ASA International – shares up 246% at 214p, finals show real value with so much more upside, TP 370p

Mark Watson-Mitchell - 15.04.2026

This morning the near £214m-capitalised ASA International (LON:ASAI) has announced its Final Results for the year to end-December 2025 – they were excellent.

The group, which has a strong commitment to financial inclusion and socioeconomic progress, is one of the world's largest international microfinance institutions, providing small, socially responsible loans to low-income entrepreneurs, most of whom are women, across Asia and Africa.

This morning’s results showed a doubling of profits and the impact of its scaling opportunities.

Since I first profiled this company in early September 2024, then with its shares at 87p, the subsequent price rise to the current 214p has been very pleasing.

Despite that 246% increase over 19 months, I consider that there is still so much more share price upside to come.

The Business

The company offers microfinance for enhancement of small-sized businesses.

With a purpose to reduce poverty and enable female empowerment, it targets the economically active low-income female micro entrepreneurs.

The group has a total of some 2.8m clients, most of whom are women, across Asia and Africa.

Its operational segments are divided geographically such as, South Asia, South East Asia, East Africa, and West Africa.

With over 14,230 employees, the company operates in 13 countries that include India, Pakistan, Sri Lanka, Philippines, Myanmar, Tanzania, Uganda, Kenya, Rwanda, Nigeria, Sierra Leone, Zambia and Ghana, and has some 1,387 branches globally.

The 2025 Final Results

The group reported a strong financial performance for the year to end-December 2025, with reported net profit nearly doubling to $56.5m from $28.5m in the prior year, and underlying net profit increasing by 94% to $57.2m.

The gross outstanding loan portfolio grew by 33% year-on-year to $611.0m, driven by expansion in Ghana, Pakistan, Uganda, Tanzania, and Kenya.

The company also saw its total equity increase by 68% to $161.8m, and total funding rose to $710.9m from $499.3m, with a robust $261.6m funding pipeline for 2026.

The recommended final dividend is $0.095 per share, making the total FY 2025 dividend $0.143 per share, maintaining a 25% payout ratio.

Management Comment

CEO Rob Keijsers stated that:

"2025 was an outstanding year for ASA International with the delivery of both strong operational growth and significantly increased levels of profitability.

Profitability almost doubled compared to 2024 and Gross OLP has increased by 33% versus the prior year.

It is encouraging to see that the refined strategy we adopted at the start of the year, alongside strengthened leadership layers and an expanded product suite, is already starting to pay off.

These results are also a reflection of the strength and commitment of our teams across our various operating markets and the continued trust of our 2.8m clients.

This strong all-round performance has meant that we can continue to provide capital returns to our shareholders.

As 2026 progresses, our priorities remain firmly centred on continued sustainable growth, transforming the business through our digital agenda, creating further resilience across the organisation and driving operational excellence.

At the heart of all of this remains our mission of increasing financial inclusion for underserved female entrepreneurs."

The Equity

There are some 100m shares in issue with institutional investors holding a significant portion, roughly 56.79% of the equity.

The larger holders include Catalyst Microfinance Investment Co. (20.13%), Conifer Capital Management LLC (19.53%), and APG Asset Management NV (18.67%), Phoenician Capital LLC (10.10%), RWC Asset Management LLP (4.12%), Renta 4 Gestora SGIIC SA (3.37%) and Dirk Brouwer (via various vehicles) (19.30%).

Broker’s View

Analysts Rahim Karim and Jens Ehrenberg, at Cavendish Capital Markets, have a Buy rating on the group’s shares, with a Target Price of 370p.

Today’s results have seen the analysts upgrade their estimates for this year and going forward to 2028.

The brokers note that:

“A combination of measured growth and strong cost discipline resulted in ASAI delivering a doubling in net profit in FY25.

This momentum reflects the strong strategic delivery seen over the past 18 months and leaves the group extremely well placed over the medium term.

Although the ongoing conflict in the Middle East creates uncertainty, we take comfort in management’s comments on the resilience to date in client demand, which – when combined with its new microinsurance offering and continued focus on operational enhancements – should support continued positive financial momentum for the group.”

For the current year to end-December, they are going for revenues of £315.7m (£260.1m), while pre-tax profits could rise to $129.7m ($103.9m), elevating earnings to 54.1p (42.8p) and paying out a dividend of 13.5p (10.9p) per share.

For 2027 the analysts look for £351.8m revenues, $147.5m profits, with earnings of 61.5p and a payment of 15.4p in dividend.

The 2028 year could see £402.3m in revenues, with $173.3m profits, 72.2p earnings and a dividend of 18.1p per share.

My View

The average daily dealing volume is only around 76,000 shares, which may seem slight to many investors, however over the past year, this group’s stock price performance of 139.9% has outperformed that of the FTSE 350 Index by 107.7%.

Over the past week the stock price performance of 6.2% has outperformed that of the FTSE 350 Index by 4.6%.

Now at 214p, they have been up to 248p this year and as low as 81p within the last year.

This group’s shares are too cheaply rated, perhaps even unfairly.

(Profile 09.09.24 @ 87p set a Target Price of 130.50p*)

(Profile 23.10.24 @ 67.50p set a Target Price of 102p*)

(Profile 10.12.24 @ 70p set a Target Price of 105p*)

(Profile 08.12.25 @ 192p set a Target Price of 240p*)

Empowering female entrepreneurs