We note some modest positives in CLIG’s FY pre-close, but can’t escape the lack of flow momentum. Dollar FuM declined 6% on a weak market backdrop (unch in GBP). There were some modest flows, but in smaller strategies not the dominant EM strategy. The usual detailed preview of FY18 earnings was in line. We update our forecasts but do not see notable growth with no material flows or +ve performance. We tweak up our 12m TP to 400p (11x FY19e PER, 7% yield) rolling forward the basis. We remain at H ....
17 Jul 2018
In line but lacking net inflows, HOLD for the yield
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In line but lacking net inflows, HOLD for the yield
City of London Investment Group PLC (CLIG:LON) | 315 0 0.0% | Mkt Cap: 159.6m
- Published:
17 Jul 2018 -
Author:
Andrew Watson -
Pages:
3
We note some modest positives in CLIG’s FY pre-close, but can’t escape the lack of flow momentum. Dollar FuM declined 6% on a weak market backdrop (unch in GBP). There were some modest flows, but in smaller strategies not the dominant EM strategy. The usual detailed preview of FY18 earnings was in line. We update our forecasts but do not see notable growth with no material flows or +ve performance. We tweak up our 12m TP to 400p (11x FY19e PER, 7% yield) rolling forward the basis. We remain at H ....