Symphony International’s unaudited Net Asset Value at 30 June 2016 was US$712.5 million, which is 4.3% and 2.4% higher than at 31 March 2016 (US$683.2 million) and 31 December 2015, respectively. NAV per share was US$1.35 compared to US$1.29 and US$1.32, respectively, on the same dates. On a fully-diluted basis (adjusting for in-the-money vested options), the NAV per share at 30 June 2016 was $1.33.
The change in NAV and NAV per share was predominantly due to the strengthening of the share prices of Minor International Pcl (“MINT”), IHH Healthcare Berhad (“IHH”) and Parkway Life Real Estate Investment Trust (“P-REIT”), in addition to an appreciation of the Thai baht, Singapore dollar and Malaysian ringgit against the US dollar. The positive impact of the changes in share price and exchange rates, was partially offset by a US$40.0 million dividend announced and paid in March and April 2016, respectively.
MINT owns 66 hotels and manages 84 other hotels and serviced suites with 19,115 rooms. In addition to owning hotels under the Four Seasons, St. Regis and Marriott brands, MINT owns and manages hotels under its own brand names that include Anantara, Oaks, Elwana, Avani, Per AQUUM and Tivoli in 22 countries.
IHH Healthcare Berhad (“IHH”) is one of the largest healthcare providers in the world by market capitalisation. Its portfolio of healthcare assets includes Parkway Holdings Limited, Pantai Holdings Berhad, International Medical University, Acibadem Saglik Yatirimlari Holding A.S. (“Acibadem”) and a minority shareholding in Apollo Hospitals Enterprises Limited. IHH has a broad footprint of assets in Asia as well as Turkey, Abu Dhabi, Central and Eastern Europe that employ 30,000 people and operate over 10,000 licensed beds in 49 hospitals worldwide.
Parkway Life Real Estate Investment Trust (“P-REIT”) is one of Asia’s largest listed healthcare real estate investment trusts by asset size. It is listed on the Singapore Exchange. P-REIT was established by Parkway Holdings Limited to invest primarily in income-producing real estate and/or real estate-related assets in the Asia-Pacific region (including Japan and Singapore) that is/are used primarily for healthcare and/or healthcare-related purposes. As at 30 June 2016, P-REIT’s total portfolio size stood at 48 properties with a value of approximately S$1.6 billion. P-REIT owns the leasehold to three Singapore hospitals, which are leased to Parkway Holdings Limited on long-term leases, and a mixture of leasehold and freehold ownership of 44 properties in Japan (comprising 43 nursing homes and one pharmaceutical manufacturing unit) and strata titled units/lots within Gleneagles Medical Centre, Kuala Lumpur, Malaysia. The Company holds 38.5 million units in P-REIT, which equates to a shareholding of approximately 6.36 per cent.
Symphony’s share price has increased by 4.1% and 7.0% since 31 March 2016 and 31 December 2015, respectively. The discount to NAV that Symphony’s share price traded on 30 June 2016 was 43.6%, the same as at 31 March 2016 and marginally lower than the 46.1% at 31 December 2015.
SIHL : Symphony International benefits from improvements in listed holdings