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    ASHM   GB00B132NW22

ASHMORE GROUP PLC

(ASHM)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 12/09 09:32:00 am
296.4 GBX   -1.40%
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Ashmore : UK investment group Ashmore hit by emerging market woes, institutional outflows

10/14/2021 | 04:13am EST

LONDON, Oct 14 (Reuters) - Ashmore Group's assets under management fell by $3.1 billion in the third quarter of 2021, it said on Wednesday, after weakness in emerging markets investments led to a few large institutions withdrawing funds.

The UK-listed company said its assets under management dropped to $91.3 billion in the three months to September 30 from $94.4 billion in the prior three-month period.

Net outflows of $1 billion over the period were influenced by a small number of large institutional redemptions but there was also a small net outflow from intermediary retail clients, Ashmore said in its statement.

Ashmore's shares dropped more than 2% in early trading to 316.4 pence - its lowest level since the pandemic market rout in spring 2020. The stock traded at 0757 GMT at 320.8 pence.

"Investors have focused increasingly on the global growth outlook, including the impact of higher commodity prices, supply chain challenges and China's ongoing reforms," Ashmore CEO Mark Coombs said.

However, Coombs added that a number of factors such as rising vaccination rates, easing restrictions and central banks hiking interest rates, making yields more attractive, were not yet reflected in current valuations.

"Core flows remain negative as uncertainty deters client activity," UBS analysts said in a note to clients, adding that outflows had outstripped market consensus threefold and prompted it to lower its 2022 earnings per share estimate by 5%.

Credit Suisse warned in August that Ashmore's exposure to Chinese debt was dragging down its returns.

Researchers at Morningstar said in late September that Ashmore retained significant holdings in debt issued by embattled property giant China Evergrande Group, based on data at the end of August.

The firm - a leading asset manager in emerging markets - has seen its shares drop more than 25% this year following a nearly 17% decline in 2020.

Ashmore said it had won new mandates in external debt, blended debt, local currency and equities in the past three months to end-September, adding demand for investment grade strategies continued to be good. (Reporting by Karin Strohecker; editing by Jason Neely, Elaine Hardcastle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASHMORE GROUP PLC -1.33% 296.6 Delayed Quote.-30.29%
CHINA EVERGRANDE GROUP -5.46% 1.73 End-of-day quote.-88.39%
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Analyst Recommendations on ASHMORE GROUP PLC
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Financials
Sales 2022 277 M 365 M 365 M
Net income 2022 159 M 210 M 210 M
Net cash 2022 458 M 604 M 604 M
P/E ratio 2022 13,3x
Yield 2022 5,66%
Capitalization 1 985 M 2 627 M 2 618 M
EV / Sales 2022 5,51x
EV / Sales 2023 4,98x
Nbr of Employees 310
Free-Float 59,3%
Chart ASHMORE GROUP PLC
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Ashmore Group PLC Technical Analysis Chart | ASHM | GB00B132NW22 | MarketScreener
Technical analysis trends ASHMORE GROUP PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Last Close Price 300,60 GBX
Average target price 371,40 GBX
Spread / Average Target 23,6%
EPS Revisions
Managers and Directors
Mark Langhorn Coombs Chief Executive Officer & Executive Director
Thomas Adam Shippey Group Finance Director & Executive Director
David Jonathan Bennett Chairman
Clive Peter Adamson Senior Independent Director
Jennifer Bingham Independent Non-Executive Director
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