Peregrine | More predictable
Peregrine Holdings' (PGR) H1 ‘19 results were probably the last set of numbers affected by the restructuring transactions over the last two years. The Group now has a capital light business and targets a dividend payout ratio of 80% to 90%. We expect the changes to support the share's rating.We expect performance fees to improve over the next three years. However, we do not expect PGR to consistently produce double-digit earnings growth. Therefore, while we believe the Group is undervalued, lack of meaningful earnings growth will probably constrain the Group's rating in the near-term. Without any obvious acquisitions, management plans to augment muted organic growth with cost cutting.
Peregrine Holdings Limited is a financial services company. The Company provides with investment management solutions in wealth and alternative assets. Its segments include Wealth Management, Asset Management, Broking & Structuring, Stenham and Advisory. The Company operates wealth and asset management through its subsidiaries, Citadel Holdings Limited and Peregrine Capital Proprietary Limited. The Broking & Structuring segment includes brokerage, scrip lending income, interest and dividend income earned on trading, equities and futures transactions and fees charged for consulting and executing derivative strategies on behalf of clients. The Company operates Stenham segment through its subsidiary, Stenham Limited and its subsidiaries. Its advisory segment represents the returns on corporate finance, advisory and investment business generated from services, which range from financial, commercial and legal advisory and transaction execution services.
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