Henderson Far East Income (HFEL)

[ADVERT]

Company name:	Henderson Far East Income Limited
EPIC:	HFEL	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	JE00B1GXH751
Market Segment:	SSMM	Share Type:	DE
WWW Address:	www.hendersonfareastincome.com	Description:	ORD NPV
Industry Sector:	EQUITY INVESTMENT INSTRUMENTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
297.00	-1.5 [-0.50]	296.50	302.50	297.00	303.00	297.00	453,996
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
448.45	150.99	0.06	23.22	23.40	12.79	7.88	346.00 - 286.00

Henderson Far East Income Key Figures

(at previous day's close)
Market Cap.	448.45	m
Shares In Issue	150.99	m
Prev. Close	298.50
PE Ratio	12.79
Dividend Yield	7.88	%
EPS - basic	23.22	p
Dividend PS	23.40	p
Dividend Cover	0.99
Cash Flow PS	-3.31	p
Return On Equity (ROE)	7.46	%
Operating Margin	93.61	%
PEG Factor	-6.19
EPS Growth Rate	-2.07	%
Dividends PS Growth Rate	4.46	%
Net Debt	15.23	m
Gross Gearing	6.01	%
Quick Assets	19.04	m
Net Working Capital	-9.88	m
Intangibles / Fixed Assets	-	%
Turnover PS	26.72	p
Pre-Tax Profit PS	25.01	p
Retained Profit PS	-0.18	p
Cash PS	9.07	p
Net Cash PS	-10.09	p
Net Tangible Asset Value PS *	299.78	p
Net Asset Value PS	299.58	p
Spread	6.00 (1.98%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Henderson Far East Income Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	303.00	289.50
4 weeks	304.00	289.50
12 weeks	306.50	286.00
1 year	346.00	286.00

Share Price Chart (5 years)

Henderson Far East Income Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	293.00	4.00	1.37	289.50	0.42		294.94
4 weeks	299.50	-2.50	-0.83	289.50	0.38		296.58
12 weeks	301.50	-4.50	-1.49	286.00	0.37		296.49
26 weeks	329.00	-32.00	-9.73	286.00	0.39		305.21
1 year	324.00	-27.00	-8.33	286.00	0.36		315.33
3 years	335.00	-38.00	-11.34	239.00	0.29		325.47
5 years	335.00	-38.00	-11.34	239.00	0.23		334.61
† periods calculated are whole weeks rather than calendar months

Henderson Far East Income Key Management Ratios

Henderson Far East Income Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	-
PE Ratio	12.79
Tobin's Q Ratio	0.97
Tobin's Q Ratio (excl. intangibles)	0.97
Dividend Yield	7.88	%
Market-to-Book Ratio	0.99
Price-to-Pre-Tax Profit PS	11.88
Price-to-Retained Profit PS	-1,679.59
Price-to-Cash Flow PS	-89.78
Price-to-Sales PS	11.12
Price-to-Net Tangible Asset Value PS	0.99
Price-to-Cash PS	32.75
Net Working Capital PS	-6.54
Price Pct to Working Capital PS	-45.39	%
Earnings Yield	7.82	%
Average PE	14.99
Years in average	5
PE to PE average	85.34	%

Henderson Far East Income Financial Ratios

(Leverage Ratios)
Debt Ratio	-	%
Debt-to-Equity Ratio	-
Debt-to-Equity Ratio (excl. Intgbl)	-
Debt-to-Equity Market Value	-
Net Gearing	3.16	%
Net Gearing (excl. Intangibles)	3.16	%
Gross Gearing	6.01	%
Gross Gearing (excl. Intangibles)	6.01	%
Gearing Under 1 Year	6.01	%
Gearing Under 1 Year (excl. Intgbl)	6.01	%
Assets/Equity	1.06
Cash/Equity	3.03
(Liquidity Ratios)
Net Working Capital to Total Assets	-2.05	%
Current Ratio	0.66
Quick Ratio (Acid Test)	0.66
Liquidity Ratio	0.47
Cash & Equiv/Current Assets	71.90	%
(Solvency Ratios)
Enterprise Value	434.76	m
CFO/Sales	-0.12
CFO/Attributable Profit	-
CFO/Assets	-0.01
CFO/Debt	-0.17
Total Debt/Equity Market Value	0.06
Total Debt/Sales	0.72
Total Debt/Pre-Tax Profit	0.77
Total Debt	28.93	m
Total Debt/Net Current Assets	-2.93	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	1.14	%
10 yr Compound Earnings Growth	2.98	%
Earn drops > 5% in 10yrs	2

