Market cap
$1.3b
End-of-day close multiplied by current shares on issue.
HFL · NZX
Henderson Far East Income is an NZX-listed investment companies / listed investment trust company with HY22 - HY26 of published result briefings.
Snapshot
HY26, released 16 April 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $23.1m | ↑ +208.4% |
| Operating profit | $98.2m | ↑ +854.7% |
| NPAT | $96.1m | ↑ +1086.4% |
| Operating cash flow | $10.5m | ↓ -2.9% |
| OCF / Operating profit % | 10.7% | ↓ -94.3pp |
| Net debt | $24.8m | ↑ +70.2% |
| Net debt / Operating profit | 0.25x | ↓ -82.4% |
| ROE % | 18.5%Outside range high roe. 18.5%; 3-period range 2.2% to 7.6%. ROE: 18.5%, above normal range; 3-period mean 5.4%, range 2.2%-7.6%. | ↑ +16.3pp |
| DPS | 6.3c | ↑ +0.8% |
| Payout ratio vs NPAT % | 71.9% | ↓ -55.4pp |
Source: latest published briefing (HY26, released 16 April 2026). Change compares against the prior equivalent period: HY25, released 16 April 2025.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$1.3b
End-of-day close multiplied by current shares on issue.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
9.2%
Trailing dividends compared with the latest close.
Premium / discount
135.7%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
How the market price compares with recent earnings and cash-flow inputs.
P/E
9.86x
Recent market cap compared with trailing earnings.
EPS
0.63
Recent filing-derived earnings per share.
PEG
0.01x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not useful for this reporting shape.
P/FCF
Not available
Not available for this company right now.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Henderson Far East Income's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS16 April 2026 | FY2512 MONTHS12 November 2025 | HY256 MONTHS16 April 2025 | FY2412 MONTHS8 November 2024 | HY246 MONTHS29 April 2024 | FY2312 MONTHS1 December 2023 | HY236 MONTHS4 May 2023 | FY2212 MONTHS7 November 2022 | HY226 MONTHS1 November 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.1m | $50.6m | $7.5m | $52.2m | $11.2m | $37.3m | $10.1m | $43.6m | $40.3m | Chart |
| Revenue growth % | 208.4% | -3.1% | -33.2%Outside range low revenue growth. -33.2%; 4-period range -6.9% to 276.5%. Revenue growth: -33.2%, below normal range; 4-period mean 122.1%, range -6.9%-276.5%. | 39.9%Outside range high revenue growth. 39.9%; 3-period range -14.3% to 23.3%. Revenue growth: 39.9%, above normal range; 3-period mean 2.0%, range -14.3%-23.3%. | 10.5% | -14.3% | -6.9% | 23.3% | 276.5%Unprecedented high revenue growth. 276.5%; 4-period range -33.2% to 208.4%. Revenue growth: 276.5%, unprecedented high; 4-period mean 44.7%, range -33.2%-208.4%. | Chart
|
| Operating profit | $98.2m | — | $10.3m | — | $29.5m | -$50.8m | -$16.3m | $11.9m | $33.3m | Chart |
| Operating profit margin % | 425.6% | — | 137.5% | — | 263.2% | -136.1% | -160.7% | 27.4% | 82.7% | Chart |
| PBT | $97.2m | $50.6m | $9.7m | $42.6m | $28.7m | -$52.4m | -$16.8m | $11.5m | $33.2m | Chart |
| PBT growth % | 902.1% | 18.8% | -66.2% | — | — | — | — | — | 3.1% | Chart |
| NPAT | $96.1m | $45.1m | $8.1m | $39.3m | $27.8m | -$56.2m | -$18.1m | $8m | $29.7m | Chart |
| NPAT growth % | n/m | 14.8% | -70.9% | — | — | — | — | — | -4.5% | Chart |
| Operating cash flow | $10.5m | $42.3m | $10.8m | $46m | -$0.67m | $32.4m | -$13.6m | $38.4m | -$5m | Chart |
| OCF / Operating profit % | 10.7% | — | 105.0% | — | -2.3% | -63.7% | 83.5% | 322.1% | -15.0% | Chart |
| DPS | 6.3c | 6.3c | 6.2c | 24.6c | — | — | — | 6.0c | 23.4c | Chart |
| Payout ratio vs NPAT % | 71.9% | 23.7% | 127.3% | 101.9% | — | — | — | 114.7% | 114.7% | Chart |
| Annual payout ratio vs EPS % | — | 23.7% | — | — | — | — | — | 114.7% | — | Chart |
