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QuotedData’s morning briefing 28 April 2021

Vietnam Enterprise VEIL

In QuotedData’s morning briefing 28 April 2021 –

  • Vietnam Enterprise (VEIL) delivered a 22.8% total NAV return over its financial year to 31 December 2020. This represented a 5.4% outperformance of its benchmark. Performance was led by its exposure to the banking sector, notably Asia Commericial Bank. Vietnam Prosperity Bank and Techcombank also notably contributed to the relative outperformance. Vietnam was resilientt through 2020, with VEIL’s chair, Stanley Chou, noting that GDP growth for the year was 2.9%.
  • On 27 April 2021, The Apax Digital Fund (ADF) and the AMI Opportunities Fund, in which Apax Global Alpha (APAX) is a limited partner, announced an investment in Guesty, described as leading short-term rental (STR) and alternative property management software platform. The investment is part of a $50m Series D funding round led by ADF. On a look through basis, AGA is expected to invest approximately €1.7m in the company. Headquartered in Tel Aviv, Israel, Guesty provides professional hosts and property management companies with an end-to-end solution to automate and streamline the operational needs of managing flexible inventory.
  • CLS has completed a £61.7m, 12-year loan with Scottish Widows secured on a portfolio of five UK office properties. The loan has a fixed 2.65% interest rate and replaces two existing loans of £27.4m, which were due to expire before the end of 2021, as well as financing three recent unencumbered acquisitions. Overall, the transaction will result in net additional cash to CLS of £33.7m, after costs. The loan incorporates a 10-basis point margin reduction dependent on the delivery of specific sustainability targets.
  • Capital & Regional (owner of seven shopping centres in the UK) has reported a rent collection rate for the year to date of just 59%. It added that footfall in the two weeks since non-essential retail re-opened on 12 April was around 80% of the corresponding weeks of 2019.
  • River and Mercantile UK Micro Cap is planning a fifth compulsory redemption of its shares. A further £20m is now to be returned to shareholders, making a total of £70m since the launch of the trust. The redemption price is based on the NAV as at close of business on 23 April 2021 and will be 301.79p per share.

We also have annual results from Gresham House Energy StorageICG EnterpriseM&G Credit Income and maiden results from Home REIT.

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