The group has produced a solid start to FY16 with a 14% increase in dividend to 0.6p underlining management confidence. The asset quality, which is high yielding, is improving and so we believe that the shares will continue to rally toward the NAV/s of 113p. We are raising our target price to 90p (from 79p), or a 20% discount to the Net Asset Value, and retain our Buy recommendation.