Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Aberdeen Asset Management: Morgan Stanley raises target price from 365p to 375p; keeping an overweight rating
Aberdeen Asset Management: Citigroup raises target price from 320p to 345p and downgrades to neutral. JP Morgan raises target price from 330p to 414p, overweight rating unchanged. Credit Suisse moves target price from 323p to 380p, outperform rating kept. Exane BNP Paribas raises target price from 350p to 370p, outperform rating maintained.
The U.S. increased oil production by 832,000 barrels a day from August 2011 to August 2012—a direct consequence of The Shale Revolution.
http://www.investegate.co.uk/aberdeen-asset-mngmt-(adn)/rns/final-results/201211260700089459R/
Positive Points: Consistent with recent years, Aberdeen saw major inflows into its global emerging markets (GEM), Asia Pacific and global equity products, with continued encouraging inflows also seen for its Emerging Market Debt products. A strong balance sheet was declared, aided by a net cash position that more than doubled to £266.4 million (2011: £127.5 million). In early October, the group announced the opening of a new office in New York to support its expansion in North America. The Board said it remains committed to a progressive dividend policy. Aberdeen Asset Management was promoted to the FTSE-100 index for the first time in its 29 year history in March 2012.
Negative Points: Management retained a degree of uncertainty in its outlook, prompted by the global economic backdrop. As with any asset manager, declines in global stock market levels could see investors moving cash elsewhere. Ongoing concerns over the Eurozone debt crisis and an economic slowdown may impact on investor's appetite for taking on more risk. A disruption or departure within the group's investment team could lead to an outflow of assets under management.
Financial Highlights: Underlying profit before tax increased by 15% to £347.8 million (2011: £301.9 million). Aberdeen said revenues reached £869.2 million for the year ended 30 September, up from £784 million a year earlier. Assets under management increased by 10% to £187.2 billion (2011: £169.9 billion), with new client money and strong investment performance in equities driving the rise. The board have recommended a final dividend of 7.1 pence per share, making an 11.5 pence dividend for the full year, up from 9 pence last year.
full year results: Aberdeen reveals a very strong performance. Aberdeen Asset Management unveiled an impressive set of results against a backdrop of a difficult and uncertain year in the financial markets. The fund manager reported an 11% rise in full year revenues with underlying profits before tax up 15%, as rising demand for its higher margin equity products helped it to beat analyst expectations. Assets under management reached £187.2 billion, up from £169.9 billion a year earlier, with new client money and strong investment performance in equities driving the rise. The company's balance sheet was strengthened further during the year, with net cash more than doubling to £266.4 million. Management said it "remained confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value.
Company overview Aberdeen Asset Management Plc is an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office is based in Aberdeen, Scotland. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Early coverage Aberdeen Asset Management, Europe’s second largest fund manager, has announced a 15 per cent full year increase in underlying profit before tax, to £347.8m, versus £301.9m a year ago. The rise came on the back of an 11% increase in revenues, which reached £869.2m. Significantly, assets under management increased by 10% to £187.2bn, from last year’s £169.9bn.
Outlook It is perhaps unwise to anticipate an end to the uncertainty engendered by the global economic and political backdrop, but I do believe that our clients and shareholders will be well served by the long term investment philosophy and rigorous process of our teams. While equity based products continue to generate healthy sales, we are confident that our sustained efforts in connection with other asset classes will make an increasingly important contribution to the Group's performance in the coming months.
New business New business totalling £36.0 billion was added during the year, with two-thirds of those flows being into pooled funds. By contrast, over 50% of outflows, also £36.0 billion, were from lower margin segregated mandates. As a result, 45% of our year-end assets under management (AuM) is invested in pooled funds (2011: 40%). Gross inflows were sourced from investors in Continental Europe (36%), the UK (23%), the Americas (25%), Asia Pacific (15%) and the Middle East (1%). Consistent with recent years, the major inflows were into our global emerging markets (GEM), Asia Pacific and global equity products. We continue to work to moderate the scale of inflows to GEM, as we are committed to avoiding any dilution to the quality of the portfolios. We also saw healthy interest in our emerging market debt (EMD) and Asian fixed income capabilities, both higher margin products. Indeed, our flagship EMD fund passed the $2 billion milestone during the year. However, overall fixed income flows remained negative, primarily due to outflows from the more traditional developed market strategies. We also experienced net outflows from the solutions business. Although our property funds reported a small net outflow, we have strengthened our global property platform with expanded multi manager teams in Asia and the US, and have added specialist distribution capabilities in both regions. Our equity teams again delivered consistent outperformance against their respective benchmarks over both the longer and shorter term and, in due course, once sentiment towards the Eurozone improves, we believe that our pan-European equities team will attract interest from investors. Fixed income performance remains generally above benchmark over five years, although a few strategies underperformed over one year as the teams believe government bonds remain overvalued and so favoured a short duration stance. Within solutions, performance was good in fund of hedge funds (FoHF) although it was a mixed year for new business with outflows from the multi manager capability, which continues its transition following the acquisition of the RBS business. Nevertheless, we continue to widen the appeal to our existing investor and consultant base.
