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 is differentiated from conventional asset managers by its focus on currency markets where it benefits from its independent status and over 30 years of experience. Passive hedging services account for more than half of revenues but its offering is increasingly bespoke. This has pushed costs up but should help secure additional and retain existing mandates. The valuation remains below average in comparison with UK asset managers and the distribution policy is attractive for those seeking income.

Record is differentiated from conventional asset managers by its focus on currency markets where it benefits from its independent status and over 30 years of experience.  Passive hedging services account for more than half of revenues but its offering is increasingly bespoke. This has pushed costs up but should help secure additional and retain existing mandates. The valuation remains below average in comparison with UK asset managers and the distribution policy is attractive for those seeking income.

Record - AUME at a high, investing in products, services

Record&rsquo;s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an attractive yield.

Record&rsquo;s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an attractive yield.

Market trends help but costs and forex hinder

Record&rsquo;s FY17 results were close to our expectations so the main new news was the level of ordinary dividend increase (+21%), the announcement of a revised capital policy and the accompanying return of capital by way of a c &pound;10m tender offer. These underline the balance sheet strength and cash-generative nature of the business. Despite re-rating in the last year the shares still trade below average multiples for UK asset managers and the yield, including the special dividend, is over 7%.

Record&rsquo;s FY17 results were close to our expectations so the main new news was the level of ordinary dividend increase (+21%), the announcement of a revised capital policy and the accompanying return of capital by way of a c &pound;10m tender offer. These underline the balance sheet strength and cash-generative nature of the business. Despite re-rating in the last year the shares still trade below average multiples for UK asset managers and the yield, including the special dividend, is over 7%.

Record reported assets under management equivalent (AUME) at a record level at the end of March reflecting positive market and currency moves in the company&#8217;s final quarter. While flows have fluctuated during FY17, the uncertain macro background is contributing to good levels of interest in Record&#8217;s currency management products and this should also be supported by a lengthening period of positive performance from the currency for return products.

Record reported assets under management equivalent (AUME) at a record level at the end of March reflecting positive market and currency moves in the company&#8217;s final quarter. While flows have fluctuated during FY17, the uncertain macro background is contributing to good levels of interest in Record&#8217;s currency management products and this should also be supported by a lengthening period of positive performance from the currency for return products. 

Record&#8217;s Q317 trading update continued a series of positive updates through the financial year. It showed an increase in assets under management equivalent (AUME), positive currency for return performance and reported continuing interest in the company&#8217;s products in a climate of political and economic uncertainty. We have slightly raised our estimates to account for the higher AUME and recent dollar strength. Against this background, the rating of 13.7x FY17e earnings, supported by a yield of 4.6%, appears undemanding.

Record&#8217;s Q317 trading update continued a series of positive updates through the financial year. It showed an increase in assets under management equivalent (AUME), positive currency for return performance and reported continuing interest in the company&#8217;s products in a climate of political and economic uncertainty. We have slightly raised our estimates to account for the higher AUME and recent dollar strength. Against this background, the rating of 13.7x FY17e earnings, supported by a yield of 4.6%, appears undemanding.

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 - AUME at a high, investing in products, services

Record is differentiated from conventional asset managers by its focus on currency markets where it benefits from its independent status and over...

Edison Investment Research

Market trends help but costs and forex hinder

Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was...

Edison Investment Research

Generating and returning cash

Record’s FY17 results were close to our expectations so the main new news was the level of ordinary dividend increase (+21%), the announcement of a...

Edison Investment Research

Highest AUME yet

Record reported assets under management equivalent (AUME) at a record level at the end of March reflecting positive market and currency moves in...

Edison Investment Research

Good performance in uncertain times

Record’s Q317 trading update continued a series of positive updates through the financial year. It showed an increase in assets under management...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)