Beta (60-Mnth)	Beta (36-Mnth)
0.0604	0.0424

Henderson Far East Income Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	8.34	%
Return On Assets (ROA)	7.31	%
Net Profit Margin	83.72	%
Assets Turnover	0.09
Return On Equity (ROE)	7.46	%
Return On Investment (ROI)	7.69	%
Dividend Payout Ratio	100.78	%
Plowback Ratio	-0.78	%
Growth from Plowback Ratio	-0.06	%
Net Income Of Revenues	-0.66	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.09
Fixed Assets Turnover	0.09
Current Assets Turnover	2.16
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	11.45
Debtors-to-Sales	24.46	%
Debt Collection Period	89.28	Days

Henderson Far East Income Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
19 Oct 2021	Interim	GBX	5.90	31/08/2020	31/08/2021	28/10/2021	29/10/2021	26/11/2021	23.40
25 Jun 2021	Interim	GBX	5.90	31/08/2020	31/08/2021	29/07/2021	30/07/2021	27/08/2021	-
22 Apr 2021	Interim	GBX	5.80	31/08/2020	31/08/2021	29/04/2021	30/04/2021	28/05/2021	-
21 Jan 2021	Interim	GBX	5.80	31/08/2020	31/08/2021	28/01/2021	29/01/2021	26/02/2021	-
06 Oct 2020	Interim	GBX	5.80	31/08/2019	31/08/2020	29/10/2020	30/10/2020	27/11/2020	23.00
23 Jun 2020	Interim	GBX	5.80	31/08/2019	31/08/2020	30/07/2020	31/07/2020	28/08/2020	-
23 Apr 2020	Interim	GBX	5.70	31/08/2019	31/08/2020	30/04/2020	01/05/2020	29/05/2020	-
22 Jan 2020	Interim	GBX	5.70	31/08/2019	31/08/2020	30/01/2020	31/01/2020	28/02/2020	-
22 Oct 2019	Interim	GBX	5.70	31/08/2019	31/08/2020	31/10/2019	01/11/2019	29/11/2019	22.40
20 Jun 2019	Interim	GBX	5.70	31/08/2018	31/08/2019	01/08/2019	02/08/2019	30/08/2019	-
25 Apr 2019	Interim	GBX	5.50	31/08/2018	31/08/2019	02/05/2019	03/05/2019	31/05/2019	-
23 Jan 2019	Interim	GBX	5.50	31/08/2018	31/08/2019	31/01/2019	01/02/2019	28/02/2019	-
24 Oct 2018	Final	GBX	5.50	31/08/2017	31/08/2018	01/11/2018	02/11/2018	30/11/2018	21.60
22 Jun 2018	Interim	GBX	5.50	31/08/2017	31/08/2018	02/08/2018	03/08/2018	31/08/2018	-
19 Apr 2018	Interim	GBX	5.30	31/08/2017	31/08/2018	03/05/2018	04/05/2018	31/05/2018	-
24 Jan 2018	Interim	GBX	5.30	31/08/2017	31/08/2018	01/02/2018	02/02/2018	28/02/2018	-
26 Oct 2017	Final	GBX	5.30	31/08/2016	31/08/2017	02/11/2017	03/11/2017	30/11/2017	20.80
23 Jun 2017	Interim	GBX	5.30	31/08/2016	31/08/2017	03/08/2017	04/08/2017	31/08/2017	-
24 Apr 2017	Interim	GBX	5.10	31/08/2016	31/08/2017	04/05/2017	05/05/2017	31/05/2017	-
26 Jan 2017	Interim	GBX	5.10	31/08/2016	31/08/2017	02/02/2017	03/02/2017	28/02/2017	-
25 Oct 2016	Final	GBX	5.10	31/08/2015	31/08/2016	03/11/2016	04/11/2016	30/11/2016	20.00
27 Jul 2016	Interim	GBX	5.10	31/08/2015	31/08/2016	04/08/2016	05/08/2016	31/08/2016	-
20 Apr 2016	Interim	GBX	4.90	31/08/2015	31/08/2016	05/05/2016	06/05/2016	31/05/2016	-
28 Jan 2016	Interim	GBX	4.90	31/08/2015	31/08/2016	04/02/2016	05/02/2016	29/02/2016	-
21 Oct 2015	Final	GBX	4.90	31/08/2014	31/08/2015	05/11/2015	06/11/2015	30/11/2015	19.20
