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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Henderson Far East Income Limited | HFEL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -3.00 | -1.32% | 224.00 | 16:29:29 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 222.00 | 221.50 | 225.00 | 224.00 | 227.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 16/01/2024 | Interim | GBP | 0.061 | 25/01/2024 | 26/01/2024 | 23/02/2024 |
| 17/10/2023 | Interim | GBP | 0.061 | 26/10/2023 | 27/10/2023 | 24/11/2023 |
| 21/06/2023 | Interim | GBP | 0.061 | 27/07/2023 | 28/07/2023 | 25/08/2023 |
| 19/04/2023 | Interim | GBP | 0.06 | 27/04/2023 | 28/04/2023 | 26/05/2023 |
| 17/01/2023 | Interim | GBP | 0.06 | 26/01/2023 | 27/01/2023 | 24/02/2023 |
| 19/10/2022 | Interim | GBP | 0.06 | 27/10/2022 | 28/10/2022 | 25/11/2022 |
| 22/06/2022 | Interim | GBP | 0.06 | 28/07/2022 | 29/07/2022 | 26/08/2022 |
| 24/03/2022 | Interim | GBP | 0.059 | 28/04/2022 | 29/04/2022 | 27/05/2022 |
| 20/01/2022 | Interim | GBP | 0.059 | 27/01/2022 | 28/01/2022 | 25/02/2022 |
| 19/10/2021 | Interim | GBP | 0.059 | 28/10/2021 | 29/10/2021 | 26/11/2021 |
| 25/06/2021 | Interim | GBP | 0.059 | 29/07/2021 | 30/07/2021 | 27/08/2021 |
| 22/04/2021 | Interim | GBP | 0.058 | 29/04/2021 | 30/04/2021 | 28/05/2021 |
| 20/01/2021 | Interim | GBP | 0.058 | 28/01/2021 | 29/01/2021 | 26/02/2021 |
| 06/10/2020 | Interim | GBP | 0.058 | 29/10/2020 | 30/10/2020 | 27/11/2020 |
| 24/06/2020 | Interim | GBP | 0.058 | 30/07/2020 | 31/07/2020 | 28/08/2020 |
| 23/04/2020 | Interim | GBP | 0.057 | 30/04/2020 | 01/05/2020 | 29/05/2020 |
| 23/01/2020 | Interim | GBP | 0.057 | 30/01/2020 | 31/01/2020 | 28/02/2020 |
| 23/10/2019 | Final | GBP | 0.057 | 31/10/2019 | 01/11/2019 | 29/11/2019 |
| 25/01/2019 | Interim | GBP | 0.057 | 01/08/2019 | 02/08/2019 | 30/08/2019 |
| 25/01/2019 | Interim | GBP | 0.055 | 02/05/2019 | 03/05/2019 | 31/05/2019 |
| Top Posts |
|---|
Posted at 08/4/2024 14:12 by njb67 Within Asia Pacific, I mainly hold AAIF. Share price and NAV have beaten benchmark over 1, 3 and 5 years. Pays 5.7% yield and has increased dividend for last fifteen years.HFEL dividend is imv more a sign of poor management over recent years than a reflection on the health of the underlying business. HFEL appear to have chased annual dividend increases to the detriment of total share price and NAV return. Recent acknowledgment of this issue and a commitment to change approach have brought me back to HFEL. I have for now a small position and will wait and see if overall performance improves. I would prefer to see the dividend consistently fully covered by income, even if this means a reset of the dividend to something more sustainable. A 7% yield would still be sector leading. |
Posted at 17/1/2024 10:46 by 2sporrans While there is plenty of doom & gloom to be read wrt economic and investment situation in the Asia Pacific region, especially if China focused, i keep finding positive news in the mix.I realise that posting up on another fund's performance isn't quite what some here want to read but i hope the underpinning +ve message, one of robustly growing dividend payouts across Asia, is well received. "The total dividend for 2023 amounts to 11.75p, representing an increase of 17.5% compared to the previous year (2022: 10.00p), and the Board is pleased to note that this represents the fifteenth consecutive year of annual dividend increases and means that the Company continues to be a "next generation dividend hero" as recognised by the Association of Investment Companies. The dividend for the year equates to a dividend yield of 5.8% based on the closing share price of 201p on 12 January 2024 and is expected to be fully covered by earnings for the year ended 31 December 2023." I still keep a reduced holding in HFEL; building in AAIF the past 2 years. AAIF, with a greater focus on "Quality" companies, has a substantially better total return performance and the [fully covered] dividend growth is far faster. Also AAIF trades at 13% discount to NAV, HFEL 4 to 5% lately. The question remains with HFEL: How much of the very high - now ~12% - divi is paid out of fund income and how much from capital, or capital sacrifice? |
Posted at 30/12/2023 17:13 by novision Main TakeawayIt's also notable that the team will focus more on India, Indonesia and Taiwan, countries in which it has tended to have an underweight allocation. The team will also continue to focus on China, an allocation that has helped contribute to poor performance in recent years. There are certainly reasons to be cautious about this shift in strategy. For one, it invites the risk of bad market timing. As Stifel analysts put it a few weeks ago: "While we think a rethink a strategy is welcome to allow greater flexibility in terms of investing, we wonder whether doing it now may lead to a rotation out of some names which have now already fallen and are now cheap." The analysts also worried about the dividend being uncovered and argued that trusts such as Abrdn Asian Income (AAIF) looked more appealing. The Abrdn fund recently came with a share price dividend yield of 5.3 per cent and a double-digit discount. As with other changes in strategy, investors might wish to wait and see how it works rather than diving straight in. But those who have already invested on the back of HFEL's huge yields might give the team the benefit of the doubt, for the time being. |
