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HFL · NZX

Henderson Far East Income (HFL)

Investment Companies / Listed investment trustCovered: HY22 - HY269 published briefings

Henderson Far East Income is an NZX-listed investment companies / listed investment trust company. Its latest covered result is HY26, with HY22 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 16 April 2026

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HFL latest metrics
MetricValueChange
Revenue$23.1m↑ +208.4%
Operating profit$98.2m↑ +854.7%
NPAT$96.1mn/m
Operating cash flow$10.5m↓ -2.9%
OCF / Operating profit %10.7%↓ -94.3pp
Net debt$24.8m—
Net debt / Operating profit0.25x—
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
DPS6.3c↑ +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

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1.5b

i

End-of-day close multiplied by current shares on issue.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

9.2%

i

Trailing dividends compared with the latest close.

Premium / discount

137.6%

i

For investment companies, price compared with reported NTA.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

10.92x

i

Recent market cap compared with trailing earnings.

EPS

0.57

i

Recent filing-derived earnings per share.

PEG

0.01x

i

P/E compared with recent earnings growth.

EV/EBITDA

Not available

i

Not meaningful for this company type.

P/FCF

Not available

i

Not available for this company right now.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY22.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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HFL metric history
MetricHY266 MONTHS16 April 2026FY2512 MONTHS12 November 2025HY256 MONTHS16 April 2025FY2412 MONTHS8 November 2024HY246 MONTHS29 April 2024FY2312 MONTHS1 December 2023HY236 MONTHS4 May 2023FY2212 MONTHS7 November 2022HY226 MONTHS1 November 2021Trend
Revenue$23.1m$50.6m$7.5m$52.2m$11.2m$37.3m$10.1m$43.6m$40.3m
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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%.
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  • FY24 Revenue growth %: 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%.
  • HY25 Revenue growth %: 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%.
Operating profit$98.2m—$10.3m—$29.5m-$50.8m-$16.3m$11.9m$33.3m
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Operating profit margin %n/m—137.5%—n/m-136.1%-160.7%27.4%82.7%
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PBT$97.2m$50.6m$9.7m$42.6m$28.7m-$52.4m-$16.8m$11.5m$33.2m
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PBT growth %902.1%18.8%-66.2%—————3.1%
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NPAT$96.1m$45.1m$8.1m$39.3m$27.8m-$56.2m-$18.1m$8m$29.7m
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NPAT growth %n/m14.8%-70.9%—————-4.5%
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Operating cash flow$10.5m$42.3m$10.8m$46m-$0.67m$32.4m-$13.6m$38.4m-$5m
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OCF / Operating profit %10.7%—105.0%—-2.3%-63.7%83.5%322.1%-15.0%
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DPS6.3c6.3c6.2c24.6c———6.0c23.4c
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Payout ratio vs NPAT %71.9%23.7%127.3%————114.7%114.7%
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Annual payout ratio vs EPS %—23.7%—————114.7%—
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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%
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  • HY25 ROE %: 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%.
  • FY25 ROE %: 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%.
  • HY26 ROE %: 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%.
Net debt$24.8m$24.9m——$31.2m$24.2m-$49m—-$39.1m
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Net debt / Operating profit0.25x———1.06xn/m3.01x—n/m
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Total assets$584.9m$466.8m$392.3m$385.8m$412.9m$393.4m$453.6m$456.5m$481.6m
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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.

NTA/NAV per share

Net tangible asset or net asset value per share, shown in per-share cents for chart readability.

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  • HY22 HFL: Unprecedented high nta/nav per share. 300c; 4-period range 216.48c to 261.38c. NTA/NAV per share: n/m, unprecedented high; 4-period mean n/m, range n/mn/m.
  • FY23 HFL: Outside range high nta/nav per share. 222.21c; 3-period range 221.97c to 281.11c. NTA/NAV per share: n/m, above normal range; 3-period mean n/m, range n/mn/m.
  • FY24 HFL: Outside range low nta/nav per share. 222c; 3-period range 223.32c to 222.21c. NTA/NAV per share: n/m, below normal range; 3-period mean n/m, range n/mn/m.
  • HY25 HFL: Outside range low nta/nav per share. 216c; 4-period range 227.06c to 299.58c. NTA/NAV per share: n/m, below normal range; 4-period mean n/m, range n/mn/m.

