reports
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: IntegraFin - Solid H1, recovery play intact
IntegraFin’s H1 results were slightly ahead of expectations. The c.5% consensus PBT beat was driven mostly by higher-than-expected net interest income on corporate cash, but also marginally lighter than expected costs in each of the major line items. We nudge up our FY 23 EPS by 3% as we increase our expected net interest income for the full year with similar benefits in outer years. The shares have performed poorly since the interim results last year, but earnings momentum has now clearly infle...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- James Allen
- Nick Anderson
LIBERUM: IntegraFin - Robust Q2 flows support recovery play
IntegraFin’s Q2 flows update showed robust net inflows for the quarter. While flows are trending marginally below our full year estimate, expected H1 revenues of £66m and unchanged cost guidance suggest the business is trading in line. We therefore leave estimates unchanged for now. Adviser and customer numbers were reviewed for legacy balances, leading to a 1% reduction in adviser numbers, but gross registrations show that the platform remains popular. IntegraFin provides an attractive recovery...
- Liberum Research Team
- Liberum Research Team
- Jason Streets
Hardman & Co Insight - Asset managers had a poor 2022
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m...
SDR SCHRODERS PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RAT RATHBONE BROTHERS PLC
IPX IMPAX ASSET MANAGEMENT GROUP PLC
LIO LIONTRUST ASSET MANAGEMENT PLC
FEN FRENKEL TOPPING GROUP PLC
MTW MATTIOLI WOODS
HL. HARGREAVES LANSDOWN PLC
A2PG8B MAN GROUP PLC
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
BRK BROOKS MACDONALD GROUP PLC
ASHM ASHMORE GROUP PLC
TAM TATTON ASSET MANAGEMENT
IHP INTEGRAFIN HOLDINGS
AJB AJ BELL
MNG M&G PLC
HL HARGREAVES LANSDOWN
An unfavourable environment weighs on INTEGRAFIN HOLDINGS, which sees ...
The independent financial analyst theScreener just requalified the general evaluation of INTEGRAFIN HOLDINGS (GB), active in the Asset Managers industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date February 4, 2022, the closing pric...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Major Indexes Testing Resistance Positive news flow surrounding COVID-19 is encouraging on many fronts, notably from a human and economic perspective (e.g., peaking infections/deaths in Italy & Spain, certain European governments making plans to ease lockdowns, and that US death projections were likely overestimated). Still, despite encouraging news and the relief rally in global equities, history tells us that this is a fairly standard bear market rally in terms of its magnitude, making us bel...
4001 ABDULLAH AL OTHAIM MARKETS CO.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
JD JD.COM INC. SPONSORED ADR CLASS A
D8Q BANCO LATINOAMERICANO DE COMERCIO EXTERIOR S.A. CLASS E
002157 JIANGXI ZHENGBANG TECHNOLOGY CO. LTD. CLASS A
MRU METRO INC.
4966 C. UYEMURA & CO. LTD.
A0M368 BEIJING SHUNXIN AGRICULTURE CO. LTD. CLASS A
HGNC HENGAN INTERNATIONAL GROUP CO. LTD.
ATM A2 MILK COMPANY LTD.
6702 FUJITSU LIMITED
NEL NEL ASA
002410 GLODON COMPANY LIMITED CLASS A
002511 C&S PAPER CO. LTD. CLASS A
TOM TOMIZONE
7947 FP CORPORATION
6920 LASERTEC CORP.
8194 LIFE
600486 JIANGSU YANGNONG CHEMICAL CO. LTD. CLASS A
02280 HC GROUP INC.
8113 UNICHARM CORPORATION
3038 KOBE BUSSAN CO. LTD.
002352 S.F. HOLDING CO. LTD. CLASS A
GMKN MMC NORILSK NICKEL PJSC
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
3697 SHIFT
603027 QIANHE CONDIMENT & FOOD CO. LTD. CLASS A
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IHP INTEGRAFIN HOLDINGS
03141 BMO ASIA USD INVESTMENT GRADE BOND ETF
3323 CHINA NATIONAL BUILDING MATERIAL CO.
914 LTD.
603605 ANHUI CONCH CEMENT CO.
LTD.
PROYA COSMETICS (A)
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