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Was just investigating...
Data on the IC platform shows adjusted EPS-23, which for the year just gone was 8.8p. The FY dividend was approximately 68% of adjusted EPS at 6p. The forecast Adj EPS for 24 is 6p. In that case there is hope that they can pay another 6p out in my opinion. I think they will want to, and they certainly have cash reserves, and may wish to behave more like an investment trust, where they maintain the dividend on a 'bad year'. If they kept up with the 66% of AdjEPS, we would be looking at 4p full year. Still ok IMO and a yield of 7% at todays price.
Market screener which uses EPS (non adjusted) does not paint such a rosy picture, with EPS of 0.6p next year., so in real terms the dividend is not well covered. What ever happens, historically this provides a great yield, so even if it were lowered, the pay back will be in years to come, when at todays price you could be on a 20% yield. Seems the broker target here is 87p NTM. Mainly rated as a hold / buy.
I do not think the next one has been confirmed yet (not on their website anyway).
I know the last one in February was 3p. I was wondering about the one later in the year.
The final dividend was 3p and paid on 16th February. The interim dividend amount is likely to be announced in June and likely paid in August.
Do you know if the divident is staying at 3p or reducing to 2p. Someone said it was getting reduced, but haven't seen any news on it.
Added a few more, although possibly could have waited another week or so. Happy enough....at the time of print! GLA.
The share price is starting to look quite tempting to me now. Might put a buy order in and see if it hits....
I'll buy more then I have spare cash, so the longer the price stays low the better.
Yeah, pleasing to see. Not sure why really, but not complaining either :)
Pretty good volume. An II building a position perhaps?
Starting to climb.
Planing on increasing my holding that these prices divident is decent.
Everestingly
Agreed, I chose it for recovery over Liontrust as it seems an easier company to understan
I think it is also useful that commentators with large retail followers are also positive on pmi and the wider sector:
1. Paul Scott and the stockopedia team called out pmi last week, saying oversold, strong balance sheet, high yield (see small caps podcast last Saturday).
2. Paul Hill said he has recently bought for exactly the same reasons (see stockpickers from yesterday)
I have not watched it yet, but will try and make the time to do so.
Good to hear positive feedback from those who have, though.
That is what I want from this holding: well run, costs carefully managed and a decent dividend to reward loyalty in the shareholder base.
I have plenty of excitement in other equities. Boring, consistent returns is the only thing I seek from PMI :) GLA.
I also thought the presentation was good. The leading indicator point for me was around the level of interest they had had for some presentation recently - they said they needed to hire out double the size conference facility vs 12 months ago. With the annual dividend (current 10% yield) effectively covered for 2 years by unrestricted cash (£18m), coupled with future fund inflows and a potential rising market, this share is strongly positioned for 2024. I tripled my initial q4 investment in PMI at the back end of the year and also broadened out into LIO. Sector AUM comps over the last week or so also confirm the trend. Fingers crossed here but signs are good…..
LWHL
Agreed, in fact I have always thought, & after watching this weeks webinar my feelings were reinforced, that this is a well run business in a cyclical industry which is probably at the bottom of its cycle, hence an excellent tuck away.
And that is fair enough too. Not a screaming buy right now IMO, but one that (subject to the obvious caveats) I am happy to continue to keep in the bottom draw, while I focus on managing a range of other equities more actively. GLA.
Fair enough …. As I said I stepped sideways … 2p of yesterday’s fall would have been my sales. The 75% of fund managers claim beating benchmarks is a little optimistic in my view … along with the measurement criteria. Most UK PMI funds have difficulties beating the FTSE350 over a 5 year period … and what really worried me were claims of “no benchmark” so we compared with FTSE350 and underperformed … not what I’d expect from a professional organisation, so I’ve taken a small hit in sidestepping but I like to sleep at night. GLA holders.
Well, I thought it was a solid enough update. Current dividend is good enough too.
More of a hold, than a buy for me, which is fine. GLA.
I’ve stepped sideways here … the share has fallen in line with others in the sector … but doesn’t have the trading liquidity I like … and having worked through the appraisal of each PMI fund … I’m not too impressed.
The short term concern going forwards is write downs that have hit shareprice of Jupiter and Liontrust so those numbers are factored into their share-prices, while the cut in dividends here is not reflective of a strong business albeit a growing company.
Investor Meet Company are doing a presentation for PMI at noon on Jan 12, good to see them conversing with shareholders, questions to be asked can be submitted in advance.
Originally in here at £1.15 averaged down to 90 pence hoping to build up a larger holding once I have spare cash. My isa allowance is maxed out so not much spare cash in the account as everything I'd invested. Am gonna have to keep spare cash in the account for future price drops. Rolls royce is my biggest star at the moment only wish I had invested more there.
I don't think the run up to 60 was a surprise, merely a minor correction of being over sold. Yes difficult times, as can be seen by the whole sector's cratering, in an economy not conducive, with ETFs continually removing their market/proposition. There are too many, yes, but still a role, and consolidation is necessary for survival, but in such there is great opportunity for those in the quality sphere.
The end of the bosses commentary referred to their scalability (underutilisation). They could have maintained the dividend, what with a third mkt cap in cash, and that they didn't, along with the recent purchase, shows that consolidation is there vision here. The economies/efficiencies of scale (cost reduction) will allow the quality to not only survive but prosper.
I hold a number of asset managers, and despite the structural threat of ETFs, think most are deeply undervalued, in their earnings alone, let alone the uplift that a KKR type consolidation of the sector would bring.
And I say that as someone who first bought here at £1.10! Frankly to still receive a 5% income in a bombed out stock in a bombed out sector, shows you the oppurtunity in PMI when either or both the economy turns or consolidation occurs.
Yes. In the bottom draw. The worry free bottom draw.
About in line with my expectations. Was surprised to see the SP run up to the 60's pre-results.
I will add a few more if we return to the low 50's in the weeks ahead, which IMO is about the right price at the time of print.
Would also like to see some more inside buying shortly too.
Satisfied enough to keep these in the bottom draw though for when better times arise. GLA.
Alongside the interim dividend of 3p we have decided to recommend a final dividend of 3p, bringing the total dividend for the year to 6p, equal to approximately 68% of adjusted EPS of 8.8p.
If approved by shareholders at the Annual General Meeting on 7 February 2024, the dividend will be paid on 16 February 2024 to shareholders on the register at the close of business on 19 January 2024.
Even the 3p on its own is a 5% yield currently. If we guess that a 2p interim will be paid in 6 months then we have a yield of 8.6%. In years to come, if this got back to 13p then the yield from todays buy in price would be 22.4%. One to hold with little down side IMO.