Henderson Far East Income Dividends - HFEL

Henderson Far East Income Dividends - HFEL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Henderson Far East Income Limited HFEL London Ordinary Share JE00B1GXH751 ORD NPV
  Price Change Price Change % Stock Price Last Trade
4.50 1.39% 329.00 16:35:23
Open Price Low Price High Price Close Price Previous Close
325.00 323.50 328.50 329.00 324.50
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Industry Sector

Henderson Far East Income HFEL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

zac0_4: I'm a fairly long term investor here. First purchased in May 2017. Current average buy price is £3.47. I'm not generally a huge fan of dividend paying holdings as from experience my equity growth funds far outperform anything that pays a dividend. However, I like diversification in my portfolio. It's comforting to know that although my capital is currently 2.7% down I've received dividends to date equivalent to 13.4% of my overall investment cost. So, total return (which is my key measure) of +10.7%. It's comforting to know that any additional investment at today's price will give me a 7% yield and if I don't decide to add (which I will) then my current holding is yielding about 6.7% pa. The one thing I will say about dividend paying holdings is the longer you hold them the better they look! Good luck.
novision: from the report .....The outlook for dividends in the region remains compelling. The consensus expects 'mid-teens' dividend growth, but from what we have seen in the results for the first three months of the year, this number may prove to be conservative especially considering that earnings growth is forecast to be much higher. Analysts in the region tend to be slower to raise dividend forecasts than earnings forecasts, but as more companies announce results and surprise with dividends either being reinstated or dividend pay-out ratios increasing, we expect these forecasts to rise. The backdrop for higher dividends is firmly in place with companies generating excess cash, having little or no debt and paying out a lower percentage of their net profits as dividends than their developed market peers. Positive for those after income hopefully
exel: So, HFEL & JAGI have each done 3 equity raises in the past week. Guessing both Boards think this is a good time to be tapping the market. circa £1.40m HFEL and £1.42m JAGI.
speedsgh: Dividend Declaration - HTTPS://www.investegate.co.uk/hendersonfare-incltd--hfel-/rns/dividend-declaration/202101210700013877M/ The directors have declared the first interim dividend of 5.80p (five point eight zero pence) per ordinary share in respect of the year ending 31 August 2021. The dividend will be paid on 26 February 2021 to shareholders on the register on 29 January 2021 (the record date). The shares will be quoted ex-dividend on 28 January 2021.
carpingtris: Edison issues review on Henderson Far East Income (HFEL) Henderson Far East Income (HFEL) has experienced a tough period of capital performance as market participants have focused ever more on growth and momentum rather than cash flows and dividends. However, in a year where the majority of investment trusts have needed to dip into reserves to avoid cutting their dividends, HFEL stands out in that it not only delivered year-on-year dividend growth of 2.7% for FY20, it fully funded its dividend from portfolio income and even made a small contribution to reserves to help underpin future dividend growth. Managers Mike Kerley and Sat Duhra remain convinced that market focus will return to value and yield factors, as seen in the quantitative easing era of 2011-13, given the 'even lower for even longer' interest rate outlook.
novision: CHC15 - might be a read across from HINT annual report which includes: "in the half year report, we noted the fact that some of the companies held in the portfolio had been asked by their respective governments or regulators to delay or moderate their dividends until the impact of the current pandemic was clearer. We also indicated that the board intended to utilise the Company's revenue reserves to smooth any temporary shortfall between the Company's distributions and portfolio income. Whilst the majority of the portfolio's holdings have paid dividends, a number have reduced or withheld dividends and it has been necessary to use a relatively moderate amount of the reserves to support dividend payments this year (£917,000 of the £8,081,000 at the start of the year). Earnings have been retained every year since launch for a rainy day, so it is appropriate that they are used now in these unprecedented times. We continue to recognise the importance of dividend income to our shareholders and will continue to use reserves to complement the income generated by the portfolio. The current revenue reserves would provide several years of dividend support based on 2020 results."
zac0_4: carpingtris - the >5% dividend does look attractive. But the harsh reality is that overall, over 10 years, total returns are nothing to get excited about. A £10,000 investment 10 years ago here is worth £9,454 today, although you have picked up £5,845 in dividend payments. Compare that to £10,000 invested in the Fundsmith Equity fund. Assuming you took capital annually to the same value of the annual HFEL dividend payment, your capital today is worth . . . £37,490! And you've withdrawn the same £5,845 over the period!! I continue to hold, and at present add, here. But once the time is right for me I intend to sell and reinvest my capital across my portfolio of global equity funds. This recent period has clearly highlighted to me the shortcomings of income investing.
speedsgh: Dividend Declaration - HTTPS://www.investegate.co.uk/hendersonfare-incltd--hfel-/rns/dividend-declaration/202010061111242471B/ The directors have declared the fourth interim dividend of 5.80p (five point eight pence) per ordinary share in respect of the year ending 31 August 2020. The dividend will be paid on 27 November 2020 to shareholders on the register on 30 October 2020 (the record date). The shares will be quoted ex-dividend on 29 October 2020.
