ACF Equity Research

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

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<li>ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.</li>
<li>Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
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ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.
Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Limited Core Investment Case Central Asian Micro Finance 18082026