| ROE % | 18.5%Outside range high roe. 18.5%; 3-period range 2.2% to 7.6%. ROE: 18.5%, above normal range; 3-period mean 5.4%, range 2.2%-7.6%. | 11.1%Outside range high roe. 11.1%; 3-period range -15.5% to 10.7%. ROE: 11.1%, above normal range; 3-period mean -1.0%, range -15.5%-10.7%. | 2.2%Outside range low roe. 2.2%; 3-period range 6.6% to 18.5%. ROE: 2.2%, below normal range; 3-period mean 10.9%, range 6.6%-18.5%. | 10.7% | 7.6% | -15.5%Outside range low roe. -15.5%; 3-period range 1.8% to 11.1%. ROE: -15.5%, below normal range; 3-period mean 7.9%, range 1.8%-11.1%. | -4.4% | 1.8% | 6.6% | Chart
|
| Net debt | $24.8m | $24.9m | $14.6m | $9.8m | $31.2m | $24.2m | $25.6m | — | $11.8m | Chart |
| Net debt / Operating profit | 0.25x | — | 1.42x | — | 1.06x | -0.48x | -1.57x | — | 0.35x | Chart |
| Total assets | $584.9m | $466.8m | $392.3m | $385.8m | $412.9m | $393.4m | $453.6m | $456.5m | $481.6m | Chart |
Reference: annolyse.ai/companies/hfl
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
Total income or return including fair-value or capital movement where disclosed.
Net asset base attributable to shareholders or unitholders.
Management expense ratio, ongoing charge, or equivalent where disclosed.
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
Portfolio or NAV total return compared with the disclosed benchmark or index return.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Distribution cover halved to 100% as portfolio trailed benchmark again
No forward targets or guidance ranges have been supplied. Half-year context shows the year was heavily second-half weighted — HY25 contributed only 14.8% of full-year investment income and 17.9% of NPAT — which is consistent with the dividend timing of the underlying Asia-Pacific holdings rather than a directional read on FY26. The release does support a view that absolute capital returns were strong and ahead of the recent three-year norm; it does not support a view that the income engine is rebuilding cover. The gap matters because the stated objective is a growing dividend, not absolute NAV gains.
Open questions
This briefing cannot assess the underlying composition of the portfolio, FX hedging, fee structure, or the manager's view on Asian high-yield equity prospects from the supplied extract alone.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 16 April 2026
An Asian equity rebound delivered unprecedented capital gains, but the 29p distribution remains only 83.1% covered by investment income.
FY25 · Released 12 November 2025
Investment income fell 3.1% to NZ$50.6m and the 12.7% NAV total return lagged the 14.1% benchmark, leaving the dividend just covered.
HY25 · Released 16 April 2025
Portfolio total return of 2.4% trailed the 3.3% benchmark while NAV per share slipped 4.7% to a below-range 2.16x.
FY24 · Released 8 November 2024
Revenue return rose 39.9% and refilled the £29.9m revenue reserve, but the portfolio still lagged its Asia Pacific high-yield benchmark by 1.1pp.
HY24 · Released 29 April 2024
Portfolio beat its reference index by 3.1pp, but revenue return covered only 56.4% of distributions and net assets fell 10.2% to NZ$368.6m.
FY23 · Released 1 December 2023
Investment income fell 14.3% and a 13.1pp benchmark shortfall drove net assets down 16.9%, leaving the per-share dividend no longer fully covered
HY23 · Released 4 May 2023
HFL delivered a -4.0% portfolio return in HY23, below its entire historical range, though it still outperformed a benchmark that fell -4.5%.
FY22 · Released 7 November 2022
Portfolio total return of 1.9% trailed the 3.4% benchmark, while revenue return covered the distribution 1.2x.
HY22 · Released 1 November 2021
Record income and a 3.00x NAV per share lifted the fund to an upper-range $452.6m, yet the 7.2% NAV total return lagged the benchmark's 17.3% and the
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