speedsgh: Message to shareholders regarding the dividend - HTTPS://www.investegate.co.uk/hendersonfare-incltd--hfel-/rns/message-to-shareholders-regarding-the-dividend/202006260700041418R/ On 23 June 2020, the Board of Directors (the 'Board') of Henderson Far East Income Limited (the 'Company') declared a third interim dividend of 5.80p per ordinary share for the year ending 31 August 2020. This equates to a 1.8% increase over the 5.70p paid for the second interim dividend. With the pressure on corporate dividends forefront in investors' minds, the Board felt it would be timely to outline some context behind the decision to raise the dividend, albeit modestly. The Covid-19 outbreak has caused pain and suffering across the world and has had a material impact on the economies of most countries with a great deal of uncertainty still lingering about the long term effects. The lockdowns have brought activity to a standstill resulting in significant pressure on corporate profitability and cash flow. Unsurprisingly, dividends have come under pressure, especially in the UK and Europe, with many well known names reducing or even cancelling their distributions. Asia has not been immune, but as the data from the third edition of the Henderson Far East Income Asia Pacific Dividend Index* suggests, the impact has been more modest and the region is expected to recover more quickly. The Board believes that the impact from Covid-19 does not change the structural growth story for Asian dividends and has reasons to be confident that the positive trajectory will resume once the virus has been contained. The companies held within the portfolio are cash generative, with strong balance sheets and have the ability to continue to pay dividends during times of stress and to grow them once normality returns. With this in mind, the Board felt that a modest increase in dividend reflected the underlying structural positives while being mindful of the volatile environment that persists. In order to facilitate this, a modest drawdown of the revenue reserve may be required, but the Board feels that this is justified considering the current environment. Looking beyond this financial year, the Board expects dividends to recover in the Asia Pacific region but stands ready to utilise the Company's revenue reserves should the need arise. Revenue reserves are shareholders' money held back to smooth distributions in times of stress and the Board feels that the current environment is an appropriate time to utilise this benefit of the closed ended structure.
speedsgh: Half-year report was released just before close of trading... Half-year Report - HTTPS://www.investegate.co.uk/hendersonfare-incltd--hfel-/rns/half-year-report/202004231619527055K/ [from Chairman's Statement] On the dividend... "Your Board knows very well the expectations of our shareholders and their priorities. Dividends are of paramount importance and this will guide us through these difficult times. The report from Mike Kerley and Sat Duhra sets out the strategy. We have been adding to our revenue reserve every year since we moved to Jersey in 2007. This is revenue we have not paid out to shareholders but held back to smooth out dividends in extraordinary times. These are extraordinary times and your Board is ready to draw on these reserves to help meet our dividend objectives if necessary. As we go through the crisis we can expect enhanced volatility and perhaps further instances of panic. However, in a world of ultra low interest rates the case for equity income investment remains strong and Asia Pacific provides opportunity." [from Fund Manager's Report] OVERVIEW ... "The impact on corporate earnings will be significant and although a consensus of analysts is still expecting Asian earnings to grow in 2020 this forecast is constantly being revised lower. The outlook for dividends is expected to be more resilient. Asian corporates are in a much heathier state than they were in 2008. Balance sheets are strong, cash flow generation is high, debt is low and the large gap between earnings per share and dividend per share allows some flexibility with dividends if/when earnings come under pressure. In addition, some markets in Asia - China, Korea, Taiwan - only pay dividends once a year based on the previous year's profitability. What this effectively means is that the results and dividends which are being announced now are based on results for the year ending December 2019, before the virus had any significant impact. As these three markets account for over 45% of the portfolio we are reasonably confident of receiving a large portion of this financial year's revenue from dividends. In 2008, 45% of Asian companies cut dividends so there will inevitably be a number of disappointments but the analysis we have undertaken on the companies we own in the portfolio gives us confidence that their dividends are comfortably affordable. It is also fair to say that dividend growth will be more difficult to come by and that the windfall of special dividends that we have enjoyed in previous years will be less prevalent." REVENUE "The income from dividends fell 1.8% over the same period last year while other income fell 7%. Overall income fell 2.4% and is a reflection of the strength of sterling over the period, fewer special dividends and a few companies moving their dividend payment dates from February to March and so will be captured in the Company's second half of the financial year. As usual, two thirds of the Company's annual revenue will be derived in the Company's second half and although times are challenging we are confident of the abilities of the companies we own to pay the dividends we expect in the months ahead. Over the period we wrote three options and received premiums of £1,068,000. As volatility increases the revenue we can derive from writing options is appealing, but we are using this strategy cautiously to ensure we generate additional income without putting capital at risk." STRATEGY ... "It is difficult to predict how long the impact from the virus will last but there are some things we are pretty convinced about. First and foremost, interest rates will go lower and remain low for some considerable time. With ageing populations and interest rates at record lows the demand for income will remain considerable while the attractiveness of equities looks increasingly appealing compared to bonds and cash. For this reason, we have been adding exposure to telecommunication companies and property REITS where valuations are increasingly attractive and yields both high and sustainable. We have added Telstra in Australia, China Mobile and Mapletree Industrial REIT on this theme." OUTLOOK "We are positive on the outlook for Asia in the years ahead but fully expect volatility to continue in the short term. Although the virus appears to be past the worst in Asia, the rest of the world and especially the US are still in the escalation phase which will ensure things get worse before they get better. Economic growth and corporate profitability will be materially impacted but the quick response by both governments and central banks reduces the risk of a relatively short period of disruption leading to something more systemic. The trend however is negative as earnings are continually being downgraded with corporate guidance being withdrawn as senior management grapple with the impact of a once in a generation event. With this volatility comes opportunity as indiscriminate sell downs lead to good companies being mis-priced. The portfolio is currently in a small positive cash position and is well placed to add to these opportunities as they become available."
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