abrdn Asian Income Fund - All looking good in terms of income and growth

abrdn Asian Income Fund (AAIF) recently posted an upbeat set of results. In FY23, the company outperformed its reference index (MSCI AC Asia Pacific ex Japan), there was a significant increase in the dividend, which was fully covered and has now risen for 15 consecutive years, and AAIF’s board has negotiated a more competitive fee structure. AAIF is managed by abrdn’s well-established Singapore-based Asian equity team. This location is an advantage in terms of communication and developing strong

abrdn Asian Income Fund - Quality and value focus with an attractive yield

abrdn Asian Income Fund (AAIF) is managed by abrdn’s Singapore-based Asian equity team. As a local investor, the research team collectively speaks multiple Asian languages, so it can communicate with companies’ management teams in their native tongues. A local presence also offers the potential of identifying interesting opportunities that may be overlooked by other investors. AAIF is a low-beta fund, with its managers seeking both income and capital growth and an attractive yield. Stocks are se

abrdn Asian Income Fund - Income growth and above-average dividend yield

abrdn Asian Income Fund (AAIF) is managed by abrdn’s locally based Asian equity team. This offers the potential to react quickly to new information, deepen the relationships with investee companies and seek out interesting opportunities that may be overlooked by other investors. The company has generated a good run of relative performance since early 2021, helped by its below-market exposure to China. However, it should be noted that the portfolio is constructed based on bottom-up rather than to

abrdn Asian Income Fund - Quality through and through

abrdn Asian Income Fund (AAIF) is managed by abrdn, which has 30 years’ heritage of managing Asian equity strategies, one of the largest regional teams and $52bn in AUM across Asia and global emerging markets (at 30 June 2022). It is pleasing to see that after weaker relative performances in 2017, 2019 and 2020, AAIF has returned to form with strong relative showings in 2021 and 2022 converting into outperformance of the index and peers over one, three and five years. After dipping into reserves

abrdn Asian Income Fund - A reappraisal of the opportunities for AAIF

While western economies have been struggling with soaring inflation, rising interest rates and slowing economic growth, the managers of abrdn Asian Income Fund (AAIF) note that Asian markets, while not immune to these pressures, have generally not faced headwinds of the same magnitude. Asian markets have outperformed global equities in 2022, with the Indian, Australian and Hong Kong markets being especially buoyant. The economic issues facing Asia differ from those seen in the west. Arguably, th

abrdn Asian Income Fund - A core option for Asian income and capital growth

abrdn Asian Income Fund (AAIF) is a core option for investors seeking a combination of higher income and growing capital and income from Asian equities. abrdn uses its long-established investment process to structure a portfolio of high-quality companies that it considers to be undervalued and that in aggregate pay a premium and grow income. This process has provided investors with good long-term total returns.

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Morning Note – 29 February 2024

Jupiter Green

Hardman & Co Insight - Asset managers had a poor 2022

Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m