Investment income

Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.

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  • HY22 HFL: Unprecedented high investment income. $37.2m; 4-period range $7.5m to $20m. Investment income: NZ$37.2m, unprecedented high; 4-period mean NZ$12.2m, range NZ$7.5m-NZ$20.0m.
  • FY23 HFL: Outside range low investment income. $37.3m; 3-period range $43.6m to $50.6m. Investment income: NZ$37.3m, below normal range; 3-period mean NZ$46.7m, range NZ$43.6m-NZ$50.6m.
  • HY25 HFL: Outside range low investment income. $7.5m; 4-period range $10.1m to $37.2m. Investment income: NZ$7.5m, below normal range; 4-period mean NZ$19.6m, range NZ$10.1m-NZ$37.2m.
  • FY25 HFL: Outside range high investment income. $50.6m; 3-period range $37.3m to $45.9m. Investment income: NZ$50.6m, above normal range; 3-period mean NZ$42.3m, range NZ$37.3m-NZ$45.9m.

Investment total return

Total income or return including fair-value or capital movement where disclosed.

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  • HY23 HFL: Outside range low investment total return. $-14.3m; 4-period range $12.3m to $100.7m. Investment total return: NZ$-14.3m, below normal range; 4-period mean NZ$45.7m, range NZ$12.3m-NZ$100.7m.
  • FY23 HFL: Outside range low investment total return. $-46.9m; 3-period range $16.4m to $48.4m. Investment total return: NZ$-46.9m, below normal range; 3-period mean NZ$36.7m, range NZ$16.4m-NZ$48.4m.
  • FY24 HFL: Outside range high investment total return. $48.4m; 3-period range $-46.9m to $45.1m. Investment total return: NZ$48.4m, above normal range; 3-period mean NZ$4.9m, range NZ$-46.9m-NZ$45.1m.
  • HY26 HFL: Unprecedented high investment total return. $100.7m; 4-period range $-14.3m to $38.3m. Investment total return: NZ$100.7m, unprecedented high; 4-period mean NZ$17.0m, range NZ$-14.3m-NZ$38.3m.

Net assets attributable

Net asset base attributable to shareholders or unitholders.

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  • FY22 HFL: Outside range high net assets attributable. $435.6m; 3-period range $362m to $407.7m. Net assets attributable: NZ$435.6m, above normal range; 3-period mean NZ$378.6m, range NZ$362.0m-NZ$407.7m.
  • FY23 HFL: Outside range low net assets attributable. $362m; 3-period range $366.1m to $435.6m. Net assets attributable: NZ$362.0m, below normal range; 3-period mean NZ$403.1m, range NZ$366.1m-NZ$435.6m.
  • HY25 HFL: Outside range low net assets attributable. $363.2m; 4-period range $368.6m to $518.9m. Net assets attributable: NZ$363.2m, below normal range; 4-period mean NZ$437.7m, range NZ$368.6m-NZ$518.9m.
  • HY26 HFL: Unprecedented high net assets attributable. $518.9m; 4-period range $363.2m to $452.6m. Net assets attributable: NZ$518.9m, unprecedented high; 4-period mean NZ$398.7m, range NZ$363.2m-NZ$452.6m.

Expense ratio

Management expense ratio, ongoing charge, or equivalent where disclosed.

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Distribution coverage

Recurring investment income or revenue-return coverage of cash distributions where source-backed.

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Portfolio/NAV total return vs benchmark

Portfolio or NAV total return compared with the disclosed benchmark or index return.