Posted at 30/11/2023 16:05 by kenmitch I agree with all the criticism as performance has been terrible and it’s inexcusable that it’s been allowed to be the case for so long. Obvious thing to is to replace obviously incompetent Manager or even the whole team and it should have happened ages ago.Where I disagree is on selling now just when AT LAST there’s acceptance that it’s gone so wrong along with first steps to rectify it. I should have sold ages ago but didn’t only because the dividend was the one saving grace. Now could well be a very good buy opportunity for NAV and share price recovery. They clearly want to maintain the long record of annual dividend increases.IF they achieve that AIM then anyone buying or averaging down now will be locking in a double digit dividend yield paid quarterly, along with possibly decent capital gains too. |
Posted at 06/11/2023 13:56 by 2sporrans "BUY - when everyone is fearful!"With a discount of merely 6%, investors remain pretty sanguine about HFEL. I've been buying the dips, just not in HFEL. AAIF has a far superior performance, any timeframe since early 2020. Yet, it benefits from a decidedly more fearful 14% discount. I'll continue to accumulate there, in part fed by the HFEL divi cash. |
Posted at 17/8/2023 11:00 by 2sporrans HFEL still trades at an unwavering premium of ~3% to NAV; its dire underperformance merits a discount in excess of 20%.Peers typically have discounts of over 10% while their total returns have suffered considerably less than HFEL. This bizarre premium was largely what finally prompted me to reduce my holding, by about 1/4, back end of April, just before the XD date; about 260p/share. Though i wish i'd sold the lot, i can't see anything fundamentally that wrong with the holdings, although i have a suspicion too much turnover has been happening, timing to maximise on underlying dividend payouts. Obviously, this will exacerbate the poor capital performance. As others have noted, it is as if any paring of the dividend is being averted at all costs. Could it be that the underlying holdings are being churned to keep the dividend COVER in tact? i.e. the underlying divi payout being maxed by buying shortly pre XD and selling soon after XD? That, plus the very significant contribution to HFEL's income derived from its options writing which likewise must involve some capital gain sacrifice, if only on the upside. Seems to me these practices have been lent upon increasingly over recent years; beyond the long observed bias to holding companies that pay high but stagnant divis, rather than those offering divi growth. Then again i've been goaded into closer scrutiny since the first stark underperformance v peers during the rebound from the [COvid] lows of March 2020 though into early 2021. 2021 was the first year HFEL did not cover its divi payout; possibly a greater recourse to ensure cover thereafter has been consequential. |
Posted at 26/7/2023 12:55 by kenmitch Isn’t too much emphasis being placed on all this when the key problem is surely that their investments have way underperformed others in the sector. OK a reason why is that focus on the big dividend and the wish to increase it every year, which they’ve done for 16 years.That dividend yield IS a big plus because 10% annualised is a good return in itself. Just a few better chosen investments from this point and dumping of a few underperormers woukd be all that’s needed to improve capital gains. Another option is to cut the dividend and opt for a more capital gain focus portfolio. I’m happy all the while they maintain the dividend. Trusts like high performing (except recently) Pacific Horizon which I hold, are the ones to go for if too dissatisfied with the very poor HFEL investment performance. By continuing to hold HFEL all the while they keep to their current and intended progressive dividend policy investors could have the best of both worlds. i.e big annual income but at the expense of capital gains but also a reasonable chance that the HFEL investment performance might improve to give capital gains on top of that 10%. Some might find these links useful and for all Investment Trusts:- |
