Aberdeen Sml.Co Share Discussion Threads

[taylor20] 17/1/2012 20:04

Yes, I've reduced my SDV holding to pick up more here, still waiting for a rerating.

[aleman] 17/1/2012 12:00

Why is the discount here around 24% (after today's sharp market rise)? SDV's last discount reported at under 4%. These two used to be close together. (I note the share price has moved above the 20-day and 50-day moving averages. I wonder if this marks a change of trend.)

[mrphil] 04/1/2012 08:19

Might have been tempted to top up with a few more of these had I been more on the ball before today's xd date.

[aleman] 16/12/2011 14:35

16 December 2011

Aberdeen Smaller Companies High Income Trust PLC

Formerly Shires Smaller Companies plc

The Board of Aberdeen Smaller Companies High Income Trust PLC has declared a fourth interim dividend of 1.5p per share (making a total of 6p per share) in respect of the year to 31 December 2011 (fourth interim 2010: 1.5p) payable on 31 January 2012 to shareholders on the register at close of business on 6 January 2012.

[aleman] 08/12/2011 12:05

Accumulated income 1.51p versus 1.32p this day last year. No particular conclusion or prognosis, just an observation.

[davebowler] 21/11/2011 14:48

Winterfloods research summary;

This fund's objective is to provide a high and growing dividend and capital growth from a portfolio of predominantly UK smaller companies and UK fixed income securities. It has assets of £40m, of which £30m is invested in equities, 99% of net assets, and £9m is invested in fixed income, 29%. The fund's yield is 5.7% paid through quarterly dividends.

· This fund, previously known as Shires Smaller Companies, has undergone significant changes in the last few years with its zero coupon financing repaid, its financing arrangements simplified, and the equity portfolio repositioned to focus on well managed UK small cap companies.

· The fund's manager is Phil Webster of Aberdeen Asset Management and the equity portfolio is broadly similar to that of Dunedin Smaller Companies. The fund's performance has improved since 2009 following the repositioning. Over the last three years, the NAV is up 81% compared with 55% for its benchmark, FTSE Small Cap.

· After trading around net asset value for a number of years, the fund was de-rated in 2008 following a difficult period for performance and a cut in its dividend. Over the last year, the fund has traded on an average discount of 16% and is currently at 21%.

· Although its liquidity is limited, we believe that Aberdeen Smaller Companies High Income offers value at its current discount, which is wider than the UK small cap peer group (17%) and the UK Income Growth sector, where many funds are trading around net asset value.

[aleman] 16/11/2011 13:00

Wow! Today's fall takes the discount up to 22.9%. In the 80s, that would be considered takeover territory.

[aleman] 11/11/2011 19:06

Discount looks like it went through 20% again today. Sadly 15-20% seems the norm, now. it means there's good scope for outperformance if we ever get back to a bull market.

[aleman] 05/10/2011 13:44

The Board of Aberdeen Smaller Companies High Income Trust PLC has declared a third interim dividend of 1.5p per share in respect of the year to 31 December 2011 (third interim 2010: 1.5p) payable on 31 October 2011 to shareholders on the register at close of business on 14 October 2011.

[eithin] 03/10/2011 17:08

Take care, Aberdeen snake oil salesmen .....

[aleman] 03/10/2011 16:49

Blimey. Opening price on Friday's closing NAV gives a discount of 21.9%.

[aleman] 29/9/2011 15:37

Hasn't helped. Discount now over 20%.

[davebowler] 28/9/2011 11:55

Arbuthnot tipped this as a good buy today.

[aleman] 26/9/2011 11:47

With the market up again today, the discount has probably broken 20%. THere was another article last week in the FT about more and more income trusts trading at a premium as investors scramble for income producing assets. ASCH seem well out of line.

[plasybryn] 01/9/2011 10:47

Looks like a "double bottom" as well, which I believe is a good chart sign!

[aleman] 31/8/2011 15:01

Results out late yesterday . Look reasonable. Income up a bit as dividends rising again. Dividend expected at 6p this year.

[aleman] 13/7/2011 14:45

ASCH has got well out of line with SDV now. SDV's discount has dropped to close to 5% if you allow for moves since the numbers for last Friday. ASCH's discount is still running at an expansive 17% or so. (Many high income trusts are at a premium now.) There is usually more like 5% difference than 12% between them. ASCH should be more like 145p+ to bring it back into line with its normal discount to SDV and more like 160p to bring it back into line with its sector.

[aleman] 08/7/2011 16:55

Another new NAV high (just) only 2 days after going Ex-dividend.

[aleman] 07/7/2011 12:35

Still going up nicely - 166.35p (inc. 0.78p acc. income) after going ex-dividend by 1.5p.

[aleman] 06/7/2011 13:52

NAV 166.91p. At the current price that's a discount of 19.9%.

EDIT - went ex-dividend today so the NAV will have dropped by 1.5p for today's NAV. Discount is actually about 19.3%.

[aleman] 05/7/2011 12:33

166.06p. Discount still widening. 18.7%

[aleman] 04/7/2011 12:51

New high for NAV at 164.19p so discount was 18.4% at Friday's close.

[aleman] 30/6/2011 13:24

Accumulated income now 2.33p compared to 1.89p last year.

[aleman] 21/6/2011 16:58

SDV has called a slightly increased final dividend making the year's total 6.2p from 6.0p. Last year's wasn't quite covered but this year's looks to be better covered as the underlying increase in income look more like 8% than the 3% payout rise. ASCH also seem to be showing a modest rise in income, with accruals about 0.2p ahead currently. I'm starting to hope the final here might be a whisker above 1.5p unless they are thinking of saving it for buybacks since the discount is well over 10%. (The apparent rise could just be down to payments timings but both companies are ahead which makes it more likely to be a genuine underlying increase.)