Financial highlights Net revenue for the year of £869.2 million was 11% higher than in 2011, reflecting healthy growth in recurring management fees, supplemented by increased performance fee income. The quality of income remains high, with recurring fees accounting for 94% of net revenue and the blended average fee rate rising to 45.1 basis points (2011: 41.2 basis points). Operating expenses increased by 9%, with some controlled addition to headcount in distribution and additional resource committed to the promotion of the Aberdeen brand and positioning of our product range to satisfy existing and expected investor trends. Underlying operating profit, which is stated before amortisation of intangible assets, increased by 14% to £352.7 million (2011: £309.3 million) and the operating margin improved further to 40.6% (2011: 39.5%). Underlying earnings per share increased by 21% to 22.6p (2011: 18.7p). Operating cashflow was strong, and this enabled us to grow the net cash position to £266.4 million (2011: £127.5 million) at the year end. We will use £80 million of this cash to pay the proposed final dividend, but will achieve our aim of meeting the regulatory capital requirements, without reliance on the consolidation waiver, by the end of 2012. The capital position has been strengthened further since the year end, with the holders of £65 million of convertible bonds having elected to convert their holdings to ordinary shares.
Martin Gilbert, Chief Executive of Aberdeen Asset Management PLC commented: "This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients. We have been rewarded by continuing strong interest in our funds and significant growth in assets under management. We have strengthened our balance sheet further and remain confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value."
ABERDEEN ASSET MANAGEMENT PLC RESULTS FOR THE YEAR TO 30 SEPTEMBER 2012 (AUDITED) Highlights · Revenue 11% higher at £869.2 million (2011: £784.0 million) · Underlying profit before tax increased by 15% to £347.8 million (2011: £301.9 million) · 21% increase in underlying earnings per share to 22.6p (2011: 18.7p) · Final dividend of 7.1p per share (2011: 5.2p), making 11.5p for the full year (2011: 9.0p) · Balance sheet strengthened further - net cash more than doubled to £266.4 million (2011: £127.5 million) · Assets under management increased by 10% to £187.2 billion (2011: £169.9 billion)
Another persistent winner in share price terms since the summer is Aberdeen Asset Management (ADN). Indeed, in September it made all the right noises concerning improved margins and small net outflows. This was enough for Peel Hunt to raise its price target on the stock to 350p from 300p, as it flagged the possibility of a new dividend hike as well as raised profits estimates for 2013.
On a roll this morning. Hope Quindell follows the same in due course!
I note Chemring plc reported a Holding on 29 October 2012 .Relevant securities owned and/or controlled: 4,063,89 = 2.10% (Not mentioned on Investigate.)
Appears to be lots of profit taking over the past week. However, the recent update a week ago is very positive.__ Aberdeen Asset Management's assets under management rose to £184.3bn at the end of August - up from £182.7bn at the end of June. It reports gross new business of £6.1bn in the two-month period under review and net outflows of £0.1bn. The group also says the trend of new business flows into higher margin products continues and the overall performance across asset classes remains robust. Story provided by StockMarketWire.com
I'm pleased to say Aberdeen had a good week and held up well today against some resistance.
http://www.dailyfinance.com/2012/10/10/why-aberdeen-asset-management-is-up-52-this-year/
Interesting article from the end of last month in the Mail Online. See:- http://www.dailymail.co.uk/money/investing/article-2210127/INVESTMENT-EXTRA-Hugh-Youngs-share-tips-boost-portfolio.html . The SP soldiers on!
Did top up last week, and the Share Price is up with Market sentiment proving positive. Will be interesting to see if targets are met in due course.