Share Name Share Symbol Market Type Share ISIN Share Description
Henderson Far East Income Limited LSE:HFEL London Ordinary Share JE00B1GXH751 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -2.00 -0.71% 281.00 31,082 08:14:28
Bid Price Offer Price High Price Low Price Open Price
279.50 283.00 281.00 280.00 280.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 40.34 37.76 23.22 12.1 430
Last Trade Time Trade Type Trade Size Trade Price Currency
08:27:48 O 1,469 282.4046 GBX

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Date Time Title Posts
29/6/202221:52Henderson Far East Income Ltd1,131
14/1/202015:18Henderson Far East3
04/1/201318:48HENDERSON Far East Ord. Trust.15

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Henderson Far East Income Daily Update: Henderson Far East Income Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HFEL. The last closing price for Henderson Far East Income was 283p.
Henderson Far East Income Limited has a 4 week average price of 278.50p and a 12 week average price of 278.50p.
The 1 year high share price is 327.50p while the 1 year low share price is currently 265p.
There are currently 152,928,564 shares in issue and the average daily traded volume is 277,259 shares. The market capitalisation of Henderson Far East Income Limited is £429,729,264.84.
zac0_4: Gateside - unfortunately I've only got past performance as an indicator for future performance. I'm happy to take the 8%+ income but not if I have to give 4 or 5% back in lost capital each year. There's no point. I continue to hold and take my dividend but I'm getting to the point, after 5 years, where I'll have to reconsider my position if the share price continues to decline. As we all should do! Total return is all that matters!!
zac0_4: gateside - "what's not to like?" . . . the annual total return, that's what. Here's the last 5 years (from today) total return ie including dividend 1.48%, 10.00%, -3.07%, 4.50% & -5.63%. So, total return over 5 years is 6.71%. So, that's what not to like. This is my 2nd (I think) largest holding and I await a turnaround in the share price. I'm invested here for the dividend but not at the expense of my capital!
zac0_4: JF - I like to have a position in both camps. Global equity funds and (various) dividend paying trusts. I agree HFEL has been a fairly safe haven this year so far with a virtual flat total return over the last 6 months. Compared to the 12% loss over the corresponding period from my Vanguard All Cap Index that looks ok. It's the long term return that needs to improve. A total return from HFEL (divs reinvested) over the last 5 years of 8.5% is nothing to shout about compared to the 42% total return from the Vanguard Index fund over the same period. I hold both.
gateside: The next dividend announcement is due in late June. Last year it was raised from 5.8p to 5.9p each quarter. If they raise it to 6p / quarter for the coming year, that will be a forward dividend of an 8.4% yield On that basis I feel that the share price should not fall much from here. That is as long as the dividend is safe!
scruff1: JF Yep. I meant my own personal portfolio. I know the general outlook is pretty grim for the forseeable. Even if Putin's war ends tomorrow the damage is huge. I agree with the rest of your comments too. They have been saying for a while that the market was overvalued and I was thinking that this could be the level we have to get used to or as you say there could be more to fall. Today has shocked me more than any other fall so far - I think because as I said earlier I cant really put it down to any particular single issue - just a general collapse of confidence in the whole shebang. The usual 'great time to buy at this level' type comments are beginning to ring a little hollow. SHED yesterday rose by I think about 7%. Today it dropped right back by around 6%. That I found unusual without any specific single issue. It will be interesting to see if it as well as HFEL and others stay at these prices as the new normal or if they creep back - in HFELs cast to anywhere near the 300 mark. We will have a clue tomorrow I reckon. Some good news would be sweet.
woodhawk: All my HFEL now ISA'd & SIPP'd. Will be sorely tempted to add from 6th April if the share price is still lurking down here.
exel: IMHO - the HFEL share price has come out of an horrendous week pretty much as well as might have been expected? - down by just 1.7% to 291p from 296p (WoW). But no one can see much past the present moment, right now, given fast-moving events in Europe. Meanwhile, HFEL's closely watched TNAV (per share) will remain in sharp focus. It's declaration on 18/2/22 was 294.1p per share. This had fallen by circa 2.6% to he latest (25/2/22) 286.5p. Maybe the 2.6% reduction is a more accurate reflection? - equating to a circa 1.6% premium, being a low-ish premium v HFEL's (closer to 5%?) norm.
2sporrans: Just for further and hopefully final clarity on this: "Post #810: "HFEL's portfolio generated an historic 4.8% divi. income at 30Jun21; hopefully growing to 5.2% a year hence." This refers to the divi. income COMMING INTO HFEL, not the divi. it is paying out. I posted a table from the Edison report referred to which states this fact. On the matter of dividend yields paid out by other Asian income funds, the same table does provide some comparison guidance. I'll concede that the table [see final column] states the HIGH Dividend Yield index "HDY" [earned, not paid out, if like for like] is given as 5.2% [historic] v 4.8% for HFEL. However, it is not clear what the index comprises. It has 203 constituents. So, are these mostly 'standard' companies, with a score or whatever of funds in there? The central column, the "Broad Asia Pacific" one, states an historic D. yield of 2.4%. 1850 constituents. Seems to me this is comprised of dividend paying companies; most Asian companies don't pay out a bean. Whatever, I've invested in Schroder Asian Income OEIC and AAIF investment trust and the former pays OUT divis of close to 4.0% currently, AAIF much the same. I've looked at several others and of those, most pay out less than these 2. In any event, it is clear that BOTH HFEL and the Asian HDY index have performed poorly over the past year v their lower divi paying income peers, as the graph below proves. It shows Total returns over past 3 year. There are 3 indices for Asian Income Equities and I've thrown in HFEL, AAIF and Schroder's. The general Asian Income Index is best represented by the paler blue line. Up until July 20, there wasn't a huge disparity between the six funds/indices. If one goes back 5 years, the performances were also pretty close to one another over the first 4 years. HFEL has even underperformed the [Red] HDY index over the past year; last 6 months notably. Question is, why such an underperformance, given HFEL has stood up well historically? The answers to this question will hold the key as to whether HFEL will play 'catch-up' and when. Hopefully, this won't be a case of HFEL merely falling less during a big correction or bear market and be essentially to do with a revival in "Value" stocks. Perhaps, a genuine hunger for yield will emerge, rather than the absurdly named observation, relating to the 35 yr bond bubble: The relentless buying of fixed income securities driven by a host of hostage buyers: Pension funds, insurance Co.s, dedicated bond funds etc mandated to hold only FI securities, however crushed the yields and dear the prices; the Central Banks and their monetary largess being wholly insensitive to these prices. If we end up with a dis-inflationary, low growth world, rather than a stagflationary or inflationary one, you'd think a high, sustainable divi income stream will be attractive. With limited incentives for high CAPEX, profitable companies returning value to shareholders.....
