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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
|
|
|---|---|---|---|---|
| -5.00 | -2.16% | 227.00 | 10:52:50 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 225.50 | 225.50 | 227.00 | 232.00 |
| 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 24/4/2024 17:03 by kenmitch Thanks for the good wishes Hastings. Not well but hopefully getting there.Fair point about HFEL share price performance being enhanced by reduced discount. NAV is up around 10% from the low though, so definite hints of improvement. There are STILL so many shares and Investment Trusts paying huge and often sustainable dividends, reflecting the undervaluation of a lot of UK shares. E.g just today Serica surprised by paying a 14p final (7% just for that 1 dividend) and the overall dividend is 11.5% and higher than last year. Here’s a bit of info for those keen on seeing dividend cuts and more buybacks. Our portfolios have now reached the stage where all new investments can be paid for from the dividend income month after month. AND it means the portfolios now fund themselves too. And right now is still a good time to build a portfolio of shares and Trusts paying exceptionally high and sustainable dividends. It’s only when the dividends flow in like the current 10.4% HFEL yield, that we investors seem to realise what a bonus they are. |
Posted at 24/4/2024 13:25 by kenmitch The dividend looks secure. Read page 3 of the factsheet for why.What many investors might have missed is that this year HFEL has gone from being by far the worst sector performer to the BEST performer. It’s up 12% over 6 months and next best AAIF is up 10%. HFEL has also outperformed them all over 1 month and year to date. And the dividend is still 10.4% with next ex 6.1p quarterly dividend tomorrow. |
Posted at 24/4/2024 11:04 by 2sporrans panshangernow on a premium of ~2%. sp risen to 234p; NAV declined a little further to 226p. decided, this am, to sell ~45% of my holding; the above being the immediate spur. tbh, i remain skeptical that Sat [Durha] is going to do much to improve the relative performance of the fund, which in Total Return terms has been abysmal over any timeframe of a year or more since the pandemic collapse, early 2020. trade was lucky enough to coincide with a bit of a dip in AAIF; so i reallocated 90+% of the HFEL proceeds into that. AAIF also goes XD tomorrow. A mere 5.7% yield but the divi has been rising much faster than HFEL's and far better TR. Plus, its on about 11% discount to NAV. Still have over £45k in HFEL. See how it goes over the next year, especially relative to peers. |
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 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 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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