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  • HY23 Portfolio/NAV total return: Outside range low portfolio/nav total return. -4%; 4-period range 2.4% to 23.3%. Portfolio/NAV total return: -4.0%, below normal range; 4-period mean 10.3%, range 2.4%-23.3%.
  • FY23 Portfolio/NAV total return: Outside range low portfolio/nav total return. -13%; 3-period range 1.9% to 12.7%. Portfolio/NAV total return: -13.0%, below normal range; 3-period mean 8.8%, range 1.9%-12.7%.
  • FY25 Portfolio/NAV total return: Outside range high portfolio/nav total return. 12.7%; 3-period range -13% to 11.9%. Portfolio/NAV total return: 12.7%, above normal range; 3-period mean 0.3%, range -13.0%-11.9%.
  • HY26 Portfolio/NAV total return: Unprecedented high portfolio/nav total return. 23.3%; 4-period range -4% to 8.2%. Portfolio/NAV total return: 23.3%, unprecedented high; 4-period mean 3.5%, range -4.0%-8.2%.
  • HY23 Benchmark total return: Unprecedented low benchmark total return. -4.5%; 4-period range 3.3% to 22.9%. Benchmark total return: -4.5%, unprecedented low; 4-period mean 12.1%, range 3.3%-22.9%.
  • FY23 Benchmark total return: Outside range low benchmark total return. 0.1%; 3-period range 3.4% to 14.1%. Benchmark total return: 0.1%, below normal range; 3-period mean 10.2%, range 3.4%-14.1%.
  • FY25 Benchmark total return: Outside range high benchmark total return. 14.1%; 3-period range 0.1% to 13%. Benchmark total return: 14.1%, above normal range; 3-period mean 5.5%, range 0.1%-13.0%.
  • HY26 Benchmark total return: Unprecedented high benchmark total return. 22.9%; 4-period range -4.5% to 17.3%. Benchmark total return: 22.9%, unprecedented high; 4-period mean 5.3%, range -4.5%-17.3%.

The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

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

Open questions from FY25

  • What specifically drove the 3.1% decline in investment income, and is it a holding-level dividend cut, portfolio rotation, or FX effect?
  • Why has the portfolio now trailed its reference benchmark for two consecutive years, and what changes is the manager making?
  • How does the board intend to sustain a "growing total annual dividend" if coverage stays at 100% or falls below?
  • Why was gearing increased to NZ$49.6m, and what is the assumed spread between borrowing cost and incremental portfolio yield?
  • Will the revenue reserve be drawn on to fund future distributions, and over what horizon?

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.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Announcement

HY26 / financial report

Prior comparable period

Announcement

HY25 / financial report

Full-year context

Announcement

FY25 / financial report

Peer context

Listed investment trust comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

TEM · HY24

Templeton Emerging Markets Investment Trust Plc

5 published result briefings

Compare HFL, TEM →Investment Companies result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 16 April 2026

Portfolio returned 23.3% versus a 22.9% benchmark, lifting net assets to a

An Asian equity rebound delivered unprecedented capital gains, but the 29p distribution remains only 83.1% covered by investment income.

Read briefing

FY25 · Released 12 November 2025

Distribution cover halved to 100% as portfolio trailed benchmark again

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.

Read briefing

HY25 · Released 16 April 2025

Investment income fell 33% to NZ$7.5m, below historical range

Portfolio total return of 2.4% trailed the 3.3% benchmark while NAV per share slipped 4.7% to a below-range 2.16x.

Read briefing

FY24 · Released 8 November 2024

Dividend cover rebuilt to 131% as portfolio return rebounded to 11.9%

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.

Read briefing

HY24 · Released 29 April 2024

NAV at lower edge of historical range with distribution cover at 56.4%

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.

Read briefing

FY23 · Released 1 December 2023

Portfolio -13.0% lagged a flat benchmark; distribution cover slipped to 97.4%

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

Read briefing
Open all 9 result briefings

Related insights

Compare this company

The latest HFL metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 184.3pp, with a distortion flag in the result.

Open insight

Insight

Revenue growth context

Revenue growth was 208.4% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 18.5%, +16.3pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 71.9%.

Open insight

Get notified when HFL publishes

Get the next Henderson Far East Income result briefing and five-year history updates by email.