devonplay
05 Nov 2018
Annual Financial Report Hope you are keeping well Mr Solo, I remain a holder, not buying at this moment, but it’s a keeper in my book. DL
Guitarsolo
05 Nov 2018
Annual Financial Report I haven’t read the whole financial report but the Chairman/ Manager’s statements seem relatively positive - about dividends at least. Next quarter dividend up to 5.5p and all covered by dividend income from the Far East where companies seem intent on paying out decent dividends for shareholders (I like them for that!). Not sure HFEL’s overall performance has been that stellar. Has anyone got any comparisons to share? I like where HFEL is invested and its dividend focus. However, I wouldn’t mind diversifying but only if the yield is the same or better. Guitarsolo
TwoSporrans
27 Aug 2018
More Emerged than Emerging Assets When you consider the current Geo. allocation, pretty self explanatory. x |China|25.3%| |Taiwan|15.8%| |Australia|15.0%| |South Korea|12.1%| |Singapore|9.8%| |Thailand|7.8%| |Hong Kong|6.3%| |United Kingdom|2.5%| |New Zealand|2.1%| |Malaysia|2.0%| China + Thailand + Malaysia = 35% and they’re hardly on the foreign loan/capital dependent fringe, nor basket case economies. The other economies [65%] are pretty much developed. Looking at the sector breakdown, maybe the 41% Financials weighting is cause for concern, maybe not. Ditto could argue that want heavy weighting in consumer stuff that is not that associated with international trade. [Fears of Trumpian tariffs] HFEL only about 15% consumer stocks. But I’m not that persuaded; like any currency depreciation [how much from here anyway?] just makes the export [+import substitution] companies even more competitive!! And Asia remains a high growth + reasonably stable region; once conducive to business and investments thereof. Intra-regional trade dwarfs trade with rest of world; lets not overlook this! But I do note the retraction in China weighting by Kerley the past month from ~30% to ~25% of assets. [Taiwan up a lot, so debatable consequence]. And thinking about the Financials weighting and Chinese economy concerns, especially over extended credit, not the 2 largest HFEL company holdings are: |Industrial & Commercial Bank of China|3.1%| |China Construction Bank|3.0%| So, I looked into these. Really, they look pretty solid and safe. Basically, the main risk concern with Chinese banks is their over extended loans, in terms of capital [deposits]; a combination of high+growing leverage and poor quality loans in situation of slowing econ. growth. But when you look into this, the Chinese Banks are very tiered and the ones at the top - like the 2 above - have pretty solid looking balance sheets; not over leveraged. It’s the lower tier banks that exhibit those woes; the more so the smaller they are, generally. Some of the regional banks [they really are regional as Gov’t regs. pretty much confine them to regional business] in the less economically strong regions - notably the NE ‘rust belt’ provinces do look v. dodgy. So what of systemic risk? Well obviously there, but as above, the regionals do regional trade and largely ‘ringfenced’ there’s not a huge amount of loans by the 2 big banks HFEL is heavy into. Independent study I read yesterday stated the risk to those 2 particular banks of a general loan default escalation was very low, the very high risk to many of the regionals notwithstanding. Anyways, risk is relative as well as absolute. Like how many European banks look that bullet proof right now? And that’s not just e.g. Italian; what about e.g. Deutschebank? Look, no investment is without risk. But seems to me Kerley is treading a pretty conservative path and selecting assets with low risk of going pear shaped any time soon.
devonplay
06 Aug 2018
Dividend Increased 3.8% - 5.5p on Ex-D date 2Aug18 Good solid investment in my experience. I’m also holding. Any weakness I might even buy more. DL
Deepsleeves2
06 Aug 2018
Dividend Increased 3.8% - 5.5p on Ex-D date 2Aug18 Hold 16,000 of these in my SIPP, and happy to take the [increasing] dividend. Deep
TwoSporrans
02 Jul 2018
Dividend Increased 3.8% - 5.5p on Ex-D date 2Aug18 So, the quarterly dividend has grown from 5.3p to 5.5p; just over 3.75% up, so beats inflation. In the great main, when HFEL increase their dividend, they hold the new level for the next year, so it’s a very good bet indeed that the payout for the next year - from August 2018 will be 22.0p. For a share price of 360p, that’s a tad above 6.1%. HFEL and predecessor company never cut their dividend over decades; this is going back before the 1997-98 Asian debt crisis. Of course, nothing is guaranteed and concerns over the Chinese economy, trade wars and the impact of these upon Asian-Pacific equity and currencies have mounted of late. Maybe HFEL’s 28% weighting in Chinese equities + 5% in HK and 8.6% in Taiwan will discourage some investors. Then again, the Chinese Gov’t has been conducting policies and responses that are supportive to their equities. Generally true for East + SE Asian nations. I’m happy to hold a stack of these through a year or 3 of turbulence; those dividends will add up nicely. Bought a few more today for 353p and limit buys stacked up down to 340p. Lower than that, my buying will increase in weight; the cash is already parked. If it never happens…no problem.
