Wam Research Limited
WAX.ASXA Listed Investment Company managed by Wilson Asset Management Group. Listed in August 2003, WAM Research provides investors with exposure to a diversified portfolio of undervalued growth companies, which are generally small-to-medium sized industrial com
Market Data
$1.065
+0.0%$222.0M
-100000.0x
$-0.005
9.39%
-0.1%
Latest Earnings
WAX maintains interim dividend, 2026 Half Year Results
27 February 2026
WAM Research (ASX: WAX) reported an operating loss before tax of $5.1 million for the half year to 31 December 2025, a significant swing from a $36.7 million profit in HY2025, as the investment portfolio declined 1.8% against a rising broader market. Despite the weak short-term performance, the Board maintained the interim dividend at 5.0 cents per share, partially franked at 60%, supported by the LIC profit reserve structure. Management flagged continued macroeconomic volatility ahead but expressed confidence in the portfolio's construction. Key points: Interim dividend maintained at 5.0 cents per share (partially franked at 60%), delivering an annualised yield of 8.2% and a grossed-up yield of 10.3% based on the 26 February 2026 share price of $1.22.; Over 3 and 5 years, the investment portfolio has returned 18.7% and 12.1% per annum respectively, outperforming the S&P/ASX All Ordinaries Accumulation Index by 7.0% and 2.4% per annum.; Since the change in investment strategy in July 2010, the portfolio has compounded at 14.6% per annum, outperforming the All Ordinaries Accumulation Index by 5.4% per annum.
Recent Announcements
Ceasing to be a substantial holder for GTK
GTK ceased to be a substantial holder.
Ceasing to be a substantial holder for ASG
ASG ceased to be a substantial holder.
Ceasing to be a substantial holder for MYG
MYG ceased to be a substantial holder.
WAX maintains interim dividend, 2026 Half Year Results
WAM Research (ASX: WAX) reported an operating loss before tax of $5.1 million for the half year to 31 December 2025, a significant swing from a $36.7 million profit in HY2025, as the investment portfolio declined 1.8% against a rising broader market. Despite the weak short-term performance, the Board maintained the interim dividend at 5.0 cents per share, partially franked at 60%, supported by the LIC profit reserve structure. Management flagged continued macroeconomic volatility ahead but expressed confidence in the portfolio's construction. Key points: Interim dividend maintained at 5.0 cents per share (partially franked at 60%), delivering an annualised yield of 8.2% and a grossed-up yield of 10.3% based on the 26 February 2026 share price of $1.22.; Over 3 and 5 years, the investment portfolio has returned 18.7% and 12.1% per annum respectively, outperforming the S&P/ASX All Ordinaries Accumulation Index by 7.0% and 2.4% per annum.; Since the change in investment strategy in July 2010, the portfolio has compounded at 14.6% per annum, outperforming the All Ordinaries Accumulation Index by 5.4% per annum.
Appendix 4D and Financial Report
WAM Research Limited (WAX) reported a net loss after tax of $3.2M for the half year ended 31 December 2025, a sharp reversal from the $26.4M profit in the prior corresponding period, driven by a $4.9M net realised and unrealised loss on its investment portfolio. The investment portfolio declined 1.8% during the period, significantly underperforming the S&P/ASX All Ordinaries Accumulation Index which rose 4.4%. Despite the portfolio underperformance, the Board maintained its interim dividend at 5.0 cents per share (60% franked), and total shareholder return was a positive 16.0% for the period, boosted by a significant expansion in the share price premium to NTA. Key points: Total shareholder return (TSR) of 16.0% for the half year (14.8% excluding franking credits), driven by a significant expansion in the share price premium to NTA from 2.0% to 22.1%; Interim dividend maintained at 5.0 cents per share (60% franked), providing an annualised yield of 8.2% and a grossed-up yield of 10.3% on the 31 December 2025 share price of $1.225; Strong operating cash flow of $13.2M (up from $11.9M in pcp), demonstrating solid cash generation from portfolio trading activity
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