Invesco Asia Trust (IAT)

Sector:

Investment Firms

Index:

FTSE Small Cap

287.50p
   
  • Change Today:
    -4.50p
  • 52 Week High: 310.00
  • 52 Week Low: 199.00
  • Currency: UK Pounds
  • Shares Issued: 66.85m
  • Volume: 24,600
  • Market Cap: £192.20m
  • RiskGrade: 180

Invesco Asia Trust posts solid half-year

By Josh White

Date: Wednesday 14 Dec 2016

LONDON (ShareCast) - (ShareCast News) - Invesco Asia Trust released its half-yearly financial report for the six months to 31 October on Wednesday, reporting a net asset value total return of 33.6%.
The company's share price total return was 37.1%, compared to its benchmark index - the MSCI AC Asia ex Japan Index - which posted a 32.1% index for the period.

Net assets stood at £230.97m at period end, up 28.2% from the £180.11m recorded on 30 April.

The trust's net asset value was 276p, up from 210.7p, while its share price rocketed to 246.5p from 183p.

That resulted in a discount per ordinary share of 10.7%, compared to 13.1% at 30 April, or a discount ex income of 9.5%, compared to 11.7%.

"Over recent years, Asian equity markets have had to contend with declining economic growth in the region," noted chairman Carol Ferguson.

"This is partly due to weak export demand which is not expected to strengthen to any great extent as long as global growth remains subdued.

"It also reflects the re-orientation of China's economy away from investment as the primary driver of its GDP growth."

Ferguson said the board was waiting to see what mix of policies the Trump administration pursues, and hoped that pragmatism will prevail over protectionist policies.

"In China, there is some concern that economic stability has been accompanied by a rise in credit growth.

"It is our view that the economy can manage high debt levels for some years to come as long as this debt continues to be funded by domestic savings."

Meanwhile, Ferguson said India still offers some real growth prospects, despite the fact that a recovery in its GDP growth has been slow to materialise.

"The Modi government is making progress by implementing measures to tackle barriers that have inhibited India's natural growth drivers.

"As is typical with India, the market can at times be negatively impacted by reforms in the short term, and this can provide opportunities to increase exposure at more attractive valuation levels."

Against that backdrop, Ferguson said the earnings environment seemed to be gradually bottoming out.

"Asian equity markets are trading at mid-range valuation levels and this is probably fair given we expect high single-digit earnings growth for 2017.

"As such your portfolio manager and the board believe that this is a region where it is possible to make money through judicious stock selection."

Ferguson added there were still plenty of stocks with attractive growth prospects, whose valuation multiples are offering good entry points for long term investors.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

IAT Market Data

Currency UK Pounds
Share Price 287.50p
Change Today -4.50p
% Change -1.54 %
52 Week High 310.00
52 Week Low 199.00
Volume 24,600
Shares Issued 66.85m
Market Cap £192.20m
RiskGrade 180

IAT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
69.19% below the market average69.19% below the market average69.19% below the market average69.19% below the market average69.19% below the market average
71.18% below the sector average71.18% below the sector average71.18% below the sector average71.18% below the sector average71.18% below the sector average
Price Trend
54.96% above the market average54.96% above the market average54.96% above the market average54.96% above the market average54.96% above the market average
54.10% above the sector average54.10% above the sector average54.10% above the sector average54.10% above the sector average54.10% above the sector average
Income
41.64% below the market average41.64% below the market average41.64% below the market average41.64% below the market average41.64% below the market average
9.58% below the sector average9.58% below the sector average9.58% below the sector average9.58% below the sector average9.58% below the sector average
Growth
74.85% above the market average74.85% above the market average74.85% above the market average74.85% above the market average74.85% above the market average
71.78% above the sector average71.78% above the sector average71.78% above the sector average71.78% above the sector average71.78% above the sector average

IAT Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Mar-20 24-Oct-19
Paid 20-Apr-20 26-Nov-19
Amount 3.60p 3.40p

Trades for 14-Jul-2020

Time Volume / Share Price
16:25 5,219 @ 287.65p
15:50 1,069 @ 287.26p
13:17 708 @ 288.26p
11:58 300 @ 291.49p
11:00 365 @ 285.52p

IAT Key Personnel

Chair Carol Ferguson

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