Updates

ASA International

December 2025

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.

Micro-finance lender ASAI has put out a positive Q3 update, with its Outstanding Loan Portfolio up +25% at constant currency year-on-year and +6% in Q3 to US$555.3m. Having earlier been a tailwind in H1, the depreciation of the Ghanian Cedi during the quarter softened the rate of growth. Nevertheless, good progress is being made in key strategic geographies, including Pakistan where annual OLP growth has improved from 16% to 29% and Nigeria, where dollar growth has improved from 9% to 72%. One slight wrinkle is that the closure of the loss-making Indian business has been put back to next year. Despite that, on an FY26 PE of just 4.9, the shares offer good growth at a reasonable valuation. Cavendish’s price target is 275p.< ...

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ASA International - Second forecast upgrade in three months (January 2026)

ASA International - Spectacular double digit EPS upgrades (November 2025)

ASA International - Could be 2026 recovery stock of the year (October 2025)

ASA International - Microfinance provider enjoys double eps upgrade but PE still just 4.1! (June 2025)

ASA International - International micro finance business on lowly soon-to-be prospective PE of 4.1 (November 2024)

ASA International (November 2019)

ASA International (July 2019)

ASA nternational - Net profit jumps 30% excluding currency headwinds (June 2019)

ASA International (January 2019)

ASA International - Exciting new issue in microfinance market (December 2018)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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