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Fidelity Asian Values

FAS.L
60
Asset Management · Financial Services
Price
624.00 GBp
+6.00 (+0.97%)
Market Cap
£392.2M
Exchange
London Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jan 31, 2026
How the score breaks down
Quality
Exceptional
Growth
Strong
Cash Flow
Weak
Stability
Good
Valuation
Good
Dividends
Strong

Share count falling — buybacks

4.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 73.3M (2021) → 70.2M (2025)

Winston Score History

The full picture

Fidelity Asian Values PLC is a closed-end investment trust listed on the London Stock Exchange. It pools money from investors and uses it to buy shares in smaller companies based across Asia, excluding Japan. The trust is managed by Fidelity International, one of the largest investment management firms in the world.

The trust makes money by charging an annual management fee based on the value of the assets it holds. It invests primarily across markets like China, India, South Korea, and other parts of Asia, and its shares can be bought and sold on the London Stock Exchange like a regular stock. The main competitive advantage is Fidelity International's large on-the-ground research team across Asia, which gives the managers direct access to company information. The key risk is that Asian markets, especially China, can be heavily affected by political decisions and regulatory changes that are difficult to predict.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+207.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+276.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.8%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£426M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Fidelity Asian Values grew revenue 208% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
97.8%
Premium pricing power — 97.8% gross margin
Profit after running costs
Operating Margin
96.7%
Excellent — 96.7% operating margin
Return on the money invested
ROCE
19.3%
Strong — 19.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+99.6%
Fast-growing sales (+99.6% YoY)
Profit growth
EPS YoY
+134.0%
Earnings growing fast (+134.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
0%
Weak — only 0% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
3992.80x
Comfortably covers interest (3992.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.7x
Attractive valuation — P/E 5.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.32%
Moderate income — 3.32% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+100.9%
Dividend growing fast (100.9% YoY)

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