all_stations
18 Jun 2018
Categorisation confusion Hurrah! Since I complained (June 11) ii have moved it to the right category.
devonplay
11 Mar 2018
Re: Worth a look Thanks for this Grey.I'm having look through it at the moment with a view to IAPD.I haven't made my minds up about the merit of adding IAPD. If I do, it will be a relatively small top-up from my dividend account.DL
Greyinvestor
09 Feb 2018
Worth a look [link]
TwoSporrans
09 Feb 2018
6.0 Dividend stream on offer Anyone else 'buying the dip'?Repurchased units sold of for roughly 380p, later 2017 spikes for av. 354p.On 5.30p Qtrly divi. that's near as damn 6.0% pa income [tax free in ISA].OK, so the sell off may develop into a deeper one, a severe correction; maybe even a bear market - though I think the latter premature.Thing is, nobody truly knows, whatever they say.Experts when asked will make an educated guess in reply.Ironically, this sell off was set up by equities pricing up for benefits of US tax cuts which wasn't warranted, then reversing this + some on earnings lowballing a little.Yeah, there was also a wee inflation scare + related fast rise in bond yields, the speed of which caused some selling and this may continue....All this triggered a bit of a melt down day in US trade [crazy final hour] when a whole load of leveraged plays went into auto sale mode due to margin calls, stops or whatever. Then we have 'after-shocks'.As ever all this went global.Even if this sell off has precipitated a new mood of fear/caution and HFEL goes down further, think of it this way:HFEL has never cut its divi. in over 30 years operation.Not during Asian debt crisis, 2001-2, 2008-9 or whenever.You get 6% income currently to hold.Way better than cash and twice UK inflation [CPI].2018 set to continue global synchronised growth; rising earnings highly probable.So even if something like QE unwind + rising bond yields weighs in to over=ride and equity prices fall....well you put on the tin hat and just keep taking the 6%.looking long term, well no-one can say when the next big bear market will come.Might be later this year, back end 2019...2020. Fancy you can time it?Myself, I can keep taking 6% for a decade if needs be and if the price goes sub 250p or whatever, I'll be buying more from cash reserves and bag a huge fat divi.If a new 'era' of inflation arrives, at least you've got an indexed stake in real assets here - in contrast to [non indexed] bonds or cash.OK, so the divi. may get chiselled down if things get v. nasty but as above....it ain't happened yet, over those previous dire times.No options are risk free but this looks better odds than most for wealth conservation if not growth.
devonplay
26 Jan 2018
Re: Latest dividend declaration It's got to be a tech issue.The email notifications are right, for the most part, but the sites is not updating.I've been getting the notification from ii, but reading the updates on Morningstar.It's actually easy to just use Morningstar. They are usually quicker to load and better formated.I'm sure you all have this, but for those that don't [link] - The National Storage MechanismMorningstart are appointed by the FCA to act as the official mechanism for the storage of regulated information in the UK blah, blah, blahDL
Medway Man
26 Jan 2018
Re: Latest dividend declaration There seems to be numerous news feeds missing across many stocks........ but I think it could be problems rather than fee payable; as I can see feeds (re ex div dates etc) for others.
yeehar
26 Jan 2018
Re: Latest dividend declaration Windlesham Don, I think you're onto something.I've now crawled through my 30-odd blue chips and basket cases and the newest RNS seen is indeed 17/1.I've asked on the BP board for actual clients to comment.
Windlesham Don
26 Jan 2018
Re: Latest dividend declaration yeehar, thanks for posting the divi info.There appears to be something going wrong with the news feeds on this entire site. For me, although I can see the updated number of new items next to "News" on the portfolio page, the list shown when selecting the News page now seems to omit RNS news items. For me this seems to have been the case since 16th/17th Jan.Whether this is yet another technical glitch, or whether they have switched this feed to some form of 'premium' service (to extract cash no doubt) then I do not know...Regards,
yeehar
26 Jan 2018
Latest dividend declaration Latest divi - [link] DeclarationThe Directors have declared a first interim dividend of 5.30p (five point three zero pence) per ordinary share in respect of the year ending 31 August 2018. The dividend will be paid on 28 February 2018 to shareholders on the register (the record date) on 2 February 2018. The shares will be quoted ex-dividend on 1 February 2018."Surprisingly not shown under "News" (at time of posting) - which I find is normally reliable for such things.
