Too bad that there are not more comments on MAF.Still one of the...

Too bad that there are not more comments on MAF.
Still one of the most interesting listed fund managers, given their ability to regularly get new inflows, while their absolute valuation remains OK (given the growth of their business).

Also interesting to note that their strong underlying growth of their EPS 21 (50 %+) only comes from their top line, so they continue to spend significantly to support future growth.
Main element is probably the AUM growth : + 28 % (to 6.9 bn) mainly explained by large net inflows (1.1 bn), which continued during the first 6 weeks of FY 22 (135 m of net inflows). While it was historically driven by foreign HNW, their inflow growth is now driven by retail customers which generated 420 m of net inflows in FY 21, thanks to the launch of their first retail client funds.
Base management fees increased from 1.07 % to 1.15 %.
Credit and equities increased their share in total AUM, vs real estate and hospitality (while both continued to increase in absolute terms).

Domestic HNW had a strong interest in real estate credit funds (launched 2 funds), while foreign HNW had strong flows into equity funds.
The growth of foreign HNW flows (+ 29 % in FY 21) was driven by the growth outside the SIV program (+ 39 %).

One of the main question remains the level and stability of their growth.
The company is optimistic, looking at their guidance for FY 22, as well as their level of dividend growth in FY 21 (+ 70 % vs + 52 % for underlying EPS).

Obviously, this is a rather complicated group. But it is worth taking the time to look at the details, as they still have a lot of avenues for future growth.
Looking at their model, their future growth is expected both from their own initiatives (cf development of lending business), as well as acquisition (ex. Finsure acquisition will increase their EPS by 5 % in FY 22).

The difficulty with MAF remains to know how we consider the high level of non recurring elements in their results.
In FY 21, performance fees, transaction fees and mark-to-market represented together 45 % of asset management underlying revenues.