Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Record has maintained its commitment to improving service levels and introducing new products to meet client needs. In H120 this included a new strategy within the currency for return area and it is extending its derivative management capabilities to asset classes outside currency. These initiatives may not affect earnings significantly in the near term but are part of a process of innovation and investment that has helped to limit fee margin erosion and provide a stronger base for future client acquisition.

Record has maintained its commitment to improving service levels and introducing new products to meet client needs. In H120 this included a new strategy within the currency for return area and it is extending its derivative management capabilities to asset classes outside currency. These initiatives may not affect earnings significantly in the near term but are part of a process of innovation and investment that has helped to limit fee margin erosion and provide a stronger base for future client acquisition. 

Record’s average assets under management equivalent (AUME) were stable in the first half. Management fees were modestly lower as a result of a mix change towards lower management fee rate products, although some of these are capable of earning performance fees. Evidencing the potential to offset management fees forgone, the period saw crystallisation of a performance fee which allowed profit to increase by over 6%. For the future Record’s continued focus on new and enhanced products should help defend and increase the client base and AUME levels while performance fees could generate positive earnings surprises.

Record’s average assets under management equivalent (AUME) were stable in the first half. Management fees were modestly lower as a result of a mix change towards lower management fee rate products, although some of these are capable of earning performance fees. Evidencing the potential to offset management fees forgone, the period saw crystallisation of a performance fee which allowed profit to increase by over 6%. For the future Record’s continued focus on new and enhanced products should help defend and increase the client base and AUME levels while performance fees could generate positive earnings surprises.

Record - Broadening product and generating interest

In its second-quarter update, Record reported a broadly stable figure for assets under management equivalent (AUME), but also included news of a noticeable passive hedging outflow due in Q319. While this prompts 3% and 9% reductions in our FY19 and FY20 EPS estimates, the group is seeing good opportunities to win new business and our estimates exclude both potential AUME inflows and performance fees.

In its second-quarter update, Record reported a broadly stable figure for assets under management equivalent (AUME), but also included news of a noticeable passive hedging outflow due in Q319. While this prompts 3% and 9% reductions in our FY19 and FY20 EPS estimates, the group is seeing good opportunities to win new business and our estimates exclude both potential AUME inflows and performance fees.

Record - Opportunities to offset hedging outflows

Record is in its 35th year and underlying its longevity are expertise and service levels that have sustained a client base through changing markets. FY18 saw further investment in personnel to support customised services, while a new product offering in passive hedging has the potential to earn performance fees that we have not included in our estimates. Similarly, positive net AUME flows could allow earnings to beat our expectations.

Record is in its 35th year and underlying its longevity are expertise and service levels that have sustained a client base through changing markets. FY18 saw further investment in personnel to support customised services, while a new product offering in passive hedging has the potential to earn performance fees that we have not included in our estimates. Similarly, positive net AUME flows could allow earnings to beat our expectations.

Record’s Q4 update showed a modest reduction in AUME, but FX rate moves and an adjustment in fee structure for passive hedging prompt a marked estimate reduction for FY19. Over time, performance fees could mean the apparent shortfall will be at least made good, while the changes should aid client retention and help win new mandates. Neither performance fees nor unannounced net AUME flows are included in our estimates.

Record’s Q4 update showed a modest reduction in AUME, but FX rate moves and an adjustment in fee structure for passive hedging prompt a marked estimate reduction for FY19. Over time, performance fees could mean the apparent shortfall will be at least made good, while the changes should aid client retention and help win new mandates. Neither performance fees nor unannounced net AUME flows are included in our estimates.

Record - Investing in service enhancements

United Kingdom

Blackrock Latin American Investment Trust PLC is a closed-end fund incorporated in the United Kingdom. The aim of the Fund is to achieve long-term capital growth in assets per share through a diversified portfolio investing in quoted Latin American securities.

Powerhouse Energy Group PLC is a global alternative energy company. The Company offers a wide range of integrated waste and biomass-to-energy systems on a turnkey basis. Powerhouse's zero-emission systems convert a wide range of waste and biomass materials into energy products, including syngas, hydrogen, electricity and liquid fuels (under development).

Provident Financial plc is a financial services group specialising in the provision of personal credit products for consumers in the United Kingdom non standard lending market. The Company's Consumer Credit division provides small, unsecured loans, which they collect in weekly installments. The Company's Credit Cards business is operated through Vanquis Bank.

Weiss Korea Opportunity Fund Ltd.is a closed-ended equity mutual fund launched and managed by Weiss Asset Management LP. The fund invests in the public equity markets of South Korea. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in value stocks and preferred shares of companies. It focuses on such factors as dividend yield, liquidity, and common shares weighting to create its portfolio. The fund benchmarks the performance of its portfolio against the MSCI Korea 25/50 Net Total Return Index. Weiss Korea Opportunity Fund Ltd. was formed on April 12, 2013 and is domiciled in Guernsey.

Weiss Korea Opportunity Fund Ltd (WKOF LN)

Mercia Asset Management PLC is a venture capital firm specializing in incubation, seed EIS, and early stage investments. It invests in technology focusing on sectors such as digital entertainment, gaming, software, electronics and hardware, advanced materials, engineering and specialist manufacturing, and life sciences. The firm invests in Midlands and the North of the United Kingdom. It makes equity investments in companies either directly or via its funds under management and can also provides investments in form of debt or convertible securities. The firm seeks board position in its portfolio companies. Mercia Technologies PLC was founded in April, 2014 and is based in Henley-in-Arden, United Kingdom with an additional office in Edinburgh, United Kingdom.