Posted at 20/7/2023 12:48 by aleman That's a separate issue. Most investment trusts would normally only dip into revenue reserves to maintain a dividend in what it considered exceptional and temporary circumstances (such as Covid). They would not do it routinely to maintain an uncovered dividend.Last year's revenue reserve was £27m and dividend cost £36m, so that's 9 months cover. The interims saw a slight reduction in the revenue reserve and there has been a marginal dividend rise on a marginal expansion in equity base. So this year is looking at £37m+ dividend with a £26m buffer, which would be closer to 8 months cover. If that reserve cover continues to thin, expect to see some sort of modest dividend reduction. However, if that goes hand in hand with further capital erosion in the absence of a return to a bull market, do not be surprised to see a possible change of policy and a significant rebase of the dividend. This is why I think buying the shares at a premium is not a good idea. That premium could become a significant discount, like other trusts, if and when there is such a policy change (even though there would be no related change in NAV). I think the shares should be trading at a discount just with this knowledge. That is not to say that I think there is not reasonable value here in the underlying assets and underlying yield after the falls in recent years. I just think the market is slightly overpricing those underlying values because it possibly does not fully understand how the many consecutive years of large and rising dividend have been paid out. The market seems to assume it will continue. In absence of a new bull market, I think there is a distinct possibility it might not, and any change could come as a shock to some holders. The resultant selling would then see us move nearer a more typical discount - or even an overshoot of a that (again, even though underlying investments and NAV would not suddenly change). There's a good possibility I might top up here in time but it's very unlikely I will do it at a premium to NAV unless I feel there is strong case that a bull market is restarting and the dividend footing then looks more secure. |
Posted at 19/7/2023 16:13 by aleman HFEL effectively pay part of their dividend out of capital churn. I think it was just over 50% of the dividend last year? This will look worse in a bear market as it is more visible - the capital fall recently is highlighting it. It's not necessarily a bad thing if you are aware of what is going on. EAT do something similar in that they pay out 6% of year-end NAV but that is also well short of being covered so capital tops it up. In good times, they present hefty yields and modest growth that can be useful in enhancing an income portfolio. In bad times, you must watch out for the capital loss. EAT's divided automatically adjusts and was cut this year - but I can still see them cutting the 6% of NAV dividend target if bear markets continue. It tends to trade at around a 10% discount. Do not be surprised if HFEL's dividend is cut and be cautious when some people chase the share price to a premium over NAV, thinking the dividend justifies it. That premium to NAV will likely quickly disappear if and when a dividend cut comes. I have a modest holding and could be a buyer at these levels but the premium to NAV continues to put me off. I think it should be trading at a similar discount to others. Despite that, I think there might be dips here worth buying after the substantial fall in the last few years. |
Posted at 14/4/2023 17:11 by goldpiguk Hi mjames20 and Bareknee.Cutting the dividend in half would be a worst-case scenario for HFEL, but at some point in the next couple of years, I do expect the dividend to be 'rebased' lower. I have not done a complete analysis of every HFEL holding, but below are details of the top ten holdings with yields alongside. These cover about a third of holdings in value. (Information taken from Market Screener and HL websites.) BHP Group yield 6.65% Woodside Energy yield 11.51% Macquarie Group yield 3.82% Samsung yield 2.45% Macquarie Korea Infrastructure Fund yield 6.45% expected to rise to 7.06% Rio Tinto yield 7.49% United Overseas Bank yield 4.37% Digital Telecommunications Infrastructure Fund yield 8.14% Vinacapital Vietnam Opportunity Fund yield 3.36% Taiwan Semiconductor Manufacturing yield 2.05% Only Woodside Energy in the top ten holdings has a dividend yield above HFEL. Bareknee is right to refer to the use of options, but a close look at the portfolio suggests something else is also at work - churning of shares to flatter income. In one of the company reports I do remember reading that purchases are timed carefully to maximize dividends, but this is coming with capital destruction. With a decreasing value of capital, choices become more and more limited and the company will eventually have its hand forced. I would much rather HFEL tackled this sooner rather than later. Unless there is an incredibly strong bull market the current dividend looks unsustainable. Goldpig |
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