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Showing 1-24 of 53 published briefings.

Henderson Far East Income (HFL)HY26Released 16 April 2026

Portfolio gains drove PBT up 898% while operating cash flow went nowhere

The headline jump is mark-to-market, not recurring income, and gearing roughly doubled to fund the larger balance sheet.

Published 21 April 2026

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Marlin Global (MLN)HY26Released 16 February 2026

MLN HY26 NPAT falls 20% to $6.5m, payout ratio stretches to 65%

Investment income has normalised off the HY25 peak, but the DPS cut and the collapse in the FY25 second half remain the defining context.

Published 22 April 2026

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Barramundi (BRM)HY26Released 16 February 2026

Investment income swung NZ$24.8m negative, driving a NZ$15.4m HY26 loss

Equity fell NZ$29.4m and cash dropped to NZ$2.8m, yet the board still declared a 1.28cps interim dividend against a loss-making period.

Published 22 April 2026

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Australian Foundation Investment Company (AFI)HY26Released 21 January 2026

AFIC NPAT down 4.7% as tax rate jumps, cash halved to A$131.6m

Pre-tax profit was nearly flat at A$162.4m, but a higher effective tax rate and lower investee dividends drove NPAT lower while cash balances fell...

Published 22 April 2026

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Kingfish (KFL)HY26Released 24 November 2025

KFL HY26: NPAT down 61.7% to NZ$16.4m as portfolio returns more than halved

Weaker investment income pushes the interim payout ratio to 57.5% of NPAT even as the dividend is trimmed 5.3% to 2.7 cps.

Published 22 April 2026

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Henderson Far East Income (HFL)FY25Released 12 November 2025

PBT up 19.4% as gearing jumps to fund Asia-Pacific equity exposure

Income and total return both improved, but gross borrowings tripled to NZ$49.6m and operating cash flow slipped 8% despite higher profits.

Published 21 April 2026

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Marlin Global (MLN)FY25Released 18 August 2025

H2 reversal collapses FY25 NPAT to NZ$0.3m from NZ$37.2m

HY25 had already booked NZ$8.1m of profit, so the full-year print implies a NZ$7.7m second-half loss as portfolio gains reversed.

Published 22 April 2026

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Barramundi (BRM)FY25Released 18 August 2025

Barramundi NPAT fell 71.9% as an H2 portfolio loss wiped out H1 gains

HY25 already contained 113% of full-year NPAT, implying a loss-making second half even as cash and equity rose.

Published 22 April 2026

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Kingfish (KFL)FY25Released 19 May 2025

KFL FY25 NPAT doubled to $40.8m, but H2 swung to a $2.0m loss

A listed investment vehicle's full-year result is almost entirely an HY25 print; the second half gave back portfolio gains and run-rate momentum...

Published 22 April 2026

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Henderson Far East Income (HFL)HY25Released 16 April 2025

Income up 9.2% but PBT collapsed 66% as capital returns evaporated

Underlying dividend income grew, but the capital column fell from NZ$20.2m to near zero, driving NPAT 70.9% lower and ROE down to 2.2%.

Published 21 April 2026

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Marlin Global (MLN)HY25Released 21 February 2025

NPAT fell 20.7% but NAV grew to NZ$224.7m as tax charge normalised

PBT declined a milder 12.7% — the cleaner read — as HY24's 3.9% effective tax rate flattered the base, while the interim dividend was lifted 10.2%...

Published 22 April 2026

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Barramundi (BRM)HY25Released 21 February 2025

BRM NPAT halves to NZ$8.9m as operating cash swings NZ$24.7m lower

Portfolio income nearly halved and operating cash flow flipped to a NZ$14.8m outflow, yet the interim dividend was lifted 5.5% and payout more...

Published 22 April 2026

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Australian Foundation Investment Company (AFI)HY25Released 22 January 2025

AFI HY25: NPAT up 2.8% on a 4.2% revenue lift, cash pile swells to A$294m

Modest portfolio-income growth and an unchanged A$10m debt stack leave AFI more net-cash, but cash conversion eased versus the prior half.

Published 22 April 2026

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Kingfish (KFL)HY25Released 21 November 2024

KFL swings to $42.8m NPAT as portfolio revaluations drive the result

A $58.7m income swing flipped the result positive, but operating cash fell 32.3% and the cash balance is down to $1.5m.

Published 22 April 2026

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Henderson Far East Income (HFL)FY24Released 8 November 2024

Investment trust swings to £39.3m profit as revenue return climbs 37%

Capital account reversal drives the headline swing, but the durable dividend-funding revenue stream also stepped up materially.

Published 21 April 2026

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Marlin Global (MLN)FY24Released 19 August 2024

MLN FY24 NPAT up 57.6% to NZ$37.2m on a second-half-heavy portfolio result

A listed investment vehicle where 72.6% of full-year NPAT landed in H2, but no cash-flow, tax or portfolio-valuation disclosure is available to...

Published 22 April 2026

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Barramundi (BRM)FY24Released 19 August 2024

FY24 NPAT fell 26.7% as H2 profit ran 35% below H1

A visibly stronger first half masked a sharp second-half slowdown in both portfolio income and operating cash, while the tax line flatters the...

Published 22 April 2026

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Australian Foundation Investment Company (AFI)FY24Released 29 July 2024

AFI NPAT down 4.4% while operating cash fell a steeper 8.9%

Portfolio value lifted total assets 10.7% but dividend income softened and cash conversion deteriorated versus FY23.

Published 22 April 2026

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Kingfish (KFL)FY24Released 20 May 2024

KFL swings to $19.9m NPAT as H2 rebound overturns a $14.7m HY24 loss

Investment returns drove the turnaround, but operating cash flow softened and NAV (total equity) still slipped 0.9% year on year.

Published 22 April 2026

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Henderson Far East Income (HFL)HY24Released 29 April 2024

HFL swings to NZ$27.8m profit on portfolio revaluation as income falls 2.8%

Headline earnings flipped from a NZ$18.1m loss, but the durable revenue-return line softened and net debt rose as cash halved.

Published 21 April 2026

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Marlin Global (MLN)HY24Released 22 February 2024

Portfolio swing drives $10.2m HY24 profit after $11.6m HY23 loss

Marlin's mark-to-market result flipped positive and equity grew to $201.6m, but operating cash turned to an $11.4m outflow and cash balances thinned.

Published 22 April 2026

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Barramundi (BRM)HY24Released 22 February 2024

BRM HY24 NPAT up 39% but tax tailwind masks weaker 31% PBT lift

Investment returns and cash both rose sharply, yet an effective tax rate of 4.5% versus 9.9% inflated the headline and annualised revenue still...

Published 22 April 2026

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Australian Foundation Investment Company (AFI)HY24Released 24 January 2024

NPAT fell 8.2% as a higher tax charge compounded a 6.9% revenue decline

Investment income softened and cash conversion weakened, yet the interim dividend was lifted to a payout ratio of 95.4% of earnings.

Published 22 April 2026

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Templeton Emerging Markets Investment Trust Plc (TEM)HY24Released 8 December 2023

TEMIT HY24: revenue income down 31% even as NAV loss narrows to NZ$11.9m

Dividend income collapsed year-on-year and receivables days nearly doubled, even as the portfolio mark-to-market loss narrowed sharply against a...

Published 23 April 2026

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