Net profits were down 11%, mainly due to dilution from rights issue as well as strong one off gains in 2014. EPS came in at 8.96 cents which was way way above my expectation of 7.5-8 cents per share. Dividend payout was also maintained. Overall this is a very positive set of news and as the stock has been heavily oversold, I do expect to see some short term rally due to its good results. Asset under management continued to grow strongly at 11.9%, looking forward I expect to see AUM growing at least 5-10% annually in the coming decade or so. At under 12 times earnings, I think the market is seriously under pricing this fabulous growth stock. Post rights issue the balance sheet looks pretty solid with total liabilities at around 54mil, compared with a total asset base of 580mil the company is very conservatively ......