7 22.6 15.8
190.1 142.5 138.5 145.5 125.3 131.2 126.9 135.0 116.4 119.9 130 140 Assets, yr-end ($mill) 208
LARGE PORTFOLIO POSITIONS 0.1% 0.1% 0.1% 0.8% 0.9% 0.9% 0.1% 0.1% 2.0% Nil Nil Nil Cash Equivalents 2.0%
as of 9/30/24 99.9% 99.9% 99.9% 99.2% 98.3% 98.1% 99.9% 99.9% 98.0% 106.4% 100.0% 100.0% Common Stock F 98.0%
24.9 12.3 12.4 20.2 9.7 24.1 16.3 39.4 82.2 9.5 Unrealized Appr ($mill)
BHP Group
Commonwealth Bank of Australia 229.2 138.1 138.1 145.3 136.0 137.3 134.0 134.0 15.0 110.1 120 130 Common Equity ($mill) 170
CSL Ltd. BUSINESS: Aberdeen Australia Equity Fund, Inc. is a closed-end health care, 15.8%; materials, 19.3%; information technology,
National Australia Bank Ltd. non-diversified investment company that mainly invests in the equi- 2.8%; energy, 5.0%; telecommunications, 4.2%; real estate, 8.1%;
Goodman Group ties of the larger Australian companies listed on Australian stock ex- consumer staples, Nil; consumer discretionary, 8.4%; other, 3.9%;
Aristocrat Leisure Ltd. changes. The fund is registered under the ‘‘1940 Investment Com- cash, 1.2%. Adviser: Aberdeen Asset Management. Inc.: MD. Ad-
ResMed Inc. pany Act.’’ Main aim: long-term capital appreciation. Major industry dress.: 1735 Market St., 32nd Floor, Philadelphia, Pennsylvania
Australia & New Zealand Banking Corp. stock holdings as of 9/30/24: financials, 31.3% of total assets; 19103 Tele.: 800-522-5465. Internet: www.aberdeeniaf.com.
Telstra Group Ltd.
Westpac Banking Corp. The Aberdeen Australia Equity Fund a $7 billion full-year profit, in line with ex-
Fiscal ASSET VALUE (per sh.) B Full has outperformed its benchmark over pectations but down three percent on the
Year
Ends Jan.31 Apr.30 Jul.31 Oct.31 Fiscal Year the past three months. BHP Group previous year amid competitive pressure.
2021 6.05 6.23 6.21 6.44 6.44 (10.4% of fund assets) has experienced Australia’s economic prospects are
2022 5.60 5.63 5.15 4.67 4.67 slight gains due to stable mining prod- not particularly encouraging. The
2023 5.51 4.97 4.95 4.22 4.22 uction and exploration of new projects. Reserve Bank of Australia (RBA) has
2024 4.85 4.63 5.00 5.02 5.02 Commonwealth Bank of Australia (10.1%) maintained the cash rate at 4.35% since
2025 5.60 shares remain steady, with a recent boost November 2023, marking the eighth con-
Fiscal EARNINGS AS REPORTED (per sh.) BF Full from a new fintech partnership. CSL Ltd secutive meeting without a change. This
Year
Ends Jan.31 Apr.30 Jul.31 Oct.31 Fiscal Year (6.8%) stock has also been stable; the com- decision reflects the RBA’s commitment to
2021 -- -- -- -- .11 pany is advancing its research in gene controlling inflation. In the June quarter
2022 -- -- -- -- .21 therapy, aiming to introduce innovative of 2024, Australia’s GDP grew by 0.2%,
2023 -- -- -- -- .11 treatments in the coming years. National contributing to an annual growth rate of
2024 -- -- -- -- .15 Australia Bank (6.4%) has outperformed 1.5% for the 24 fiscal year. This represents
2025 .15 following a 5% increase in profits attrib- the weakest annual growth 1992, exclud-
TOTAL DISTRIBUTIONS PER SHARE C ■ uted to its business banking segment. ing the COVID-19 pandemic. The subdued
Cal- Full
endar (Capital Gains + Dividends) Year Goodman Group (5.3%) continues to grow, growth is attributed to factors such as
Mar.31 Jun.30 Sep.30 Dec.31 expanding its logistics portfolio in urban higher interest rates and cost-of-living
2021 .15 .15 .16 .16 .52 areas. Aristocrat Leisure’s (4.2%) stock is pressures. Headline inflation declined to
2022 .15 .15 .13 .12 .52 rising due to successful new gaming prod- 2.8% in the third quarter of 2024, aligning
2023 .13 .13 .12 -- .59 ucts, while ResMed (3.8%) has seen minor with the RBA’s target range. However, un-
2024 .23 .12 .12 gains as it continues to expand its line of derlying inflation remains elevated at
Cal- QUARTERLY DIVIDENDS PAID C■ Full sleep apnea devices. Australia & New 3.5%.
endar Mar.31 Jun.30 Sep.30 Dec.31 Year Zealand Bank (3.7%) maintains upward Long-term investors may be inter-
2021 .17 -- -- -- .17 momentum, with plans to optimize Asian ested in this fund’s worthwhile price
2022 .22 -- -- -- .22 operations. Telstra’s (3.5%) growth is appreciation potential out to late
2023 .13 -- -- -- .13 steady as it invests in 5G infrastructure, decade.
2024 .02 .01 .02 and Westpac Banking Corp (3.4%) posted Kevin Downing November 15, 2024
(A) Total return at top left based on price; asset Oct. 31st. (C) No regular declaration and distri- reinvested. (F) Does not report earnings on a Stock’s Price Stability 80
value, in array. ’27-’29 array figure is ann’l avg. bution dates established. ■ Div’d reinvest. plan quarterly basis. Price Growth Persistence 5
projected from FY end 2023. Incl. est’d dis- available. (D) In millions. (E) Assum. $100 in-
trib’s, ’19-’23, $1.00 sh. (B) Fiscal year ends vested as of 9/30/86 with capital gains, if any,
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