India Capital Growth Fund Limited is a close-ended equity mutual fund launched and managed by Ocean Dial Asset Management Limited. The fund invests in the public equity markets of India. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in stocks of mid and small cap companies. It employs fundamental analysis with a bottom-up stock selection approach and top-down thematic overlay, focusing on such factors as structural liquidity, cyclical liquidity, earnings momentum, strong management, sound financials, and competitive advantage to create its portfolio. The fund benchmarks the performance of its portfolio against the BSE Mid-Cap Index. It conducts in-house research to make its investments. India Capital Growth Fund Limited was formed on November 11, 2005 and is domiciled in Guernsey.

H&T Group plc primarily provides pawnbroking services in the United Kingdom. It operates in six segments: Pawnbroking, Gold Purchasing, Retail, Pawnbroking Scrap, Personal Loans, and Other Services. The company also offers gold purchasing, jewelry retail, cheque cashing, unsecured lending, buyback, foreign exchange, money transfer, and prepaid debit card services. As of June 30, 2016, it operated 186 H&T Pawnbrokers stores and est1897 second hand jewelry retail stores. The company was incorporated in 2004 and is headquartered in Sutton, the United Kingdom.

ASA International Group PLC operates as a micro financing company. The Company provides loans and advances to female micro-entrepreneurs and businesses. ASA International Group serves clients worldwide.

Appreciate Group PLC operates as a gifting and engagement company. The Company offers gift cards and vouchers for individuals and businesses, as well as marketing services. Appreciate Group serves customers in the United Kingdom.

B.P. Marsh & Partners PLC is a private equity and venture capital firm specializing in investments in early stage, developmental capital/acquisition capital, startups, management buyouts, management buyins, and hive offs. The firm  insists to appoint a non-executive board of director in its portfolio companies and also makes follow-on investments. The firm does not invest in insurance companies or businesses exposed to principle risk. It prefers to invest in the financial services sector with a focus on insurance intermediaries; asset managers; independent financial advisors; and professional consultants. The firm prefers to invest in United Kingdom, Europe, North America, Australasia, and occasionally elsewhere. It typically invests between �0.50 million ($0.79 million) and �3 million ($4.78 million). It makes investments through equity and debt. The firms takes minority stakes ranging from 15 percent to 45 percent and prefers to exit its investments through a trade sale or an IPO. B.P. Marsh & Partners PLC was founded in 1990 and is based in London, the United Kingdom.

G-Resources Group Limited provides financial services. The Company focuses on principal investment, financial services, money lending, and real property business. G-Resources Group serves customers in Hong Kong.

The Bank of Japan serves as Japan's central bank who seeks to maintain price stability and to ensure the stability of the nation's financial system.  The Bank issues and maintains bills, executes monetary policy, acts as clearing house for nation's banks, administrates treasury, issues government bonds, intervenes foreign exchange markets, and provides economic data and statistics.

Hanhua Financial Holding Co Ltd is a financial service holding company. The Company, through its subsidiaries, provide investment, investment management, and investment consultation services.

Omni Bridgeway Limited provides investment management services. The Company offers claims securitization, litigation, funding, legal recovery, trading, and other related solutions. Omni Bridgeway serves customer worldwide.

Min Xin Holdings Limited, through its subsidiaries, provides financial services and invests in securities.  The Company also develops and invests in properties as well as invests in toll road and industrial instrument manufacturing.

Ocwen Financial Corporation is diversified financial services holding company. The Company's primary businesses are the acquisition, servicing, and resolution of sub-performing and nonperforming residential and commercial mortgage loans, as well as the related development of loan servicing technology and business-to business e-commerce solutions for the mortgage and real estate industries.

KYUSHU LEASING SERVICE CO., LTD. is a comprehensive leasing firm in the Kyushu region.  The Company leases industrial equipment such as information related equipment, office device, and construction machinery.  The Company also provides installment sales.

Mulpha International Berhad is a diversified company. The Company's focus is on real estate and property-related services and financial services, with operations and investments in Malaysia, Vietnam, Singapore, People's Republic of China, Hong Kong and Australia.

Crest Ventures Limited is an investment company.  The Company invests in financial assets and real estate.

Tourism Finance Corporation of India Limited specializes in tourism related business. The Group works in association with the Government of India, in order to create and develop projects to help with accommodations and hospitality services, car rental services, ferries for water transport, highway facilities and training institutes for hotel personnel.

Record PLC is a specialist currency management firm. The Company provides specialist currency management to institutions and corporations, pension plans, and other institutional investors. ... More

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Record PLC (REC LN)

Record - Enhancing products and service

Record has maintained its commitment to improving service levels and introducing new products to meet client needs. In H120 this included a new...

Edison Investment Research

Record - Broadening product and generating interest

Record’s average assets under management equivalent (AUME) were stable in the first half. Management fees were modestly lower as a result of a mix...

Edison Investment Research

Record - Opportunities to offset hedging outflows

In its second-quarter update, Record reported a broadly stable figure for assets under management equivalent (AUME), but also included news of a...

Edison Investment Research

Record - Maintaining client commitment

Record is in its 35th year and underlying its longevity are expertise and service levels that have sustained a client base through changing...

Edison Investment Research

Record - Investing in service enhancements

Record’s Q4 update showed a modest reduction in AUME, but FX rate moves and an adjustment in fee structure for passive hedging prompt a marked...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)