No major change in this story. The company reiterated its previous EPS guidance for FY 22.
Main point is probably that their net inflow continues on the same trend : 470 m at 9/6/22 (around 5 months) vs 1.1 bn for FY 21 (12 months). That remains a strong performance vs other listed fund managers who struggle to get net inflows. Good diversification in terms of customers basis as they got strong domestic flow which offset slowdown in China and HK SIV. Their AUM was driven by strong inflows into credit funds.
AUM increased by only 0.3 bn (vs 31/12/21), as net inflows were partly offset by the decrease of equity funds (decrease of the market).
The major indicator of their business is probably the base fee run rate, as it excludes one offs and takes into account last AUM annualised. Base fee run rate increased by 4.5 % to 93 m (vs 31/12/21). Still on a trend of 10 %+ an annualised basis.
The company is still investing for growth, as their staff number increased by 25 % between Dec 21 and June 22.
MAF Price at posting:
$6.10 Sentiment: Buy Disclosure: Held
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