26 Jun 2015	Interim	GBX	4.90	31/08/2014	31/08/2015	06/08/2015	07/08/2015	28/08/2015	-
22 Apr 2015	Interim	GBX	4.70	31/08/2014	31/08/2015	07/05/2015	08/05/2015	29/05/2015	-
20 Jan 2015	Interim	GBX	4.70	31/08/2014	31/08/2015	12/02/2015	13/02/2015	27/02/2015	-
24 Oct 2014	Final	GBX	4.70	31/08/2013	31/08/2014	06/11/2014	07/11/2014	28/11/2014	18.20
01 Jul 2014	Interim	GBX	4.70	31/08/2013	31/08/2014	06/08/2014	08/08/2014	29/08/2014	-
09 Apr 2014	Interim	GBX	4.40	31/08/2013	31/08/2014	07/05/2014	09/05/2014	30/05/2014	-
14 Jan 2014	Interim	GBX	4.40	31/08/2013	31/08/2014	05/02/2014	07/02/2014	28/02/2014	-
29 Oct 2013	Final	GBX	4.40	31/08/2012	31/08/2013	06/11/2013	08/11/2013	29/11/2013	16.70
02 Jul 2013	Interim	GBX	4.10	31/08/2012	31/08/2013	07/08/2013	09/08/2013	30/08/2013	-
16 Apr 2013	Interim	GBX	4.10	31/08/2012	31/08/2013	08/05/2013	10/05/2013	31/05/2013	-
15 Jan 2013	Interim	GBX	4.10	31/08/2012	31/08/2013	06/02/2013	08/02/2013	28/02/2013	-
01 Nov 2012	Final	GBX	4.10	31/08/2011	31/08/2012	07/11/2012	09/11/2012	30/11/2012	16.00
04 Jul 2012	Interim	GBX	4.10	31/08/2011	31/08/2012	01/08/2012	03/08/2012	31/08/2012	-
18 Apr 2012	Interim	GBX	3.90	31/08/2011	31/08/2012	02/05/2012	04/05/2012	31/05/2012	-
18 Jan 2012	Interim	GBX	3.90	31/08/2011	31/08/2012	01/02/2012	03/02/2012	29/02/2012	-
20 Oct 2011	Final	GBX	3.90	31/08/2010	31/08/2011	02/11/2011	04/11/2011	30/11/2011	15.00
05 Jul 2011	Interim	GBX	3.90	31/08/2010	31/08/2011	03/08/2011	05/08/2011	31/08/2011	-
12 Apr 2011	Interim	GBX	3.60	31/08/2010	31/08/2011	04/05/2011	06/05/2011	31/05/2011	-
19 Jan 2011	Interim	GBX	3.60	31/08/2010	31/08/2011	02/02/2011	04/02/2011	28/02/2011	-
20 Oct 2010	Final	GBX	3.60	31/08/2009	31/08/2010	03/11/2010	05/11/2010	30/11/2010	13.60
19 Jul 2010	Interim	GBX	3.60	31/08/2009	31/08/2010	04/08/2010	06/08/2010	31/08/2010	-
23 Apr 2010	Interim	GBX	3.20	31/08/2009	31/08/2010	05/05/2010	07/05/2010	28/05/2010	-
19 Jan 2010	Interim	GBX	3.20	31/08/2009	31/08/2010	03/02/2010	05/02/2010	26/02/2010	-
31 Oct 2009	Final	GBX	3.20	31/08/2008	31/08/2009	04/11/2009	06/11/2009	30/11/2009	12.40
09 Jul 2009	Interim	GBX	3.20	31/08/2008	31/08/2009	05/08/2009	07/08/2009	31/08/2009	-
21 Apr 2009	Interim	GBX	3.00	31/08/2008	31/08/2009	06/05/2009	08/05/2009	29/05/2009	-
22 Jan 2009	Interim	GBX	3.00	31/08/2008	31/08/2009	04/02/2009	06/02/2009	27/02/2009	-
31 Oct 2008	Final	GBX	3.00	31/08/2007	31/08/2008	05/11/2008	07/11/2008	28/11/2008	12.00
10 Jul 2008	Interim	GBX	3.00	31/08/2007	31/08/2008	06/08/2008	08/08/2008	29/08/2008	-
16 Apr 2008	Interim	GBX	3.00	31/08/2007	31/08/2008	07/05/2008	09/05/2008	30/05/2008	-
14 Jan 2008	Interim	GBX	3.00	31/08/2007	31/08/2008	06/02/2008	08/02/2008	29/02/2008	-
30 Oct 2007	Final	GBX	2.75	31/08/2006	31/08/2007	07/11/2007	09/11/2007	30/11/2007	8.25
12 Jul 2007	Interim	GBX	2.75	31/08/2006	31/08/2007	08/08/2007	10/08/2007	30/08/2007	-
02 May 2007	Interim	GBX	2.75	31/08/2006	31/08/2007	09/05/2007	11/05/2007	31/05/2007	-