2sporrans: Post 812 "The current annual dividend is 23.4p, which therefore constitutes a yield of 7.7% on the current Offer price of 301.5p." The dividend paid for August [XD 29Jul21] was 5.9p, having risen a tad from 5.8p. It is a near certainty that for the next 3 payouts will also be 5.9p; hence the payout for the year to Aug22 will be 23.6p. At a share price of 295p, that's a projected 8.0% income return. This very high level of payout by HFEL is all very well, providing it is sustainable and preferably, not at the expense of capital appreciation, i.e. the growth of the NAV. But is it? Posts 804, 807, 809 and 810 attempted to gain insight into this and came up with some answers. "HFEL's portfolio generated an historic 4.8% divi. income at 30Jun21; hopefully growing to 5.2% a year hence." That's what the Edison report states. At the date - 30Jun21 - all the data relates to, the dividend income coming into the HFEL coffers from the companies it was invested in was 4.8% over the previous year. Over that same year, HFEL paid out 23.2p in dividends which at the 30Jun21 share price equated to a 7.2p yield. The 2.4p variance is surely of interest, if not necessarily concern. The free cash flow income of 9.2% yield and the continued growth in reserves [enough to cover ~3/4 of the coming year's divi. payout from memory] suggest that a 23.6p payout should not be concerning. However, one should be aware that such a high payout, likely comes at the expense of some capital appreciation in the NAV - and hence the share price That 2.4% variance between divi. income in and divis paid out indicates the magnitude of the sacrifice in NAV growth made to achieve the divi payout. To the extent the 2.4p variance can be explained by factors such as the income from call options writing - i.e. independent of the portfolio valuation as such - the size of that sacrifice reduces. Hence my interest in it. Looking at the "sacrifice" issue another way: While the HFEL divi income is way higher than that paid out by its peers [few pay out above 4%], the performance of it's share price over recent years has [reciprocally?] been well below the indices for Asian or Asian-Pacific income equities i've looked at. Sure, much of this will be down to stock selection/weightings; the contribution of that 2.4% variance is i perceive [see below] to be modest. I imagine the greater concern amongst HFEL investors is that their total return has been distinctly below par v its peer group over the past year; this underperformance being clear since July 2020. Looking at 3 of the peer indices, over the past 12 months, the total return for HFEL is between 11 and 16% below them [so, that 2.4% variance is put into context]. Comparing with the one of these indices which is for HIGH dividend Asian income equities, HFEL total return is down about 5% since what was a high point about end Jan. 2020 [i.e. pre-pandemic] while that index is up, albeit a paltry 1%. And it's not as if HFEL shares have suffered from a widening discount and the underlying NAV grown nicely. Well, it concerns me as HFEL is actually the largest holding in my portfolio. Obviously, growth stocks have been where to be over recent years and especially the past 18 months. The extent to which low discount rates have triumphed over their very high valuations wasn't something i had expected. Meanwhile, the 'safe', "value" play on HFEL has only been rewarding in that there's been opportunity to add at low prices and very high income stream that comes with those. To the extent the divis can grow sustainably at something close to inflation, guess this will pan out tolerably well over next few years.
2sporrans: Thanks for posting the latest Edison take Speed. "Option premium income in H121 was also slightly ahead of H120, making up 11.4% of total income compared with 10.7% a year earlier. " From memory, the dividend income from underlying investments, is only about 4.5% for a share price of around 330p, ~7% divi yield out of HFEL. So, this options trading income explains a fair chunk of the balance. Is it largely income from fees earned for underwriting call options? What it looks like and guess a lot of those calls never got realised given the tepid share price performance. The rest of the balance explained [a little] by gearing and so the rest i guess coming from capital gains from trading. That will have nibbled away at the NAV and sp, though not much more than 1% i hazard. Hmmm.....well 295p share price earns an 8% divi [4*5.9p=23.6p] So, buying sub £3.00 a very generous income return to stick with. While i don't expect the income to rise at all fast from here, it does look reasonably secure, providing the world doesn't go pear shaped. Like the divi. never got cut over past 3 decades. Going back pre-2006, when HFEL was 'reconstituted', the divi survived the '97/8 Asian debt crisis unscathed; ditto the GFC 2008-9. Yeah, the dearth of growth stocks, screened out by the HFEL investment 'remit' has denied any sporty performances geared to the very low market discount rates over recent years. Then again, at least this has spared HFEL from much harm due to the uber-zealous new regulatory regime imposed in the PRC, unlike those internet stocks and other previous high fliers.
Henderson Far East Income share price data is direct from the London Stock Exchange
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