Updates

ASA International

January 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

ASA’s maiden update for the nine months ended 30th September revealed solid operational progress. The outstanding loan portfolio (OLP) grew 22% year-on-year but (as we had anticipated) there was a small broker downgrade to forecasts due to foreign exchange movements (weak Pakistan and Indian currencies versus US$) being worse than originally expected. Management have said this will reduce net profit for FY’18 by US$1.5m-US$2m and Investec has downgraded FY’18 profit after tax forecasts by 6%.Nevertheless, ASAI reported the number of clients is up 23% year-on-year (4.9% Q3) exceeding 2.1m in total. The number of lending “branches” grew 19.8% year-on-year and 2.4% in Q3, reaching 1,595.Investec&rsq ...

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