Henderson Far East Income Fundamentals

	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)
turnover	32.58	100.00%	35.36	100.00%	38.75	100.00%	40.34	100.00%	m
pre tax profit	29.91	91.81%	32.65	92.35%	36.22	93.45%	37.76	93.61%	m
attributable profit	26.90	82.57%	29.50	83.44%	32.59	84.09%	33.77	83.72%	m
retained profit	0.91	2.80%	1.41	3.99%	0.94	2.42%	-0.27	-0.66%	m
eps - basic (p)	22.21		23.38		23.71		23.22
eps - diluted (p)	22.21		23.38		23.71		23.22
dividends per share	21.60		-		22.40		23.40

Henderson Far East Income Balance Sheet

	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)


	31 Aug 2018 (GBP)		31 Aug 2019 (GBP)		31 Aug 2020 (GBP)		31 Aug 2021 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	462.64	97.81%	477.96	97.71%	423.69	95.87%	462.52	96.05%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	3.25	0.69%	4.84	0.99%	14.38	3.25%	5.35	1.11%	m
cash & securities	7.12	1.50%	6.36	1.30%	3.88	0.88%	13.69	2.84%	m

TOTAL	473.01	100%	489.17	100%	441.96	100%	481.57	100%	m

LIABILITIES
creditors - short	32.00	6.77%	20.04	4.10%	16.03	3.63%	28.93	6.01%	m
creditors - long	-	-%	-	-%	-	-%	-	-%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	32.00	6.77%	20.04	4.10%	16.03	3.63%	28.93	6.01%	m

EQUITY
ord cap, reserves	441.00	93.23%	469.12	95.90%	425.93	96.37%	452.64	93.99%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	441.00	93.23%	469.12	95.90%	425.93	96.37%	452.64	93.99%	m

OTHER
NAV Basic	-		358.99		301.02		299.58
NAV Diluted	-		358.99		301.02		299.58

Henderson Far East Income Cash Flow Statement

	31 Aug 2018 (GBP)	31 Aug 2019 (GBP)	31 Aug 2020 (GBP)	31 Aug 2021 (GBP)
Operating CF	6.07	14.81	1.78	-5.00	m
Pre-Financing CF	6.07	14.81	1.78	-5.00	m
Retained CF	-2.54	-1.31	-1.48	9.31	m

Henderson Far East Income Brokers

Name	Activity	Type	Mnemonic	Code
Arbuthnot Securities Limited	Market Maker(MME)	Broker/Dealer	ARBT	ALESGB31MKT
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
Cenkos Securities Plc	Market Maker(MME)	Broker/Dealer	CNKS	CNKOGB21
Collins Stewart Europe Limited	Market Maker(MME)	Broker/Dealer	CSCS	CSTEGB21
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
HSBC Bank plc	Market Maker(MME)	Broker/Dealer	HSBC	JCAPGB2L
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC