Henderson Far East Income Limited Edison issues review on Henderson Far East Income
08 June 2019 - 1:08AM
RNS Non-Regulatory
TIDMHFEL
Henderson Far East Income Limited
07 June 2019
London, UK, 7 June 2019
Edison issues review on Henderson Far East Income (HFEL)
Henderson Far East Income (HFEL) continues to reward its
investors with a c 6% dividend yield, fully covered by revenues and
growing year-on-year (4.9% CAGR over five years), as well as
capital growth (total returns of c 8-14% a year over three, five
and 10 years). Manager Mike Kerley notes that payout ratios across
the Asia-Pacific region are increasing, supported by the strong
cash position of many companies, although at an index level it is
hard to observe the improvement, because of the huge growth of
non-yielding Chinese internet stocks. The manager holds a
relatively concentrated (c 50 names) portfolio of stocks that are
broadly evenly split between those with a high starting yield and
those offering good dividend growth prospects, and are diversified
by sector and geography.
At 6 June 2019, HFEL's shares traded at a 1.4% premium to
cum-income NAV. On average the shares have traded at a premium over
one, three, five and 10 years. HFEL regularly issues shares to meet
demand and control the premium, yet it has still consistently
managed to cover its dividend, grow the distribution year-on-year,
and transfer money into its revenue reserve, in spite of having to
spread its income (current yield of 6.3%) over an ever-increasing
share base.
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